What would your response be if these procedures were performed with regard to the age field rather than the rating field? Sailor ProfessionSailors work in several professions and ranks, each with its own set of tasks that are critical to the effectiveoperation of an ocean-going vessel. The crew of a ship is organized into four major departments: thedeck department, the engineering department, the steward's department, and others. Jackson is 45 yearsold and the engineering manager with rank 8. Donald is 58 years old and the steward manager with rank7. Others include John, 36 years old and Mark, 24 years with ranks 6 and NULL respectively. Thisinformation was extracted from a database tabo Obr.

Age multiplicity, as per other multiplicity, provides notable profits to companies. but, age…

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Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter7: Nonlinear Optimization Models

Section: Chapter Questions

Problem 63P

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The eTech Company is a fairly recent entry in the electronic device area. The company competes with Apple. Samsung, and other well-known companies in the manufacturing and sales of personal handheld devices. Although eTech recognizes that it is a niche player and will likely remain so in the foreseeable future, it is trying to increase its current small market share in this huge competitive market. Jim Simons, VP of Production, and Catherine Dolans, VP of Marketing, have been discussing the possible addition of a new product to the companys current (rather limited) product line. The tentative name for this new product is ePlayerX. Jim and Catherine agree that the ePlayerX, which will feature a sleeker design and more memory, is necessary to compete successfully with the big boys, but they are also worried that the ePlayerX could cannibalize sales of their existing productsand that it could even detract from their bottom line. They must eventually decide how much to spend to develop and manufacture the ePlayerX and how aggressively to market it. Depending on these decisions, they must forecast demand for the ePlayerX, as well as sales for their existing products. They also realize that Apple. Samsung, and the other big players are not standing still. These competitors could introduce their own new products, which could have very negative effects on demand for the ePlayerX. The expected timeline for the ePlayerX is that development will take no more than a year to complete and that the product will be introduced in the market a year from now. Jim and Catherine are aware that there are lots of decisions to make and lots of uncertainties involved, but they need to start somewhere. To this end. Jim and Catherine have decided to base their decisions on a planning horizon of four years, including the development year. They realize that the personal handheld device market is very fluid, with updates to existing products occurring almost continuously. However, they believe they can include such considerations into their cost, revenue, and demand estimates, and that a four-year planning horizon makes sense. In addition, they have identified the following problem parameters. (In this first pass, all distinctions are binary: low-end or high-end, small-effect or large-effect, and so on.) In the absence of cannibalization, the sales of existing eTech products are expected to produce year I net revenues of 10 million, and the forecast of the annual increase in net revenues is 2%. The ePIayerX will be developed as either a low-end or a high-end product, with corresponding fixed development costs (1.5 million or 2.5 million), variable manufacturing costs ( 100 or 200). and selling prices (150 or 300). The fixed development cost is incurred now, at the beginning of year I, and the variable cost and selling price are assumed to remain constant throughout the planning horizon. The new product will be marketed either mildly aggressively or very aggressively, with corresponding costs. The costs of a mildly aggressive marketing campaign are 1.5 million in year 1 and 0.5 million annually in years 2 to 4. For a very aggressive campaign, these costs increase to 3.5 million and 1.5 million, respectively. (These marketing costs are not part of the variable cost mentioned in the previous bullet; they are separate.) Depending on whether the ePlayerX is a low-end or high-end produce the level of the ePlayerXs cannibalization rate of existing eTech products will be either low (10%) or high (20%). Each cannibalization rate affects only sales of existing products in years 2 to 4, not year I sales. For example, if the cannibalization rate is 10%, then sales of existing products in each of years 2 to 4 will be 10% below their projected values without cannibalization. A base case forecast of demand for the ePlayerX is that in its first year on the market, year 2, demand will be for 100,000 units, and then demand will increase by 5% annually in years 3 and 4. This base forecast is based on a low-end version of the ePlayerX and mildly aggressive marketing. It will be adjusted for a high-end will product, aggressive marketing, and competitor behavior. The adjustments with no competing product appear in Table 2.3. The adjustments with a competing product appear in Table 2.4. Each adjustment is to demand for the ePlayerX in each of years 2 to 4. For example, if the adjustment is 10%, then demand in each of years 2 to 4 will be 10% lower than it would have been in the base case. Demand and units sold are the samethat is, eTech will produce exactly what its customers demand so that no inventory or backorders will occur. Table 2.3 Demand Adjustments When No Competing Product Is Introduced Table 2.4 Demand Adjustments When a Competing Product Is Introduced Because Jim and Catherine are approaching the day when they will be sharing their plans with other company executives, they have asked you to prepare an Excel spreadsheet model that will answer the many what-if questions they expect to be asked. Specifically, they have asked you to do the following: You should enter all of the given data in an inputs section with clear labeling and appropriate number formatting. If you believe that any explanations are required, you can enter them in text boxes or cell comments. In this section and in the rest of the model, all monetary values (other than the variable cost and the selling price) should be expressed in millions of dollars, and all