4- The following table shows three estimates values for a project. Assume that manager is interested in knowing the risk of an actual cost exceeding $51,000 and the risk of an actual cost non exceeding $49,500. Cost ($) Activities Lowest Highest cost Most likely cost Set up site office 3100 3300 3500 Prepare site laydown yard and temporary fencing 5700 6000 7800 Rough grade site (cut and fill) 4800 5500 6500 Install exterior fire line 6130 7000 7570 and building fire riser Excavate foundations 12700 13500 14300 Excavate elevator pit 6300 6500 6700 Set reinforcing and anchor bolts 7100 8000 9500
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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