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Mustafa manages a manufacturing plant that produces two kinds of cricket bats: soft ball bats and hard ball
bats. Business is good and no matter how many he produces, he can sell all of them. Both of the products are
produced on the same machines but cost and price of both products are different. Now, he has to decide
how many of each product should he produce to maximize the profits.
Which technique of decision making can help him in deciding the quantity of each product to be produced?
Support your answer with appropriate rationale.
Ali is a Project Manager of a construction firm. He has been assigned a project to build 3 conference halls for
a client. Capacity of each hall should be at least 50 people and all of the halls should be completed within 40
weeks without incurring excessive costs.
He is planning to meet the challenge of completing the project on time. He has identified various activities
involved in the project and their sequence along with expected time required to complete each activity –
given in the following table:
Analyze the given information and decide which planning tool can help him to achieve the objective? Give appropriate reasoning to support your answer.
This Content Originally Published by a member of VU Students.
MGT503 2nd assignment Solution
The answers are from lecture 20 to 24 in mgt handouts.
1.planning and decision aid 1 and 2
2.planning : functions and benefits.
3.planning process and goals levels.
4.MBO Management by objective.!
En lessons ko use kr k ache assignment banao
there are a few techniques like Break Even Analysis will help to determine minimum quantity required to reach a no profit no loss state. there is another technique "Budgeting" which help us detemine revenue, expenses, profit blaw blaw
2nd page of lecture 21 will be helpful for mr mustafa to solve the problem. Mr. Mustafa will analyze different constraints of production like materiel, processing time, labour etc with the help of lenier programming and will finalize how much quantity of each product will be suitable to produce for maximizing profit.
Linear ProGRAMMING ki technique use ho gi.
Project Management Process
There are seven steps in the project planning process.
i. Define objectives.
ii. Identify activities and resources.
iii. Establish sequences.
iv. Estimate time for activities.
v. Determine project completion date.
vi. Compare with objectives.
vii. Determine additional human resource requirements.
1st questn ka solution but plzzzzzzzzzzzzzzz changing kr laina its just a concept.................
QUESTION NO 1:
Which technique of decision making can help in deciding the quantity of each product to be produced?
Decision making can be hard .almost any decision involves some conflicts or dissatisfaction. Effective and successful decisions make profit to the company.
Mustafa should make appropriate rational decision making. Rational decision making brings a structured or reasonable thought process to the act of deciding rational decision making is important. When making high value decisions that can benefits from the tools, processes or the knowledge of experts.
Herbert Simon (1916-2001)
“Anything that gives us new knowledge gives us an opportunity to be more rational”
A logical and systematical decision making process help you address the critical elements that result in a good decision. You can build on the approach to make your decision better and better.
There are six steps to effective decision making.
1-Create a constructive environment:
To create a constructive environment for successful decision making, Make sure you do the following
Establish the objective.
Agree on the process
Involve the right people
Allow opinion to be heard
Make sure you are asking the right questions
Use creativity tools from the task
2-Generate good alternatives:
When you generate alternatives you force yourself to dig deeper and look at the problem from different angles. If you use the mindset there must be other solutions out their. You’re more likely to make the best decision possible.
3-Explore these alternatives:
When you’re satisfied that you have to good selection at realistic alternatives, then you’ll need to evaluate the feasibility, risks and implementations of each choice.
Effective analytical tools are
4-Choose the best alternatives:
After you have evaluated the alternatives, the next step is to choose between them
5-Check your decision:
The next step is to check your decision that it is keep according to your requirement and deciding the best way forward.
6-Communicate your decision and take action:
Once you’re making your decision, if important to look forward about its effectiveness on making decision and involved in implicating it. More information you provide about risk and project benefits.
the discussion in your comment/ post is very informative but in my opinion this all stuff is needed to be a manager. Mr. Mustafa is already a manager this all stuff based on approximation, assignment asks for a particular tool needed to solve his problem, what is this tool or technique. As cashier needs a note counting and checking machine, checking clerk needs cheques and signaure verification criteria similarly Mr. Mustafa needs a tool for example particular math problems can be solved with matrix or logarithm only. Here he needs one of the tools from decision making aid tools. will you prove with an example by above stuff how you will reach a particular quantity which satisfy the question requirement. example attached for reference.
imran ali linear programing use hge ya break even ?
I think linear pro will be used because break even is used to derive minimum qty required.
phr 2nd me plz bta dy us me knse hge?
2nd Q is purely Project Management related and chapter 21 of handouts describe certain tools in this regard. In my opinion Mr. Ali should use Critical Path Analysis(CPA) tool to help him achieve target. we are not advised nor suppose to plan the project, we are just asked to give the tool and prove our answer how this tool will help. so Critical Path Analysis(CPA) will help Mr. Ali to schedule activities, track the resource allocation and monitor these activities with criteria(in our case time and cost). You may go through the attached pages from "contemporary project management kloppenborg" for more information. A better explanation will be highly appreciated.
critical path analysis to handouts men hy he ni
good to know ppl read comments.
you are right, actually Program Evaluation Review Technique(PERT) and CPM(Critical Path Method) are both closely related, you may mention PERT in your answer, but PERT is normally used with multiple time estimates like minimum time required maximum time required to complete an activity, in the question only one time estimate is given for each activity moreover, it does not mention that the succeeding activity will start after completion of preceding activity or may start during the preceding activity. this is the major difference, however, u may mention PERT in your answer. Another thing PERT is supported by Gantt chart which is not correct in the given scnario whereas CPM uses Activity Diagram which is more accurate in the given question. A better explanation awaited.