local market research fim has just won a contract for several thousand small projects involving data gathering and statistical analysis. In the past, the firm has assigned each project to a single member of its highly trained professional staff. This person would both gather and analyze the data Using this approach, an experienced person can complete an average of 10 such projects in an eight-hour day. The firm's management is thinking of assigning two people to each project in order to allow them to specialize and become more efficient The process would require the data gatherer to fill out a matrix on the computer, check it and transmit it to the statistical analysis program for the analyst to complete. Data can be gathered on one project while the analysis is being completed on another, but the analysis must be complete before the statistical analysis program can accept the new data. After some practice, the new process can be completed with a standard time of 20 minutes for the data gathering and 30 minutes for the analysis a) What is the production (output per hour) for each alternative? What is the productivity (output per labor hour)?
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.
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data gathering and statistical analysis. In the past, the firm has assigned each project to a single member of its highly trained professional staff. This person would both gather and analyze the data Using this approach, an experienced person can complete an average of 10 such projects in an eight-hour day. The firm's management is thinking of assigning two people to each project in order to allow them to specialize and become more efficient The process would require the data gatherer to fill out a matrix on the computer, check it and transmit it to the statistical analysis program for the analyst
to complete. Data can be gathered on one project while the analysis is being completed on
another, but the analysis must be complete before the statistical analysis program can accept the
new data. After some practice, the new process can be completed with a standard time of 20
minutes for the data gathering and 30 minutes for the analysis
a) What is the production (output per hour) for each alternative? What is the productivity (output per labor hour)?
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