List the Three Main Goals of a Project

question 40

Essay

List the three main goals of a project.Use the example of a project to implement a new billing procedure for a small lawn mowing business,describe how project management principles help achieve these goals.

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Definitions:

Master Production Schedule

A plan for individual commodities to be produced in each time period, serving as a link between production planning and manufacturing.

Lot-For-Lot

A lot-sizing technique that generates exactly what is required to meet the plan.

Set Up Cost

Expenses associated with preparing equipment or facilities for a task, such as a production run or a new process.

Holding Cost

The expenses associated with storing inventory, including warehousing, insurance, depreciation, and opportunity costs.