Answer:
Pearl Products Limited of Shenzhen, China
Finished Goods Production Budget
For the months of July August Sept October November Dec
Units required to 51,750 55500 63,000 48,000 40,500 33,000
meet Sales budget
Desired Ending 22,500 37,600 20,000 17,500 15,000 *15,000*
Inventory
Total Units Req. 74,500 93,100 83,000 65,500 55,500 48,000
Less Estimated
Beg. Inventory 21,250 22,500 37,600 20,000 17,500 15,000
Planned Production 53,250 70,600 45,400 45,500 38,000 33,000
Explanation:
Working Notes:
Units required to meet Sales budget is calculated by multiplying 3/4 of the given months sales as 25 % of it is already included in that months opening inventory . For example July's unit required to meet sales budget would be 69,000 * 3/4= 51,750
Each month's beginning inventory is previous month's ending inventory
As no data for sales budget of January is given the desired ending inventory is taken on the basis of previous months desired inventory.
Pearl Products Limited of Shenzhen, China
Direct Materials Budget
For the months of July August Sept October November Dec
Units to Meet
Production Budget 159,750 211,800 136,200 136,500 114,000
Desired Ending 105,900 68,100 68,250 57,000 49,500
Inventory
Less Beginning
Inventory 88,000 105,900 68,100 68,250 57,000
Direct Materials
Budget 177,650 174,000 136,350 125,250 106,500
Explanation:
Working Notes:
Each finished goods units requires 3 units of direct material . The units to meet the production budget are estimated by multiplying them with 3. for example the July Production budget is 53,250 so it is multiplied with 3 to get the direct material required and 53,250 *3= 159,750
1. Pearl Products Limited's Production Budget for Supermix for the months of July, August, September, and October
July August September October
Sales in units 69,000 74,000 84,000 64,000
Ending Inventory 22,500 25,000 20,000 17,500
Total units required 82,500 99,000 104,000 81,500
Beginning Inventory 21,250 22,500 25,000 20,000
Production Units 61,250 76,500 79,000 61,250
2. Pearl Products Limited's Direct Materials Budget for Solvent H300 for the quarter:
July August September Total
Solvent H300 required 183,750 229,500 239,000 652,250
Ending Inventory 114,750 119,500 91,875 326,125
Total materials 298,500 349,000 330,875 978,375
Beginning Inventory 88,000 114,750 119,500 322,250
Purchases of H300 210,500 234,250 211,375 656,125
Data and Calculations:
Sales Budget and Production Budget
July August September October November December
Sales in units 69,000 74,000 84,000 64,000 54,000 44,000
Ending
Inventory 22,500 25,000 20,000 17,500 15,000
Total units
required 82,500 99,000 104,000 81,500 69,000
Beginning
Inventory 21,250 22,500 25,000 20,000 17,500
Production 61,250 76,500 79,000 61,250 51,500
Raw materials Inventory:
July August September October November
Production Units 61,250 76,500 79,000 61,250 51,500
Raw materials (1 unit = 3cc of H300)
required 183,750 229,500 239,000 183,750 154,500
Ending Inventory 114,750 119,500 91,875 77,250
Total materials 298,500 349,000 330,875 261,000
Beginning
Inventory 88,000 114,750 119,500 91,875
Purchases 210,500 234,250 211,375 169,125
For the production units, calculate the ending inventory based on 4,000 + 25% of the next month's sales units. Add this to the sales units for the month to obtain the total units required. Subtract the beginning inventory from this total to get the units that must produced each month.For the units to be purchased, first multiply the production units by 3 cc of H300. This gives the raw materials required for production. Then work out the ending inventory and add to the required production materials to get the units that must be available to meet production and ending inventory requirements. Subtract the beginning inventory from this total to get the units of raw materials that must be purchased each month.Thus, the production units are as given above, while the units to be purchased of H300 are also indicated.
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Quisco Systems has 6.3 billion shares outstanding and a share price of $ 17.03. Quisco is considering developing a new networking product in house at a cost of $ 457 million. Alternatively, Quisco can acquire a firm that already has the technology for $ 889 million worth (at the current price) of Quisco stock. Suppose that absent the expense of the new technology, Quisco will have EPS of $ 0.78. a. Suppose Quisco develops the product in house. What impact would the development cost have on Quisco's EPS? Assume all costs are incurred this year and are treated as an R&D expense, Quisco's tax rate is 35 %, and the number of shares outstanding is unchanged. b. Suppose Quisco does not develop the product in house but instead acquires the technology. What effect would the acquisition have on Quisco's EPS this year? (Note that acquisition expenses do not appear directly on the income statement. Assume the firm was acquired at the start of the year and has no revenues or expenses of its own, so that the only effect on EPS is due to the change in the number of shares outstanding.) c. Which method of acquiring the technology has a smaller impact on earnings? Is this method cheaper? Explain.
