Let us suppose that heights of Richmond students are normally distributed with a mean of 68 inches and a standard deviation of 2.5 inches.
a. What will be the height of a student who is in the top 1%? Is this the minimum or the maximum height?
b. What is the height range of students who are between the third and fourth quintile?
c. What proportion of students are between 60 and 65 inches in height?
d. What will be the height of a student who is in the first decile? Is this the minimum or the maximum height? e. How many students are between 65.5 and 70.5 inches I height?
In: Statistics and Probability
A hair salon reports that on seven randomly selected weekdays, the number of customers who visited the salon were 35, 30, 28, 12, 36, 16 and 50. The population standard deviation is not given to us. Construct a 90% confidence interval for the average number of customers who visit the salon on weekdays. Interpret this. Now we have been told that we can use a normal distribution with a population standard deviation of 6. Construct a 95% confidence interval for the average number of customers who visit the salon on weekdays.
In: Math
Case Study: Omega College
Omega College is a private liberal arts college located in a small
town in the Midwest. The closest large city is about fifty miles
away. There is a community college in the next town about twenty
miles away. Most faculty and staff live in the town or in small
towns nearby.
Originally a Protestant-affiliated institution, Omega is now a
completely independent institution and receives no funding from the
church. It was founded in the late 1800s to meet a pressing need
for teachers in the state. Until recently enrollment at Omega has
been relatively stable, with average enrollment of 850 full-time
undergraduates, some limited programs for part-time students, and a
very limited master's degree program in education focusing on
certification issues in the state. Undergraduates come to Omega
from nearby states, although there is a smattering of students from
other areas of the country. There is a very small international
student enrollment and most international students study at Omega
for a semester and then return home.
Omega has a robust information site on U-Can (the University and
College Accountability Network). The cost of tuition is $25,000 for
the academic year and room and board is an additional $7800 for two
semesters. About 70% of the full-time students who attend Omega
receive some type of financial aid (state, federal, and/or
institutional).
In each of the last four years the freshman enrollment has missed
the target by about twenty students. To offset that enrollment
drop, the admissions staff developed an outreach program to the
nearby community college to encourage transfer students, but most
of the community college transfer students go to the regional
campus of the state university to complete their bachelor's degree.
There is a nearby military base, but students rarely come to Omega
from that source. The average enrollment over the last four years
has dropped to 800 full-time students. This is of concern for many
reasons, not the least of which is the financial health of the
institution.
Omega has a very limited endowment (most of which is earmarked for
student financial aid, some academic departmental support, and
three endowed professorships) and thus is very dependent on
undergraduate tuition to meet the day-to-day operating expenses of
the institution. Graduate tuition for the part-time teacher
certification program is a financial plus for the
institution.
An annual fund program is essential to the fiscal health of the
institution and relies on the generosity of board members, alumni,
and friends of the institution to help fund the annual operating
budget. The decline in enrollment has caused the institution to
reduce nonessential budget expenditures, and faculty and staff have
not received a raise for the past two years. Obviously, Omega
College is just holding on and a new approach to financing the
ongoing expenses of the institution is needed.
The institutional administration and faculty and the governing
board are currently focused on development of a strategic plan for
the institution that deals with both the financial and enrollment
questions. The strategic planning committee is charged with the
following responsibilities:
1.The development of a five-year financial
plan for the institution.
2.The development of an academic plan that
increases the options and opportunities for students to come to
Omega College at the undergraduate and graduate levels.
3.The development of an aggressive institutional
advancement plan. As the committee does its work the college
administration must work to stabilize enrollment and keep the doors
of the institution open.
What other actions might you recommend that the institution consider for the short term?
In: Finance
Select any CSR activity for any major university. And develop a plan of implementing that activity with the help of the decision-making matrix.
The report should contain following information (headings):
In: Operations Management
Assume that you have been retained as a HR consultant by York University. Specifically, your contract requires you to develop a macro/top-level framework which will be used to evaluate the `effectiveness’ and `success’ of hundreds of different training programs used by the university for staff, faculty and students.
Develop specific recommendations which explicitly incorporates course theory, models and concepts into your answers, and which will address the following elements:
1. the process of conducting the needs analysis `stakeholders’
who should be consulted in designing the evaluation
framework;
2. how you would determine the content and process of the
evaluation framework;
3. how you would evaluate `transfer of training’
4. how you would evaluate ``effectiveness’ of the various training
programs, and
5. how you would evaluate the `success’ of your evaluation
framework.
6. Ensure that you provide a supporting rationale for your
recommendations.
In: Operations Management
BOOKS FOR PROGRESS (B4P)
It was May 2019, and Maria Robinson, chief executive officer of Books for Progress (B4P), was evaluating the success of B4P's April textbook drive. In addition to B4P's textbook drives in Southern California, for the first time, Robinson’s team had run a textbook drive through a student group at San Francisco University, CA. This new drive had been successful, and Robinson was considering developing a more permanent presence at San Francisco University.
