screening testing group decision In initial screening a staff member spends 2 hours considering the idea. In mock-up, the idea is sent to one of many suppliers to produce a physical mock-up of the toy. There is essentially unlimited capacity at this stage, but it takes 4 days to get the mockup built even though multiple mockups can be built simultaneously. In safety testing each idea requires 2 days from a staff member to have the idea checked for safety. In focus groups each idea requires 3 hours from a staffmember to have the idea test marketed. Finally, the management team meets for 4 hours per idea to decide if the toy should be added to its line of products sold to customers. At the end of each stage, successful ideas enter the next stage. All other ideas are dropped. The following table summarizes the process: Time per idea put Pr(Success) Pr(Fail) Staffing into this stage 40% 2 hours Screening Mock-up Safety 60% 2 4 days 2 days 3 hours 4 hours 50% 50% 7 Focus group 35% 65% 1 Final decision 20% 80% 1 For example, there are 7 staff members that work in the safety stage. In each stage each idea is processed by only one staff member: for example, once one of the 7 staff members starts working on an idea in the safety stage, the idea completes that stage in 2 days (and either exits or moves to the focus group stage). Everyone works 8 hours per day, 5 days a week. i. On average, how many ideas are in the mock-up stage? ii. Which stage has the highest implied utilization (as a %)?
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.
a)
Input of the stage 1 = 10 ideas per week = 10/(8*5) = 0.25 ideas per hour
Output of the stage 1 = 0.25*0.6 = 0.15 ideas per hour. This is the input to Mockup stage
Mockup stage
Flow rate, R - 0.15 ideas per hour
Flow time, T = 4 days = 4*8 = 32 hours
Using Little's law, Number of ideas in Mockup stage, I = RT = 0.15*32 = 4.8 ideas
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