1/ Katie Posh runs an upscale nail salon. The service process includes five activities that are conducted in the sequence described below. (The time required for each activity is shown in parentheses):Activity 1: Welcome a guest. (1 minute) Activity 2: Clip and file nails. (3 minutes) Activity 3: Paint. (5 minutes) Activity 4: Dry. (10 minutes) Activity 5: Check out the customer. (4 minutes) Three servers (S1, S2, and S3) offer the services in a worker-paced line. The assignment of tasks to servers is the following: S1 does Activity 1. S2 does Activities 2 and 3. S3 does Activities 4 and 5. The drying process does not require server 3’s constant attention; she/he needs to only escort the customer to the salon’s drying chair (equipped with fans for drying). The time to do this is negligible. There exists only one drying chair in the salon. a. What is the utilization of server 2 (in decimal form)? Assume that there is unlimited demand and that the process only admits customers at the rate of the bottleneck. b. What is the average labor utilization of the servers (in decimal form)? Assume that there is unlimited demand and that the process only admits customers at the rate of the bottleneck.
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.
1/ Katie Posh runs an upscale nail salon. The service process includes five activities that are conducted in the sequence described below. (The time required for each activity is shown in parentheses):Activity 1: Welcome a guest. (1 minute)
Activity 2: Clip and file nails. (3 minutes)
Activity 3: Paint. (5 minutes)
Activity 4: Dry. (10 minutes)
Activity 5: Check out the customer. (4 minutes)
Three servers (S1, S2, and S3) offer the services in a worker-paced line. The assignment of tasks to servers is the following: S1 does Activity 1. S2 does Activities 2 and 3. S3 does Activities 4 and 5. The drying process does not require server 3’s constant attention; she/he needs to only escort the customer to the salon’s drying chair (equipped with fans for drying). The time to do this is negligible. There exists only one drying chair in the salon.
a. What is the utilization of server 2 (in decimal form)? Assume that there is unlimited demand and that the process only admits customers at the rate of the bottleneck.
b. What is the average labor utilization of the servers (in decimal form)? Assume that there is unlimited demand and that the process only admits customers at the rate of the bottleneck.
2/ Tech Company is a medium-sized consumer electronics retailer. The company reported $155,000,000 in revenues for 2007 and $110,050,000 in Costs of Goods Sold (COGS). In the same year, Tech Co. held an average of $20,000,000 in inventory.
Inventory cost at Tech Co. is 35 percent per year. What is the per unit inventory cost (in dollars) for an MP3 player sold at $50? Assume that the margin corresponds to the retailer’s average margin.
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