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Lester Field Insurance (LFI) offers insurance products covering individual and organisational assets.
LFI allows individuals and organisations to transfer the risk or chance of loss to the insurance
company. For example, LFI accepts the risk or probability of loss through a written contract and
agrees to pay out a certain amount of money to restore your valuables. The type of insurance
offered includes property insurance, car insurance, travel insurance, household insurance and
income protection plan. The company is rated to have one of the lowest rates of fraud claims in the
industry.
Due to COVID-19, staff had to go on a rotational basis to accommodate social distancing. LFI IT team
designed a website that assists customers to log their claims online. This solution has a significant
impact on different stakeholders in the organisation. The business problem that LFI is currently
facing is that the claims process is too slow. LFI project manager seeks to implement a strategy that
reduces claims processing time and costs. The Chief Executive Officer has agreed to sponsor the
project. This process can have a significant impact on various stakeholders. The LFI must investigate
stakeholders' views and perspectives before implementing the new system. Conduct a SWOT Analysis for the business problem identified?
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- Lester Field Insurance (LFI) offers insurance products covering individual and organisational assets. LFI allows individuals and organisations to transfer the risk or chance of loss to the insurance company. For example, LFI accepts the risk or probability of loss through a written contract and agrees to pay out a certain amount of money to restore your valuables. The type of insurance offered includes property insurance, car insurance, travel insurance, household insurance and income protection plan. The company is rated to have one of the lowest rates of fraud claims in the industry. Due to COVID-19, staff had to go on a rotational basis to accommodate social distancing. LFI IT team designed a website that assists customers to log their claims online. This solution has a significant impact on different stakeholders in the organisation. The business problem that LFI is currently facing is that the claims process is too slow. LFI project manager seeks to implement a strategy that…Where a financial institution makes a loan commitment, the borrower, in drawing down on their loan commitment, causes increased cash flow needs by the DI to fund the loan commitments. There are three ways a DI can offset the effect of Asset-side liquidity risk such as drawing down of a loan commitment in all of the following sitiuations Except: a. Reduce excess cash reserves to minimum levels required to meet reserve requirements based on the decision made by management independant of regulatory requirements. b. Reduce balance sheet items such as retain earnings to the meet the minimum required capital levels. c. Taking offsetting measures such as borrowing funds or even purchasing funds on the money market. d. Reducing liquid type assets on their balance sheet such at T-bills by selling them.A patient consults a doctor to check up his ill health. Doctor examines him and advises him that he is having deficiency of two vitamins, vitamin A and vitamin D. Doctor advises him to consume vitamin A and D regularly for a period of time so that he can regain his health. Doctor prescribes tonic X and tonic Y, which are having vitamin A, and D in certain proportion. Also advises the patient to consume at least 40 units of vitamin A and 50 units of vitamin daily. The cost of tonics X and Y and the proportion of vitamin A and D that present in X and Y are given in the table below. Formulate a linear programming model for the problem to minimize the cost of tonics. Determine the optimum amount of each tonic that the patient has to take with a minimum cost. Calculate the minimum cost, and interpret the result. (Use the graphic approach) Vitamins Tonics Daily Requirements X Y A 2 4 40 D 3 2 50 Cost $/Unit 5 3
- Management of AG Travel and Tour has identified two groups of individuals that would be interested in the vacation package consisting of room and board and/or entertainment. The maximum amount that group 1 is willing to pay for room and board is GHC 2500 and for entertainment is GHC 500. For group 2, the maximum amount they are willing to pay for room and board is GHC 1800 and for entertainment is GHC 750. Although AG Travel and Tour is not able to identify members of either group, it does know that each group values the components of the package differently. Assuming there are an equal number of members in each group and that the total membership in each group is a single individual. If the marginal cost of providing the service (room and board and/or entertainment) to each group is GHC 1000. What will be the profit for AG Travel and Tour in the case of (iii) above?COVID 19 has adversely affected many economic activities in most countries in 2020. Although many economies recovered in the past few months, there is still a great risk facing many firms. There are problems facing investors wanting to start a new business. The following are questions on the relevant information needed to start a new business venture in the UAE. Identify five economic areas that have demonstrated good performance in the UAE during 2020 despite the effects of COVID 19. Starting a business in these sectors will be more likely successful. Suppose you have initially selected a specific area to start a new line of business from one of the five areas above. There is some relevant information available about similar businesses that are currently operating in the market. What information do you look for to evaluate the feasibility of the new business judging?The MGMT Insurance Ltd. accepts payments on various insurance policies from employees of businesses across the island. These businesses deduct payments from employees’ salaries and pay the insurance company a lump sum each month. This total amount deducted is shown on each employee’s payslip.Deductions are due at the end of each month and each participating business submits one payment for its employees to the insurance company via online payments through the bank. However, if payments were received after 11:00 a.m., the bank does not process them until the next business day. At the beginning of each month an administrative assistant at MGMT Insurance Ltd. downloads the deductions for each company and allocates payments to the various policies. These payments include the client’s unique number along with his/her relevant policy numbers and amounts due.However, recently there has been some complaints that payments for some policies were not being allocated correctly. Additionally,…
