Demand Probability 2,000 0.05 3,000 0.20 4,000 0.25 5,000 0.40 6,000 0.10
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Downtown Health Clinic needs to order influenza vaccines
for the next flu season. The Clinic charges its patients $15.00
per vaccination and each dose of vaccine costs the clinic
$4.00 to purchase. The Center for Disease Control has a long
standing policy of buying back unused vaccines for $1.00 per
dose. The Clinic estimates the following probability distribu-
tion for the season’s demand a. How many vaccines should the Clinic order to maximize
its expected profit?
b. The Clinic is trying to determine if they should participate
in a new Federal program in which the cost of each dose is
reduced to $2.00. However, to participate in the program,
they can charge no more than $10.00 per vaccine. On
strictly a profit maximizing basis, should the Clinic agree
to participate?
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