This new endeavor would involve establishing relationships with student groups, professors, and university administration so that textbook-collection boxes (drop boxes) could be permanently located in central areas on campus. The boxes would then be monitored so the textbooks could be picked up regularly and shipped to the B4P headquarters, where the books would then be donated to schools across South Africa, sold online to fund shipping and implementation costs, donated to student clubs at California universities, or recycled appropriately. While considering this eastward expansion, Robinson also wanted to investigate the viability of undergoing similar expansions to Victoria University, Victoria, CA and the University of Sacramento (U of Sacramento). She wanted to evaluate the financial feasibility of each of these proposed locations before making any final decisions.
History
B4P was Inspired by a trip Robinson took to South Africa in 2017. While teaching at the University of South Africa of Finance and Banking, Robinson noticed a deficit in the educational materials available at the institution. She knew there were thousands of textbooks in California that were no longer being used, which could be redistributed to students in need in South Africa. After graduating from Southern University with an honors degree in business from the Elite Business School (San Diego, CA) in 2017, Robinson partnered with an acquaintance William Hartness to found B4P at the Southern University, CA.
In the beginning, B4P collected textbooks from the Southern University campus and soon expanded to other schools in California. A list of campus locations with B4P drop boxes can be found in Exhibit l. To be more central to the textbook collections, Robinson and her team were in the process of moving B4P's headquarters from Southern University, California to San Francisco. The move would be complete by August 2019, before textbook collections
from the 2019-20 school year would begin. Textbook collections had grown by over 200%, so Robinson was optimistic about B4P's future.
Operations
Post-secondary textbooks were inserted by their owners into drop boxes or given to student representatives through student-club textbook-collection drives on behalf of B4P. California's academic school year ran primarily from September to April, so the majority of textbooks were collected in April. The textbooks were collected and transported to B4P headquarters at a cost of .20 cents 1 per mile and $ 14 per hour for the drivers' wages. Six hundred books could be shipped in a single shipment, although the average shipment consisted of only 250 books. Drivers were located in San Francisco and were compensated for the round trip from the collection school to headquarters, as well as for one hour of time at the collection school. After reaching B4P's warehouse, the books were sorted by warehouse workers. Warehouse workers were paid $ 11 per hour, and they scanned, sorted, shelved, and tracked 30 books in an hour.
25% of the textbooks collected were sorted for listing on Amazon; half of those books listed had been sold at an average price of $40. After a period of time, any listed unsold books were deemed unsalable and were then donated to schools in South Africa. 50% of the textbooks collected were immediately categorized for donation to South Africa. Donated textbooks were shipped to South Africa once 24,000 books (deemed appropriate for donation) had been collected. Shipping costs fluctuated widely due to a variety of factors (e.g. distance from the South African coast and the number of border crossings required) and averaged $ 16,000 per shipment. The remaining 25% of books collected were too out of date to sell online or to donate, so they were recycled. Since textbooks were difficult to recycle responsibly, all textbook recycling was done through an eco-reliable partner in the United States at a recycling cost of $ 15 (including transportation) for every 500 textbooks.
Management Team
B4P had five members on its management team, including Robinson and Hartness, who assumed corporate financial officer roles. These members were employed full time by B4P. All were recent graduates of Western University, McMillen University, or Mary & William University. All five management team members had travelled to Africa to witness B4P's impact on the post-secondary education system, and to learn how they could maximize their contributions on behalf of B4P.
Outcomes
As of May 2019, B4P had donated 24,000 books to South African universities, provided $69,300 in micro loans, donated $37,600 to California non-profits,' and reused or recycled
1 All currency amounts are in U.S. dollars unless otherwise specified.
37,000 textbooks. In the 2018-19 post-secondary academic year, 88,000 books had been collected. Robinson was proud of the contribution her team was making to their local and global communities, but she was eager to further that impact through more growth and expansion.
Expansion Opportunities
B4P had already executed successful expansions into the Los Angeles & Baja. Eventually, Robinson wanted to expand B4P textbook collections to other states, but she understood that achieving successful local expansion should be the first step. Expansions were executed by forming relationships with student clubs, school administration (staff), and faculty departments and members. Through these relationships, B4P obtained permission to place drop boxes in central locations and hired student ambassadors at each institution to monitor the drop boxes. The majority of student ambassadors were volunteers, but B4P paid one student ambassador at each school an annual salary of up to $ 1,750.