- The MGMT Insurance Ltd. accepts payments on various insurance policies from employees of businesses across the island. These businesses deduct payments from employees’ salaries and pay the insurance company a lump sum each month. This total amount deducted is shown on each employee’s payslip. Deductions are due at the end of each month and each participating business submits one payment for its employees to the insurance company via online payments through the bank. However, if payments were received after 11:00 a.m., the bank does not process them until the next business day. At the beginning of each month an administrative assistant at MGMT Insurance Ltd. downloads the deductions for each company and allocates payments to the various policies. These payments include the client’s unique number along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies were not being allocated correctly. Additionally,…The MGMT Insurance Ltd. accepts payments on various insurance policies from employees of businesses across the island. These businesses deduct payments from employees’ salaries and pay the insurance company a lump sum each month. This total amount deducted is shown on each employee’s payslip. Deductions are due at the end of each month and each participating business submits one payment for its employees to the insurance company via online payments through the bank. However, if payments were received after 11:00 a.m., the bank does not process them until the next business day. At the beginning of each month an administrative assistant at MGMT Insurance Ltd. downloads the deductions for each company and allocates payments to the various policies. These payments include the client’s unique number along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies were not being allocated correctly. Additionally,…The MGMT Insurance Ltd. accepts payments on various insurance policies from employees of businesses across the island. These businesses deduct payments from employees’ salaries and pay the insurance company a lump sum each month. This total amount deducted is shown on each employee’s payslip. Deductions are due at the end of each month and each participating business submits one payment for its employees to the insurance company via online payments through the bank. However, if payments were received after 11:00 a.m., the bank does not process them until the next business day. At the beginning of each month an administrative assistant at MGMT Insurance Ltd. downloads the deductions for each company and allocates payments to the various policies. These payments include the client’s unique number along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies were not being allocated correctly. Additionally,…
- The MGMT Insurance Ltd. accepts payments on various insurance policies from employees of businesses across the island. These businesses deduct payments from employees’ salaries and pay the insurance company a lump sum each month. This total amount deducted is shown on each employee’s payslip. Deductions are due at the end of each month and each participating business submits one payment for its employees to the insurance company via online payments through the bank. However, if payments were received after 11:00 a.m., the bank does not process them until the next business day. At the beginning of each month an administrative assistant at MGMT Insurance Ltd. downloads the deductions for each company and allocates payments to the various policies. These payments include the client’s unique number along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies were not being allocated correctly. Additionally,…The MGMT Insurance Ltd. accepts payments on various insurance policies from employees of businesses across the island. These businesses deduct payments from employees’ salaries and pay the insurance company a lump sum each month. This total amount deducted is shown on each employee’s payslip. Deductions are due at the end of each month and each participating business submits one payment for its employees to the insurance company via online payments through the bank. However, if payments were received after 11:00 a.m., the bank does not process them until the next business day. At the beginning of each month an administrative assistant at MGMT Insurance Ltd. downloads the deductions for each company and allocates payments to the various policies. These payments include the client’s unique number along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies were not being allocated correctly. Additionally,…The MGMT Insurance Ltd. accepts payments on various insurance policies from employees of businesses across the island. These businesses deduct payments from employees’ salaries and pay the insurance company a lump sum each month. This total amount deducted is shown on each employee’s payslip. Deductions are due at the end of each month and each participating business submits one payment for its employees to the insurance company via online payments through the bank. However, if payments were received after 11:00 a.m., the bank does not process them until the next business day. At the beginning of each month an administrative assistant at MGMT Insurance Ltd. downloads the deductions for each company and allocates payments to the various policies. These payments include the client’s unique number along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies were not being allocated correctly. Additionally,…
