Critical Path Analysis has ties with corporate strategy and human resources. It enables a business to gain a competitive advantage by effectively planning their time to pursue a goal. This can be especially important when they are trying to be first to market or when the process requires a lot of routine steps. It is also relevant in the computing sector and neural networks. Detailing the steps involved can help to create a better picture of the complexity of a project. To do this, Critical Path Analysis Diagrams are used to break down the project into stages. Each stage is… Continue reading Critical Path Analysis
When conducting market research businesses need to take risks and may be uncertain on the performance of those risks, however market research allows businesses to minimize the risk. Market research in a dynamic market can be difficult as it can be hard to gauge what is an acceptable metric and one that will not change or become inaccurate. Businesses invest thousands in trying to calculate what the next big trend will be and even more in advertising. Selling Products is the ultimate goal for market research, however it may allow a business to better define its product for market Dynamic… Continue reading Market Research
What does Break-even calculate? Here is a Break-even chart. It represents a 24 day period. Break-even is when a business is not making any losses or profit, seen in the chart above at 11 days. It can be seen that the yellow total costs line, is the same angle as the variable costs line, plus fixed costs. It also can be determined, that the blue shaded are represents the magin of safety as after that all costs are paid. What is Margin of Safety? The margin of safety is how much additional units you have sold in a given period. For… Continue reading What is Break-even analysis useful for anyway?