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Unit 1 Assessment

Question 1

  1. Transactions during the first year of operations are provided below.
    The owner, Sharon McCoy, contributed $10,000 cash in exchange for capital.
    Paid $1,100 cash for equipment to be used for plumbing repairs.
    Borrowed $12,000 from a local bank and deposited the money in the checking account.
    Paid $300 rent for the year.
    Purchased $200 of office supplies by cash.
    Completed a plumbing repair project for a local lawyer and received $3,200 cash.
    Calculate the amount of total liabilities at the end of the first year.

    $12,000

    $10,000

    $20,900

    $3,200

5 points

Question 2

  1. Spring Company has assets and equity that amount to $260,000 and $70,000, respectively. Liabilities total __________.
    $70,000
    $190,000
    $260,000
    $330,000

5 points

Question 3

  1. The equity of Alliance Company is $100,000 and the total liabilities are $10,000. The total assets are __________.
    $200,000
    $20,000
    $90,000
    $110,000

5 points

Question 4

  1. GAAP refers to guidelines for accounting information in the United States. The acronym GAAP in this statement refers to __________.
    Globally Accepted Accounting Policies
    Government Approved Accounting Principles
    Generally Accredited Accounting Policies
    Generally Accepted Accounting Principles

5 points

Question 5

  1. The earnings of a sole proprietorship are __________.
    combined with the personal income of the proprietor
    not combined with the proprietor’s personal income
    subject to double taxation
    handled similarly to that of a corporation

5 points

Question 6

  1. The Public Company Accounting Oversight Board (PCAOB) was created __________.
    by the Sarbanes-Oxley Act (SOX)
    to perform audits of public companies
    to make restitution to investors who were defrauded by the issuance of fraudulent financial reports
    to require auditors to take responsibility for the accuracy and completeness of financial reports from firms they audit

5 points

Question 7

  1. Dynamic Production Services started the year with total assets of $130,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $100,000 and $60,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $45,000. Calculate Dynamic’s net income for the year.
    $40,000
    $100,000
    $60,000
    $130,000

5 points

Question 8

  1. Which of the following organizations requires publicly owned companies to be audited by independent accountants (CPAs)?
    Securities and Exchange Commission (SEC)
    Public Company Accounting Oversight Board (PCAOB)
    Financial Accounting Standards Board (FASB)
    American Institute of Certified Public Accountants (AICPA)

5 points

Question 9

  1. The Sarbanes-Oxley Act (SOX) __________.
    requires independent accountants to take responsibility for the accuracy and completeness of the financial reports
    created the SEC
    ensures that financial scandals will no longer occur
    requires companies to take responsibility for the accuracy and completeness of their financial reports

5 points

Question 10

  1. Which of the following statements is TRUE of a sole proprietorship?
    A sole proprietorship joins two or more individuals as co-owners.
    The sole proprietor is personally liable for the liabilities of the business.
    A sole proprietorship is taxed separately from the owner.
    A sole proprietorship has to pay business income taxes.

5 points

Question 11

  1. Which of the following organizations is responsible for the creation and governance of accounting standards in the United States?
    Financial Accounting Standards Board
    Institute of Management Accountants
    American Institute of Certified Public Accountants
    Securities and Exchange Commission

5 points

Question 12

  1. Precision Camera Services started the year with total assets of $120,000 and total liabilities of $40,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $140,000 and $50,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $45,000. What is the amount of owner’s equity at the end of the year?
    $50,000
    $140,000
    $125,000
    $45,000

5 points

Question 13

  1. Which of the following is the correct accounting equation?
    Assets + Liabilities = Equity
    Assets = Liabilities + Equity
    Assets + Revenues = Equity
    Assets + Revenues = Liabilities + Expenses

5 points

Question 14

  1. Managerial accounting provides information to __________.
    internal decision makers
    outside investors and lenders
    creditors
    taxing authorities

5 points

Question 15

  1. Which of the follow statements regarding the primary objective of financial reporting is correct?
    The primary objective of financial reporting is to provide information useful for the acquisition of long-term assets.
    Information that is faithfully represented is complete, neutral, and free from error.
    Relevant information ensures that users of the information will make the correct decisions.
    To be useful, information must follow the Generally Accepted Accounting Principles, which are created and governed by the Securities and Exchange Commission.

