Mr. Ali is a CEO (Chief Operating Officer) of XYZ Electronics. He has introduced a new project in which the electronic appliances will be delivered online to customers. Currently XYZ Electronics has 8 outlets across Pakistan through which it sell the products. A team of 8 members was formulated for the new project. Two members of the team were involved in planning process. They worked on creating effective plans, strategies and objectives of project execution. Furthermore, two members were the part of organizing process. They looked after allocating the resources, determining what tasks are to be done and who will perform those tasks. Moreover, two members were involved in leading process. They looked after employee behavioral and motivational issues. And at the last the remaining two members were involved in controlling process i.e. monitoring the project performance comparing actual with the desired performance. Despite the efforts of the team the results of the project was not progressive as expected and now it’s a challenge for XYZ Electronics to figure out what’s going wrong. Being a management student you have to carefully analyze the situation and answer the following questions
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.
Mr. Ali is a CEO (Chief Operating Officer) of XYZ Electronics. He has introduced a new project in which the electronic appliances will be delivered online to customers. Currently XYZ Electronics has 8 outlets across Pakistan through which it sell the products. A team of 8 members was formulated for the new project.
Two members of the team were involved in planning process. They worked on creating effective plans, strategies and objectives of project execution. Furthermore, two members were the part of organizing process. They looked after allocating the resources, determining what tasks are to be done and who will perform those tasks. Moreover, two members were involved in leading process. They looked after employee behavioral and motivational issues. And at the last the remaining two members were involved in controlling process i.e. monitoring the project performance comparing actual with the desired performance.
Despite the efforts of the team the results of the project was not progressive as expected and now it’s a challenge for XYZ Electronics to figure out what’s going wrong.
Being a management student you have to carefully analyze the situation and answer the following questions
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