Time-Based Management (Quick Revision)

Question 1

Define: Time-Based Management

Answer 1

Time-based management are methods used to prevent time being wasted.

Question 2

Faster product development cab be helped by undertaking activities at the same time. This is s………………………… e………………

Answer 2

Simultaneous engineering

Question 3

Saving time may occur through a process of continuous improvement called k…………

Answer 3

Kaizen

Question 4

State three advantages of being first with a product in the market.

Answer 4

• May develop brand loyalty
• May be able to charge more
• May recover development costs more quickly

Question 5

State two possible problems of critical path analysis.

Answer 5

• May be difficult to estimate the duration of activities, especially if the project has not been undertaken before
• May be difficult keeping to the estimates

Question 6

What is the Examiner’s note for Time-Based Management?

Answer 6

Critical path analysis assumes given standards and a given level of quality. If a firm lowers its standards, it may be able to complete the project more quickly.

Question 7

What is the Evaluation point for Time-Based Management?

Answer 7

The importance of time-based management depends on the extent to which time is wasted, the need for fast product development and the importance of being first in the market.