Goldratt's solution to the variables involved in project scheduling involves the aggregation, or collectivizing, of all project risk in the form of uncertain duration estimates and completion times
Provide practical examples of how this aggregation works to the benefit of the overall project.
One example the authors cite is the insurance industry — many policy holders pay premiums and only a few actually file claims. If the actuaries have done their due diligence, then the collected premiums exceed the claim payments. Other examples of aggregation being used to make life easier include other financial ventures such as investment, e.g. choosing a mutual fund rather than individual stocks, or choosing multiple financial instruments in which to invest. Aggregation is also used in sales and operations planning to set overall levels for labor and capital needed to carry out operations over the coming year. As demand is revealed for specific model types, the resources may be deployed in favor of popular models at the expense of less-demanded items.
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Harold is part of a human resources team researching a cafeteria benefits program for his company. Once their research is complete and presented to management, Harold will return to his regular HR responsibilities
Harold is part of a temporary, self-managed, cross-functional team. Indicate whether the statement is true or false
When studying the simultaneous responses to two categorical questions, you should set up a
A) histogram B) frequency distribution table C) contingency table D) cumulative percentage distribution table