Italian Valley Restaurant

Having assessed the changing dietary needs of your town, you are considering investing in a new Italian

restaurant which you plan to name Italian Valley. The restaurant will feature live musicians, appetizers,

and a stocked bar. You are trying to assess the likely profitability of this business venture. As a new

graduate of the UWI your first step is to prepare a complete capital budgeting analysis for the 5 years you

plan to operate the restaurant before you sell it.

Having spoken with local vendors, other restaurant owners, bankers, and builders you collected the

following data and information about the proposal.

You plan to use a building currently owned by your family, however there will be need for some renovation

and improvements to the property. Your parents have said that you can use the retail space in any way

you wish for free. After checking on local lease rates you determine this space would lease for $75,500

per year. Your family also owns another restaurant downtown. You predict that your new one will

decrease its revenues by $15,000 per year. Your parents tell you that this sum will be taken from your

annual family stipend.

Some of the major improvements to the property include the purchase of cooking equipment, building a

stage, seating, and interior décor. The construction is estimated to cost $1.75 million. An additional

$375,000 will be spent on chairs, tables, bar equipment, and decorations. Depreciation will be over 7

years using MACRS*. You determine that you will require an average cash balance of $15,000 and

inventory of $20,000. Accounts payable should average $10,000. Your local bank has agreed to loan you

monies to pay for these expenses at a 15% interest rate.

You plan to hire a research consultant to conduct a market study, since you believe your chances of

success will increase with greater information about the restaurant market. The charge for this report

will be $200,000.

Revenues are estimated to be $600,000 the first year. Revenues are expected to increase by 20% the

second year, 15% the third year, and continue increasing at 8% thereafter. Fixed annual operating costs

are estimated to be as follows.

Employee salaries = $110,000;

Heat, electricity, water, and janitorial services =$75,000.

The food and liquor bill is expected to be 15% of revenues. Total taxes are estimated to be 40% of net

revenues.

Your plan is to run the bar for 5 years, then to sell it to an investor for $2,000,000.

Required:

1. Prepare a cash flow analysis which includes:

a. the initial investment, ( 5 points)

b. the annual net cash flows, and (46 points)

c. the terminal cash flow. (7 points)

2. What is the Net Present Value (NPV) and Internal Rate of Return (IRR) of this venture? (5 points)

3. Should you invest in this venture and why? (2 points)

(TOTAL 65 POINTS)

Clearly SHOW ALL WORKING in a table format in either Microsoft Excel or Word. Ensure that your table

shows all relevant cash flows such as initial investment flows, Revenue, Expenditure, Depreciation,

Taxes, terminal year cash flows from year 0 to end of project life.

*MACRS Depreciation Table

MACRS Depreciation Table

Individual Assignment Rubric

1. Prepare a cash flow analysis which includes:

a. the initial investment, (includes purchase price 2 points; NWC 2 points; total costs 1

point) ( 5 points)

b. the annual net cash flows, (includes Revenues 5 points; Breakdown of all expenses 6

points; total operating expenses 5 points; depreciation 5 points; Earnings Before Taxes 5

points; Taxes 5 points; Earnings After Taxes 5 points; Depreciation Add back 5 points)

(46 points)

c. the terminal cash flows (include taxes on sale 5 points, NWC 1 point, Terminal Sale 1

point) (7 points)

2. Correct Calculation of Net Present Value (NPV) (3 points) ; Correct Calculation of Internal Rate of

Return (IRR) (2 points) (5 points)

3. Correct decision to invest in this venture and why?

Can I get provided a business plan of anything you could think of from the top of your head? I was thinking a cafe/bar/entertainment however if you provide something else that is fine. DESPERATELY need a good mark for this assignment. so Im going to need all the help I can get! the requirements are below

1.Introduction

• A clear introduction of your NEWbusiness idea, make sure that first time readers can understand your business idea.
• Please also don’treuse the business idea which has already been presented in the group assessment.

