The following table contains figures on the monthly volume and unit costs for a random sample of 16 items from a list of 2,000 inventory items at a health care facility: Item Unit Cost Usage Item Unit Cost Usage K34 $10 200 F99 20 60 K35 25 600 D45 10 550 K36 36 150 D48 12 110 M10 16 25 D52 15 110 M20 20 80 D57 40 120 Z45 80 200 N08 30 40 F14 20 300 P05 16 500 F95 30 800 P09 10 30 Determine the percentage of items in each category and the annual dollar value for each category for part b
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 following table contains figures on the monthly volume and unit costs for a random sample of 16 items from a list of 2,000 inventory items at a health care facility:
| Item | Unit Cost | Usage | Item | Unit Cost | Usage |
|---|---|---|---|---|---|
| K34 | $10 | 200 | F99 | 20 | 60 |
| K35 | 25 | 600 | D45 | 10 | 550 |
| K36 | 36 | 150 | D48 | 12 | 110 |
| M10 | 16 | 25 | D52 | 15 | 110 |
| M20 | 20 | 80 | D57 | 40 | 120 |
| Z45 | 80 | 200 | N08 | 30 | 40 |
| F14 | 20 | 300 | P05 | 16 | 500 |
| F95 | 30 | 800 | P09 | 10 | 30 |
Determine the percentage of items in each category and the annual dollar value for each category for part b
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