Failsafe Electronics Corporation primarily manufactures four highly technical products, which it supplies to aerospace firms that hold NASA contracts. Each of the products must pass through the following depart- ments before they are shipped: wiring, drilling, assembly, and inspection. The time requirements in each department (in hours) for each unit produced and its corresponding profit value are summarized in this table: DEPARTMENT PRODUCT WIRING INSPECTION UNIT PROFIT DRILLING ASSEMBLY XJ201 .5 2 .5 $9 хм897 1.5 1 4 1.0 $12 TR29 1.5 1 .5 $15 BR788 1.0 3 2 .5 $11 The production time available in each department each month and the minimum monthly production requirement to fulfill contracts are as follows: DEPARTMENT CAPACITY (HOURS) PRODUCT MINIMUM PRODUCTION LEVEL Wiring 1,500 X1201 150 Drilling 2,350 XM897 100 Assembly 2,600 TR29 200 Inspection 1,200 BR788 400
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.
Failsafe Electronics Corporation primarily manufactures four highly technical products, which it supplies to aerospace firms that hold NASA contracts. Each of the products must pass through the following departments before they are shipped: wiring, drilling, assembly, and inspection. The time requirements in each department (in hours) for each product and its corresponding profit value are summarized below:
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