A franchise operation that sells frozen custard intends to open one or more new stores in a medium-sized metropolitan area. Three sites are under consideration. Each site has somewhat different projected profit contribution and different supervision requirements. The first site has an estimated daily profit of $200 and a weekly supervision requirement of 48 hours; the second site has a projected profit of $100 per day and a weekly supervision requiremen
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.
A franchise operation that sells frozen custard
intends to open one or more new stores in a
medium-sized metropolitan area. Three sites
are under consideration. Each site has
somewhat different projected profit
contribution and different supervision
requirements. The first site has an estimated
daily profit of $200 and a weekly supervision
requirement of 48 hours; the second site has a
projected profit of $100 per day and a weekly
supervision requirement of 30 hours; and the
third site has an estimated daily profit of $150
and a weekly supervision requirement of 20
hours. The firm will have 65 hours available for
per week for supervision.
Use Excel to determine which site or sites
should be selected in order to obtain the
highest projected daily profit?
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