Item Annual Unit Item Annual Unit Number Demand Cost Number Demand Cost 1 10 $8 17 110 $23 18 16 18 74 18 3 36 30 19 8 610 4 1230 20 10 935 4 760 21 7 270 6 3 810 22 5 1400 7 19 420 23 5 900 56 35 24 46 67 105 17 25 32 160 10 27 350 26 101 45 11 19 36 27 83 12 12 12 115 28 54 16 13 7 2300 29 14 42 14 10 245 30 705 15 6 665 31 7 37 16 18 28 32 16 26
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.
The EastCoasters Bicycle Shop stocks bikes; helmets;
clothing; a variety of bike parts including chains, gears,
tires, wheels; and biking accessories. The shop is in a
storefront location on a busy street and it has very limited
storage space for inventory. It often runs out of items and is
unable to serve customers. To help manage its inventory
the shop would like to classify the stock using the ABC
system. Following is a list of items the shop stocks and the
annual demand and unit value for each:Classify the inventory items according to the ABC ap-
proach using dollar value of annual demand.
Step by step
Solved in 2 steps with 4 images
