Situation #1: A building contractor is faced with the problems of possibly paying liquidated damages of P2,000 per day for the delay in the completion of his work in accordance with a contract. The facts are as follows: > Number of days left on the contract time = 30 days. At present the working force is: 40 skilled workers with a daily wage of P40 each 20 unskilled workers with a daily wage of P32 each > The daily wage is based on an 8-hour day's work. > If the maintains the present number of men he will finish the work in 50 days. > Overtime rate is 25% more than regular rate. Analyze the following cases: Case 1: If he allows the present working force to work overtime of 2 hours a day, in how many days will he finish the work? How much are his savings or loss? Case 2: If the contractor puts additional men maintaining the ratio of two skilled workers to one unskilled worker in order to finish the work on time, how many will he add? Consider no overtime work. Case 3: Should the contractor allow overtime work of two hours a day, how many men will he add in order to finish the work on time? How much will he save or lose?
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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