Mary Sweet has just opened a candy shop. The store is open from 10 a.m. to 8 p.m. each day, which means that Mary must work a minimum of 10 hours a day for seven days a week. In addition to sales, she also must spend time on purchasing, paying bills, and cleaning up. Mary quickly decides that she needs to hire help. Her first hire is a person to operate the cash register for five days of the week. This person also will be responsible for closing the shop on those days so Mary can spend the evenings with her family. While Mary was operating the store by herself, she did not have to worry about control issues. Now that she is hiring another person, she must consider mechanisms to control the new employee. Describe some control problems that might arise and some mechanisms that Mary could use to help control those problems.
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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