In the problem above, if the sales manager cannot be hired for 3 weeks, how will that affect the total project? (TO BE SOLVED) In the previous problem, if the whole project launch operation is to be completed as rapidly as possible, what activities must be completed by the end of week 16? (TO BE SOLVED)
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 business is launching a new product. The launch will require a number of related activities as follows – hire a sales manager (5 weeks), require the sales manager to recruit salespeople (4 weeks), train the salespeople (7 weeks), select an advertising agency (2 weeks), plan an advertising campaign with the agency (4 weeks), conduct the advertising campaign (10 weeks), design the packaging of the product (4 weeks), set up packing operation (12 weeks), pack enough products for the launch stock (8 weeks), order the launch quantity of products from the manufacturer (13 weeks), select distributors for the product (9 weeks), take initial orders from the distributors (3 weeks), dispatch the initial orders to the distributors (2 weeks).
- What is the earliest time that the new product can be introduced to the market?
- If the company hire trained salespeople who do not need further training, could the product be introduced 7 weeks earlier?
- How long could one delay selecting the advertising agency?
- In the problem above, if the sales manager cannot be hired for 3 weeks, how will that affect the total project? (TO BE SOLVED)
- In the previous problem, if the whole project launch operation is to be completed as rapidly as possible, what activities must be completed by the end of week 16? (TO BE SOLVED)
A, B & C Solution
(a) The earliest time is 57 weeks to launch the new product in the market, as just select the maximum week time in the simultaneously going on tasks in order to launch the product.
(b) if the company hires the already trained salespeople then the product will be 3 weeks earlier not 7 weeks as the simultaneous tasks of the selecting the ad company and designing the packaging would still be there so, (7−4)7-4 weeks results to be 3 weeks.
(c) Selecting the advertising agency could be delayed upto 7 weeks as it could go simultaneously with the training of new hired sales people.
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