Broad Overall Problems in the hospital:

Unnecessary Costs:

Unnecessary costs is an issue within the hospital for a couple different reasons. First, since the MAR was not kept where it should have been when the patients got medication, this could cause issues of not knowing whether a patient received medication already. Which could result in another dose, meaning more costs for the hospital. The hospital needs to strive to keep the costs of care as low as possible as well as cut out medically unnecessary things such as sending placentas to the pathology lab for testing. By making changes to “the way they’ve always done things,” it will be easier to make the hospital more revenue and more efficient.

Communication Errors:

Often times, nurses wouldn’t have the time to chart in the MAR when the medication was administered. This is an issue because it can cause disconnect when there may be a shift change, that could result in an additional dose of medication, causing the quality of care for the patient to decrease. While the nurses are not the only people within the hospital to have charting errors, ancillary services also had issues with charting. They would lose reports or not get the charts on time, which caused issues for the hospital as well as the physicians. The physicians wouldn’t be able to discharge the patients in a timely manner, which would result in less revenue for the hospital itself.

OB Department Against Change:

There was a lot of competition within Pensacola for new families. After the hospital understood what these patients wanted, a family centered birth experience, the hospital worked to change the way that they delivered their care to these patients. There were many positions in support of these new changes, however, nursing staff and nursing management, especially the OB supervisor were set against this. Instead, they wanted to keep practicing how they’ve been doing it within the OB department. There were many nurses that no longer work in the OB department because of this change.

Specific problems in the hospital:

The shift from prescribing antibiotics:

The shift from prescribing antibiotics in the recommended ways to use the local prescribing patterns. The shift in prescribing antibiotics was caused to cut the costs which resulted in saving $200.000 annually. Management should have considered their cost-cutting plans without ignoring patients’ safety, and outcomes. This problem caused in delaying patients from receiving their prescribed antibiotics for days. It is concerning because of the lack of quality was shown from the hospital in delivering their services focusing on cutting the costs and not considering about the patients’ conditions.

Not involving fathers in the birth process:

This problem showed a weak part of the hospital’s system in not making their system to be designed as patient-center care. Instead, the system was built based on rules that they had to follow. The system should have been built to be based on the customers’ needs and should have targeted their satisfaction. It is concerning because the healthcare delivery system should be delivered as patient centered.

Labor Delivery Recovery Postpartum implementation:

The hospital’s management implemented the LDRP concept too fast. The nursing management did not like the idea of the implementation. However, the hospital kept the process going which resulted in retainment and resignation over the staff. The LDRP caused unclear charging structure, and duplicated and missing charges. It is concerning because the hospital’s management did not take the necessary steps by evaluating the structure before implementing the concept.

1. Based on the broad overall problems and specific problems in this hospital, discuss your recommendations for continued improvement and success.

13. In an imaginary economy, consumers buy only hot dogs and hamburgers. The fixed basket consists of 10 hot dogs and 6 hamburgers. A hot dog cost $3 in 2006 and $5.40 in 2007. A hamburger cost $5 in 2006 and $6 in 2007. Which of the following statements is correct?

a. When 2006 is chosen as the base year, the consumer price index is 90 in 2007.

b. When 2006 is chosen as the base year, the inflation rate is 50 percent in 2007.

c. When 2007 is chosen as the base year, the consumer price index is 100 in 2006.

d. When 2006 is chosen as the base year, the inflation rate is 50 percent in 2007.

14. The CPI was 120 in 2000 and 132 in 2001. Dorgan borrowed money in 2000 and repaid the loan in 2001. If the nominal interest rate on the loan was 12 percent, then the real interest rate was

a. 2 percent.

b. 10 percent.

c. 12 percent.

d. 22 percent

15. By not taking into account the possibility of consumer substitution, the CPI

a. understates the cost of living.

b. overstates the cost of living.

c. may overstate or understate the cost of living, depending on how much prices rise.

d. may overstate or understate the cost of living, regardless of the extent to which prices rise

16. You know that a candy bar cost five cents in 1962. You also know the CPI for 1962 and the CPI for today. Which of the following would you use to compute the price of the candy bar in today's prices?

a. five cents × (1962 CPI/ today's CPI)

b. five cents × (1962 CPI/(today's CPI - 1962 CPI))

c. five cents × (today's CPI/1962 CPI)

d. five cents × today's CPI - five cents × 1962 CPI.

17. The nominal interest rate tells you

a.   how fast the number of dollars in your bank account rises over time.

b.   how fast the purchasing power of your bank account rises over time.

c.   the number of dollars in your bank account today.

d.   the purchasing power in your bank account today.

18. Consider two countries. Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000 of whom 1,800 work 6 hours a day to make 270,000 final goods

a.   Country A has higher productivity and higher real GDP per person than country B.

b.   Country A has lower productivity and lower real GDP per person than country B.

c.   Country A has higher productivity, but lower real GDP per person than country B.

d.   Country B has lower productivity, but higher real GDP per person than country B.

19. The Peapod Restaurant uses all of the following to produce vegetarian meals. Which of them is an example of physical capital?

a. The owner's knowledge of how to prepare vegetarian entrees.

b. The money in the owner's account at the bank she borrowed money from.

c. The tables and chairs in the restaurant.

d. The land the restaurant was built on.

