Magnus Packard at Capital State Financial Four questions. Magnus Packard is an underwriter who works at Capital State Financial where he processes loans daily. He usually takes an average of 40 minutes to process each loan or job and can identify how long each one will take based on a few key indicators within the application. Today, he has five loans that he must process by the end of the day. Each job is labeled in alphabetical order based on the order in which it arrived. For example, A arrived first, and B came in second, etc. (See table below) Job Processing Time (minutes) A B 50 40 C D E 60 30 25 F 35 Q1. Magnus' colleague suggests that he work through each job in a first-come- first-served (FCFS) sequence. Why would this not be the best method to use in this situation?
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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