5 points

Question 16

  1. Maxwell Plumbing Services earned $500 by completing a job for Smith Company. The $500 earned by Maxwell Plumbing Services is its __________.
    revenue
    expense
    gain
    debt

5 points

Question 17

  1. Nick’s Landscaping Services incurred $500 as a repair expense and promised to pay the repair company within 30 days. Which of the following accounts will increase as a result of this transaction?
    Accounts Receivable
    Cash
    Accounts Payable
    Nick, Capital

5 points

Question 18

  1. Mulberry Company collected $7,000 from one of its customers, the amount owed from the previous month. How does this affect the accounting equation for Mulberry?
    assets increase by $7,000; liabilities decrease by $7,000
    assets increase by $7,000; assets decrease by $7,000
    assets increase by $7,000; liabilities increase by $7,000
    assets increase by $7,000; equity increases by $7,000

5 points

Question 19

  1. __________ are professional accountants who serve the general public, not one particular company.
    Certified public accountants
    Financial managers
    Internal auditors
    Controllers

5 points

Question 20

  1. Green Lawns Company earned $500 for landscaping services rendered. The customer promised to pay at a later time. Which of the following accounts increased as a result of this transaction?
    Accounts Payable
    Supplies
    Cash
    Accounts Receivable
 
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Posted by on November 12, 2017 in academic writing, Academic Writing

 

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Demonstrate leadership theory for non profit organization

You have noticed a marked decline in volunteers for your NPO. You have been informed by the Board of Trustees that calls to previous volunteers resulted in the discovery that the volunteers no longer find the NPO to be worth their time and energies.
For this assignment, write a letter to all volunteers, including the volunteers that previously left.
What would you say?
How would you compel them to return?
How would you validate the importance of your NPO to the volunteers?
As you write the letter, support your ideas with scholarly research as well as data to support your ideas.
Length: 5 pages,
References: Minimum of five scholarly resources.

 
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Posted by on November 7, 2017 in academic writing, Academic Writing

 

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English and Psych

In this essay, you will use the comparison and contrast mode to develop your ideas about culture (theme). You will use comparison and contrast to help your reader better understand both your subjects. Your essay will need to have all the characteristics of comparison and contrast including an effective comparison and contrast thesis, strong topic sentences, an effective comparison and contrast method of organization, equal and balanced development of relevant points of comparison, and an effective introduction, and conclusion

 

Your essay will need to have all the characteristics of an academic essay including an effective thesis statement, focused topic sentences, strong organization, unified paragraphs, and a well-crafted introduction and conclusion.

 

Important: In selecting your topic and developing your ideas, be sure that your comparison points to a larger purpose: some lesson, insight or point that makes the comparison important. Additionally, you should support your essay with specific, clear, well developed examples all related to the unit theme.

 

 

Essay A: David Sedaris and Hugh Hamrick are both products of their experiences. Ask a friend or colleague to share the most important experiences they have had, the ones that have shaped their identity and made them who they are. Then, using this information for support, write an essay that compares and contrasts those with the experiences that have shaped your own identity.

Essay Guidelines

 

  • Your essay should be 3-5 pages long.
  • It should be typed using a standard 12 point font. MLA standard pagination is required. SeeThe Little Seagull Handbook 149 for a sample essay in MLA format.
  • Follow directions carefully.
  • It should be double-spaced with margins no bigger than 1 inch. (These are standard settings in Microsoft Word.)
  • You should carefully review the strategies for writing a Comparison and Contrast essay.
  • Be sure to include your name on your essay.
  • Create a Works Cited page and cite the essay you respond to. Cite any other outside sources used in the essay.

 

 

 

 

 

 

 

In this essay, you will write a cause and effect analysis essay about your chosen topic. Each topic has several supporting texts to use as support; read some or all essays listed with the topic to help develop your ideas. The listed supporting documents are the only ones you may use for this essay unless your instructor approves another.

