diff_months: 11

Business Management Assessment

Download Solution Now
Added on: 2023-08-08 05:27:24
Order Code: clt317964
Question Task Id: 0
  • Country :

    Australia

Unit 4 Exercises

Question 4.1

Use exponential smoothing with trend adjustment to forecast demand for period 11. Let ? = 0.5, = 0.3, and let the initial trend value be 12 and the initial forecast be 200.

actual1-1691470935.jpg

Question 4.2

A restaurant has tracked the number of meals served at lunch over the last four weeks. The data show little in terms of trends, but do display substantial variation by day of the week. Use the following information to determine the seasonal (daily) indices for this restaurant. Round all numbers in your calculations to four decimal places.

actual2-1691470942.jpg

Question 4.3

WZ Inc. is an event planning and promotion company who organizes events of different sizes for their clients. Planning and managing events have more than their fair share of frustrations and stressors. From last-minute changes to procrastinating clients, the profession isn’t for the faint of heart. Luckily, executing a successful event makes everything else (like the crazy long hours) worth it. There is a major event planning project due in 8 weeks. The penalty for planning the event late is $14 000 per week, since any delay will cause the venue to open later than anticipated, and cost the client significant returns. If the company uses its inside event planner to complete the planning, it will have to pay them overtime for all work. WZ Inc. has estimated that it will cost $12 000 per week (wages and overhead), including late weeks, to have the event planners finish the job. WZ is also considering outsourcing the planning work to other event planning companies. A bid of $92 000 has been received for the completed event plan. Yet another option for completing the job is to conduct a joint planning by having a third party complete all the preliminary work at a cost of $56 000. WZ would then complete the rest of the planning at an estimated cost of $30 000.

WZ has estimated the following probabilities of completing the project within various time frames when using each of the three options. Those estimates are shown in the following table:

actual3-1691470946.jpg

What is the best decision based on an expected monetary value criterion?

Question 4.4

Montreal Hardware Co. is making a make-or-buy decision. The market feedback shows that the optimal price for this item is $10 each. If the item is outsourced to Laval Hardware Co, there is virtually no cost other than the $6 per unit that they would pay Laval Hardware Co. Internally, they have two choices. Process A requires an investment of $120,000 for design and equipment, but it results in a $4 per unit cost. Process B requires only a $100,000 investment, but its per unit cost is $5. Regardless of whether the item is subcontracted or produced internally, there is a 50% chance that they will sell 50,000 units, and a 50% chance that they will sell 100,000 units. Draw the decision tree appropriate to the alternatives and outcomes stated. Using the decision tree and EMV, what is their best choice?

Are you struggling to keep up with the demands of your academic journey? Don't worry, we've got your back! Exam Question Bank is your trusted partner in achieving academic excellence for all kind of technical and non-technical subjects.

Our comprehensive range of academic services is designed to cater to students at every level. Whether you're a high school student, a college undergraduate, or pursuing advanced studies, we have the expertise and resources to support you.

To connect with expert and ask your query click here Exam Question Bank

  • Uploaded By : Mohit
  • Posted on : August 08th, 2023
  • Downloads : 0
  • Views : 103

Download Solution Now

Can't find what you're looking for?

Whatsapp Tap to ChatGet instant assistance

Choose a Plan

Premium

80 USD
  • All in Gold, plus:
  • 30-minute live one-to-one session with an expert
    • Understanding Marking Rubric
    • Understanding task requirements
    • Structuring & Formatting
    • Referencing & Citing
Most
Popular

Gold

30 50 USD
  • Get the Full Used Solution
    (Solution is already submitted and 100% plagiarised.
    Can only be used for reference purposes)
Save 33%

Silver

20 USD
  • Journals
  • Peer-Reviewed Articles
  • Books
  • Various other Data Sources – ProQuest, Informit, Scopus, Academic Search Complete, EBSCO, Exerpta Medica Database, and more