2.Business Model Canvas(please make the full use of the Business Model Canvas template. Additional information/clarification can be added if necessary, but please be aware of the word limit and balance with other parts of the report)

• Customer Segments
• Value Proposition
• Customer Relationships
• Channels
• Key Activities
• Key Resources
• Key Partners
• Revenue Structure
• Cost Structure

3.Market

(where possible, please support this session with relevant research, facts and figures)

The following (but not limited to) major questions are to be addressed:

3.1. What is the size of the market? Is the market at full capacity?

3.2. What is the growth rate of the industry? How competitive is the industry? What keeps new competition from entering this market (barriers to entry)?

3.3. Is there any trend that is affecting positively or negatively firms in the industry?

3.4. How can the market be segmented?

3.5. Who and Where are the targeted customers?

3.6. Where are customers getting the product now? Who are the major competitors in the market and how strong are they?

3.7. Where is the location of the business? How many customers would potentially purchase from you?

4.Operations and Technology

(where possible, please support this session with relevant research, facts and figures)

The following (but not limited to) major questions are to be addressed:

4.1. What are the options for developing the technology (customer, off the shelf, design by yourself, or subcontract)?

4.2. What technological changes are changing or emerging that may affect the business?

4.3. What are the options for producing the product or service? (in-house, subcontract, license, joint venture or partnership, or a combination of those options).

4.4. What are the options for sales and distribution? (in-house, whole sale, distributors or sales representatives, license, joint venture or partnership, or combination)

4.5. What resources are required for development and are they available to you (skills, raw materials, components, suppliers, facilities & equipment etc)?

4.6. What are the laws and regulation relating to the business? (e.g. industry standards or regulations,  personal certifications, intellectual property (patents, trademarks, copyrights), environmental liability, etc)

4.7. Has the research discovered any moral or ethical issuesthat you might have to address? (Please also refer to the marking rubric in subject learning guide for more information about this criteria)

5.Human Resources

(where possible, please support this session with relevant research, facts and figures)

The following (but not limited to) major questions are to be addressed:

5.1. What technical and management experience is required?

5.2. Who are the owners and what are their roles? (Entrepreneur, Manager, Technical Expert etc)

5.3. What is the ownership structure?

5.4. What are the manpower requirements?

• How many employees will you need in the 1st, 2nd and 3rd years?
• How will you find the right employees?
• How will you compensate employees (pay for time, for production, for knowledge, or a combination)?
• How will you motivate employees?
• What training will they need on an ongoing basis?

5.5. What is the company’s growth strategy?

• How will quality be managed and maintained?
• How will organizational structures change with growth?
• What career paths will employees have available?

6.Finance

(where possible, please support this session with relevant research, facts and figures)

The following (but not limited to) major questions are to be addressed:

6.1. What are the projected Revenues from the sale of your product or service?

• From the market research, what is the selling price per unit?
• From the market research, what is the projected sales volume in "units sold?" and in "dollars sold"?
• What is the total expected revenue?

6.2. How much is the start-up costs and equipment/capital costs (see attached Appendix 1 for the template)?

6.3. Prepare the projected Profit and Loss statements for the first 3 years (see attached Appendix 2 for the template).

6.4. What are the possible sources of financing?

• Where is the money from?
• What are the chances of getting the money?
• What will you have to give up?

TWO MEANS – INDEPENDENT SAMPLES

Choose a variable from the advising.sav data set to compare group means. While the choice of which variable to test is up to you, you must remember that it must be a metric variable. The grouping variable, which is used to define the two groups to be compared, must be categorical.   You can look in the “Measure” column of the “Variable View” in the data file for help in determining which is which. The managerial question is whether or not there is a significant difference between the groups for the metric variable you have chosen.

Once you have the results, report your findings using the five step hypothesis testing procedure outlined in class. (See below.)   For Step 4, simply cut and paste the SPSS output into the report. This can be done by clicking on the desired portion of the output which will then be highlighted, and then right clicking on the highlighted portion and copying it to your flash drive. (Note that you may want to drop the results into a word document immediately since if you do not have SPSS on your personal laptop, you will not be able to open any SPSS output.) Then state the answer to the managerial question that was initially posed. For example, is there a significant difference between the two groups defined by the grouping variable (which you must identify in your report) for the metric variable tested? Also, interpret the confidence interval provided for the test. Does it indicate a significant difference or not?   