Cause and effect is an in-depth examination of the relationship between causes and effects. It is not simply a list of causes or effects. In this essay, you will use at least two paraphrases or quotes from at least one of the listed texts to support your ideas. The emphasis in your essay should be on your ideas.

 

 
Essay B: Societal campaigns against obesity make fast food restaurants react and change: list calories, expand their menu offerings and more. Explain some other ways that fast food industry should respond to the changes in society (changes in economy, environment protection, culture) and predict the future of fast food chains. Use the sources below for additional reference.

Schlosser, Eric. “What We Eat”

“Good and Hungry” from The Economist online.

“The Birth of Fast Food: How McDonald’s and other fast-food chains changed the way America eats–and lives” by Charles Wilson

 “Food: Serving Up Superbrands” (BBC film in MC Library Films on Demand database)

If at any time one of the links above stops working, please, let me know. Meanwhile, you can search for the titles either on MC Library websites or on the Internet depending where the original location was. If you discover that you need to use a source of information that is not listed here, please, email me with the source and a brief explanation why you want to use it. For example, you might want to use a video clip with an advertisement for illustration. 

Essay Guidelines:

  • Your essay should be 3-5 pages long.
  • It should be typed using a standard 12 point font.  MLA standard pagination is required.
  • Follow directions carefully.
  • It should be double spaced with margins no bigger than 1 inch.
  • You should carefully review the strategies for writing a Cause and Effect Essay.  This means, you do not list cause and effects; rather, you develop a larger purpose, some lesson or insight that makes the cause and effect discussion important.  Consider how the causes result in the effects or how the effects result from the causes and the importance of that cause/effect relationship.
  • Use at least one outside source (article) of information to develop your essay.
  • Use a minimum of two quotes or paraphrases from an outside source.
  • Be sure to include your name on your essay.
  • Create a Works Cited page and cite all outside sources used in the essay including images and videos.

 

 

 
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Posted by on November 7, 2017 in academic writing, Academic Writing

 

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FIELD EXPERIENCE (FE)

FIELD EXPERIENCE (FE)

400 points

 

 

Youwillparticipate ina two-partfieldexperience.  You will be responsible for completing objectives of an external client in the Entertainment Industry (see below).  Additionally, you will collect consumer responses (via a survey) regarding the clients that will be analyzed externally.

FE 1-Part 1

 

You will visit and analyze three Performance/Theater/Center, etc. venues1) The Cobb Energy Performing Arts Center (CEPAC) http://www.cobbenergycentre.com; and 2) Two additional, comparable Performance/Theater/Center venues. You should start by visiting all websites to determine the activities and events that take place at each venue to be sure they are comparable to CEPAC before choosing the two additional venues.  Here are some example venues: The Fox Theatre, Symphony Hall, Coca Cola Roxy Theatre, Tabernacle, Center Stage Theater, Infinite Energy Center, to name a few).

 

The analysis of each of the three (3)venues must include:

  • Name of venue
  • Documentation of sources
  • Date and location of review
  • Identify the stakeholders and target market (stakeholders includes owners, suppliers, partners, sponsors, etc.)
  • What are the objectives/goals of the organization
  • List the organizations key strengths and weaknesses (Internal)
  • Identify the opportunities and threats (External)
  • What is their Competitive Advantage

 

  • Submit in the Assignment Folder, an analysis of the three (3) entertainment venues. DUE: NOVEMBER 08, 2017.

 

 

 

RUBRIC

Score: 100% 80 70% 50 30% (0% if missing)
Criterion:          
Written Communication: 10%

 

 

 

Score =

Language is clearly organized. Word usage, spelling and punctuation are excellent. Faultless use of grammar and language.   Writing is sufficient. Adequate use of working grammar and punctuation. 3-4 errors in grammar and language.   Writing is rambling and unfocused. Topic and supporting arguments are presented in disorganized and unrelated way.

More than 5 errors in grammar and language.

Resource/Cita-tion Style 5%

 

APA Style

 

Score =

All sources are cited correctly and thoroughly (in text and on reference page): Citation Style is used consistently and correctly.   All sources are cited, the majority cited correctly (in text and on reference page); citation system is used correctly for majority of citations.   Some sources are cited correctly (in text and on reference page). Ciatation format is not used or used for a minority of citations.

