There are different methods of cost estimation. In Ka-Pow project we have used the bottom up estimating. In bottom up estimate find out the cost of the work packages and then add them up to get the cost for the entire project. It is important to estimate the cost correctly otherwise it will put the project at a risk. It is very important to involve the SMEs in the cost planning also to get the accurate estimate for the cost.
Once this is complete, our marketing team will need to determine the idea’s prospects in the marketplace. They will also be tasked with determining how the technology should be packaged to have the greatest appeal to our customers. Manufacturing a new product can be timely and costly. It is very important to estimate the cost of building the new product and then estimating the selling price and potential profit for the company. The process of developing any new product requires strong team leadership and cohesiveness to ensure the new product will be
Organizing and directing is thinking of ideas and putting into effect. The established plans will help run the company in a better financial future. The managers have to decide help to organize the information and direct employee to follow the right concept to better the company. Last elements is the decision making is the deciding which choice is right and see if there are any alternatives for the company financial
Microeconomics Final Project Part 10 The different projects helped me learn important material throughout this course. Key materials and concepts I learned will benefit me in the future. Some of those concepts covered such as; the different economies and how they function, how supply and demand work and how one affects the other, how and why taxes are imposed, international trade, total utility and how it is calculated and how we can predict how a consumer might spend their money based off this, as well as fixed and variable inputs that help determine relationships between, for example, the amount of employees and goods produced as more employees are added and how the law of diminishing returns applies to this. There are different economies
Explain why change happens in a business environment. You should include at least three reasons in your answer. Economy is a big factor in change in a business, some reasons for this are as follows: • Competitors behaviour, performance and trends. • Tax and Interest rates • International competitors' behaviour, economy, economic trends, tax, interest rates, exchange rates and trade issues • Product changes Section 2 – Understand the purpose of supporting change in a business environment 1. Identify the main reasons for reviewing working methods, products and / or services in a business environment.
The feasibility analysis will guide the organization in determining whether to proceed with the project. The feasibility analysis will identify the risks associated with the project. The three types of feasibility analysis are technical, economic and organizational. The technical feasibility will determine if the project can be built. The project size and compatibility will be analyzed.
The company needs to identify what is the contributing factor in loss sales and revenue. Internal and External surveys should be done to identify the contributing factor for loss sales and revenue and the key will be to pay attention to details to locate the trouble indicators. Once the company has identified their strength and weakness they will need to identify opportunity for sales and revenue increase for the future. Some of the key questions to identify areas of opportunity are; what are the trends patterns of the customer, what changes in technology will affect this market, what affect the economy
Data Collection Methods Used in Research Data collection methods include identifying the problem and determining if fixing the problem will benefit more than leaving the problem alone. Selection of a study group is the second step. The study group needs to be critical to provide proper decisions. The task force needs to include people from all departments of the company. Identification of key variables and operational definitions is the next step.
For these reasons, it is necessary to analyze the competitive advantage of the different options presented. • Strengths and Opportunities: The project evaluation should consider a SWOT analysis of each potential application, which allows identifying the strengths, opportunities, threats and weaknesses. This way, it is possible to choose the best option, which maximized the firm’s strengths and opportunities, while mitigating its threats and weaknesses. • Barrier to Entry: Also it is necessary to analyze the cost of enter to the industry. • Economic Benefit: What will be the earnings associated to the project.. • Customer Preferences Bernstein should recommend to the board the
OB is an interdisciplinary field that includes psychology, sociology, economics, political science, management and communications. (Bauer p. 10). The study of Labor or Industrial Relations (LIR) is a subset of organizational behavior topics and is very specialized; however, it can provide insights into the broader view of employer-employee relations in any organization. Wages, benefits, work-life balance issues, workplace conditions, career opportunities, employee development and training programs are just a few of the issues that HR professionals currently manage. As we look forward, the role of HR will be increasingly tasked to prove their worth by improving a company’s financial performance by focusing on activities such as strategic planning, change management, corporate culture transition and development of human capital.