Andromeda Books is a small independent publisher of fictionand nonfiction books. Each week the publisher receives anaverage of eight unsolicited manuscripts to review (Poissondistributed). The publisher has 12 freelance reviewers in thearea who read and evaluate manuscripts. It takes a revieweran average of 10 days (exponentially distributed) to read amanuscript and write a brief synopsis. (Reviewers work on their own, seven days a week.) Determine how long the pub-lisher must wait on average to receive a reviewer’s manu-script evaluation, how many manuscripts are waiting to be reviewed, and how busy the reviewers are.
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.
Andromeda Books is a small independent publisher of fiction
and nonfiction books. Each week the publisher receives an
average of eight unsolicited manuscripts to review (Poisson
distributed). The publisher has 12 freelance reviewers in the
area who read and evaluate manuscripts. It takes a reviewer
an average of 10 days (exponentially distributed) to read a
manuscript and write a brief synopsis. (Reviewers work on
their own, seven days a week.) Determine how long the pub-
lisher must wait on average to receive a reviewer’s manu-
script evaluation, how many manuscripts are waiting to be
reviewed, and how busy the reviewers are.
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