0 if in text citation and/or no reference page is present.

 

CREATIVITY 20%

 

 

 

 

Innovative, inspired approach

Ideas “pop”

Originality

Unique approach

Daring and risk taking, resourceful

Matches the TM Needs

  Motivated

Conventional approach and strategy

  Impractical

No correlation to TM Needs

Content: 35%

 

 

 

 

 

 

 

Score =

Concepts/issues/facts of specific assignments are presented and analyzed in depth. Links to applicable marketing theory, concepts and methods show a clear understanding of their use and possible limitations.   Concepts/issues/facts of specific assignments are presented and analyzed adequately with sufficient links to applicable marketing theory, concepts and methods to appreciate their utility.   Concepts/issues/facts of specific assignments are presented and analyzed incompletely. Links to applicable marketing theory, concepts and methods are absent or misunderstood.

 

0 if any content is missing.

Critical Thinking: 30%

 

 

 

 

 

 

Score =

Concepts, assumptions, inferences and conclusions are clearly and thoroughly expressed. Analysis is logical and thorough.   Concepts, assumptions, inferences and conclusions are expressed clearly in most cases, but are not expressed thoroughly. Analysis is mostly logical, but may be absent or flawed in some places.   Concepts, assumptions, inferences and conclusions are unclear. Absent or flawed logic may be present. Analysis is minimal or absent or the logic used in argument may not be discernable.

 

 
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Posted by on November 7, 2017 in academic writing, Academic Writing

 

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Qualities of the Hero: Comparing Gilgamesh and Odysseus

1. Establish a clear thesis about your topic as part of the introductory paragraph (often the thesis is the last thing one determines after doing the basic research and outline; however it will be placed in the first paragraph of your paper).
2. This is a comparative essay. Comparison approached properly will require some critical thinking on your part. Use a point-by-point approach for the essay. That means, if comparing subject A with subject B, don’t do the first half of the essay on subject A and then the second half on subject B–that will seem like two (2) separate essays and comparisons will tend to get lost. Instead, you should be mentioning both subjects in most of your paragraphs as you compare them throughout the essay. Comparisons will identify similarities as well as contrasts.
3. Do not try to do everything on your two (2) subjects. You should end up narrowing your focus to a few insights and issues about the subjects being compared. And, from those fairly specific points of comparison, you will develop a thesis and glean some lessons.
4. Follow closely the instructions below for your specific topic.
5. Include a concluding paragraph at the end. This paragraph will, in some way, refer back to the thesis established in your first paragraph, since now you have demonstrated and supported it. It may be here that you also include your observations relating your study to the modern workplace or society (see your topic). Try to finish with flair!
6. Use at least three (3) good quality academic sources, with one (1) source being the class text. Note: Wikipedia and other similar Websites do not qualify as academic resources. You are highly encouraged to use the Resource Center tab at the top of your Blackboard page.

Topic Choices Qualities of the Hero: Comparing Gilgamesh and Odysseus. Write an essay comparing these two (2) heroic figures from ancient epics of different cultures, especially focusing your analysis on the sources about their encounters with monsters: Gilgamesh encounters the monster guarding the forest, Humbaba, in Tablets 3-5 of the Epic of Gilgamesh (see http://www.ancienttexts.org/library/mesopotamian/gilgamesh/; scroll down to the Tablet links; think of “Tablet” numbers like chapter numbers).” Odysseus encounters Polyphemus the Cyclops in Book 9 of The Odyssey (see http://www.theoi.com/Text/HomerOdyssey9.html; from line 105 to the end). Your paper should:
a) Compare Gilgamesh and Odysseus as to their heroic qualities, noting similarities and differences, using specific examples from the epics.
b) Summarize what this indicates about differences between ancient Mesopotamian and Greek cultures in their ideals and expectations.
c) From this comparison, suggest ways that current cultural ideals and expectations shape modern notions about role models and heroes.
The Project Paper will be graded on:
1. The level to which the instructions were followed for the paper generally and for the specific topic.
2. The establishment of a clear thesis about your topic.
3. The adequacy and relevance of information, examples, and details which support the general thesis.
4. Covering each part of the topic as instructed, including the comparisons, the consideration of ancient cultural differences, and the reflection on lessons for modern society or the modern workplace.
5. The quality of your research and your persuasiveness using critical reasoning.
6. The use and acknowledgement of a minimum of three (3) required references (the class textbook plus at least two (2) other quality academic sources) documented using the APA style –including both the use of a proper References list and the use of proper in-text citations.
7. Adherence to standard rules of grammar, punctuation, paragraphing, and mechanics, and general clarity of presentation.

Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. Both in-text citations and a References list are required. Citations and references must follow APA style format. Check with your professor for any additional instructions specific to the selected topic. (Note: Students can find APA style materials located in the course shell for guidance).
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length. For our purposes, you may omit any abstract page.
The specific course learning outcomes associated with this assignment are:
• Explain how key social, cultural, and artistic contributions contribute to historical changes.
• Explain the importance of situating a society’s cultural and artistic expressions within a historical context.
• Examine the influences of intellectual, religious, political, and socio-economic forces on social, cultural, and artistic expressions.
• Identify major historical developments in world cultures during the eras of antiquity to the Renaissance.
• Use technology and information resources to research issues in the study of world cultures.
• Write clearly and concisely about world cultures using proper writing mechanics.

 
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Posted by on November 7, 2017 in academic writing, Academic Writing

 

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Process Scheduling: PERT-CPM

Assignment:

Process Scheduling: PERT-CPM

Part I

Calculate the expected time (hours, days, weeks, or whatever) for the following tasks. Report the time to the next highest whole number.

Task Optimistic (shortest) Time Most Likely Time Pessimistic (longest) Time Expected Time (answer)
A 3 5 7
B 10 15 20
C 4 5 6
D 27 45 90
E 8 9 12
F 81 93 98

 

 

 

 

 

 

 

Part II                                

Each of these CPM diagrams corresponds to one of the task lists given below. Match them. Ex. A:#, B:#, etc.
Symbols:

START

END

A. B.
C. D. E.

Part III

Part IV

Estimated and crash costs for each task are shown in the table below.

Answer the questions below the table.

Version 1 Original Estimates Crash Estimates Crash Differentials
Task

 

(T)

CP

 

*

Est. Time,

weeks

(ET)

Est. cost,

$1000,

(EC)

Crash

Time,

weeks

(CT)

Crash

Cost,

$1000

(CC)

Time

saved

 

(ET-CT)

Extra

cost

 

(CC-EC)

A * 5 10 4 12
B * 7 15 5 17
C 5 8 3 12
D * 6 6 5 8
E * 9 12 8 15
F 4 16 2 20
G * 5 20 2 21
(End)

CP=Critical Path. If task is on CP, then *; otherwise blank.

  1. Fill in the blank cells under Crash Differentials.
  2. Instead of the scheduled 7 weeks, Task B took 9 weeks. Which task or tasks should be crashed to make up the lost time, at minimum cost? Explain.

 

 

References (You don’t have to use them all)

Campbell, S. (1982). Critical path method. Appraisal Journal, 50(4), 607-15.

Foltz, B. (2012). Operations management 101: Critical path analysis part II

(Video file). Retrieved on 8 Oct 2014 from

https://www.youtube.com/watch?v=acSKQmVsVPg.

Sporkforge. (2008). Critical path calculator. Retrieved on 8 Oct 2014 from

http://sporkforge.com/sched/critical_path.php

 

Helpful Information:

PERT stands for Program Evaluation and Review Technique; CPM stands for the Critical Path Method. These are conceptually distinct, but are frequently taught together, as we’ll do here.

The PERT and CPM procedures have been greatly expanded and elaborated upon by the project management profession. These elaborations are essential when projects are vast and complicated, and they’re usually supported by equally elaborate computer apps. In this module, many of those elaborations are ignored. The emphasis will be on understanding basic principles. If you remember that much, when you’re working as a manager, then you’ll recognize situations in which PERT-CPM might be useful. Following that recognition, you can then go to the Web; either to review the PERT-CPM procedures or, more likely, to find and hire a consultant.

