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Greeley [361]
3 years ago
10

It takes courage to kill a project, but sometimes you know it has to be done. Some common symptoms of a failing project are ill-

defined initial requirements, constant changes in scope, excessive changes in resources and personnel, and extreme stress/tension over anticipated changes. Yet, a project may have followed the "book" and done everything right, but still need to be terminated. This was the case with a project in the U.K. where the client was highly committed to the project, contributing time, resources, and prompt decisions. The scope was clear, completion criteria agreed upon, the budget and timeframe acceptable to all. Early on, however, an unavoidable scope change had to be made, requiring a 20 percent increase in time and a 10 percent increase in cost, agreed to by the client. As the project approached the end of the fi rst phase, it was clear that the quality and schedule were both deteriorating, as indicated in progress reports to both the client and senior management. A quick review showed that the results were not going to be acceptable. With the agreement of the PM, an outside Expert was called in to review the effort to date and make a recommendation. Then a joint meeting was held with the Expert, the PM, the Program Manager, and the primary contractor where it was decided that the best thing to do was to work together to complete phase one and then terminate the project, with a clean handover to another team to tackle phase two. Although disappointing to everyone, the close and frequent communications of both progress and concerns throughout the project with upper management and the client, offered in timely, digestible amounts, reduced their expectations and protected the client from a surprise at the end. Honest, consistent communication throughout the project life cycle resulted in improved trust, integrity, and confi dence in the vendor and their team.
Required:
a. What are your thoughts about doing everything right and the project still failing?
b. Does the admonition "Never surprise the boss!" now make more sense? Why?
c. Do you think the scope change at the beginning was the problem here, or was there going to be a problem anyway?
Business
1 answer:
stellarik [79]3 years ago
4 0

Solution :

a). There are several methodologies for the projects that are followed by the different companies. The successful of any project depends upon the far sightedness of the project manager and the ability of him to the execute the project in a proper order. One of the key factors that makes a project complete is the behavior of the people.

The vendors incur some excessive or some unnecessary costs to the project of they are not properly managed. The duty of the project manager is to foresee the scope of change if there is any.

If there were some additional cost and additional time for the completion of the project, then it means that it will delay the benefits of the project to others and hence attracts lower return of investments. Even though everything went according to the papers or the book, there is a lack of dedication on the project manager who believed and trusted the vendor too much.

b). A manager needs complete and clear information for an effective decision making. In any project, surprises gives a lesser amount of time and also less information related tot he project to resolve any issues that occurs at any time. It also disappoints the management that leads to spur of moment decision. So, 'Never surprise he Boss' makes a complete sentence.

c). The major factor why the project failed is the changed in the scope. The objectives are poorly cited and the timelines went overhead including the cost of the project. Too much trust of the project manager on the vendor  also lead to the schedule and the quality issues.

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Brief Exercise 9-17 Record early retirement of bonds issued at a premium (LO9-7)
butalik [34]

Answer:

Dr Bonds payable                       $50,700

Dr premium on bonds payable     $4,265

Cr Cash                                                                                 $53,000

Cr gain on bonds retirement($50,700+$4,265-$53000) $1,965

Explanation:

The premium yet to be amortized on the bond at retirement is the carrying  value minus face value i.e  $54,965-$50,700=$4265

The premium  on bonds payable would now be debited with $4265

The cash paid on retirement would be credited to cash account

The face value of the bonds payable of $50,700 would be debited to bonds payable in order to show that the obligation has been discharged.

4 0
3 years ago
According to rational expectations theory, Question 7 options: every day is a new day and yesterday's occurrences have no bearin
OleMash [197]

Answer:

past experience is a good guide for decision making, but so is information related to possible future outcomes.

Explanation:

The rational expectations theory refer to a concept and modeling technique that is applied widely in macroeconomics. In this the individual depend their decision on three main factors i.e. human rationality, available information and the past experience

As per the rational expectations theory the future should always be taken in expectation with regard to the decisions and it is vital for the same.

So as per the given situation, the above should be the answer

4 0
3 years ago
The model of competitive markets relies on these three core assumptions: 1. There must be many buyers and sellers—a few players
Maksim231197 [3]

Answer:

