"P ve G A.Ş." which markets toothpaste, must allocate its annual advertising budget of 400,000 TL for the İstanbul metropolitan area. They can purchase local radio spots at 200 TL per spot, local TV spots at 1,000TL per spot and local influencers' (with super white teeth) insta advertesing at 400 TL per mentioning of the product name. Local contraction requirements specify that they must spend at least 60,000 TL on TV. Their general cooperative advertising policy prohibits annual influencer expenditures in excess of 100,000 TL or in excess of 50% of the TV expenditures, whichever is smaller. The payoff from each advertising medium is a function of its audience size and audience characteristics, measured in “audience points". The radio spots, TV commercials and influencer mentions are empirically found out to score 60 audience points, 300 audience points and 540 audience points, respectively. You are asked to allocate this advertising budget so that maximum audience points are achieved.
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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