PAIRED SAMPLE T-TEST

Choose a pair of metric variables and run a paired sample t-test on the pair. Again, these must be metric variables. The managerial question will be “Is there a significant difference between the two variables?” for the pair. Report your findings using the same procedure described above, including an interpretation of the confidence interval.

REPORT(SAMPLE)

Your report will consist of two hypotheses tests, (one for the independent sample test and one for the paired sample test). It will look something like this (for the independent sample test):

1: H₀: μ₁= μ₂

H_a: μ₁ ≠ μ₂

2: Two group independent sample t-test (note that SPSS does everything as a t-test regardless of sample size).

3: α=.05 → t_crit = ±whatever the appropriate value is

4

5: Make a decision regarding the null hypothesis and interpret the confidence interval.

6: Answer the managerial question.

RESULTS AFTER RUNNING   (DATA )

INDEPENDENT

PAIRED

PLEASE ANSWER INDEPENDENT AND PAIRED PARTS REPORT INDEPENDENTLY AND FOLLOW THE SAMPLE REPORT'S FORMAT TO ANSWER THE 6 QUESTIONS

PLEASE USE TWO REPORTS FOR INDEPENDENT AND PAIRED PARTS

People across the United States are fearful - and fed up- with crime. Dogs for protection, special locks, and security systems have never been more popular. And no wonder: Almost half of U.S. adults claim that they are afraid to walk alone at night in the vicinity of their own homes. Government spending on crime prevention has risen steadily during the past thirty years, but so has the crime rate. At the same time, as noted at the beginning of this chapter, violent crime has gone down in the last few years. New York City is a case in point: Murders in the Big Apple dropped from 2,245 in 1990 to 803 in 1997. Are we beginning to learn something more about controlling crime? Three factors seem to account for the New York turnaround. First, more police are on the streets than ever before. Second, a program of "community policing" makes police commanders directly responsible for controlling crime in their district. Third, and probably more important, police are less focused on making arrests and more concerned with preventing crime in the first place. For example, police officers have begun stopping young men for jaywalking or even spitting on the sidewalk in order to check them for concealed weapons (as a result the word is getting around that you risk arrest for carrying a gun) and even blocking off streets to traffic if that's what it takes to put local drug dealers out of business (the policy seems to work: the drug trade is down). Travis Hirschi (author of control theory) offers his own version of a community approach to crime. Hirschi notes that criminals today have two things in common. The first is age; most offenders are young. Crime rates are high in the late teens and early twenties, and they fall quickly thereafter. Second, most offenders take a short-term view of their lives. Lawbreakers, as Hirschi sees it, are people who have trouble working toward any long-term goal, including an educational degree, a career, a successful marriage, or even keeping a steady friendship. More than anything else, in fact, offenders are people characterized by low self-control. That is why, according to Hirschi, our present criminal justice system can never control crime effectively. For one thing, going to jail is too uncertain (most crimes go unpunished) and too far removed in time (catching, trying, and jailing criminals often takes a year or more) to deter the typical offender. Thus, Hirschi explains, popular calls for "stiffer sentences" actually have little effect in suppressing crime. Moreover, by the time many offenders are sent to prison, they are moving beyond the "crime years" simply because they are growing older. Statistically speaking, then, offenders aging in prison represent a crime threat already shrinking on its own. Therefore, rather than locking up adults, Hirschi argues that society needs to focus on younger people before they commit crimes. /similar to the new approach in New York City, Hirschi's approach calls for closer attention to teenagers - those at highest risk for criminal behavior. Effective crime control depends on devising policies to keep teens away not only from guns and drugs, but also alcohol and, if necessary, cars. Ultimately, though, the most effective way to control crime, Hirschi concludes, is to teach children self-control . This is a reasonability that falls upon parents. Government can help, however, by intervening in dysfunctional families and by developing strategies that help build strong-preferably two parent- families. Eliminating pregnancy among teenage girls would do far more to reduce crime, Hirschi contends, than all the actions of today's criminal justice system. QUESTIONS 1. Do you thing we need more prisons? Is that an effective way to deal with the crime problem? What else might be done? 2. Hirschi's recommendations are controversial because he opposes the popular practice of building more prisons. What do you thing? 3. If we don't lock up today's offenders swiftly and surely, how can we satisfy society's demand for retribution? 4. Do you think that New York City's new crime approach and Hirschi's suggestions attack the broader conditions that breed crime, such as poverty, racial prejudice, and weak families? Why or why not? 5. Does lethal injection illustrate the "medicalization of death"? How or how not? 6. Does lethal injection "sugar coat" capital punishment by making suffering less apparent? Is lethal injection more humane? Why or why not?

