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.
ACTIVITY/TASK
Traditional shopping centers (shopping malls) are under significant pressure to adapt to a changing macro-environment, as shoppers demand more attractive experiences and increasingly move online.
This prediction was made by property market forecaster BIS Shrapnel who expect that shopping centers be challenged as online retailing takes a larger share of total shopping dollars, and as competition between established stores increases.
According to Senior Project Manager at BIS Shrapnel, Maria Lee, “If you’ve got a much lower level of turnover growth and you’re getting the internet taking share away, then it is a lot more difficult to cope with and certainly some shopping centers are going to get squeezed. We’ll see a gradual change in the tenancy mix and, hopefully, see shops becoming a little bit more exciting, in trying to create a point of difference between shopping in a physical store and shopping online.”
However, Ms Lee said, shopping centers were beginning to adapt, highlighted by the growth in beauty stores, cafes and restaurants at the expense of book stores, CD and DVD stores.
BIS Shrapnel’s Retail Property Market Forecasts and Strategies 2012 to 2022 report predicts growth in retail turnover to be 2.9% over the next five years. The report also indicates that online shopping would continue to take market share from bricks and mortar shops, peaking at around 15 to 20 per cent of total retailing.
QUESTION
If you worked for a major retailer, what would be your recommendations in order to survive and prosper in this new environment?
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