Answer:
Explanation:
current earnings available to equity shareholders :
EPS = current earnings available to equity shareholders / Shares outstanding
0.78 = current earnings available to equity shareholders / 6.3 billion
current earnings available to equity shareholder = 0.74*6.3 billion
= 4.662 billion
a) Calculation of EPS(develops the product in house)
Revised earnings available to equity shareholder = 4.662 billion - (.457 million*0.65) = 4.662 billion-0.297 billion
= 4.365 billion
Revised EPS = 4.365 billion / 6.3 billion
= 0.69
b) Calculation of EPS (does not develops the product in house)
current earnings available to equity shareholder = 4.662 billion
New shares issued = 0.889 billion/17.03
= 0.05202 billion
New shares Outstanding = 6.3 billion+ .05202 billion
= 6.3520 billion
Revised EPS = 4.662 billion / 6.3520 billion
= .73
c) Impact on EPS
Developing the product in house is cheaper,but it will affect the share price greatly since it has great impact on EPS.
Quisco's EPS will be affected by the method they choose to acquire new technology, either through in-house development or acquisition. The EPS impact can be calculated, but a smaller impact doesn't necessarily mean it is cheaper.
Explanation:Let's start by doing a. If Quisco develops the product in-house, they will incur R&D expenses of $457 million. Subtracting this R&D expense from their earnings before taxes and multiplying by the after-tax rate (1-0.35), we get the net income. Dividing this by the number of outstanding shares will give us the new EPS.
For b. If Quisco decides to acquire the technology, they will issue additional shares, and the total number of shares outstanding will increase. The acquisition cost in terms of stock would be $889 million / $17.03 (the share price) = about 52.18 million additional shares. Thus, the new EPS will be computed by dividing the net income (EPS * initial number of shares) by the new total number of shares.
Finally, for c. We must compare the new EPS in both cases to determine which method has a smaller impact on earnings. However, the method with smaller EPS impact isn't necessarily cheaper. The EPS is just a performance number. The actual cost is the expense incurred, either in cash (R&D expense) or in issuing shares (opportunity cost).
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When buyers are in a weak bargaining position, companies in the supplying industry must lower their prices to increase profits.
True/False
Answer:
The statement is FALSE
Which of the following statements is true of corporate bylaws?
(A) Procedures for electing corporate directors are contained in corporate bylaws.
(B) Procedures that govern changes in corporate bylaws are contained in the corporate charter.
(C) Corporate bylaws are a set of rules drawn up by the state to enable managers to run the firm in accordance with state laws.
(D) To open their doors and start their operations, corporations are legally required only to file their bylaws with the appropriate agency in the state where they incorporate.
(E) The declaration of the activities that a firm will pursue and the number of directors are included in the corporate bylaws.
Answer:
A) Procedures for electing corporate directors are contained in corporate bylaws.
Explanation:
The corporate bylaws are not identical for all firms incorporated in a particular state. the corporate bylaws do not dictate a firm's behavior inside its home country and corporate charter outline rules for operating in foreign countries. for a manufacturing firm, it is not necessary that the company must be incorporated in the same state where its largest manufacturing facilities are located.
Corporate bylaws are a set of rules and regulations that govern the internal operations of a corporation, including procedures for electing directors, the activities the firm will pursue, and the number of directors.
Corporate bylaws are a set of rules and regulations that govern the internal operations of a corporation. They are typically written by the founders, directors, or shareholders of the company and outline key aspects such as the procedures for electing directors, the activities the firm will pursue, and the number of directors. Therefore, statement (E) is true. As for the other statements: (A) is true as procedures for electing directors are indeed contained in corporate bylaws, (B) is false as procedures that govern changes in corporate bylaws are typically contained in the corporate bylaws themselves, (C) is false as corporate bylaws are not drawn up by the state but by the individuals involved in the corporation, and (D) is false as opening a corporation involves more legal requirements than just filing the bylaws.
