Ans1. The basic difference between efficiency and effectiveness is that efficiency refers to how well a particular task is being done, on the other hand effectiveness means how valuable something is and doing the right task. For example, efficiency is when an employee gets the job done using minimal resources and effectiveness is calculated in terms of revenue generated by the employee.
Ans2. Recurring expenses (RE) are the general ongoing expenses required for operating a company’s main area of business. Non-Recurring Expenses (NRE) are one-time or exceptional expenses that a company does not incur on an everyday basis. For example, for manufacturing company, factory rent is RE whereas investment on machinery purchase in NRE.
Ans3. Stakeholders analysis is important to navigate the resources and energy in the right direction so that one can assure high performance and ensure the success of the project as they are ultimately being affected by the outcomes. For example, in a bakery shop, the stakeholders are the customers, employees and owner of the shop. To ensure a successful business, all the stakeholders’ interests need to be taken into account.
Ans4. Tacit knowledge, is referred as know-how and is difficult to explain, being mostly experienced based. Explicit knowledge, is referred to as know-what and is quite easy to understand. Even though both types of knowledge influence supply chain performance, tacit knowledge have a significantly higher effect than explicit knowledge (Schoenherr, Griffin & Chandra, 2014).
Ans5. The project management approach selected was agile. It is the approach which focuses on consigning highest value against organisations priorities in a given time and budget. It is an iterative approach of project management to deliver a particular project throughout its life cycle (Association of Project Management, 2020). The process of agile can be performed by breaking into several stages and involving constant interaction with stakeholders.
Ans1. The tasks that belong to the critical path are Develop project proposal, analyse requirements, develop PMP, Integrate software a and b and launch prototype. These tasks have to be completed before the further tasks can be performed (Project Engineer, 2020).
Ans2. Problems in this Gantt chart are
Ans3. Tasks that must be taken into account to avoid cost of nonconformance are trial and test of the final product before delivering to the customer, customer care service provided for the product, streamlined supplier quality program, timely return management and corrective action plan.
Ans4. Risks associated with project and their mitigation
Scheduling – One of the major risks is delaying the project completion, for this it is important to stick to the timeline given for each task and to focus on the critical tasks first (Articles of Software Interviews Events Resources Books, 2019)
Software – Another risk associated is of software technicality. Since the product is used by the end consumer for this it is important that the company maintains a proper customer care service.
Hardware – It is important that all the necessary hardware products of the products are available in the market so that consumer can easily replace.
Approval of test plan – If the test plan is not approved then the project might be delayed, for this it is important to make sure that the test plan be revised accordingly and quickly.
Budget – The company needs to make sure that the project remains within decided budget.
Articles of Software interviews events resources books. (2019). Visualisation of Risks and Uncertainties. Retrieved from https://pmtips.net/article/visualization-of-risks-and-uncertainties
Association of Project Management. (2020). What is Agile Project Management? Retrieved from https://www.apm.org.uk/resources/find-a-resource/agile-project-management/
Project Engineer. (2020). Determining the critical path. Retrieved from https://www.projectengineer.net/tutorials/project-scheduling/determining-the-critical-path/
Schoenherr, T., Griffin, D. A., & Chandra, A. (2014). Knowledge Management in Supply Chains: The Role of Explicit and Tacit Knowledge. Journal of Business Logistics,35(2) 121-135. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1111/jbl.12042
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