26. Two brothers have purchased a small lot, in the center of town, where they intend to build a gas station. The station will have two pumps, a service area for water and tire maintenance, and a main building with restrooms, office, and cash register area. Before they begin excavating the site, the local authorities must approve the location for a gasoline station and be certain that the placement of the storage tanks will not interfere with water, gas, and electric lines that are already in place. Once the site has been approved, the excavation can begin. After excavation, the three primary parts of the construction can begin: laying in the gasoline tanks, building the water and tire service area (including installation of the air compressor), and constructing the main building. The surfacing can begin after all building is completed. After surfacing, the site must be cleaned and the station's signs erected. However, before the station can open for business, the air compressor must be inspected, tested, and approved. The activities and the time required for each of them are as follows: Activity Time Required (weeks) A: Obtain site approval B: Begin site excavation C: Place and secure gasoline tanks D: Install gasoline pumps E: Connect and test gasoline pumps F: Construct service area G: Install and connect water and 4 2 1 1 air compressor H: Test compressor I: Construct main building including the restrooms, the office, and the cash register area J: Install plumbing and electrical connections in the main building K: Cover tanks and surface the area L: Clean site 1 5 3 4 M: Erect station signs 1
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.
d. Suppose that the air compressor fails to function correctly and must be replaced.
It takes two weeks to obtain another compressor and test it. Will the project
necessarily be delayed as a result?
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