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____________ refers to identifying the elements of a job and arranging its tasks and responsibilities for the purpose of creating a productive work unit.
Answer:
Person-organization fit.
Explanation:
The person-organization fit can be defined as the compatibility that exists between employees and a particular organization. There is compatibility between both when there are similar values or when one party is dependent on the other to meet any need.
There is research that indicates that the importance of the Person-Organization fit concept is to be based on the theory of attraction-selection-attrition, which corresponds to the relationship between an individual seeking to work in an organization with values similar to theirs, and the organization hiring these individuals during a selection process. Hence the idea of congruence and adequacy between the employee and the organization, which makes organizational activities and processes more effective, and guarantees essential benefits for organizational existence, such as:
Productivity increase , Work attitudes , Increased performance , Decrease in employee turnover.Answer:
Job design
Explanation:
Job design is one of key human resources functions which aims at ensuring employee performance and overcoming job dissatisfaction by giving special attention to the way a job or task is arranged. Job design relates the specification of content and allocation of specific tasks to individuals employees or a group of employees.
Job design can influence the work attitude and self esteem of staff in the work place.
Suppose investment is $1,100 billion, private saving is $1,050 billion, and capital inflow from abroad is $100 billion. Solve the government budget deficit in the case.
Anoveoswer:
The government deficit is $150 billion
Explanation:
Current Account (CA) = Savings(S) -Investment(I).
Current account (CA) is also conventionally defined as (X-M) (value of exports – value of imports) + Net income from abroad. (R)
CA = (X-M) + (R)
In this case CA= $1050 billion - $1100 billion
CA= -$50 billion
Therefore CA = (X-M) + (R)
- $50 billion = x + $100 billion
X-M= -$100 billion + -$50 billion= -$150 billion
Who among the following persons said, "The social responsibility of business is to increase profits"? a. Kindle Jarry b. Please Mr. Postmanc. Ronald Postmad. Milton Friedman
Answer:
D: Milton Friedman
Explanation:
''The social responsibility of business is to increase profits'' pronounced by Milton Friedman. Friedman declares that a businessman when he announces that business is not involved only with profit but also with developing social boundaries means that he is supporting free enterprise. This social responsibility is defined as Corporate Social Responsibility, which is the faith that “corporations owe a greater duty to their communities and stakeholders” by owning a “social duty.”
Susan can bake 200 cookies in an hour or watch her favorite tv show. If she chooses to watch her show, her opportunity cost is
Answer:
200 cookies
Explanation:
The concept of opportunity cost arises as a result of the limited resources available to satisfy the unlimited human wants.
Opportunity cost is the cost or worth of the item forgone from the list of wants. Hence is is also called real cost or opportunity foregone.
The scale of preference ranks the wants in the order of preference.
If the resources available can only satisfy the first want, the second on the list is the opportunity cost.
As such, Susan's opportunity cost is the 200 cookies she failed to bake.
Which production possibilities frontier (PPF) reflects increasing opportunity costs?
Answer:
bowed-out shape
Explanation:
Each type of good requires a different set of production resource. When the opportunity cost increases the production possibility frontiers tends to have a bowed-out shape. The reason for bowed-down shape is, goods need different production process and tools, that is why the firms have to choose which goods they want to produce and which are not feasible.
At its simplest, acquisition management can be viewed as:
a. inventory management plus contract management
b. operations management plus contract management
c. project management plus contract management
d. project management plus operations management
Answer:
The correct answer is letter "D": project management plus operations management.
Explanation:
Acquisition management refers to all the efforts a company makes to obtain the materials necessary for the operations process stage to take place. Labor, land, and equipment are the main factors that the company must acquire to make its project become true. Under that scenario, project management and operations management are the core of the acquisition management.
In simplest terms, acquisition management can be defined as project management plus contract management. It involves overseeing all aspects of acquiring goods or services and managing the associated contracts within an organization.
Explanation:At its simplest, acquisition management can be accurately described as project management plus contract management, so the correct answer would be (c). The reason for this is that acquisition management involves overseeing and executing all aspects of acquiring goods or services within an organization. This process includes managing the contracts associated with these acquisitions, which aligns with contract management. At the same time, it also involves managing the entire acquisition 'project' from beginning to end, thus aligning with the principles of project management.