Problem

Write in drjava is fine.

Using the classes from Assignment #2, do the following:

1. Modify the parent class (Plant) by adding the following abstract methods:
   1. a method to return the botanical (Latin) name of the plant
   2. a method that describes how the plant is used by humans (as food, to build houses, etc)
2. Add a Vegetable class with a flavor variable (sweet, salty, tart, etc) and 2 methods that return the following information:
   1. list 2 dishes (meals) that the vegetable can be used in
   2. where this vegetable is grown

The Vegetable class should have the usual constructors (default and parameterized), get (accessor) and set (mutator) methods for each attribute, and a toString method

Child classes should call parent methods whenever possible to minimize code duplication.

The driver program must test all the methods in the Vegetable class, and show that the new methods added to the Plant class can be called by each of the child classes. Include comments in your output to describe what you are testing, for example   System.out.println(“testing Plant toString, accessor and mutator”);. Print out some blank lines in the output to make it easier to read and understand what is being output.

Assignment Submission:

Submit a print-out of the Plant and Vegetable classes, the driver file and a sample of the output. Also include a UML diagram of the classes involved. (Use tables in Word to create the various classes. Remember to use the correct arrows between the classes)

Marking Checklist

1. Does EACH class have all the usual methods?
2. Are all methods in EACH class tested, including child objects calling inherited parent methods?
3. Does the child class call the parent’s constructor?
4. Does the child class override the parent’s toString?
5. Does the output produced have lots of comments explaining what is being output?
6. Does each class, and the output, have blank lines and appropriate indenting to make them more readable?
7. public class Plant
8. private String name;

9. private String lifespan;

class Plant{
    String name;
    String lifeSpan;

    //Default Constructor
    public Plant(){

    }

    //Parametrized Constructor
    public Plant(String name,String lifeSpan){
        this.name=name;
        this.lifeSpan=lifeSpan;
    }

    public String getName() {
        return name;
    }

    public void setName(String name) {
        this.name = name;
    }

    public String getLifeSpan() {
        return lifeSpan;
    }

    public void setLifeSpan(String lifeSpan) {
        this.lifeSpan = lifeSpan;
    }

    public String toString(){
        return "\n\tName:"+name+"\n\tLifeSpan:"+lifeSpan;
    }
}

class Tree extends Plant{
    float height;

    //Default Constructor
    public Tree(){

    }

    //Parametrized Constructor
    public Tree(float height,String name,String lifeSpan){
        super(name,lifeSpan); //Super Class Constructor
        this.height=height;
    }

    public float getHeight() {
        return height;
    }

    public void setHeight(float height) {
        this.height = height;
    }

    public String toString(){
        return "\n\t"+super.toString()+"\n\tHeight:"+height;
    }

}

class Flower extends Plant{
    String color;

