5. The manager of a fast-food restaurant featuring hamburgers is adding salads to the menu. If they choose to include a salad bar (i.e., the MAKE option), it will cost $14,000 in annual fixed costs for the leased equipment and added employee, and $1 per salad variable cost. If they choose to have pre-made salads (i.e., the BUY option), it will cost $3 per salad. The manager expects to sell 7,500 salads per year. What is the make or buy quantity (i.e., the breakeven point between making vs. buying)?
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5. The manager of a fast-food restaurant featuring hamburgers is adding salads to the menu. If they choose to include a salad bar (i.e., the MAKE option), it will cost $14,000 in annual fixed costs for the leased equipment and added employee, and $1 per salad variable cost. If they choose to have pre-made salads (i.e., the BUY option), it will cost $3 per salad. The manager expects to sell 7,500 salads per year. What is the make or buy quantity (i.e., the breakeven point between making vs. buying)?
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- At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?
- Betty, the chief of nursing executive, need to make a decision about buying 340 new hospital beds for patient rooms. After she interviewed nurse managers at the units where the beds were going to be placed, Betty compiled her findings and decided to contact a well-known equipment company to obtain prices and a bid. No bids from other companies were obtained. The equipment company’s executive salesperson, Jim, discussed options at length with her and invited her and her significant other to an upcoming all-expense-paid, lavish junket at a five-star hotel in Hawaii to see demonstrations of the beds and experience a comprehensive sales program. Betty thought, “We badly need some relaxations and stress relief. Hawaii would be so much fun. Would it be wrong for us to go? If you were Betty, what would you do? Justify your answer with ethical framework: theory, approach or principle. Discuss the ethical principles at stake. What breaches are possible? Do you consider this situation a conflict…b. If management has been offered the option of a temporary lease while the town planning board considers the motel's application, would you advise management to sign the lease? The lease will cost $40,000. X Answer is not complete. because the cost than EVPI Yes less is of3. The manager for a manufacturing company must recommend whether to construct a large plant, construct a small plant or do nothing. He estimates the long-run profits in $ as follows: State of Nature Alternative Good Average Poor Market($) Market ($) Market ($) Construct a 100,000 35,000 -60,000 large plant Construct a 75,000 25,000 -40,000 small plant Do nothing -5,000 0 0 Probability 25% 50% 25% Solve using: A. Expected Opportunity Loss B. Expected Value of Perfect Information
- Read the scenario and then, using the table (if you prefer) , tell us the pros and cons for each of the options (A,B,&C) from both the customer and salesperson's perspective while considering the circumstances. Pros - Customer & Salesperson Perspective Cons - Customer & Salesperson Perspective option A Customer: Salesperson: Customer: Salesperson: Option B Customer: Salesperson: Customer: Salesperson: Option C Customer: Salesperson: Customer: Salesperson:The following table is a payoff matrix associated with a farmer’s decision to purchase a pump for irrigation or to depend on the rains d) Draw up a regrets table and use it to determine which alternative will bechosen under the minimax regret decision criterion.(e) Estimate the expected value of perfect information (EVPI)a) Suppose you walk into a large supermarket at 2 am with a friend. Your friend says, "I can't believe that these stores stay open all night. Only one out of fifteen checkout lines is open. There can't be more than ten shoppers in this store. It just doesn't make any sense for this store to be open all night." What conditions must be true for it to be to the advantage of the supermarket to stay open all night? b) Your friend has a large garden and grows fresh fruit and vegetables to be sold at a local "farmer's market." Last year your friend was the only worker in the garden, without any additional workers. However, this year your friend hired a worker and production more than doubled. He comments "Next summer, I think I'll hire another two workers (so total workers including myself would go up from 2 to 4) and my output should again more than double". Is it likely that he could hire more workers and always continue to reap greater than proportional increases in production? Why?
- Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd) States of Nature (demand) Average $12,000 $9,000 $8,100 Big Small $22,000 -$2,000 Alternatives Large Stock Average Stock Small Stock $12,000 $6,000 $9,000 $4,000 The probabilities associated with the states of nature are 0.20 for a big demand, 0.45 for an average demand, and 0.35 for a small demand a) The alternative that provides Andrew Thomas the greatest expected monetary value (EMV) is3.Does the price consider the specific type of room desired by the group? Does the price consider the probability that this group will: a. Cancel at the last minute? b. No-show? c. Arrive early? d. Stay more than one night?Theme Park (5S-7A) The lease of Theme Park, Inc., is about to expire. Management must decide whether to Renew the lease for another 10 years or to Relocate near the site of a proposed new motel. The town planning board is currently debating the merits of granting approval to the motel. A consultant has estimated the net present value of Theme Park's two alternatives under each state of nature as shown below. Suppose that the management of Theme Park, Inc., has decided that there is a 0.20 probability that the motel's application will be approved. Options Renew Relocate Alternative Renew Relocate Motel Approved a-1. If management uses maximum expected monetary value as the decision criterion, calculate expected monetary value for the alternatives "Renew" and "Relocate"! $ 400,000 2,000,000 O Renew O Relocate Motel Rejected $4,000,000 100,000 Expected Value a-2. Which alternative should it choose? b. If management has been offered the option of a temporary lease while the town planning…