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Moody Corporation uses a job-order costing system with a plant wide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:
Machine-hours required to support estimated production…………100,000
Fixed manufacturing overhead cost……………………………….$650,000
Variable manufacturing overhead cost per machine-hour…………$3.0
Required:
1. Compute the predetermined overhead rate
During the year, Job 400 was started and completed. The following information was available with respect to the job:
Direct materials requisitioned…………………..$450
Direct labor cost………………………………...$210
Machine-hours used……………………………….40
2. Compute the total manufacturing cost assigned to Job 400.
3. During the year, the company worked a total of 146,000 machine-hours on all jobs and incurred actual manufactured overhead costs of $1,350,000. What is the amount of underapplied or overapplied for the year? If this amount were closed out entirely to cost of Goods Sold would the journal entry increase or decrease net operating income?
Answer:
1. 9.50 per machine hour
2. $1,040
3. $37,000 ; Increase
Explanation:
1. Fixed predetermine overhead rate:
= Fixed manufacturing overhead cost ÷ Machine-hours required
= 650,000 ÷ 100,000
= 6.5 per machine hour
Variable predetermine overhead rate = 3 per machine hour
Total predetermine overhead rate:
= Fixed predetermine overhead rate + Variable predetermine overhead rate
= (6.5 + 3)
= 9.50 per machine hour
2. Total manufacturing cost:
= Direct material + Direct labor + Manufacturing overhead
= $450 + $210 + (40 × 9.5)
= $450 + $210 + $380
= $1,040
3. Applied overhead:
= Total machine hours × Total predetermine overhead rate
= 146,000 × $9.50
= $1,387,000
Actual overhead = $1,350,000
Over applied overhead:
= Applied overhead - Actual overhead
= $1,387,000 - $1,350,000
= $37,000
If this amount were closed out entirely to cost of goods sold then net operating income will be increase.
Final answer:
The predetermined overhead rate is derived from dividing total estimated overhead costs by estimated machine-hours. For Job 400, the total manufacturing cost includes direct materials, direct labor, and applied overhead based on actual machine-hours used. Overapplied or underapplied overhead is calculated by comparing actual and applied overhead costs, and closing out the difference to Cost of Goods Sold will affect net operating income.
Explanation:
Computing Predetermined Overhead Rate
To compute the predetermined overhead rate, we'll divide the total estimated overhead costs by the estimated machine-hours. The formula is: Predetermined Overhead Rate = (Estimated Fixed Overhead + (Variable Overhead Rate × Estimated Machine-Hours)) / Estimated Machine-Hours.
Total Manufacturing Cost for Job 400
The total manufacturing cost assigned to Job 400 is the sum of direct materials, direct labor, and applied overhead. Applied overhead is computed by multiplying the predetermined overhead rate by the actual machine-hours used by Job 400.
Calculation of Overapplied or Underapplied Overhead
To find whether the overhead is overapplied or underapplied, the actual overhead costs are compared with the applied overhead costs. If actual costs are higher, overhead is underapplied. Conversely, if applied costs are higher, overhead is overapplied. The difference will be closed out to Cost of Goods Sold, which will either increase or decrease net operating income depending on whether the overhead was underapplied or overapplied.
When a customer chooses to accept an item of value from a business because it requires no incremental spending on the part of the customer, the customer is demonstrating the principle that:A. markets are an efficient way to organize economic activity.B. specialization produces benefits for society.C. customers are smarter than businesses.D. rational people think at the margin.
Answer:
The correct answer is letter "B": rational people think at the margin.
Explanation:
The "rational people think at the margin" principle means that consumers consider the marginal benefits and costs of acquiring a good or service before the purchase is made. Purchases typically take place when the marginal benefit is higher than the marginal cost.
The length of the Kaufman Bridge is 2,400 feet and the length of Bruner Bridge is 3,500 feet. Which of the followin statements comparing the Kaufman and Bruner Bridges is correct? Check all that apply. The Kaufman Bridge is 31.43% shorter than the Bruner Bridge. □ The Kaufman Bridge is 1,100 feet longer than the Bruner Bridge. The Bruner Bridge is 1,100 feet shorter than the Kaufman Bridge. The Kaufman Bridge is 45.83% shorter than the Bruner Bridge. The Bruner Bridge is 31.43% longer than the Kaufman Bridge The Bruner Bridge is 45.83% longer than the Kaufman Bridge.
Answer:
The Kaufman Bridge is 31.43% shorter than the Bruner Bridge.
The Bruner Bridge is 45.83% longer than the Kaufman Bridge.
