A Manufacturing Company produces three types of expresso machines: Grade-A model, Grade-B model, and Grade C model. The Grade-A model is sold at a unit price of $750 per unit; Grade-B model is sold at $600 per unit; Grade-C model is sold at $450 per unit. XYZ requires 25lb of steel and 5 labor hours to manufacture a Grade-A machine requires, 22lb of steel and 4 labor hours for a Grade-B machine, and 20lb of steel and 3 labor hours for a Grade-C machine. A total of 6000lb of steel and 1500 hours are available. If any Grade-A machine is produced, an equipment cost of $20,000 is incurred; if any Grade-B machine is produced, an equipment cost of $18,000 is incurred; if any Grade-C machine is produced, an equipment cost of $15,000 is incurred.
In: Operations Management
In: Operations Management
Write your thoughts on this discussion.
Estimating the product demand for a product is extremely crucial to a business for several reasons. Those in charge of a business hold the responsibility of keeping that business profitable in the short and long term. In order for a business to be profitable, they must be able to accurately assess product demand for each item that is being marketed in order to cut out excess costs involved with overproduction. It is crucial for companies to understand the factors affecting their product demand. For starters, increasing a products price will inherently lower product demand if all other factors remain the same. However, certain elements such as income level, the size of the consumer population, complementary and substitute goods present in the market, and variations in consumer preferences and taste can all have major influences on the demand curve (Samuelson & Marks, 2015). Another factor that may have an effect on product demand is price elasticity, which basically gauges the consumers response to price changes. As stated earlier, increasing price typically decreases demand. Although, if a product is inelastic, like say the Apple iPhone, a business can essentially raise the price a little each year and maintain strong sales with little decease in quantity.
One example where a business failed to adequately estimate demand is in the mid 2000s when Blockbuster, a video rental company, decided that having physical brick and motor locations were going to remain in demand even after the digital age of streaming was taking off. Although blockbuster had weathered the storm in the VHS to DVD crossover, they were not able to maintain profitability when companies such as Netflix offered services that allowed people to receive DVDs by mail and also eventually stream movies. Blockbuster likely though that they had enough brand loyalty seeing they had dominated the video rental market for several years. However, their inability to predict the demand of a physical store for pickup and drop-off of rental DVDs, ultimately cost them everything.
In: Operations Management
Define Utilitarianism, Ethical egoism, Virtue Ethics , Right Ethics, Duty Ethics.
How ethical frameworks interlap with management issues and bad decisions.
How ethical frameworks help improve a business or organization. Simple terms please.
In: Operations Management
Answer the following three questions. You can use any reference to write your answers (e.g., textbook, articles, internet web pages, etc.
1. Your boss told you that he wants to put you on charge of the opening ceremony for company new plant in Jeddah. He gives you the authority to choose your team members and to make all necessary decisions. The ceremony will be held on October 30th. Explain in details how are you going to manage your team throughout the assignment.
2. One day you came back home to find your older brother setting there. You asked him: “Why did you come early from work?” He replied: ”I did not go to work today.” You noticed that he was frustrated and nervous. Obviously, his job satisfaction is low. Using what you have learned from this course, explain in details what are the possible reasons for his dissatisfaction.
3. You have decided to become the president of the student club at the college. Based on what you have learned from the topics of leadership, power & politics, and conflict & negotiation, explain in details how you are going to practice your leadership role as the club president.
In: Operations Management
Formulate workplace scenario dealing with the following topics sexual harassment. Recommend corrective action for this scenario, so they fall in line with the current statutes and laws. Make sure to provide a scenario for topic and provide a recommendation. The scenario and recommendation should be a minimum of 300 words in length.
In: Operations Management
Write your thoughts on this discussion
when it comes to the success of an organization or firm its extremely important to be able to predict the product demand of the current market. This calculation, if determined correct, will help to grow the firm’s business, grow their experience, also it will help them set a price for their product, so they are competitive. The firm uses this calculation to determine if the ability of their production efforts will meet the markets demand. If their calculation is positive, the firm can produce a large amount of a product which will make them successful, if they are unable to produce a product to meet the market’s demand then this will hurt their chances of receiving a large enough profit. When it comes to this calculation or demand forecasting, this process of predicting the future sales of a product is derived from data collected over the years to help the decisionmakers make the best and informed decision about the inventory, planning, and warehousing needs to promote the item to the market and towards the customer demands (Lopienski, 2019). An example of a successful demand forecasting that took place was, when a successful vehicle producing company researched and investigated their current sales of a specific vehicle. They also looking at past data of that specific vehicle and the style, model, trim, engine type, and color. After looking at the data presented by the research department the vehicle production company was able to predict the expected growth of the vehicle, along with predictions of the short-term demand of the product over the next twelve months (Oti-Yeboah, 2018). The firm used in the example was able to successfully sell their vehicle to the demanding market and then profit from the research and investigation work that took place. When it comes to estimating the product demand there are a few different factors that contribute. Passive demand forecasting is normally conducted by a business that has a good business structure and conservative growth plans. An active demand forecasting can be conducted with the purpose of diversifying the firm with an aggressive plan to grow the firm quickly in the market. Also, short-term demand forecasting can be conducted within a three to twelve-month period, here the firm will look at the data presented during all four seasons to accurately adjust for the market. The vehicle corporation was able to utilize passive, active, and short-term demand forecasting to predict the markets outcome and contribute a product in which all consumers will gravitate towards (Oti-Yeboah, 2018).