    //Default Constructor
    public Flower(){

    }

    //Parametrized Constructor
    public Flower(String color,String name,String lifeSpan){
        super(name,lifeSpan); //Super Class Constructor
        this.color=color;
    }

    public String getColor() {
        return color;
    }

    public void setColor(String color) {
        this.color = color;
    }

    public String toString(){
        return "\n\t"+super.toString()+"\n\tColor:"+color;
    }
}


public class drjava{
    public static void main(String args[]){

        System.out.println("\n\nPlant DETAILS\n");
        Plant plant=new Plant();
        System.out.println("Testing Plant Setter and Getter and toString Methods");
        plant.setName("Rose");
        plant.setLifeSpan("2Years");
        System.out.println("Plant Name:"+plant.getName());
        System.out.println("Plant LifeSpan:"+plant.getLifeSpan());
        System.out.println("Plant toString:"+plant.toString());

        System.out.println("\n\nTREE DETAILS\n");
        Tree tree=new Tree();
        System.out.println("Testing Tree Setter and Getter and toString Methods");
        tree.setName(plant.getName());
        tree.setLifeSpan(plant.getLifeSpan());
        tree.setHeight(3.565f);
        System.out.println("Tree Name:"+tree.getName());
        System.out.println("Tree Height:"+tree.getHeight());
        System.out.println("Tree LifeSpan"+tree.getLifeSpan());
        System.out.println("Tree toString:"+tree.toString());

        System.out.println("\n\nFlower DETAILS\n");
        Flower flower=new Flower();
        System.out.println("Testing Flower Setter and Getter and toString Methods");
        flower.setName("Rose Flower");
        flower.setLifeSpan("2days");
        flower.setColor("Red");
        System.out.println("Flower Name:"+flower.getName());
        System.out.println("Flower Lifespan:"+flower.getLifeSpan());
        System.out.println("Flower Color:"+flower.getColor());
        System.out.println("Flower toString:\n"+flower.toString());
    }
}      

please put each class and driver,thank you!

ADAM’S BANKING CAREER
William Adams joined the Skynolim Universal bank when he was discharged from the army. He had just
finished Senior High School when his country called him, and he willingly reported and served. At the bank,
he started as a delivery and pick-up driver, going to all the branches, collecting cheques and taking them to
head office for processing and posting. He started his Chartered Institute of Bankers (CIB) course and earned
a General Banking Diploma. Soon after his diploma, he was transferred to one of the Skynolim Universal
Bank branches in Pomadze as a teller. Meanwhile, Willy continued his education and earned his bachelor’s
degree in Banking and Finance. Immediately, Willy became a Chartered banker, he was picked for bank’s
management trainee program and then promoted to be operation manager at the bank’s main branch. That
was 15 years ago. Willy continued his studies earning a second degree in Investment Management. Today,
Mr. William Adams, a veteran investment banker, is the Managing Director (MD) of Skynolim Universal Bank
in Ghana and an Executive Member of the CIB Council. The current pandemic, Covid-19, with the protocol
of lockdown and staying at home have slowed business globally. Mr. Adams and his management team are
brainstorming to find solutions to the problems Covid-19 may pose to the operation and management of
Skynolim Universal Bank in Ghana.
Required: Answer the following questions from the above preamble.
1. Clearly explain five daily practices of William Adams when he was a Teller at Skynolim Universal Bank,
Pomadze branch.
2. A branch operations manager is the subordinate of a branch manager. Explain two responsibilities of
Mr. Adams when he was promoted as the operation manager of the bank’s main branch.
3. Mr. Adams, the MD for Skynolim Universal Bank has the sole responsibility to manage the asset and
liabilities of the bank to ensure favourably conditions of the bank. Explain three of
(ALM).

