Notes

1. What should the company do? Accept the contract or regret?

The company should carefully evaluate the situation and weigh the pros and cons before making a decision. The time and cost estimates provided by the client may pose challenges for TKB Ltd. The management should consider the potential risks and benefits of accepting the contract. If the company believes that it can deliver the project within the specified time frame and cost while maintaining quality, it may choose to accept the contract. However, if the constraints set by the client are unrealistic and could lead to non-performance or compromise on the project's quality, it might be better to regret the contract to avoid future issues, penalties, and damage to the company's reputation.

SEQUENTIAL MODEL:
Designing (10 weeks): This is the first task. Once it's completed, the team moves on to the next step.

Engineering (6 weeks): After designing, the engineering phase begins. It relies on the completion of the design task.

Procurement (6 weeks): With engineering finished, the team can start buying the necessary materials and components for the project.

Manufacturing (10 weeks): Once the materials are acquired, manufacturing begins. It depends on the completion of procurement.

Transportation (4 weeks): After manufacturing, the finished products are transported. This task is dependent on the completion of manufacturing.

Erection (4 weeks): The transported materials are then erected or assembled on-site. This task depends on the completion of transportation.

Commissioning (2 weeks): Finally, the project is commissioned or tested. This depends on the successful completion of the erection phase.

This sequential model ensures that each step is completed before moving on to the next. While it's straightforward, it can take a longer time to finish because each task is dependent on the one before it. If any task gets delayed, it affects the entire schedule, potentially leading to a longer project duration.