Faith Blush started to sew dresses as a hobby. Later she learned how to make custom jewelry. She has little trouble her dresses and jewelry to friends. She was taking some art classes while pursuing her business degree at AUAF. Her dresses, which she sold on weekends at different craft shows in Kabul, helped pay her tuition and provided spending money. Several local stores were willing to carry her jewelry on a consignment basis. Demand has increased beyond her capability to fulfill it. As she completes her business degree, she decides she would like to get into the business of selling her dresses and jewelry. She learns of a small shop for rent in a good location. A friend, Norah Smith, who has one more year until graduation, is willing to help Faith in her spare time. The local bank is willing to lend Faith $10,000, which is the amount she believes she needs to pay rent, buy inventory and pay for Norah’s part time work over the next year. The loan is conditioned on Faith’s father guaranteeing payment. Faith’s uncle, who is the head of a large corporation, suggests Faith should incorporate the business. Should Faith incorporate the business or take the loan?
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.
Faith Blush started to sew dresses as a hobby. Later she learned how to make custom jewelry. She has little trouble her dresses and jewelry to friends. She was taking some art classes while pursuing her business degree at AUAF. Her dresses, which she sold on weekends at different craft shows in Kabul, helped pay her tuition and provided spending money. Several local stores were willing to carry her jewelry on a consignment basis. Demand has increased beyond her capability to fulfill it. As she completes her business degree, she decides she would like to get into the business of selling her dresses and jewelry. She learns of a small shop for rent in a good location. A friend, Norah Smith, who has one more year until graduation, is willing to help Faith in her spare time. The local bank is willing to lend Faith $10,000, which is the amount she believes she needs to pay rent, buy inventory and pay for Norah’s part time work over the next year. The loan is conditioned on Faith’s father guaranteeing payment. Faith’s uncle, who is the head of a large corporation, suggests Faith should incorporate the business. Should Faith incorporate the business or take the loan?
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