4. Explain two problems that Skynolim Universal Bank will be facing in the operations and management of
the bank because of Covid-19 pandemic.
5. Clearly explain solutions available to the problems, which Covid-19 poses to Skynolim Universal Bank in
Ghana. ( 5 marks)
[40 marks]
SECTION B (Answer one question from this section)
Q1. PREAMBLE
In Ghana, the problem of financial distress of banks is not new. In 2000, two banks (Bank for Housing and
Construction and the Ghana Co-Operative Bank) were liquidated. On Monday 14 August 2017, there was a
breaking news of the collapse of two banks (Capital Bank and UT Bank) with the third (UniBank) receiving
special attention from the Central Bank with the appointment of KPMG as Official Administrators following
UniBank’s insolvency. In almost a year later, the Central Bank revoked the license of five insolvent banks
( Unibank, Royal bank, Sovereign bank, Beige bank and Construction bank) to form a new Consolidated bank
owned by government. The number of banksfailure is a concern to all stakeholders in the Ghanaian banking
Industry.
Required: Answer the following questions from the above preamble.
a) Explain the term Bank Failure.
b) Explain three determinants of possible bank financial distress that could cause bank failure.

c) Discuss two economic implications of bank failure.
[20 marks]
Q2. PREAMBLE
The culture of poor corporate governance practice permeates indigenous business culture. In fact, since
independence, Ghanaian industries have been grappling with sound corporate governance practices;
largely because chunks of businesses are owned by family, friends or political cronies. The common
refrain in Ghana is that “the business belongs to my uncle, my auntie, my father, mother etc., so I can do
what I want with the money”. This cultural cancer has permeated in the governance of some indigenous
banks. The issue of lack of capacity or ‘incompetence’ of boards to enforce good governance practice cuts
across government owned banks and indigenous owned banks. According to Sanusi (2010), Nigeria

boards and executive management in some major banks were not well equipped to run their institutions.
Perhaps the same can be said of the boards of the banks that have collapsed so far in Ghana.
Required: Answer the following questions from the above preamble.
a) Explain the term ‘Corporate Governance’ from a banking industry perspective.
b) Explain three determinants of weak corporate governance that could lead to the insolvency of
banks in Africa.
c) Discuss two implications of ensuring good governance by appointing non-executive directors with
the required qualification and experience.

pls the answers should be in essay form and it should be in word document or pdf

Can you read this ans make it sound better
1. After reading the case study, I did not realize how vital walkthroughs are for the benefit of the facility. The feedback that this hospital got from this simple walkthrough was astounding. For example, the hospital was not keeping the bathrooms clean and that by this action it does affect what the patient thinks of the hospital. Also not being able to give directions to family members should have never had happened. The doctor even said that's how he was treated at his ED was going to make him need care. The values of walkthroughs can completely change the hospital to make it a better place for the patient care and quality of the overall hospital. The significance of this walkthrough did greatly improve the hospital's level of quality care. The first thing the hospital walkthrough made him realize was the "patient" aka the doctor had never walk through the patient's entrance of the hospital. As a patient, he called the hospital for example and was told that he was having an acute asthma attack in the Operation Center and was put on hold for several minutes then transferred his call to ED. The second thing the walkthrough found was that family members were trying to get information on the phone from a doctor and tried to get medical directions, but that the staff member was unable to give them instructions so and they transferred him to another person to get directions and the instructions given were incorrect directions. The third thing the walkthrough provided to the hospital was all of the signage for directions around the outside of the hospital were covered by plants and shrubbery, so no one knew which direction to go. Once arriving at the ED, it was chaos, and very filthy. One account said it felt like they were going to the county jail. The one point that stood out to me is that a family member went into the bathroom and it was so dirty, and they thought how could they care for my family if they can't even keep the restrooms clean. I believe this is one of the most important parts of the walkthrough because after all, they've been through already if they can't even have a clean bathroom what does this to say about the doctor's level of care in the hospital. Are they following proper procedures to disinfect and make sure everything is clean? The final thing that they found after conducting their walkthrough was that there were no hooks for their clothes to be hung when they had to change into a patient's gown. They have to throw their clothes onto the floor. The doctor even said that he always thought they were neglected for just throwing the clothes on the floor, but he didn't realize that there were no hooks or hangers for the clothes to be stored properly. I believe if they would make just these simple improvements like cleaning the bathrooms, making sure the patients have hooks in their room, giving proper directions to give family members follow up proper care instructions their ED would improve rapidly, and patient level of care would improve greatly.