PERT-CPM is frequently taught as a project management tool. There, it’s used to determine the probable duration of a project, and its total cost. But PERT-CPM also valuable for the analysis of existing processes; not necessarily from beginning to end, but from one point in the process to another, further downstream. These two points may define the steps that you, as a manager, are examining as part of a continuous improvement initiative.

There are two big questions that PERT-CPM answers. The first is about task length—how long is something going to take, or analogously, how much is it going to cost? That’s answered by PERT. The second is about project length—given a series of interrelated tasks, how long will it take to get everything done? That’s answered by CPM.

Let’s jump into the discussion with some examples.

PERT

Your company is migrating to a new MIS. For your sins, you’ve been made the project officer. The CIO needs to know how many weeks it will take; in particular, she needs one number that she can present to the Board. “One number!” she tells you, waggling a manicured finger under your nose. “That’s one, O-N-E. Not a range, not a band, not some list of numbers along with a list of maybes and what-ifs. One number. And it had better be on target, or darn close.”

You convene a meeting of the company’s most experienced IT professionals, plus representatives from the vendor. Three different numbers are heard repeatedly; an optimistic time (“If everything goes right, we’ll be done in 3 weeks”), a pessimistic time (“But it could take as long as two months”) and a most likely time. (“Actually, though, I think six weeks would be a good guess.”) These numbers are helpful, but they’re not the single number the CIO wants from you.

You consider various options. Obviously, you could take an average of everyone’s most optimistic numbers, but that average would probably be wrong. You could average of the most pessimistic numbers, but that would probably result in wasted time, since the company would adjust its schedule to accommodate a project that would, in the end, not take as long as expected. You could average everyone’s most likely times, but that doesn’t seem right either; both the optimistic and the pessimistic outcomes are possible, and those numbers should be incorporated into the estimate in some way.

The PERT solution goes like this. First, settle on three numbers; optimistic, pessimistic, and likely. Each of these could be obtained using some sort of group decision process, such as the Delphi technique. With these three numbers in hand, calculate a single value, a so-called expected value, in a way that includes the optimistic, pessimistic and most likely values, but puts the most weight on the most likely value. In PERT, the optimistic and the pessimistic estimates both get a weight of one; the most likely, a weight of four. Here’s the formula.

Let Then
O = optimistic value
P = pessimistic value
L = most likely value
E = expected value

Here’s an example. Suppose the group decides that the best outcome you could hope for is to be finished in three weeks. That’s O. But if things get really out of hand, it could take as long as two months, or eight weeks. That’s P. But it’s most likely the project will be finished by six weeks. That’s L. The number you want to give to the CIO is the expected completion time, E. That’s:

Since 0.83 weeks is 5.8 days, it would probably be a good idea to round that number up to six weeks. You would, of course, want to tell the CIO that you’ve done that.

TEST YOUR UNDERSTANDING I

Here’s a table with the pessimistic (P), optimistic (O), and most likely (L) times for three tasks. Calculate the expected (E) times. The answer is given on the page: Module 4 TYU Answers. Don’t peek!

Time is given in days. Round the expected times up to the nearest whole day. This is reasonable, since most workers are paid for whole days; if they show up, they get paid.

CPM

And now, for a completely different scenario.

One of the few domestic tasks Bill’s wife entrusts him with is fixing breakfast. The menu never varies; hot oatmeal with cinnamon and raisins, buttered toast, hot tea, and OJ.

Over the years, Bill has observed that the two activities that take the most time are heating the two bowls of oatmeal in the microwave. (If a bowl isn’t on the middle of the turntable, it boils over. So he has to cook the bowls separately.) That takes 5 minutes 30 seconds per bowl, for a total of 11 minutes. Moving the various ingredients from the cupboard and fridge to the counter, and fixing the first bowl, takes two minutes; swapping the bowls in the micro after the first one is finished takes 20 seconds. Taking the food to the table takes another 20 seconds. These tasks—setting up, cooking the oatmeal, serving—have to be done in sequence. Everything else in the breakfast routine, such as pouring the OJ, making and buttering the toast, making the tea and putting stuff back into the fridge, can be done while the oatmeal is in the micro.