demands for the ePlayerX should be expressed in thousands of units. You should have a scenario section that contains a 0/1 variable for each of the binary options discussed here. For example, one of these should be 0 if the low-end product is chosen and it should be 1 if the high-end product is chosen. You should have a parameters section that contains the values of the various parameters listed in the case, depending on the values of the 0/1 variables in the previous bullet For example, the fixed development cost will be 1.5 million or 2.5 million depending on whether the 0/1 variable in the previous bullet is 0 or 1, and this can be calculated with a simple IF formula. You can decide how to implement the IF logic for the various parameters. You should have a cash flows section that calculates the annual cash flows for the four-year period. These cash flows include the net revenues from existing products, the marketing costs for ePlayerX, and the net revenues for sales of ePlayerX (To calculate these latter values, it will help to have a row for annual units sold of ePlayerX.) The cash flows should also include depreciation on the fixed development cost, calculated on a straight-line four-year basis (that is. 25% of the cost in each of the four years). Then, these annual revenues/costs should be summed for each year to get net cash flow before taxes, taxes should be calculated using a 32% tax rate, and taxes should be subtracted and depreciation should be added back in to get net cash flows after taxes. (The point is that depreciation is first subtracted, because it is not taxed, but then it is added back in after taxes have been calculated.) You should calculate the company's NPV for the four-year horizon using a discount rate of 10%. You can assume that the fixed development cost is incurred now. so that it is not discounted, and that all other costs and revenues are incurred at the ends of the respective years. You should accompany all of this with a line chart with three series: annual net revenues from existing products; annual marketing costs for ePlayerX; and annual net revenues from sales of ePlayerX. Once all of this is completed. Jim and Catherine will have a powerful tool for presentation purposes. By adjusting the 0/1 scenario variables, their audience will be able to see immediately, both numerically and graphically, the financial consequences of various scenarios.
As a student in the Principles of Management class of Ama Ghana University, you are expected to have experiential knowledge so that you can be able to solve real life business problems after graduation. To achieve this objective, the 2020 class has been divided into ten groups; and each team works in a management capacity with ten management consulting companies in the Greater Accra Region. San Consulting - the firm that your group works with is a project management company that is into Real Estate construction and management consulting. This firm which has twenty years’ experience in this business is the first choice for all individuals and companies that want quality service. You have on the contrary, observed that many of the management practices have not developed precipitously as situations in the business environment warrant. The accountant confirmed this by saying in the last general meeting that a certain percentage of San’s profit margin is being lost because of this…
As a student in the Principles of Management class of Ama Ghana University, you are expected to have experiential knowledge so that you can be able to solve real life business problems after graduation. To achieve this objective, the 2020 class has been divided into ten groups; and each team works in a management capacity with ten management consulting companies in the Greater Accra Region. San Consulting - the firm that your group works with is a project management company that is into Real Estate construction and management consulting. This firm which has twenty years’ experience in this business is the first choice for all individuals and companies that want quality service. You have on the contrary, observed that many of the management practices have not developed precipitously as situations in the business environment warrant. The accountant confirmed this by saying in the last general meeting that a certain percentage of San’s profit margin is being lost because of this…
As a student in the Principles of Management class of Ama Ghana University, you are expected to have experiential knowledge so that you can be able to solve real life business problems after graduation. To achieve this objective, the 2020 class has been divided into ten groups; and each team works in a management capacity with ten management consulting companies in the Greater Accra Region. San Consulting - the firm that your group works with is a project management company that is into Real Estate construction and management consulting. This firm which has twenty years’ experience in this business is the first choice for all individuals and companies that want quality service. You have on the contrary, observed that many of the management practices have not developed precipitously as situations in the business environment warrant. The accountant confirmed this by saying in the last general meeting that a certain percentage of San’s profit margin is being lost because of this…
Saad has been a manager at Revel Consulting for the past five years. As the business has grown, Saad has taken on more and more responsibilities and is now at the point where he is working on over 10 projects every quarter. Saad’s supervisor, Vance, wants Saad to hire two assistant managers to aid Saad in managing projects; however, while Saad agrees that he is becoming overwhelmed, he fears that additional employees will make completing the projects more difficult, which makes him hesitant to agree with Vance’s plan. Saad appears to be stuck at which step of the motivational process? a. Need b. Motive c. Satisfaction or dissatisfaction d. Feedback 4.Which theory holds that needs are based on personality and are developed and learned as people interact with the environment? a. Acquired needs theory b. Hierarchy of needs theory