2. The difference between patient satisfactory and patient experience is how the values are prioritized. Patient experience is going above and beyond to make sure the patient is satisfied and is happy with the services that the hospital has provided

for them. Patient satisfaction is more of the outcome measure of how they were treated and is sometimes is a process measure that is done. In some cases patient satisfaction can be a negative outcome but still have a positive patient experience. This means that the patient satisfaction can include true and false positives. The one that is most meaningful to patients is their patient experience. I believe patient experience is more valuable because if the patient is not happy with their experience, then the hospital did not go above and beyond to make sure everything was taken care of for the patient. The patient in turn isn't going to talk highly of the hospital, and the bottom line is I am not going to be satisfied and happy. The largest and widest marketing device I believe in healthcare is by word of mouth. If the patient has a bad experience at the hospital, they're going to talk about it to their family members and everyone else who would listen to them complains. Same goes if the patient had a great experience at a hospital if everything was amazing, and the hospital went above and beyond to make sure all their needs were met will are also going to tell people about their experiences, and more people are more likely going to want to make a choice to come to your hospital instead of going to somewhere else. If you just focus on patient satisfaction you're only going to get the outcome measure or process measure not what the patient is going to say to other potential patients.

The workload in many areas of bank operations has the characteristics of a nonuniform distribution with respect to time of day. For example, at Chase Manhattan Bank in New York, the number of domestic money transfer requests received from customers, if plotted against time of day, would appear to have the shape of an inverted U curve with the peak around 1 P.M. For efficient use of resources, the personnel available should, therefore, vary correspondingly. A variable capacity can be achieved effectively by employing part-time personnel. Because part-timers are not entitled to all the fringe benefits, they are often more economical than full-time employees. Other considerations, however, may limit the extent to which part-time people can be hired in a given department. The problem is to find an optimum workforce schedule that would meet personnel requirements at any given time and also be economical. Some of the factors affecting personnel assignment are listed here:

1. By corporate policy, part-time personnel hours are limited to a maximum of 40% of the day’s total requirement.
2. Full-time employees work for 8 hours (1 hour for lunch included) per day. Thus, a full-timer’s productive time is 35 hours per week.
3. Part-timers work for at least 4 hours per day but less than 8 hours and are not allowed a lunch break.
4. Fifty percent of the full-timers go to lunch between 11 A.M. and noon, and the remaining 50% go between noon and 1 P.M.
5. The shift starts at 9 A.M. and ends at 7 P.M. (i.e., overtime is limited to 2 hours). Any work left over at 7 P.M. is considered holdover for the next day.
6. A full-time employee is not allowed to work more than 5 hours overtime per week. He or she is paid at the normal rate for overtime hours—not at one-and-a-half times the normal rate applicable to hours in excess of 40 per week. Fringe benefits are not applied to overtime hours.

In addition, the following costs are pertinent:
1. The average cost per full-time personnel hour (fringe benefits included) is $10.11.
2. The average cost per overtime personnel hour for full-timers (straight rate excluding fringe benefits) is $8.08.
3. The average cost per part-time personnel hour is $7.82.

The personnel hours required, by hour of day, are given in the following Table.

TABLE: Workforce Requirements

The bank’s goal is to achieve the minimum possible personnel cost subject to meeting or exceeding the hourly workforce requirements as well as the constraints on the workers listed earlier.

Discussion Questions:
1. What is the minimum-cost schedule for the bank?
2. What are the limitations of the model used to answer question 1?
3. Costs might be reduced by relaxing the constraint that no more than 40% of the day’s requirement be met by part-timers. Would changing the 40% to a higher value significantly reduce costs?

Source: Adapted from Shyam L. Moondra. “An L. P. Model for Work Force Scheduling for Banks,” Journal of Bank Research (Winter 1976): 299–301.

Label your completed file CS1 - Your Team's Name (Team A, B, or C) and upload it to Case Study 2 assignment. You do not need to write many words, but you do need to answer all the questions above. If you do not address those three questions in particular, points will be deducted. Question 1 has 50 points, Question 2 has 20 points and Question 3 has 30 points. Upload your file to this Case Study assignment.

