Jefferson Company's demand for its only product exceeds its manufacturing capacity. The company provided the following information for the machine whose limited capacity is prohibiting the company from producing and selling additional units. Actual run time this week Machine time available per week Actual run rate this week Ideal run rate Defect-free output this week Total output this week (including defects) 4,900 minutes 7,000 minutes 3.8 units per minute 4.0 units per minute 15,827 units 18,620 units Required: 1. Compute the utilization rate. (Round your answer to 2 decimal places.) 2. Compute the efficiency rate. (Round your answer to 2 decimal places.) 3. Compute the quality rate. (Round your answer to 2 decimal places.) 4. Compute the overall equipment effectiveness (OEE). (Do not round intermediate calculations. Round your final answer to 3 decimal places.) Utilization rate Efficiency rate Quality rate Overall equipment effectiveness
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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