(33) Your project is in the f nal test stage, the user acceptance test. It meets all the prod uct specs and is under planned costs. In term of schedule, this project is ahead. Your cu stomer met you and requested that he will not accept the product unless you make sev eral changes. What you should do is: A Get the list of the changes and estimate all of them. If the total cost is still within the baseline, you will do it B. Estimate the costs and send this to your customer requesting contract modificati on C. Ask the customer to file a change request D. Sit with the customer to review the product specs and tell him/her that you have completed the project. (34) Rahim, a project manager on a Distribution and Logistic Project is devising a cost e stimate for a contingency plan. He will resort to integration of the following except for:
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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