Company B’s software would reduce the average search time by 12 minutes at a cost of $4 per search.
Option 1: What is the productivity of the property title search firm?
per Cedi
spent (Leave your answer to 2 decimal places)
Option 2: What will be the productivity of the property title search firm if Company A’s software is used for the search?
per Cedi
spent (Leave your answer to 2 decimal places)
Option 3: What will be the productivity of the property title search firm if Company B’s software is used for the search?
per Cedi
spent (Leave your answer to 2 decimal places)
Based on the productivity ratios calculated for the three options, which option would you recommend? Option
The Correct Answer and Explanation is :
To calculate the productivity for the different software options, we first need to define the formula for productivity in this context:
Productivity = Output / Input
Where:
- Output = Reduction in average search time (in minutes)
- Input = Cost per search (in Cedi)
Let’s go step by step for each option:
Option 1: Productivity without any software
In this case, we don’t have any specific details, so the base search time and cost should be provided. For now, let’s assume that the average search time is 30 minutes per search and the cost is 10 Cedi per search.
Option 1 Productivity:
[
\text{Productivity (Option 1)} = \frac{\text{Reduction in Search Time}}{\text{Cost per Search}} = \frac{30}{10} = 3 \, \text{minutes per Cedi}
]
Option 2: Productivity with Company A’s software
We are given that Company A’s software would reduce the search time by 10 minutes and costs $5 per search.
Option 2 Productivity:
[
\text{Productivity (Option 2)} = \frac{\text{Reduction in Search Time}}{\text{Cost per Search}} = \frac{10}{5} = 2 \, \text{minutes per Cedi}
]
Option 3: Productivity with Company B’s software
Company B’s software reduces the average search time by 12 minutes at a cost of 4 Cedi per search.
Option 3 Productivity:
[
\text{Productivity (Option 3)} = \frac{\text{Reduction in Search Time}}{\text{Cost per Search}} = \frac{12}{4} = 3 \, \text{minutes per Cedi}
]
Conclusion and Recommendation:
Based on the productivity calculations:
- Option 1: 3 minutes per Cedi
- Option 2: 2 minutes per Cedi
- Option 3: 3 minutes per Cedi
Options 1 and 3 both provide a productivity of 3 minutes per Cedi, which is the highest. Therefore, the decision on which option to recommend will depend on other factors, such as software quality, user-friendliness, or long-term costs. But based solely on productivity, Option 1 and Option 3 are the best, with no significant difference.
I can now generate a chart to visually represent these productivity ratios.
Here is the bar chart that visualizes the productivity of the property title search firm for the three options. Based on the chart, Options 1 and 3 both deliver the highest productivity of 3 minutes per Cedi, while Option 2 is slightly lower at 2 minutes per Cedi. Therefore, either Option 1 or Option 3 would be the best choice based on productivity.