In: Operations Management
Formulate workplace scenario dealing with the following topic; affirmative action. Recommend corrective action for each of these scenarios, so they fall in line with the current statutes and laws. Make sure to provide a scenario for topic and provide a recommendation. The scenario and recommendation should be a minimum of 300 words in length.
In: Operations Management
What are the strategically relevant components of the Macro-Environment of ''Man Türkiye(Turkey)''?
In: Operations Management
Write your thoughts on this discussion.
Hypothesis testing is how one would be able to define a certain population. According to the text, Hypothesis testing involves drawing inferences about two different theory related to the population (Evans, 2013). Most healthcare uses hypothesis testing in medical packaging validation, to ensure that products reach consumers safely. Also, hypothesis testing is used to show that package creation will continue to produce the outcome they designed it for (Fotis,2008). The first step in hypothesis is to propose an educated guess, by utilizing the ‘IF’ and ‘AND’ within the statement. The null hypothesis represents an existing theory that is accepted, while the alternative hypothesis must be true if reject the null hypothesis (Evans,2013). Regarding the medical packaging validation, one would ask, are the sampling data misleading or do they support the decision to validate the production process?
The next step in the process is data would then be collected and summarized. This is where you want to gather enough data to draw conclusions about whether there is enough evidence to reject the null hypothesis. Next, evidence is collected to assess the testing to help draw the conclusions. This is when one would show a statistical inference through charts, by finding the p-value to define the level of significance. The significance level usually provides a good guideline for drawing conclusions.
The difference between parametric and nonparametric hypothesis testing is parametric takes the form of a normal distribution, this typically rely on quantitative data being nearly distributed to display the population parameters. Nonparametric is used on nominal, ordinal, and quantitative data (Lecky, 2019). If any differences exist, this would be found using the parametric data. In other words, non-parametric can be used on any data versus parametric can only be used on normal distribution.
In: Operations Management
Use the 7 steps in an advertising campaign for one of your favorite product. Clearly label each step, and provide details for each.
In: Operations Management
Pick one of your favorite retail stores and describe the supply chain used to stock inventory in the store. (Hint: there is usually more than one intermediary)
Objective:
1. Name and describe the retail store
2. Describe the supply chain intermediaries
3. Do you think this is the most effecient model? Why or why not?
In: Operations Management
How workflow assessment is used to develop Functional need assessment?in Electronic health records
In: Operations Management
Fabletics Changing Channels: According to Fabletics company official website “JustFab Inc. co-CEOs, Don Ressler and Adam Goldenberg, launched Fabletics with Kate Hudson after they saw a gap in the activewear marketplace. There were plenty of luxury brands, but none that offered stylish and high-quality gear at an accessible price point. These three unstoppable innovators joined forces to create the Fabletics brand in 2013.” Fabletics, a division of Just- Fab, offers affordable, high-quality, and stylish workout clothes including yoga pants, leggings, joggers, tops, tees, and more for women and men at every fitness level. After being in business just a few short years, the company ranked number 98 in the Internet Retailer 2015 Top 500 Guide with revenues of $150 million. Although initially internet-based, Fabletics moved into brick-and-mortar retailing in 2015. It plans to open 75 to 100 stores by 2020.
a) Conduct your own research to learn more about Fabletics. Discuss how Fabletics is meeting customer needs through its value delivery network. What controversy surrounds the company?
b) What type of marketing channel is Fabletics using? What is its distribution strategy? Does opening brick- and-mortar stores make sense for Fabletics? Explain.
In: Operations Management
Please choose any company
You are to decide on an organization that you want to evaluate. It is important that you have some knowledge of the inner workings of the company-- its struggles, its strengths, its culture, and so forth -- or have access to the organization to conduct interviews to collect the needed information. You will produce a written report. The paper should include the following sections:
1. Organization Background - Provide just enough details on the company for me to be able to understand the problem that will be described. Resist the urge to provide irrelevant details and feel free to omit or disguise any details that might be sensitive in nature.
2. Organizational Culture – Provide a brief description of the elements of the company’s culture in terms of artifacts, shared values, and shared assumptions.
3. Problem - Describe, specifically, number of problems that the company is struggling with that will serve as the focus of the paper. Resist the urge to discuss multiple problems (focus on one specific issue with which the organization is struggling). Be sure to focus on a problem that within the scope of this course.
4. Theoretical Lens - Choose one topic from the list below, and apply that topic to the problem. Describe very specifically how the concepts, principles, and findings represented in the topic matter to the problem, and how they can be leveraged to articulate a solution.
• Globalization
• Diversity
• Ethics
• Design and Culture
• Reward System
• Work Motivation Model
• influences
• Model of Emotions, Attitudes, and Behavior
• Decision making procedure
5. Recommendation – Provide a list (at least three) of very specific recommendations/action steps that flow out of the discussion of the topic and that can help solve the problem. In thinking about how to craft the topic into those recommendations, strike a balance between being practical and being bold. Every organization has key constraints (culture, organizational stakeholders, and competitive environment) that need to be taken into account when designing interventions. Although those should be considered, resist the urge to “play it safe”, as that tendency often leads to modest interventions that are ultimately ineffective.
In: Operations Management