  1. <u>The government has granted the U.S. Postal Service the exclusive right to deliver mail. </u>It is not a competitive market. This situation implies that there is a unique seller, which violates the first assumption made (many buyers and sellers), and because of it the U.S Postal Service is not price taking (it can influence on prices).
  2. <u>There are hundreds of high school students in need of algebra tutoring services in Miami. Dozens of companies offer tutoring services, and the parents who seek out tutors view the quality of the tutoring at the different companies to be largely the same</u>. It is a competitive market. There are many sellers and many buyers (students' parents) which in practice implies that all of them are price takers. The quality of classes is the same for all companies which implies that the product is homogeneous (identical product), and if tutoring companies can entry or leave the market freely if when convenient (because there is not a law that prohibits entry for example, and if there is more profitable for them they just can go to work to others states of the country), <u>all conditions are fulfilled</u>.
  3. <u>A few major airlines account for the vast majority of air travel. Consumers view all airlines as providing basically the same service and will shop around for the lowest price.</u> It is not a competitive market. There are many buyers, but not many sellers, wich implies that companies can collude (agree on higher prices for example). Because of the magnitude of investment related to airline industries, resources are not fully mobile: it is expensive to enter and to exit this market, and that generates a natural barrier to the third principle anounced in the statement.
  4. <u>There are hundreds of colleges that serve millions of students each year. The colleges vary by location, size, and educational quality, which enables students with diverse preferences to find schools that match their needs. </u>It is not a competitive market. The product that is commercialized is not identical (education varies by location, size, quality, etc), which means that the service is not homogeneous, therefore, one of the conditions needed is not accomplished.

6 0
3 years ago
Fit World began January with merchandise inventory of 90 crates of vitamins that cost a total of $ 5,850. During the​ month, Fit
antoniya [11.8K]

Answer:

1. FIFO method

A. Cost of Goods sold is $24,330

B. Ending inventory is $6,020

C. Gross profit is $8,390

2. LIFO method

A. Cost of goods sold is $25,800

B. Ending inventory is $4,550

C. Gross profit is $6,920

3. WA method

A. Cost of goods sold is $24,655

B. Ending inventory is $5,695

C. Gross profit $8,065

4. If the business wanted to pay least taxes, they should use LIFO method of inventory costing

Explanation:

1. Using FIFO method of inventory costing, the cost of goods sold is computed as follows:

Jan 05 sale 140 crates

90 @ 65 = 5,850

50 @ 76 = 3,800

Total $9,650

Jan 27 sale 180 crates

80 @ 76 = 6,080

100 @ 86 = 8,600

Total $14,680

Therefore, $9,650 + $14,680 = $24,330

2. Inventory end using FIFO method

Beg 90 crates add total purchases of 300 crates total available crates is 390 less crates sold of 320 makes the inventory end reduce to 70 crates @ 86. Total amount of inventory at hand is 6,020.

3. Gross profit using FIFO method is computed as follows:

Total sales

Jan 05, 140 @ 100 = $14,000

Jan 27, 180 @ 104 = $18,720

Total amount of sales $32,720

Next, let’s deduct the computed cost of goods sold from total sales to arrive the gross profit. $32,720 - $24,330 = $8,390 (answer)

2. LIFO method (last purchases crates will be sold first)

Cost of goods sold:

Jan 05

130 @ 76 = 9,880

10 @ 65 = 650

total $10,530

Jan 27

170 @ 86 = 14,620

10 @ 65 = 650

total 15,270

total cost of goods sold $25,800

B. Ending inventory at hand using LIFO method

Beg inventory of 90 crates plus total purchases of 300 crates. Total available crates is 390 less total crates sold of 320 makes the ending inventory at hand reduce to 70 crates. Units per crates under this method is the oldest inventory per unit. This is because, under this method, all units sold are those purchased recently. So 70 crates x 65 = $4,550

C. Gross profit using LIFO

To compute the gross profit let’s deduct the cost of good sold computed above from the sales we already computed also.

Sales $32,720

less: COGS $25,800

Gross profit is $6,920

3. WEIGHTED AVERAGE method

Using this method, please refer to the attached file for more clear explanation.

4. If the business wants to pay least tax, they should choose the method that has the least per unit cost of ending inventory at hand. Due to least amount of inventory at hand the cost of goods sold is higher which leads to lesser gross profit reported which result to least amount of tax liability.

8 0
4 years ago
As the manager of Margarita Mexican​ Restaurant, you must deal with a variety of business transactions. Provide an explanation f
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Answer:

A. Debit Equipment and credit Cash.

  • You purchase equipment and you pay in cash.

B. Debit Dividends and credit Cash.

  • You paid cash dividends.

C. Debit Wages Payable and credit Cash.

  • You paid wages that you owed to your employees. Generally wages are paid at the end of the week and not all months end on a weekend. So you must record wages payable until you actually pay the wages.

D. Debit Equipment and credit Common Stock.

  • You received equipment in exchange for common stock.

E. Debit Cash and credit Unearned Revenue.

  • You received cash in advance for some food that you will deliver in the future.

F. Debit Advertising Expense and credit Cash.

  • You incurred in advertising costs and you paid them in cash.

G. Debit Cash and credit Service Revenue.

  • You sold meals and your clients paid you in cash.

7 0
4 years ago
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