MOD 1 IEM
MOD 1 IEM
MOD 1 IEM
Concept of Productivity:
Productivity measures the efficiency of production, often as output per unit of input (like labor or materials). It’s key
for growth, profitability, and competitiveness in industries, helping to maximize output while minimizing costs.
MOD 2
Method study involves analyzing and improving work processes to increase efficiency. It focuses on examining each
step in a task to identify and eliminate unnecessary actions, reduce time, and minimize resource usage, ultimately
enhancing productivity.
Forecasting is essential for planning and decision-making, as it predicts future demand, trends, and resource
requirements. Accurate forecasting helps companies manage inventory, allocate resources efficiently, and reduce
uncertainties in production, minimizing risks and costs.
Types of Forecasting:
Forecasting can be classified into short-term (daily to quarterly, focusing on immediate demands), medium-term
(quarterly to annual, for budgeting and production planning), and long-term(years, for strategic planning). Each type
addresses different decision-making needs and time frames.
- Qualitative Methods rely on expert judgment and market research. These are subjective and used when data is
limited, as in new product launches.
- Quantitative Methods use historical data and statistical techniques for more objective forecasts, suitable when past
trends are available.
- Moving Average is a simple quantitative method that averages a fixed number of past data points, smoothing out
fluctuations and showing general trends.
- Exponential Smoothing gives more weight to recent data points, making it more responsive to recent changes and
trends, which is beneficial for volatile demand.
Simple regression analysis is a causal method where one variable (e.g., sales) is predicted based on its relationship
with another variable (e.g., advertising spend). This statistical approach models how one factor influences another,
helping make data-driven forecasts.
Forecasting Errors:
Forecasting errors are the differences between forecasted and actual values. Common measures include Mean
Absolute Error (MAE), Mean Squared Error (MSE), and Mean Absolute Percentage Error (MAPE). Tracking errors
helps improve future forecasts by identifying and correcting bias or inaccuracies in models.
MOD 5
Duties of a Project Manager and Project Engineer:
A Project Manager oversees the entire project, managing timelines, budgets, and resources. They communicate with
stakeholders, coordinate team efforts, and ensure project objectives are met.
A Project Engineer focuses on technical aspects, ensuring the engineering design, materials, and procedures align
with project requirements. They work closely with the team to solve technical issues and maintain quality standards.
CPM is a project management tool that identifies the longest path of tasks required to complete a project. This path,
called the "critical path," shows which tasks must be done on time to avoid project delays. It’s useful for projects with
predictable task durations.
PERT is a planning tool that handles uncertain task times by using three estimates: optimistic, pessimistic, and most
likely. It helps calculate a realistic project timeline by focusing on tasks' estimated durations. PERT is ideal for projects
where task times are variable or less predictable.