Jamison Day Consultants has been entrusted with thetask of evaluating a business plan that has been divided into foursections—marketing, finance, operations, and human resources.Chris, Steve, Juana, and Rebecca form the evaluation team. Eachof them has expertise in a certain field and tends to finish thatsection faster. The estimated times taken by each team memberfor each section have been outlined in the table below. Furtherinformation states that each of these individuals is paid $60/hour.a) Assign each member to a different section such that JamisonConsultants’s overall cost is minimized.b) What is the total cost of these assignments?Times Taken by Team Members for Different Sections (minutes)MARKETING FINANCE OPERATIONS HRChris 80 120 125 140Steve 20 115 145 160Juana 40 100 85 45Rebecca 65 35 25 75
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.
Jamison Day Consultants has been entrusted with the
task of evaluating a business plan that has been divided into four
sections—marketing, finance, operations, and human resources.
Chris, Steve, Juana, and Rebecca form the evaluation team. Each
of them has expertise in a certain field and tends to finish that
section faster. The estimated times taken by each team member
for each section have been outlined in the table below. Further
information states that each of these individuals is paid $60/hour.
a) Assign each member to a different section such that Jamison
Consultants’s overall cost is minimized.
b) What is the total cost of these assignments?
Times Taken by Team Members for Different Sections (minutes)
MARKETING FINANCE OPERATIONS HR
Chris 80 120 125 140
Steve 20 115 145 160
Juana 40 100 85 45
Rebecca 65 35 25 75
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