Hint: For Question 3, please choose a hypothetical higher number, say 45% or 50%, to illustrate your analysis and conclusion. You also need to explain why. In some cases, you may use the "QM for Windows" software (rather than Excel QM) to obtain the LP diagram to support your finding. After solving your LP program, you may click on "Windows" and the select "Graphs" to get to the graph output. You may then copy and paste any graph into your word document. However, this option may not work in all cases. Please discuss why.

Thank you!

The Australian economy is "weak",with households weighed down by slow wages growth and higher taxes,the OECD has declared in a report that backs lower interest rates,calls for more government spending and paves the way for unconventional monetary policies.In its six-monthly review of the global economy,the Paris-based think tank has sharply downgraded its expectations for Australia while raising serious concerns about the level of debt being carried by households.

The Morrison government this week announced $3.8 billion of infrastructure projects would be pulled forward or given additional funding over the next four years. The decision followed calls from the Reserve Bank of Australia (RBA),which has sliced official interest rates to a record low 0.75 per cent,for a lift in public spending plus productivity-enhancing structural reforms.

But economists have warned the new spending will equate to less than 0.1 per cent of gross domestic product (GDP),arguing much more needs to be done to get the economy growing fast enough to bring down the national unemployment rate.

The Organisation for Economic Co-operation and Development (OECD),which noted the global economy was now growing at its slowest rate since the global financial crisis,said it expected Australian GDP to expand by 2.3 per cent this year and next,well short of the federalgovernment's forecast.

It also expects private consumption,which accounts for about 60 per cent of total economic activity,to barely grow faster than inflation over the next two years.In March,the OECD was expecting unemployment to start edging down. It has now lifted its forecasts,tipping unemployment to average 5.3 per cent in 2020.Economic activity has been weak," the OECD said about Australia. "Private consumption spending has been sluggish,weighed down by slow wage growth and an increase in taxes paid by households."

While the government has argued its recent tax cuts will help households offset slow wages growth,the OECD and other organisations such as the RBA have noted overall tax levels are increasing as the budget returns to surplus.

Research this week from National Australia Bank found Australian household debt was now at a record high of 202 per cent of annual income.The OECD said high household indebtedness could "exacerbate" any economic shock that hit Australia.

It said with the RBA likely to cut interest rates further,which in turn could feed into a lift in house prices,lending standards might have to be tightened to protect households.

"High household indebtedness means that the authorities should stand ready to tighten macro- prudential policy settings if lower interest rates fuel house price inflation through a sharp pick- up in credit," the OECD found.While expecting further rate cuts,the organisation said the Morrison government should "loosen fiscal policy" to help get the economy growing faster.

"Fiscal policy is expected to provide little support to economic growth,in accordance with the federal government's commitment to future budget surpluses," it said. "A more expansionary fiscal stance may be warranted given that the economy is growing well below its potential and the relatively low public debt burden.

"At the same time,growth-enhancing tax reforms should be prioritised. These include shifting the tax mix away from direct taxes and inefficient taxes like real estate stamp duty to the GST and land taxation."Treasurer Josh Frydenberg said the nation's economic fundamentals remained sound,with the country now in its 29th consecutive year of growth.

He said there were "headwinds",particularly due to trade policy tensions that have hit confidence and business investment globally since May,but "the government's focus on productivity-enhancing reform will ensure our economy remains resilient".

"The international challenges are a stark reminder of why we must stick to our economic plan which has delivered lower taxes so you can keep more of what you earn,more infrastructure to boost productivity and which will return the budget back to surplus so we can meet the challenges that lie ahead," he said.

Question：Consider the statement,“In March,the OECD was expecting unemployment to start edging down. It has now lifted its forecasts,tipping unemployment to average 5.3 per cent in 2020.”If the unemployment rate increases,what are the costs to an economy? How does it compare with the natural rate of unemployment? （word limit: 200-300)