An enterprising student has set up an internship clearinghouse for business students. Each student who uses the service fills out a form and lists up to 10 companies that he or she would like to have contacted. The clearinghouse has a choice of two methods to use for processing the forms. The traditional method requires about 20 minutes to reviewthe form and arrange the information in the proper order for processing. Once this setup is done, it takes only two minutes per company requested to complete the processing. The other alternative uses an optical scan/retrieve system, which takes only a minute to prepare but requires five minutes per company for completing the processing. If it costsabout the same amount per minute for processing with either of the two methods, when should each be used? (Answer in Appendix D)
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.
An enterprising student has set up an internship clearinghouse for business students. Each student who uses the service fills out a form and lists up to 10 companies that he or she would like to have contacted. The clearinghouse has a choice of two methods to use for processing the forms. The traditional method requires about 20 minutes to review
the form and arrange the information in the proper order for processing. Once this setup is done, it takes only two minutes per company requested to complete the processing. The other alternative uses an optical scan/retrieve system, which takes only a minute to prepare but requires five minutes per company for completing the processing. If it costs
about the same amount per minute for processing with either of the two methods, when should each be used? (Answer in Appendix D)
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