Explanation:
In this question, we have to compare between the length of Kaufman Bridge and the length of Bruner bridge which is shown below:
For Kaufman Bridge
= (3,500 feet - 2,400 feet) ÷ (2,400 feet)
= (1,100 feet) ÷ (2,400 feet)
= 45.83%
For Bruner Bridges
= (3,500 feet - 2,400 feet) ÷ (3,500 feet)
= (1,100 feet) ÷ (3,500 feet)
= 31.43%
How does a complete performance management system differ from the use of annual performance appraisals?
Answer:
PERFORMANCE MANAGEMENT is an ongoing process not periodic
PERFORMANCE APPRAISAL is a periodic activity
PERFORMANCE MANAGEMENT is aimed at the overall growth of the employees in terms of knowledge,skills etc
PERFORMANCE APPRAISAL is usually aimed at compensation and efficiency.
PERFORMANCE MANAGEMENT is a process
PERFORMANCE APPRAISAL is a system
PERFORMANCE MANAGEMENT involves multiple stakeholders
PERFORMANCE APPRAISAL involves the HR and Direct managers
Explanation: PERFORMANCE MANAGEMENT comprises of the overall processes involved in managing an employees development,growth,skills in order to ensure efficient performance of the entire team.
PERFORMANCE APPRAISAL is a periodic management system of evaluating its work force to determine compensation and improve efficiency, performance appraisal is part of the overall performance management approach.
Personal care products that bring to the purchaser feelings of self-enhancement and security in addition to the essential benefits they offer are examples of ___.
a. physical product
b. generic product
c. tangible product
d. conventional product
Answer:
b. generic product
Explanation:
Generic product -
It refers to the products which is sled on the name of some other brand , is referred to as a generic product.
These products are very popular in local shops , which may or may not be having any brand name , these products also less expensive and hence, are prefered by most of the people , as they are efficient in their work , and these product are least advertised .
Hence , people really enjoy using these product .
The correct option is b. generic product .
___________ contains information needed to carry on the operations of a firm over long periods of time.
Answer:
The correct word for the blank space is: Reference document.
Explanation:
A reference document is a file stored containing procedures, practices or strategies used by a firm in the past for a specific purpose. The goal of keeping these documents is to avoid time in the future in case a similar problem happens by applying the solution method implemented in the past.
Where can you obtain information about the responsibilities, compensation, and career potential of a certain job?
Answer:
Explanation:
There are several ways:
1. People in your networks (employees of the organization, guest speakers at your college)
2.Career service centers
3. Social media accounts and postings of job offerings and descriptions
4. You can visit employer's office or call them
5. Employment agencies
If 4 million kegs of beer are sold,MC exceeds MB , which means that:
Society is currently devoting the efficient quantity of resources to the production of beer.
It would be more efficient for society to devote fewer resources to the production of beer.
It would be more efficient for society to devote more resources to the production of beer.
It would be fairer for society to devote fewer resources to the production of beer.
Answer: The correct answer is "It would be more efficient for society to devote more resources to the production of beer.".
Explanation: If 4 million kegs of beer are sold,MC exceeds MB , which means that: It would be more efficient for society to devote more resources to the production of beer.
When producing 4 million barrels of beers, resources are not being used optimally, so more resources must be produced, so that resources can be used more efficiently (allocating less alternative resources).
When MC exceeds MB in selling 4 million kegs of beer, it would be more efficient to devote fewer resources to beer production.
Explanation:When MC (Marginal Cost) exceeds MB (Marginal Benefit) in the context of selling 4 million kegs of beer, it means that it would be more efficient for society to devote fewer resources to the production of beer. This is because the additional costs of producing each additional keg of beer outweigh the additional benefits gained from selling it. By reducing resources allocated to beer production, society can allocate those resources to other industries where the marginal benefit exceeds the marginal cost.
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A survey found that 69 percent of MBA students view maximizing shareholder value as the pri- mary responsibility of a company. Do you agree? What do you think this finding suggests about the ethical and socially responsible stance of cor- porate managers over the next couple of decades? .
Answer:
I agree
Explanation:
Social and ethical responsibilities: There are various parameters grounded on which the company or the firm should enact fro the benefit of the society. A firm need to consider the parameters while taking the decisions of the business as this will benefit the environment as well as the business economy.
The focus on the shareholders has rise as the companies are being concerned. At present there are a lot of completion and limit or restriction to managerial or technical edge, one could achieve over the competitors.
