Engineering Management I - Assignment Ii - Management Essay Example
Alberto Luma MEM 6110 Assignment I Problem I Master’s in Engineering is an advanced degree in Engineering that will prepare Stacy to handle complex engineering issues successfully - Engineering Management I - Assignment Ii introduction. Rapid changes are taking place every day in the field of science and technology. To stay competitive in such a dynamic environment, Master’s in Engineering provides a strong capability and knowledge to Stacy to stay ahead of the competition. Job opportunities for Stacy as a recent graduate in Master’s in engineering increase substantially because there is a consistent demand for highly qualified and specialized engineers in the industry.
Stacy may also become professional consultants for project management with large organizations. Since Engineering is a highly developed and diversified field, with inherent growth potential, there are various specializations in Master’s in Engineering for Stacy to choose from. Problem II According to an article published in the Lowe’s website last June, the low-quality level is more sensitive to changes in market volatility, and the high-quality level is more sensitive to consumer preferences and the cost of information.
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Most of the time, consumers decide whether to buy from a firm on the basis of its past quality decisions, that is on the basis of its reputation. When consumers are perfectly informed about companies’ past quality decisions, they can punish a company that has produced low quality by not patronizing it thereafter. The quality-assuring price gives company’s enough positive profits from producing high-quality goods to induce them to establish and maintain a reputation for high-quality production: it is not in their interest to cut quality and earn only a one-period gain.
Thus, consumers serve, in some sense, as a disciplinary body, punishing companies that cheat and sell low-quality goods. The company should be proud of the products and get faith on its customers that they will keep purchasing the products. Problem IV The new millennium has changed everything that applied to business, especially in industrial management. The private sector plays a critical role in determining how biodiversity is used and conserved, and there are clear benefits to businesses in improving environmental performance, including reduced costs, improved innovation, and increased likelihood of regulatory approval.
It’s up to the company owner to decide how to organize his own custom standard operating procedures, but common sections include the scope (purpose and description of procedure), summary of the process to complete the procedure, clarifications, warnings, and responsibilities of personnel, equipment required, and finally, a step-by-step detailed listing of the procedure. A written manual should also contain information about the company’s commitment to quality and corresponding quality control procedures.
Problem V For anyone to be very comfortable with the new idea of Global Economy, there are three principles that need to be followed. Understand the impact of the global capital markets on international business through the expansion of international venture capital, understand international venture capital, and understand the perspective of international venture capitalists. Many large global firms also have internal investment groups that make corporate venture investments in early-stage and growing companies.
These corporate Venture Capital firms may actually be the exit strategy and eventually acquire the young company if it fits their business objectives. This type of corporate Venture Capital is often called a strategic investor because they are more likely to place a higher priority on the strategic value of the investment rather than just the pure financial return on investment. Problem VII The Critical Path Method (CPM) is one of several related techniques for doing project planning.
CPM is for projects that are made up of a number of individual activities. If some of the activities require other activities to finish before they can start, then the project becomes a complex web of activities. CPM can help you figure out: * How long your complex project will take to complete * Which activities are “critical,” meaning that they have to be done on time or else the whole project will take longer * Whether you should try to speed up the project, and, if so, * What is the least costly way to speed up the project?
Critical Path Method analysis starts when you have a table showing each activity in your project. For each activity, you need to know which other activities must be done before it starts, and how long the activity takes. Here’s the example: Activity Description Required Predecessor Duration A Product design (None)5 months BMarket research (None) 1 C Production analysis A 2 D Product model A 3 E Sales brochure A 2 F Cost analysis C 3 G Product testing D 4 H Sales training B, E 2 I Pricing H 1 J Project report F, G, I 1