Nicole, an athletic trainer, believes if she has evidence that her program of exercise works, she can recruit more clients. She is planning to conduct a study to determine if working out for one hour per day with her fitness program causes a person to lose weight. She will track the participants’ progress over a twelve-week period. Nicole mandates that her clients at the gym participate in her study, and she asks them to each find one friend who is not a member of the gym to also participate. Each of the participants weighs in at the start and again after the twelve-week period has ended. At the conclusion of the study, she will compare the results of both groups. Unfortunately, because she has not had any formal training in research methodology, she is not certain how to label the different components in her study or identify any potential flaws. Help Nicole with the following components of this study. Identify the following issues with the study described. Ethical Concerns…
Nicole, an athletic trainer, believes if she has evidence that her program of exercise works, she can recruit more clients. She is planning to conduct a study to determine if working out for one hour per day with her fitness program causes a person to lose weight. She will track the participants’ progress over a twelve-week period. Nicole mandates that her clients at the gym participate in her study, and she asks them to each find one friend who is not a member of the gym to also participate. Each of the participants weighs in at the start and again after the twelve-week period has ended. At the conclusion of the study, she will compare the results of both groups. Unfortunately, because she has not had any formal training in research methodology, she is not certain how to label the different components in her study or identify any potential flaws. Help Nicole with the following components of this study Identify the following factors. Independent Variable Operational Definition of…
Astrophysics or astromedicine. One of thses specialists will be assigned to each of the ten flights scheduled for the upcoming nine months. Mission specialists are responsible for carrying out scientific and medical experiments in space or for launching and retrieving or repairing satellites. The chief of astronaut personnel, himself a former crew member with three missions under his belt, must decide who shall be assigned and trained for each of the very different missions. Astronauts with medical education are more suited to missions involving biological or medical experiments, whereas those with engineering or physics-oriented degrees are best suited to other missions. The chief assigns each astronaut a rating on a scale of 1 to 10 for each possible mission, with a ten being a perfect match for the task at hand and a 1 being a mismatch. Only one specialist is assigned to each flight, and none is resigned until all others have flown once. A. Who should be assigned to which flight to…
Astrophysics or astromedicine. One of thses specialists will be assigned to each of the ten flights scheduled for the upcoming nine months. Mission specialists are responsible for carrying out scientific and medical experiments in space or for launching and retrieving or repairing satellites. The chief of astronaut personnel, himself a former crew member with three missions under his belt, must decide who shall be assigned and trained for each of the very different missions. Astronauts with medical education are more suited to missions involving biological or medical experiments, whereas those with engineering or physics-oriented degrees are best suited to other missions. The chief assigns each astronaut a rating on a scale of 1 to 10 for each possible mission, with a ten being a perfect match for the task at hand and a 1 being a mismatch. Only one specialist is assigned to each flight, and none is resigned until all others have flown once. d. What are the strengths and weaknesses of…
You are the district manager for the NCDNR aka the Game Wardens. You staff your law enforcement officers such that they have a 10 hour work day in a single shift. This means that they work 4 days in a row and have 3 consecutive days off. For your district, you need to make sure that you have at least: 10 working on Saturday, 0 on Sunday, 3 on Monday, 3 on Tuesday, 5 on Wednesday, 4 on Thursday, and 8 on Friday. Your current compensation plan approved by the state is: Days off M,T,W T,W,Th W,Th,F Th,F,Sa F,Sa,Su Sa,Su,M Su,M,T Wage 3000 2900 2820 2750 2600 2700 2720 Questions:  What is the objective function value?  How many employees do you have?  How many people show up for work on Sunday, despite this not being necessary according to the scheduling requirements?
Embassy Motorcycles (EM) manufactures two lightweight motorcycles designed for easy handling and safety. The EZ-Rider model has a new engine and a low profile that make it easy to balance. The Lady-Sport model is slightly larger, uses a more traditional engine, and is specifically designed to appeal to women riders. Embassy produces the engines for both models at its Des Moines, Iowa, plant. Each EZ-Rider engine requires 6 hours of manufacturing time and each Lady-Sport engine requires 3 hours of manufacturing time. The Des Moines plant has 2100 hours of engine manufacturing time available for the next production period. Embassy’s motorcycle frame supplier can supply as many EZ-Rider frames as needed. However, the Lady-Sport frame is more complex and the supplier can only provide up to 280 Lady-Sport frames for the next production period. Final assembly and testing requires 2 hours for each EZ-Rider model and 2.5 hours for each Lady-Sport model. A maximum of 1000 hours of assembly and…
Embassy Motorcycles (EM) manufactures two lightweight motorcycles designed for easy handling and safety. The EZ-Rider model has a new engine and a low profile that make it easy to balance. The Lady-Sport model is slightly larger, uses a more traditional engine, and is specifically designed to appeal to women riders. Embassy produces the engines for both models at its Des Moines, Iowa, plant. Each EZ-Rider engine requires 6 hours of manufacturing time and each Lady-Sport engine requires 3 hours of manufacturing time. The Des Moines plant has 2100 hours of engine manufacturing time available for the next production period. Embassy’s motorcycle frame supplier can supply as many EZ-Rider frames as needed. However, the Lady-Sport frame is more complex and the supplier can only provide up to 280 Lady-Sport frames for the next production period. Final assembly and testing requires 2 hours for each EZ-Rider model and 2.5 hours for each Lady-Sport model. A maximum of 1000 hours of assembly and…

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