Any expansion to a new location would follow the same collection process, and textbook collections would be similarly shipped to B4P's warehouse. In order to manage additional student ambassadors and relationships with collection schools, Robinson planned to hire a campus community manager if the eastern expansion was pursued. The campus community manager would work full time and earn an annual salary of $ 40,000. 75% of the manager's time would be spent on managing the eastern expansion, and 25% would be spent on managing existing drop box locations where B4P presence was lacking. Robinson expected that historical proportions of textbooks sold, donated, and recycled would be the same for all new locations. An expansion would be considered successful if B4P could break even and increase its exposure and book donations; however, Robinson and Hartness would consider an expansion a financial success if B4P could earn a 5% profit.
B4P's new warehouse would have the capacity to sort and store textbooks from all three proposed universities. However, Hartness was concerned about potential roadblocks to transporting textbooks from the collection universities to B4P's warehouse. The textbooks would need to be stored at the collection universities until enough books had been collected to warrant the driver's pickup time. If pickups took longer than anticipated, the driver might need to stay overnight in the region due to regulatory requirements. Hartness was unsure how this constraint would affect the financial feasibility of the expansion, so she wanted to ensure that any expansion that B4P pursued would have a healthy margin of safety.
Victoria University
1
Victoria was located in Fresno, approximately 330 miles east of San
Francisco . Victoria was
home to 17,400 full-time, undergraduate students and over 4,000 graduate and post-graduate students. These students studied at one of the university's six facilities, the largest of which was the Faculty of Arts and Sciences. Victoria was known for its school spirit, its long history, and its attractive waterfront campus.
Victoria student government, the Alma Mater Society (AMS), included the Campus Activities Commission (CAC). CAC was responsible for running campus events and programs to promote school spirit and social awareness (including mental-health awareness initiatives) at Victoria. If B4P decided to start an on-campus textbook collection at Victoria, Robinson thought CAC would make a good partner. B4P had hosted a textbook-collection drive in April 2019 with AMS members and potential campus ambassadors. Based on this experience, Robinson was optimistic about Victoria students' support of on-campus drop boxes, so she estimated that 12,250 books could be collected in the 2019-20 school year at Victoria.
Brownstone University
2 Brownstone was located just south of Riverside, 520 miles east of San Francisco . The
university enrolled 24,100 undergraduate students and 3,700 graduate students. Brownstone was known for its interdisciplinary and flexible degree program options, a global focus, and its self-contained campus that fostered a sense of campus community. Brownstone offered more than 65 degree programs across a wide range of disciplines.
Brownstone's undergraduate students were represented by the Brownstone University Student's Association (CUSA). CUSA did not have a committee similar to CAC at Victoria, but CUSA regularly funded and supported over 250 student clubs. Since B4P had not yet performed any on-campus marketing at Brownstone, Robinson estimated that 5,500 books could be collected from Brownstone in B4P's first year.
The University of Sacramento
Located in California's capital city of Sacramento, U of Sacramento was the largest bilingual
(English-French) university in the world, and it was situated 540 miles east of San
3
Francisco . The campus was also within walking distance of
California's government
buildings on Capitol Hill. The school was known for its co-operative education program, bilingualism, and research. Over 36,000 undergraduate, 4,500 masters and 1,900 doctorate and post-graduate students studied on U of Sacramento's campus. At U of Sacramento, the
1 Driving from Victoria to the B4P headquarters took
approximately 3 hours and 15 minutes. 2 Driving from Brownstone to
San Francisco took approximately 5 hours.
3 Driving from Univ. of Sacramento to San Francisco took
approximately 5 hours.
largest faculty was social science, which registered almost 25% of the student population. The balance of the students studied at one of U of Sacramento's nine other facilities.
The Student Federation of the University of Sacramento (SFUO), the university's student council, managed over 250 clubs and organized awareness campaigns, philanthropic initiatives, and on-campus social events. The federation was committed to advocating for affordable post-secondary education in California; therefore, Robinson believed that B4P's mission to support education in developing regions would align with the interests of U of Sacramento's students. Since U of Sacramento was larger than Brownstone, Robinson estimated that 12,250 books could be collected from U of Sacramento in B4P's first year.
Decision
B4P had already established partnerships with students at Victoria while conducting its April textbook drive, so Robinson was confident that B4P would be able to do the same at Brownstone and U of Sacramento. It would, however, take time to gain permission to place the drop boxes around each campus. Robinson was open to expanding to all three schools eventually, but she wanted to select one school to expand to first, if at all. This approach would give Robinson and her team time to improve the textbook collection and transportation model without expanding too quickly. Since B4P management would not be able to visit campuses very often, it would be important to hire a dedicated team of volunteer campus ambassadors. Robinson was anxious to make a decision about her next steps so that B4P's team would have time to place drop boxes on the campuses during the first semester of the 2019-20 academic year.
EXHIBIT 1: CAMPUS LOCATIONS WITH B4P DROP BOXES
l. Western University
Shawe College
Mary & William University
Mary & William University — Brantford Campus
University of Waterford
University of Gulliver
Shenandoah College
McMillen University
Northeast College
Branford University
Humboldt College
University of Sacramento – St. George Campus
York University
Required:
Qualitatively, what are the pros and cons of expansion?