20. In a particular country in 1998, the average worker needed to work 25 hours to produce 40 units of output. In that same country in 2008, the average worker needed to work 40 hours to produce 68 units of output. In that country, the productivity of the average worker

a. decreased by 1. 7 percent between 1998 and 2008.

b. remained unchanged between 1998 and 2008.

c. increased by 4. 75 percent between 1998 and 2008.

d. increased by 6. 25 percent between 1998 and 2008

The U.S. Court of Appeals for the Seventh Circuit has upheld a district court ruling requiring marketers of the “Q-Ray Ionized Bracelet” to give up almost $16 million in net profits as part of a maximum $87 million they must pay in refunds to consumers. In a decision issued on January 3 and written by Chief Judge Frank Easterbrook, the court concluded, “The magistrate judge did not commit a clear error, or abuse his discretion, in concluding that the defendants set out to bilk unsophisticated persons who found themselves in pain from arthritis and other chronic conditions.” The court found that the defendants’ claims about how their product worked, for example, through “ionization” or “enhancing the flow of bio-energy” were “blather.” Judge Easterbrook wrote, “Defendants might as well have said: Beneficent creatures from the 17th Dimension use this bracelet as a beacon to locate people who need pain relief, and whisk them off to their homeworld every night to provide help in ways unknown to our science.” The FTC filed its case in May 2003, alleging that QT Inc., Q-Ray Company, and Bio-Metal, Inc., located in Illinois, and their owner, Que Te Park, also known as Andrew Q. Park, made false and misleading advertising claims that the Q-Ray bracelet provided immediate and significant pain relief and deceptively advertised their refund policy, in violation of Sections 5 and 12 of the FTC Act. In September 2006, the federal district court in Chicago found in favor of the FTC. In November 2006, the court required the defendants to turn over a minimum of $22.5 million in net profits and up to $87 million in refunds to consumers who bought the bracelets between January 1, 2000 and June 30, 2003, when the bracelet was advertised on infomercials and Internet Web sites, and at trade shows. The district court later reduced the minimum disgorgement amount to $15.9 million, which the appellate court has upheld. The appellate court rejected the defendants’ argument that the magistrate judge had held the defendants to too high a standard of proof for their purported therapeutic claims about the bracelet and found that the claims must be based on science. The court found that “proof is what separates an effect new to science from a swindle” and that the defendants “have no proof,” stating that the “tests” the defendants relied on were “bunk.” The court also rejected the defendants’ contention that testimonials could support their claims -- the defendants could not show that the testimonials would not have enjoyed the same pain relief even if they had not worn the bracelet. “That’s why the ‘testimonial’ of someone who keeps elephants off the streets of a large city by snapping his fingers is the basis of a joke rather than proof of cause and effect,” stated the court. The appellate court also rejected the defendants’ argument that because their bracelet conferred a benefit to consumers through its placebo effect, they were vindicated in making their false therapeutic claims. The court held that the Federal Trade Commission Act “lacks an exception for ‘beneficial deceit’.” The court noted, “Deceit such as the tall tales that defendants told about the Q-Ray Ionized Bracelet will lead some consumers to avoid treatments that cost less and do more . . .”. The court also found that the defendants deceived consumers who purchased online and received only a 10-day return period when the infomercials promised a 30-day refund and suggested that consumers purchase online. “The disclosure of this shorter period was buried several clicks away on the website” and did not ameliorate the infomercial time frame upon which “reasonable consumers” could rely, the court stated. The Q-Ray defendants are currently in Chapter 11 bankruptcy in the United States Bankruptcy Court for the Northern District of Illinois.

1. Are not such claims as those at the center of this case so transparent that there is no need for a government agency or court to intervene?

2. Does not the marketplace effectively wee out such frauds?

3. Assume that the defendant had actually conducted scientific studies, which had proved inconclusive. How might the judge have ruled in that situation?

Business Description

A friend, Jay Green, is considering opening a cupcake store to sell gourmet cupcakes. Jay has asked you to help with formulating the projected numbers for the business and help analyze if the company will be successful. Using the skills you have developed in ACCT 551 Accounting for Managers, you will analyze the business to determine if you will recommend to Jay whether or not to enter into the business venture. Jay plans to launch the business on January 1, 2020. Following is the cost information provided by Jay:

Cost information:

• Jay plans to hire a baker that will charge $12 per dozen cupcakes.
• Jay has found a location near downtown that may be rented for $1,200 per month.
• Utilities are estimated to be $150 per month.
• Fixtures for the business will cost $8,400 (depreciation will be $1,200 per year for 7 years)
• Jay plans to open the store 7 days per week from 10:00 AM until 6:00 PM. Sales people will be paid $10.00 per hour.
• Business insurance will be purchased at a cost of $720 per year.
• Advertising costs are expected to be $2,400 per year.

Requirements:

Using separate tabs in a spreadsheet, provide your answers for the following.

