The director of social services of a county has learned that the state has mandated additional information requirements. This will place an additional burden on the agency. The director has identified three acceptable alternatives to handle the increased workload. One alternative is to reassign present staff members, the second is to hire and train two new workers, and the third is to redesign current practice so that workers can readily collect the information with little additional effort. An unknown factor is the caseload for the coming year when the new data will be collected on a trial basis. The estimated costs for various options and caseloads are shown in the following table: CASELOAD Moderate High Very High Reassign staff $ 80 * 90 95 New staff 70 70 70 Redesign collection 90 80 70 *Cost in $ thousands. After contemplating the caseload question, the director of social services has decided that reasonable caseload probabilities are 0.30 for moderate, 0.50 for high, and 0.20 for very high. a. Which alternative will yield the minimum expected cost? multiple choice 2 Redesign Reassign New Staff c. Determine the expected value of perfect information using an opportunity loss table. Opportunity loss table Moderate($) High($) Very High($) EOL($) Reassign New Staff Redesign
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.
The director of social services of a county has learned that the state has mandated additional information requirements. This will place an additional burden on the agency. The director has identified three acceptable alternatives to handle the increased workload. One alternative is to reassign present staff members, the second is to hire and train two new workers, and the third is to redesign current practice so that workers can readily collect the information with little additional effort. An unknown factor is the caseload for the coming year when the new data will be collected on a trial basis. The estimated costs for various options and caseloads are shown in the following table:
| CASELOAD | |||||
| Moderate | High | Very High | |||
| Reassign staff | $ | 80 | * | 90 | 95 |
| New staff | 70 | 70 | 70 | ||
| Redesign collection | 90 | 80 | 70 | ||
*Cost in $ thousands.
After contemplating the caseload question, the director of social services has decided that reasonable caseload probabilities are 0.30 for moderate, 0.50 for high, and 0.20 for very high.
a. Which alternative will yield the minimum expected cost?
multiple choice 2
-
Redesign
-
Reassign
-
New Staff
c. Determine the expected value of perfect information using an opportunity loss table.
| Opportunity loss table | ||||
| Moderate($) | High($) | Very High($) | EOL($) | |
| Reassign | ||||
| New Staff | ||||
| Redesign | ||||
| (0.30) | (0.50) | (0.20) | ||
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