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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An organization has to make various activities started from establishing a business to deliver a product in the customers' hands. Each activity contains a process to follow to maintain efficiency.
Product development is the stage at which an organization decides how a product should be developed to sell in the market; it is a step by step process that started from designing a product, such that:
1) Design: A marketer draws two or more product designs according to consumer preferences.
2) Process deletion: From all the designs developed by a marketer, there is a need to identify the best design by making changes in the combination of design.
3) Re-design: Process deletion helps to collect all the given information about an effective design that needs to be re-designed to improve its effectiveness.
4) Material selection: After designing an effective product, there is a need to collect all the material that is needed to manufacture that product.
5) Evaluation: Firms generally evaluate the product by verifying some sample of the product, whether they can meet consumers’ requirements or not.
6) Production: At last, by making an evaluation of the product quality, the firm manufactures to product to serve in the market.
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