Qualitatively, what are the pros and cons of partnering with Victoria University, Brownstone University, and the University of Sacramento?
Identify the fixed and variable costs relevant to an expansion.
Calculate how many textbooks B4P would need to collect to break even at each of the three universities: Victoria, Brownstone, and U of Sacramento.
As Maria Robinson, what would you do? Defend your decision using your analysis.
Responses should be typed in paragraph format and use proper grammar and punctuation. Recommendations must be thorough and fully supported by evidence from the case study. Responses to questions 1 -5 above require at least one page of content or more. Therefore, the case study paper should be, at a minimum, five pages of content, excluding calculations and tables. Please be sure to include all tables, calculations, and analysis in an Appendix to the report.
In: Operations Management
A sporting goods company operates retail stores in the San Francisco and San Jose areas. Customers were asked to rate their shopping experiences. Their results indicated that 15% rated their shopping experience as Poor, 45% as Average, and 40% as Good. In addition, 67% of the customers who rated their experience as Poor came from San Jose, 36% of the customers who rated their experience as Average came from San Jose, and 30% of the customers who rated their experience as Good came from San Jose.
(a) What is the probability that a customer came from San Jose?
(b) What is the probability that a customer who shopped in San Jose rated his or her experience as Good?
In: Statistics and Probability
A) Boyne University offers an extensive continuing education program in many cities throughout the state. For the convenience of its faculty and administrative staff and to save costs, the university operates a motor pool. The motor pool’s monthly planning budget is based on operating 20 vehicles; however, for the month of March the university purchased one additional vehicle. The motor pool furnishes gasoline, oil, and other supplies for its automobiles. A mechanic does routine maintenance and minor repairs. Major repairs are performed at a nearby commercial garage.
The following cost control report shows actual operating costs for March of the current year compared to the planning budget for March.
| Boyne University Motor Pool Cost Control Report For the Month Ended March 31 |
|||||||||||
| March Actual |
Planning Budget |
(Over) Under Budget | |||||||||
| Miles | 57,900 | 49,900 | |||||||||
| Autos | 21 | 20 | |||||||||
| Gasoline | $ | 14,400 | $ | 13,473 | $ | (927 | ) | ||||
| Oil, minor repairs, parts | 8,320 | 7,984 | (336 | ) | |||||||
| Outside repairs | 1,205 | 1,020 | (185 | ) | |||||||
| Insurance | 1,840 | 1,720 | (120 | ) | |||||||
| Salaries and benefits | 8,610 | 8,610 | 0 | ||||||||
| Vehicle depreciation | 4,431 | 4,220 | (211 | ) | |||||||
| Total | $ | 38,806 | $ | 37,027 | $ | (1,779 | ) | ||||
The planning budget was based on the following assumptions:
The supervisor of the motor pool is unhappy with the report, claiming it paints an unfair picture of the motor pool’s performance.
Required:
Calculate the spending variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Please do the following for part B
B) You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company’s costing system and “do what you can to help us get better control of our manufacturing overhead costs.” You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control.
After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March:
| Cost Formula | Actual Cost in March | ||
| Utilities | $16,500 + $0.16 per machine-hour | $ | 21,180 |
| Maintenance | $38,700 + $1.40 per machine-hour | $ | 57,700 |
| Supplies | $0.60 per machine-hour | $ | 10,600 |
| Indirect labor | $94,200 + $1.20 per machine-hour | $ | 116,700 |
| Depreciation | $68,200 | $ | 69,900 |
During March, the company worked 16,000 machine-hours and produced 10,000 units. The company had originally planned to work 18,000 machine-hours during March.
Required:
1. Calculate the activity variances for March.
2. Calculate the spending variances for March.
In: Accounting
The average arithmetic return of the US stock market has been 10%. The average annual corporate bond return in the US has been 5%. The average 30-yr US Treasury bond return in the US has been 5%. Finally, the average annual US 1-month Treasury bill return in the US has been 3.5%. From this information, please calculate the equity risk premium within the US.
In: Finance
Suppose we have two sets of prediction for the inflation rate for next year: one from a random sample of Fortune 500 firms and another from a random sample of university economists. At 0.05 level can it be claimed that on the average university educators are predicting a higher inflation rate for next year than the major private businesses?
|
Fortune 500 Firms |
4.3% |
3.8% |
6.0% |
4.4% |
5.1% |
5.6% |
4.2% |
6.1% |
4.5% |
4.0% |
|
University Economists |
4.4% |
5.9% |
7.0% |
5.1% |
5.9% |
7.2% |
6.3% |
Show the equation for computing the standard error.
In: Operations Management