Define maximum probable yearly aggregate loss (MPY) and estimated maximum loss (EML) and describe their application.
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Define maximum probable yearly aggregate loss (MPY) and estimated maximum
loss (EML) and describe their application.
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- 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?When creating an Event, which field reflects the current stage of the negotiating process and controls whether the rooms, space, and items will deduct from inventory?A forecast of 240 units in January, 320 units in February, and 240 units in March has been approved for the seismic-sensory product family manufactured at the Rockport facility of Maryland Automated, Inc. Three products, A, B, and C, comprise this family. The product mix ratio for products A, B, and C for the past 2 years has been 35 percent, 40 percent,and 25 percent, respectively. Management believes that the monthly forecast requirements are evenly spread over the 4 weeks of each month. Currently, 10 units of product C are on hand. The company produces product C in lots of 40, and the lead time is 2 weeks. A production quantity of 40 units from the previous period is scheduled to arrive in week 1. Thecompany has accepted orders of 25, 12, 8, 10, 2, and 3 units of product C in weeks 1 through 6, respectively. Prepare a prospective MPS for product C and calculate the availableto-promise inventory quantities.
- Describe Short Term High Priority Objectives.A forecast of 320 units in January, 400 units in February,and 240 units in March has been approved for the seismic-sensory product family manufactured at the Rockport facilityof Maryland Automated, Inc. Three products, A, B, and C,comprise this family. The product mix ratio for products A,B, and C for the past 2 years has been 35 percent, 40 percent,and 25 percent, respectively. Management believes that themonthly forecast requirements are evenly spread over the4 weeks of each month. Currently, 15 units of product C areon hand. The company produces product C in lots of 40, andthe lead time is 2 weeks. A production quantity of 40 unitsfrom the previous period is scheduled to arrive in week 1. Thecompany has accepted orders of 25, 9, 11, 5, 4, and 9 unitsof product C in weeks 1 through 6, respectively. Prepare aprospective MPS for product C and calculate the available-to-promise inventory quantitiesThe downtown Kingston and Saint Andrew Centre were built for $400 million JAD in 2010 (Reid, 2012). The Centre is owned by the Jamaican Urban Development Corporation (UDC) and was formerly managed and operated by the Kingston and Saint Andrew Municipal Corporation (KSAMC) (Reid, 2012). Built as a multipurpose bus and taxi part the centre’s main function was to alleviate traffic congestion in downtown Kingston, especially in the parade area. The centre has become dilapidated and unmanageable due to a lack of usage by transport operators, commuters, implementation, enforcement, and a failure to have an effective transportation policy (Teachdem. n.d.). “The transportation Centre, which was designed to restore order to the public transportation system in downtown Kingston has failed miserably as most commuters, bus and taxi operators have ignored the facility which detractors say was built in the middle of nowhere” (Radio Jamaica News (RJR), 2012, para. 2). Major concerns by commuters are…
- Scenario1: 'Backbone' Hospital Management System Expert Infotech Ltd. has developed — 'Backbone' Hospital Management System (HMS) that works for all major functional areas of Hospital. Its modules include Registration, Billing, Consultation, Laboratory, Blood bank, Radiology, Inpatient, Stores and Purchase and Critical care areas. Dr. Mike, Operations Manager, “SafeHands Hospitals”, was impressed by the applications of 'Backbone' HMS and wanted to get details on various transactions and process controls that facilitates the hospital operations. Scenario2: 'Backbone' Hospital Management System In continuation with the previous scenario, Dr. Mike got convinced with your explanation and interested towards purchasing 'Backbone' Hospital Management System (HMS). He also wanted an Executive Module added to other application modules. He further added that having an Executive Module would help the executives/ top heads of the hospital about various performance indicators and aids in…Case: Downtown Kingston Transport Centre/ Project management The downtown Kingston and Saint Andrew Centre were built for $400 million JAD in 2010 (Reid, 2012). The Centre is owned by the Jamaican Urban Development Corporation (UDC) and was formerly managed and operated by the Kingston and Saint Andrew Municipal Corporation (KSAMC) (Reid, 2012). Built as a multipurpose bus and taxi part the centre’s main function was to alleviate traffic congestion in downtown Kingston, especially in the parade area. The centre has become dilapidated and unmanageable due to a lack of usage by transport operators, commuters, implementation, enforcement, and a failure to have an effective transportation policy (Teachdem. n.d.). “The transportation Centre, which was designed to restore order to the public transportation system in downtown Kingston has failed miserably as most commuters, bus and taxi operators have ignored the facility which detractors say was built in the middle of nowhere” (Radio…Break-even analysis is an important tool for managing any business, including colleges and universities. Identify 3 areas where break-even analysis might be used at a university. For each area, identify the revenues, fixed costs, and variable costs.
- Subj: Business/ Operations Management Scenario: John used the AirBnB platform to book a condo for his staycation with his family on Dec 17 in Cebu, but due to the typhoon Odette, he had to cancel on Dec 16. Because the cancellation was done within 48 hrs, he's no longer eligible for a full refund. He also missed to file a claim within 14 days due to power outage and loss of internet connection caused by the typhoon. 1. Identify the problems with Airbnb’s current refund process. 2. Provide at least three possible solutions and include the pros and cons for each suggested solution then choose the best solution based on your assessment. 3. What are the pros and cons of the current policy versus your proposed solution?Explain the difference between aggregate planning in service and aggregate planning in manufacturing ?Draw a network diagram, including ES, EF, LS, LF, Float and Duration for the following scenario: