Jgt2 Task 4 Essay

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JGT2 Task 4 Store Recommendation Three available store options: ◦ Leasing a store on Route 20 (stand-alone store) ◦ Opening a store in Auburn Mall ◦ Waiting until the market improves Best Outcomes: ◦ Stand-alone store is best available option in favorable market (EMV $350,000) ◦ Auburn Mall is best option in an unfavorable market (EMV $0) ◦ If no market research conducted, stand-alone store is the best option (EMV $150,000) Store Explanation The best location is a complex process with multiple influencing factors. Decision tree will decrease the difficulty of task in multiple ways:  Creates a visual representation that allows easy tracing of decisions  Provides data, EMVs, to show the best option  Easily adjustable as new information becomes available Location Alternatives Factors to evaluate when determining location alternatives:  Market Favorability  Potential profits  Proximity to competitors (clustering)  Proximity to suppliers/distributers. Project Techniques  1. Define the project and identify the breakdown of the work.  2. Determine the relationship between activities.  3. Draw out the “network” that connects all those activities.  4. Determine and assign both time and cost to each activity.  5. Determine the critical path (discussed on next slide).  6. Use all this information to help plan and control the project Project Techniques: Table 1 Activity Description Predecessors Optimistic (days) Most likely (days) Pessimistic (days) Crash Cost/day A Funding/liability protection N/A 5 10 15 $1,000 B Excavate grounds A 10 20 40 $2,500 C Pour foundation B 10 15 30 $2,000 D Inspect new equipment B 10 20 30 $500 E Install utilities C 15 20 40 4,000 F Inspection (utilities) E .1 .1 .1 0 G Build out facility D, F 15 20 35 1,500 H Final inspection

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