What are the appropriate answers to the problems in the attached image? This table shows some standards used in General Management. Provide specific examplesfor each of these standards as used in Event Management. Some examples are provided.General ManagementEvent Managemento Meeting room space per persono Weighted average feedback scores1. PHYSICAL STANDARDSnonmonetary measurements that mayreflect quality (hardness, closeness oftolerances, durability, specifications) orquantities (labor hours per unit of output,pounds of fuel per horsepower per hour,unit of production per machine hour)o Variable cost per participanto Rent expense per houro Labor cost percentage2. COST STANDARDSmonetary measures attached to a specificaspect of production (direct and indirectcosts per unit produced, food costpercentage, labor cost per unit)3. CAPITAL STANDARDSo Ratio of Accounts Receivable torelated to capital cost to the firm ratherthan operating costs (return on investment,current ratio, debt to net worth, cash andreceivables to payables)Revenueso Ration of Accounts Payable toRevenues o Return on Investment

Event management is the process of managing the overall work related to the event to achieve the…

Answered: This table shows some standards used in…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 1 8 12 B Web scraping 4 9 11 C Testing A, B 1 1 1 (b) Based solely on the critical path, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.) (c) Using all paths through the project network, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.)
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