B1. Some economists conducted an accounting exercise to understand why income (GDP) per worker is different across countries (see Table below). Country % of U.S. Worker in 2010 of Schooling Physical Capital Stock per Worker in 2010 Income per Worker If Income per Average Years Technology Were at U.S. Level (5) (1) (3) (4) United States United Kingdom South Korea 82,359 67,025 54,315 54,539 27,625 15,975 12,961 9,010 4,928 3,980 100.0 65.8 87.7 SAME 61,548 74,496 68,684 47,725 35,045 34,881 24,071 21,502 16,818 9,625 13.1 9.8 11.8 10.4 9.1 7.5 8.2 5.1 Spain Mexico Brazil 83.9 33.5 16.9 14.9 8.9 4.2 3.7 China India Ghana 7.1 Afghanistan Dem. Rep. of the Congo 4.2 3.5 628 0.8 How is each column of the table constructed from the data? Based on the table, which country has the highest technology level? Explain your answer. According to the Solow growth model, what is the key mechanism for economic growth? Explain your answer and state the key assumption of the model.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
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