Four Projects Must Be Completed, and Each of Four Employees

question 20

Essay

Four projects must be completed, and each of four employees will be assigned to work on exactly one of the four projects. The table below presents an estimate of the cost that each employee would incur if working on the respective projects. What is the minimum-cost assignment of workers to projects?

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Definitions:

Average Revenue

Average revenue is the amount of money that a company receives per unit of goods or services sold, calculated by dividing total revenue by the number of units sold.

Percentage of Sales Budgeting

A method of budgeting marketing expenditures based on a fixed percentage of past or forecasted sales.

Competitive Parity

A strategy in which a company sets its level of marketing expenditures to match its competitors, preventing any one competitor from gaining an advantage in the market.

Objective and Task

A method of setting marketing or advertising budgets based on defining specific objectives and estimating the cost of tasks required to achieve them.