That sequence of events—setup, cooking the oatmeal, serving—is the critical path. If Bill wants to get breakfast on the table more quickly, he’ll have to find some way to shorten one or more of the tasks on that path. One possible solution would be to buy a micro that only needs three minutes to cook a bowl of oatmeal, instead of five and a half minutes.

Let’s formalize that idea.

Suppose a project consists of eight tasks, labeled A through H. Each task takes a certain amount of time; that would be its expected time, which we learned how to calculate above. All the tasks have to be completed before the project itself is completed, but some tasks have to be finished before other tasks can go forward (such as getting the breakfast fixings onto the counter before the first bowl can go into the micro). The ones that necessarily come before others are called predecessors.

We begin with a starting point—always a good place to start. The starting point doesn’t require any time. It’s just the point where the clock starts to run. (We’ll leave out the task times for the moment, and put them in later.) Suppose tasks A and B go first; they have no predecessors, and they can start at the same time. In the breakfast example, A might be making the oatmeal, while B is making the tea; Bill can do the first task while his wife does the second, on the other side of the kitchen.

Let’s make a list of tasks and predecessors, and simultaneously draw a timeline diagram that runs from left to right.

Task A must be completed before C can begin; task B must be completed before D can begin. That is, A is C’s predecessor, and B is D’s predecessor. Since time runs from left to right, C must be shown after (to the right of) A, and D must be shown after B.

Let’s assume that C is the predecessor of both F and E, while both D and E are predecessors of G.

The last task is H. It has two predecessors, F and G. After H is finished, the project itself is finished. We arrive at the End, which doesn’t have any time associated with it. It’s just the finish line.

The first step in determining the critical path is to list in the expected times for the tasks, if we haven’t already. We’ll add a column for the task times, to the right of the Task column.

(Time in weeks)

So far, we’ve been following the example that Foltz (2012) works out in his online video. But at this point, we’ll part company with him. Foltz explains a technique that involves calculating the early and late start times of each activity, calculating the so-called slack time for each activity, and then determining the critical path as the one consisting of activities having zero slack. That’s fine, and it works great for complicated projects. But for the moment, we’ll take a more simple-minded approach. That’s because we’re only trying to understand what’s going on.

By an empirical inspection process (that is, by looking), we discover that there are three distinct paths between Start and End. Even though it’s obvious, it’s worth pointing out that every path must run from left to right, with no backtracking; that’s because we can’t travel backwards in time.

Here are the paths, in bold.

The tasks on each path having non-zero expected times are ACFH, ACEGH, and BDGH.

Determine the length (total duration) of each path by finding the total of the expected task times.

ACFH = 2 + 2 + 3 + 2 = 9

ACEGH = 2 + 2 + 4 + 5 + 2 = 15

BDGH = 3 + 4 + 5 + 2 = 14

The longest path is the critical path. It’s ACEGH. If everything goes according to plan, then the project will take 15 weeks, from start to finish, and not one day less.

But what happens if something doesn’t go according to plan? Suppose we sign a contract promising to finish in 15 weeks, but activity A takes three weeks instead of the expected two. That will lengthen the critical path from 15 to 16 weeks, and that’s not good. We’ll have to make up the week by shortening one of the other activities on the critical path. But which one? Making that decision requires us to consider costs.

CRASH!

Before beginning the project, we negotiate a price for each of the tasks. The prices are either paid to contractors, or charged against our company’s budget; but in either event, they’re paid. Nothing’s free!

The prices are based on the expected times required to complete the tasks. Typically, longer tasks cost more, although this depends to a great extent on what’s being done. For example, pouring concrete for a new building’s foundations costs less, per man-hour, than installing the wiring.

In deference to Murphy’s Law1, we also negotiate a crash time for each task, along with a crash price. The crash time is shorter, but the crash price is also higher—the contractor agrees to put extra workers on the job, or pay overtime, or whatever, in order to shorten the task by an specific length of time, but only in exchange for a larger fee.