If the shareholders are with the company or firm, then the company or the firm is bound to grow, otherwise the company has many chances to fail.
Keeping the shareholders with the company, very much grounded on that how the company deals or handles them as there is more than a shareholder look from the company or the firm beyond the financial interest.
Final answer:
The survey result reflects a traditional focus on maximizing shareholder value among MBA students, aligning with Milton Friedman's views. However, evolving perspectives on corporate social responsibility suggest that future corporate managers may adopt more ethically and socially responsible approaches, balancing the interests of various stakeholders.
Explanation:
The finding that 69 percent of MBA students view maximizing shareholder value as the primary responsibility of a company suggests a traditional adherence to Milton Friedman's principle that the social responsibility of business is to increase its profits. However, this approach has been challenged by the evolving concept of corporate social responsibility (CSR), where the interests of all stakeholders, including employees, customers, and the community at large, are considered alongside those of shareholders.
The shift from shareholder primacy towards more inclusive stakeholder theory reflects a broader understanding of a company's role in society, suggesting that future corporate managers may adopt more ethically and socially responsible stances by balancing the interests of various stakeholders.
Modern debates in business ethics underscore the need for companies to operate not merely for profit maximization but also in a manner that is sustainable and responsible towards society. The Business Round table's endorsement of a modern standard for corporate responsibility, which emphasizes delivering value to all stakeholders, marks a significant shift from the longstanding principle of shareholder primacy.
This evolution suggests that corporate managers over the next couple of decades will likely place greater emphasis on ethical considerations and social responsibilities, going beyond the traditional focus on maximizing shareholder value.
In the US, public insurers such as Medicare are forbidden by law from applying formal health technology assessments - and in particular, cost-effectiveness analyses - in deciding whether to cover new health technologies, no matter how expensive. By contrast, in Beveridge countries, centralized health technology assessment is required before the public health care system will cover expensive new technologies. What is the nature of the social costs associated with covering a new technology in a Beveridge public healthcare system? What is the nature of the social costs associated with not covering a new technology in such a system? What economic problem does centralized health technology assessment partially address?
Answer:
A.
1. It is usually expensive
2. New products are developed to treat diseases and medical conditions affecting humans.
3. It involves lost of training and retraining of medical technologist or health workers
B
1. It affects the health of the citizens. e.g increase in mortality rate, spread of diseases and infections
2. It reduces the economic strength of a nation/community
3. Reduces productivity at work and environment. This is because workers are not giving there best because of health challenges and failed health system
c.
HTA studies the social, medical, ethical and economic. implications of the health technology. It addresses the issues of human productivity by evaluating the impact of health technology.
Explanation:
What is the nature of the social costs associated with covering a new technology in a Beveridge public healthcare system?
1. It is usually expensive
2. New products are developed to treat diseases and medical conditions affecting humans.
3. It involves lost of training and retraining of medical technologist or health workers
What is the nature of the social costs associated with not covering a new technology in such a system?
1. It affects the health of the citizens. e.g increase in mortality rate, spread of diseases and infections
2. It reduces the economic strength of a nation/community
3. Reduces productivity at work and environment. This is because workers are not giving there best because of health challenges and failed health system
What economic problem does centralized health technology assessment partially address?
HTA studies the social, medical, ethical and economic. implications of the health technology. It addresses the issues of human productivity by evaluating the impact of health technology.
Which of the following describe some of the trade-offs faced by a family deciding whether to buy a new car? Check all that apply. A. An increase in the family's car payment means the family will be unable to afford a vacation. B. The vehicle is available in several colors. C. A newer model offers better protection and functions but is more expensive than an older model.
Answer:
The correct answer is letter "A" and "C": An increase in the family's car payment means the family will be unable to afford a vacation; A newer model offers better protection and functions but is more expensive than an older model.
Explanation:
Trade-offs are the result of comparing what must be acquired with what should be given up to satisfy most of a need. While selecting a new vehicle, a family must consider its capacity, size, and price. Besides, they will have to evaluate all the could be left behind for incurring such expenses like buying a new piece of furniture of use of most members of the family, remodeling part of the house or going on a family vacation.
Turkey Corp. provides services to customers on account for $3,000. Recording this transaction will include a __________.
a. Debit to accounts receivable
b. Debit to retained earnings
c. Debit to cash
d. Debit to accounts payable
e. Credit to revenue
Answer:
e) Credit to Revenue
Explanation:
The services provided to customers will be an increase of revenue and an increase in revenues is a credit transaction.
