Please answer each question separated, so I can know each answer for which quest
ID: 376716 • Letter: P
Question
Please answer each question separated, so I can know each answer for which question 1.Why is cost analysis so important for an engineer or manager? 2. Why is it important for a professional manger or engineer to be aware of the Federal or State law, regulations and procedures that might govern their work? 3. Pick one of the Federal agencies that have oversight over a company's/organization's activities and describe some of the items over which they have oversight? 4. How do these items (from question 3.) guide and effect the actions of a professional manager or engineer?Explanation / Answer
1. Cost Analysis are important for manager due to:
- A Projects success or failure depends upon its cost analysis
- Projects which can yield higher revenue is said to be successful and this can be analysed only through cost analysis
- For every project there is a budget Issued by the management and the manager has to manage things within his budget. Exceeding the budget will lead to project failure and hence cost analysis is important
2. The manager must be aware about the federal laws due to below reasons:
- Federal laws have guiding principles on labour laws which has to be followed in an organization
- the manager in an organization should know these law so that he doesn't goes against them and abide the same
- He also the has responsibility to delegate and keep his team and management aware about these laws
3. One Federal agency which can oversee an organisation is:
Employee benefits security administration: EBSA
- They educate employees on pension health and benefit policies
- They also have the responsibility to check if the organisations have fair policies on the above benefits
- it provide assistance to employees and requires them to participate in these plans
4. The above action help managers managers to:
- to handle their team effectively by following the labour benefits laws
- can motivate and increase morale in the team by providing these benefits
- can abide by law
- since this is a sensitive issue the manager can ethically handle his team well