Crashing a task is an all-or-nothing proposition. Here’s an example. Suppose we’re building a house. Pouring the foundation takes four days instead of the expected three. In order to stay on schedule, we have to shave a day off some other task. Assume we decide to “crash” the next task on the critical path, which is framing. Instead of paying $5,000 for five days, we go to the agreed-upon crash option, and pay $7,000 for three days. That makes up the lost day, plus a day—but taking “half a crash” isn’t an option. We can’t split the difference, and pay $6,000 to get the framing done in four days. Both the regular schedule/price and the crash schedule/price have already been discussed and settled, in advance. We have to take one or the other.

So which task do we crash? It depends upon where we are in the project, how much time we have to make up, and also upon the cost of crashing; that is, how much extra we’d have to pay. To make this clear, let’s go back to the eight-task project we considered above, and add in costs.

(Estimated task time in weeks. Costs in $1K)

To clarify things, we’ll highlight the tasks on the critical path, and insert two new columns; the time saved by crashing that task, and the extra cost of doing so.

Now let’s look at some possible scenarios.

  1. Task A, scheduled for two weeks, actually takes three. How should we make up that time?

First, we look at the tasks that will save one week, if crashed. Task A can’t be crashed—it’s already been completed, and in the process, it burned the extra week that we now have to make up. The other tasks that would save a week are B, C, D, E, F and H. Of those, the cheapest would be F, with an extra cost of $2,000—but wait, making F a week shorter won’t help at all, because it’s not on the critical path! The cheapest alternative on the critical path is E; crashing that task makes up the week, and only costs an extra $3,000.

  1. Task C, scheduled for two weeks, actually takes four. How should we make up that time?

Task A is already out of consideration; it’s in the past. So is C; it’s the one that ran over, and caused the problem. Looking at the remaining tasks on the critical path, we see there are two ways of making up two weeks: crash both E and H, for a total additional cost of $9K, or crash G, for an additional cost of “only” $5K. The latter is the obvious choice.

  1. Task F, scheduled for three weeks, takes five. How should we make up that time?

This is trickier. At first glance, it looks like we don’t have to worry, because F is not on the critical path. It is, however, on path ACFH, which has a nominal length of nine weeks. Adding two weeks to that path lengthens it to 11 weeks, which is still shorter than the critical path. So having verified that slipping F by two weeks won’t change the critical path, we decide we don’t have to do anything.

  1. Task G, scheduled for five weeks, takes seven. How should we make up that time?

We’re in trouble. The only remaining task is H, and crashing that will only make up one week. If we do nothing, we’ll overshoot the scheduled end date by two weeks; if we crash H, we’ll be an extra $6K out of pocket, and still overshoot by one week. It’s time to review the penalty clauses in the contract, talk to the customer, and try to work something out.

TEST YOUR UNDERSTANDING II

Here’s a simple project consisting of four tasks, A through D.

(Times in days, costs in hundreds of dollars)

  1. Based on the (expected) times, what’s the critical path?
  2. What’s the length of the critical path?
  3. The first task on the critical path slips by one day. Which, if any, task(s) should be crashed, to get the project back on schedule?

 

 

 
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Posted by on November 7, 2017 in academic writing, Academic Writing

 

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Global Economics: ECN-500

Course title : Global Economics: ECN-500

 

Module 07: Critical Thinking:  OPEC and the Global Market

In your International Economics textbook, Carbaugh (2017, Chapter 7) provided a historical account of OPEC and its power in controlling the global petroleum supply. In a critical essay,

Investigate the dynamics OPEC has faced in the global market in the last ten years.

You may select a member country and analyze the effects from the perspective of that jurisdiction.

Support your findings with additional academic references.

 

Directions:

  • Your essay should be 3-5 pages in length, which does not include the title page, abstract, or required reference page, which are never a part of the content minimum requirements.

 

  • Support your submission with course material concepts, principles, and theories from the textbook and at least three scholarly, peer-reviewed journal articles. 

 

  •  Use APA style guidelines.

 

 

 

 

 

 
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Posted by on November 3, 2017 in academic writing

 

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