1. Develop the annual cost formula in Y = a + bX format, i.e. Total Costs = Fixed Costs + (Variable Cost per Unit times number of units) (10 points).
2. You want to help Jay set a selling price for the cupcakes. Research who the competition is and at what price they are selling gourmet cupcakes (this will provide a base for a target price). Provide the detailed information for at least 3 competitors. Based on the projection of selling 24,000 cupcakes and an expectation of a 15% profit, what is the maximum cost allowable for all expenses? (10 points).
3. Develop a price using cost-based pricing assuming that Jay expects to sell 24,000 cupcakes the first year with a 15% profit (10 points).
4. If the selling price is $3.50 per cupcake, what is the contribution margin per cupcake and contribution margin ratio (10 points).
5. At a selling price of $3.50 per cupcake, how many cupcakes need to be sold in order to break-even? What is the break-even in sales dollars? (10 points).
6. Based on a selling price of $3.50 prepare a cost/volume/profit graph (Hint: this is explained in Module 16) (20 points).
7. Based on the expected production of 24,000 cupcakes, calculate an overhead rate per cupcake (10 points).
8. Prepare a cash budget for the company’s first year of operations based on sales of 24,000 cupcakes at a price of $3.50 per cupcake. Assume all sales are cash sales and that all costs and expenses are paid in cash. Rent, insurance, and advertising costs will be paid on a monthly basis. A minimum cash balance of $2,500 should be maintained (20 points).
9. Prepare the company’s forecasted income statement for the year ended on 12/31/2020 based on the sale of 24,000 cupcakes at $3.50 per cupcake (15 points).
10. Prepare a forecasted balance sheet as of December 31, 2020 based on the sale of 24,000 cupcakes at $3.50 per cupcake (15 points).
11. Prepare a forecasted statement of cash flows for the year ended December 31, 2020 based on the sale of 24,000 cupcakes at $3.50 per cupcake (15 points).
12. Describe a minimum of three variances that Jay could analyze to monitor the business (minimum 200 words). (15 points)
13. Provide and explain at least 1 financial metric and 3 nonfinancial metrics that Jay could utilize to monitor the business using a balanced scorecard approach. (15 points)
14. For capital investments, which capital budgeting model would you recommend to Jay? Why? (minimum 200 words) (10 points)

What is your recommendation to Jay regarding this business venture? Provide an explanation incorporating the results of the calculations performed (200-300 words) (15 points).

46. Several years ago, students from the FSC Aviation Department traveled to Elmira-Corning Regional Airport (ELM) to participate in the airport's Air Service Development (ASD) Project. While at ELM, the students stayed at a local hotel and ate at local restaurants. What type of economic impact is this?

1. Direct
2. Indirect
3. Redacted
4. Trickle down

47 According to the FAA General Aviation Airport: A National Asset Report (ASSET I) Appendix B,- Farmingdale's Republic Airport is classified as a/an_________ airport

1. Basic
2. Local
3. Natio.nal
4. Non-primary commercial service airport
5. Regional

48 Which of the following airlines are not governed by the Railway Labor Act of 1926

1. American Airlines
2. Delta Airlines
3. Federal Express
4. Flying Tiger
5. United Parcel Service (UPS) (page 226)

49 According to Joseph A. McCartin, author of Collison Course; Ronald Reagan, The Air Traffic Controllers, and the Strike that Changed America, the union that represented air traffic controllers during the strike of 1981 was

1. American Air Traffic Controllers Trade Union (AATCTU)
2. National Air Traffic Controllers Association (NATCA)
3. Professional Air Traffic Controllers Organization (PATCO)
4. United Air Traffic Professions (UATP)

50 Which of the following legislative acts forever changed the relationship between labor unions and airline management?

1. Airline Deregulation Act of 1978
2. Civil Aeronautics Act of 1938
3. Department of Transportation Act of 1966
4. Federal Aviation Act of 1958

• This assignment will give you practice in Handling Exceptions and using File I/O. Language for this program is JAVA

  Part One

• A hotel salesperson enters sales in a text file. Each line contains the following, separated by semicolons:
  • The name of the client,
  • the service sold (such as Dinner, Conference, Lodging, and so on),
  • the amount of the sale,
  • and the date of that event.
• Prompt the user for data to write the file.

  Part Two

• Write a program that reads the text file as described above, and that writes a separate file for each service category, containing the entries for that category. Name the output files Dinner.txt, Conference.txt, and so on.
• Enter the name of the output file from Part One as a command line argument.

  Both Parts

• For all programs, catch and handle the Exceptions appropriately and validate the input data where needed.
• Display an error if the sales file does not exist or the format is incorrect.
• Also, create your own exception to handle "unknown transaction" exceptions.

  Samples:

  • Contents of sales.txt (file created in part one)

    John Public;Dinner;29.95;6/7/2014
    Jane Public;Conference;499.00;8/9/2014
    Abby Lawrence;Dinner;23.45;10/10/2014
    

  • Contents of Dinner.txt (file created in part two)

    John Public;Dinner;29.95;6/7/2014
    Abby Lawrence;Dinner;23.45;10/10/2014
    

  • Contents of Conference.txt (file created in part two)

    Jane Public;Conference;499.0;8/9/2014