Question

Sparky Weyer, president and CEO of Minimotors, Inc., a growing manufacturer of small (some of them downright tiny) electric motors used in a variety of power tools and appliances told potential investors, These are exciting times for our company. Weve made a lot of changes over the past two years that have really improved our operations and lowered our costs. Now we are ready to expand into new markets. Minimotors is on its way to becoming a global player. Sparky was meeting with potential financial backers in an effort to obtain funding for some expensive new machinery he wanted to purchase. You may have heard about some of the ways weve cut costs, Sparky continued. Weve developed a new arrangement with several of our biggest suppliers. Theyve agreed to make more frequent deliveries tied directly to our production schedules. This will help us reduce our inventory costs dramatically. Weve also greatly reduced the number of defective motors we produce by carefully keeping tabs on all of our manufacturing processes. In fact, we have set a goal of reducing our defects to 3.4 parts per million. The main purpose of my meeting with you today is because we want to install some sophisticated new machinery and software that will allow us to quickly design and produce motors to the exact specifications of our customers. The machinery is computer-controlled and can produce custom-designed products at very little increase in cost compared to our mass-produced motors. We feel this flexibility and quick response time will give us a tremendous competitive advantage and help us attract new customers. Installing the new equipment and training our workers to use it properly will be a complex project, but Im confident that once we get everything up and running well be able to strengthen our position as the leading maker of high-quality electric motors. Sparky knows that installing the new equipment and training workers to use it efficiently will be a long and complex process consisting of many different tasks.

Required:
What methods would help him determine how long this project is likely to take?

Answer 1

Sparky can determine how long the project is likely to take by creating a detailed project plan, estimating the resources required, and tracking the progress of milestones.

Step-by-step explanation:

In the given case, Potential investors were informed by Sparky Weyer, president and CEO of Minimotors, Inc., a developing producer of tiny electric motors some of which are minuscule used in a range of power tools and appliances. These are momentous times for our organisation. To determine how long the project is likely to take, Sparky can use several methods:

1. Create a detailed project plan that includes all the tasks that need to be completed, their dependencies, and the estimated duration for each task.
2. Estimate the resources required for each task, including machinery, software, and training.
3. Break down the project into smaller milestones and track the progress of each milestone to identify any delays or issues.