Question

Executive Summary:

• Choose a real and/or existing product
• Briefly explain the product in not more than 5 sentences.
• Briefly introduce this document from the underlying assumption until the risk and mitigation.

Underlying Assumption:

• Resources that are required to run the operation: List the raw material, labor, and other overhead i.e. rent, salaries etc needed
• Period should be between January 01, 2020 to June 31, 2020
• Currency should be in USD

Answer 1

Product name -: Wrist Watches.

Watches is used for checking time. a watch is a portable timepiece intended to be carried or worn by a person. It is designed to keep a consistent movement despite the motions caused by the person's activities.present days watch is so important because they are powered by ingenious mechanical clockwork technology that predates electricity. So when your cellphone runs out of battery – you can trust the technology that keeps running on your wrist. When you wear a watch – it's less likely you will fall back on your phone as a distraction.

List of Raw material needed for manufacturing watches-:

electronic watches make use of many of the most modern materials available, including plastics and alloy metals. Cases can be made of either plastic or metal; watches with metal cases often include a stainless steel backing. Microchips are typically made of silicon, while LEDs are usually made of gallium arsenide, gallium phosphide, or gallium arsenide phosphide. LCDs consist of liquid crystals sandwiched between glass pieces. Electrical contacts between parts are usually made of a small amount of gold (or are goldplated); gold is an almost ideal electrical conductor and can be used successfully in very small amounts.

That are few steps in manufacturing procees,that are decribing follows

1, Quartz

2, The microchip

3, Assembly

Labours

Basically the number of labours depend up on the volume of business.the company has some qualifications for appointing the labours.the process of recuirting the labours done by Hr department and thay have need correct plan for how much labours needed for a work.

Usually company seek labours through advertisement in news paper or any platform or RPO.

Overheads

In business, overhead or overhead expense refers to an ongoing expense of operating a business. Overheads are the expenditure which cannot be conveniently traced to or identified with any particular cost unit, unlike operating expenses such as raw material and labor. Therefore, overheads cannot be immediately associated with the products or services being offered, thus do not directly generate profits.^[1] However, overheads are still vital to business operations as they provide critical support for the business to carry out profit making activities.^[2] For example, overhead costs such as the rent for a factory allows workers to manufacture products which can then be sold for a profit. Such expenses are incurred for output generally and not for particular work order; e.g., wages paid to watch and ward staff, heating and lighting expenses of factory, etc. Overheads are also very important cost element along with direct materials and direct labor.

Overheads are often related to accounting concepts such as fixed costs and indirect costs.

Overhead expenses are all costs on the income statement except for direct labor, direct materials, and direct expenses. Overhead expenses include accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities.

There are essentially two types of business overheads: administrative overheads and manufacturing overheads.

Salaries and rent depend up on companies policies