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What challenges are faced by managers in the process of project cost control?
There are numerous challenges that are faced by managers in the process of project cost control. It is hard to ascertain the exact quantity and cost of the entire project and cost control becomes quite a task.
Definition of fixed order quantity system?
A fixed order quantity system is the arrangement in which the inventory level is continuously
What are the barriers of human resource planning?
Various barriers can inhibit successful planning. In order for plans to be effective and to yield the desired results, managers must identify any potential barriers and work to overcome them. The common barriers that inhibit successful planning are as follows:· Inability to plan or inadequate planning. Managers are not born with the ability to plan. Some managers are not successful planners because they lack the background, education, and/or ability. Others may have never been taught how to plan. When these two types of managers take the time to plan, they may not know how to conduct planning as a process.· Lack of commitment to the planning process. The development of of a plan is hard work; it is much easier for a manager to claim that he or she doesn't have the time to work through the required planning process than to actually devote the time to developing a plan. (The latter, of course, would save them more time in the long run!) Another possible reason for lack of commitment can be fear of failure. As a result, managers may choose to do little or nothing to help in the planning process.· Inferior information. Facts that are out-of-date, of poor quality, or of insufficient quantity can be major barriers to planning. No matter how well managers plan, if they are basing their planning on inferior information, their plans will probably fail.· Focusing on the present at the expense of the future.Failure to consider the long-term effects of a plan because of emphasis on short-term problems may lead to trouble in preparing for the future. Managers should try to keep the big picture - their long-term goals - in mind when developing their plans.· Too much reliance on the organization's planning department. Many companies have a planning department or a planning and development team. These departments conduct studies, do research, build models, and project probable results, but they do not implement plans. Planning department results are aids in planning and should be used only as such. Formulating the plan is still the manager's responsibility.· Concentrating on controllable variables. Managers can find themselves concentrating on the things and events that they can control, such as new product development, but then fail to consider outside factors, such as a poor economy. One reason may be that managers demonstrate a decided preference for the known and an aversion to the unknown.
Explain the assumptions of the Basic Economic Order Quantity EOQ model?
As the name suggests, Economic order quantity (EOQ) modelis the method that provides the company with an order quantity. This order quantity figure is where the record holding costs and ordering costs are minimized. By using this model, the companies can minimize the costs associated with the ordering and inventory holding. In 1913, Ford W. Harris developed this formula whereas R. H. Wilson is given credit for the application and in-depth analysis on this model.Dr.Abbas Albarq
What is a fixed order quantity system?
A fixed order quantity system is the arrangement in which the inventory level is continuously monitored and replenishment stock is ordered in previously-fixed quantities whenever at-hand stock falls to the established re-order point.
Is electric potential a vector quantity?
No, electric potential is a scalar quantity, not a vector quantity.
Electrostatic potential is a Scalar Quantity or Vector Quantity?
Electrostatic potential is a scalar quantity. It represents the potential energy per unit charge at a given point in an electric field.
Is gravitational potential energy a scalar or vector quantity?
Gravitational potential energy is a scalar. Gravity also has a vector energy cmV= cP.
Is potential energy a scalar quantity?
Yes.
Why are separate price and quantity variances computed?
Price and quantity variances are computed respectively because different managers are usually responsible for buying and for using inputs.
Is gravitational potential a scalal or vecror quantity?
Gravitational potential is a scalar quantity. It represents the amount of energy per unit mass at a point in a gravitational field. When considering gravitational potential, only the magnitude of the potential is important, not its direction.
Is gravitational potential a vector or scalar quantity?
vector
What physical quantity has the unit joule per columb?
The physical quantity that has the unit joule per coulomb is electric potential, which is measured in volts. Electric potential is a measure of the electric potential energy per unit charge at a point in an electric field.
Is potential energy a scalar or vector quantity?
Potential energy is a scalar quantity. Energy is the sum of a scalar part and a vector part. Energy W is the product of velocity V and momentum P; W = [c+V]P =[ -V.P + cP]. The Potential energy is the scalar energy -V.P=-vmv = -mv^2.Physicists consider energy a scalar quantity, but that is incorrect, energy is a Quaternion quantity, a scalar and a vector . The vector energy is the "Dark Energy" is hidden in plain sight, cP.
Is potential gradient vector or scalar?
The potential gradient is a vector quantity. It represents the rate of change of the scalar electric potential with respect to position in space.
Causes of direct material quantity variance?
Some causes of direct material quantity variance are poor quality materials, untrained workers, and lack of supervision. Production managers should look at and determine the causes.
Is electric potential energy a vector or scalar quantity?
Electrical Potential Energy is a scalar or real number. Ep = zc e2 /4pi r.Total Energy is a Quaternion, the sum of the real or potential energy and the vector energy, Ev= mcV;E = Es + Ev = zc e2 /4pi r + mcV where Ev = mcV and V is the vector velocity.
