Unit iii assesment Coursework Example | Topics and Well Written Essays - 1000 words

Unit iii assesment - Coursework Example Some activities can be complex for proper time estimate. Project guidelines support the breaking down of activities that take more than 10% of the project schedule. Normally, the breakdown technique reduces activities to smaller tasks making it easier for the project manager to estimate the duration of tasks performed by workers accurately (Kerzer, 2001). Expert judgment involves contracting the services of experts who have experience and reputation for knowledge of a particular field in estimating activity duration. Managers use expert judgment over internally generated estimates if it is available at a reasonable cost (Kerzer, 2001). Project managers who have knowledge about the resources of a particular activity can calculate the efforts necessary for the project and arrive at its duration. This involves adding the amount of labor time for completion of the activity to the time needed for obtaining materials. This technique is advantageous as it allows managers to track the usage of resources and make comparisons with estimates (Kerzer, 2001). Both large and small businesses use this technique in estimating the duration of projects. Managers calculate the time it takes to produce a certain amount of output and make necessary adjustments for economies of scale (Kerzer, 2001). This technique involves listing resources needed for a project and totaling the corresponding costs. This technique is mostly used for complicated projects. Resources listed may include equipment, services, and material costs (Kerzer, 2001). Cost per unit can be used to evaluate simple projects. Typical applications of this technique include building and renovation costs. Unit costs can be obtained from industry associations or from prospective suppliers (Kerzer, 2001). An empirical approach is applicable when the project is typical of the industry or other firms have done similar projects in the past. This technique involves evaluation of systems with statistical information

Strategic Marketing in Uncertainty Essay Example | Topics and Well Written Essays - 2000 words

Strategic Marketing in Uncertainty - Essay Example The modern approach to marketing activities is changing its emphasis from the traditional marketing mix (product, price, place, and promotion) to the conception of relationship marketing. The practicability and flexibility of the relationship marketing approach have led to the rapid evolution of this concept in the modern marketing activities. Veloutsou et al. (2002, p433) also assert that, "it is currently acknowledged that RM represents a paradigm shift in marketing". Relationship marketing approach emphasises on mutually beneficial relationships between the organisation and the other members of the environment so as to create long-term ties among these groups. Gronroos (1994, p355) posits that relationship marketing "is to establish, maintain, and enhance relationships with customers and other partners, at a profit, so that the objectives of the parties involved are met. This is achieved by a mutual exchange and fulfilment of promises". Hence, relationship marketing focuses on fostering the mutual relationship of an organisation with its customers, suppliers and other firms in order to meet the objectives of all the parties as they enter into an exchange with the company. In the modern dynamic environment, companies are no longer seen as indifferent from the influence of other parties in the market viz., the customers, suppliers, competitors etc; rather the modern companies need to interact with all these parties in order to maintain long-term relationship chain that is bound to satisfy all of them. This is what was found to be lacking in the traditional approach of the marketing mix. Andersen (2001, p167) illuminates that, "marketing practitioners and scholars are abandoning the marketing mix approach as it does not justify the complex interaction and information exchange processes between organizational buyers and sellers". In the simplest form, relationship marketing has gained popularity as a post-modern approach to marketing over the traditional concept of 4Ps because of its ability to rationalise the existing interaction and relationship of a company with other members of the environment. The fact that makes relationship marketing more helpful for marketers is the approach of creating a bond between the seller and the buyers. Not only the seller but also the buyers take active part in fostering this relationship with each other. Company nurtures this association by satisfying consumers every time, while the buyers enhance this relationship by making repeated purchases. On the other hand, the traditional marketing mix relies on the seller's part to conduct marketing activities. Gronroos (1997, p327) emphasises this point as that, "the marketing mix makes the seller the active part and the buyer and consumer passive. No personalized relationship with the producer and marketer of a product is supposed to exist, other than with professional sales representatives" Another important aspect of relationship marketing paradigm is that it is flexible enough to be beneficial for the company in all conditions prevailing in the