Since the question does not mention that the services were billed therefore the accounts receivable will not be increased till it is billed and thus option a) is not applicable.
The other options are not relevant since there is no cash collection involved, and no liabilities involved.
When Turkey Corp. provides services on account, it results in a debit to Accounts Receivable and a credit to Revenue reflecting the increase in assets and earnings.
Explanation:This situation involves tracking revenues and their effect on a company's account. When Turkey Corp. provides services on account for $3,000, this transaction would include a debit to Accounts Receivable and a credit to Revenue. A debit to Accounts Receivable indicates an increase in the assets of the company because it represents future cash inflows. Credit to Revenue means the company has earned, even though cash hasn't been received. Hence, options 'a' and 'e' are correct.
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The College Board reported the following mean scores for the three parts of the Scholastic Aptitude Test (SAT) (The World Almanac, 2009): Critical Reading 502 Mathematics 515 Writing 494Assume that the population standard deviation on each part of the test is = 100.a. What is the probability a sample of 90 test takers will provide a sample mean test score within 10 points of the population mean of 502 on the Critical Reading part of the test (to 4 decimals)?b. What is the probability a sample of 90 test takers will provide a sample mean test score within 10 points of the population mean of 515 on the Mathematics part of the test (to 4 decimals)?c. What is the probability a sample of 100 test takers will provide a sample mean test score within 10 of the population mean of 494 on the writing part of the test (to 4 decimals)?
Answer:
a) [tex] P(492<X<512) = P(\frac{492-502}{10.54} <Z<\frac{512-502}{10.54}) = P(-0.949 < Z< 0.949)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-0.949 < Z< 0.949)= P(Z<0.949) -P(Z<-0.949) =0.8287-0.1713=0.6574 [/tex]
b) [tex] P(505<X<525) = P(\frac{505-515}{10.54} <Z<\frac{525-505}{10.54}) = P(-0.949 < Z< 1.898)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-0.949 < Z< 1.898)= P(Z<1.898) -P(Z<-0.949) =0.9712-0.1713=0.7998 [/tex]
c) [tex] P(484<X<504) = P(\frac{484-494}{10} <Z<\frac{504-494}{10}) = P(-1 < Z< 1)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-1 < Z< 1)= P(Z<1) -P(Z<-1) =0.8413-0.1587=0.6827 [/tex]
Explanation:
Previous concepts
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".
Part a
Let X the random variable that represent the scores for critical reading of a population, and for this case we know the distribution for X is given by:
[tex]X \sim N(502,100)[/tex]
Where [tex]\mu=502[/tex] and [tex]\sigma=100[/tex]
We select a sample of size n=90, since the distribution for X is normal then the distribution for the sample size is also normal
[tex]\bar X \sim N(\mu, \frac{\sigma}{\sqrt{n}}=\frac{100}{\sqrt{90}}=10.54)[/tex]
And for this case we want this probability:
[tex] P(502-10 < \bar X < 502+10)[/tex]
And for this case we can use the z score given by:
[tex] z= \frac{\bar X -\mu}{\sigma_{\bar x}}[/tex]
And if we use this formula we got:
[tex] P(492<X<512) = P(\frac{492-502}{10.54} <Z<\frac{512-502}{10.54}) = P(-0.949 < Z< 0.949)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-0.949 < Z< 0.949)= P(Z<0.949) -P(Z<-0.949) =0.8287-0.1713=0.6574 [/tex]
Part b
Let X the random variable that represent the scores for Math of a population, and for this case we know the distribution for X is given by:
[tex]X \sim N(515,100)[/tex]
Where [tex]\mu=515[/tex] and [tex]\sigma=100[/tex]
We select a sample of size n=90, since the distribution for X is normal then the distribution for the sample size is also normal
[tex]\bar X \sim N(\mu, \frac{\sigma}{\sqrt{n}}=\frac{100}{\sqrt{90}}=10.54)[/tex]
And for this case we want this probability:
[tex] P(515-10 < \bar X < 515+10)[/tex]
And for this case we can use the z score given by:
[tex] z= \frac{\bar X -\mu}{\sigma_{\bar x}}[/tex]
And if we use this formula we got:
[tex] P(505<X<525) = P(\frac{505-515}{10.54} <Z<\frac{525-505}{10.54}) = P(-0.949 < Z< 1.898)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-0.949 < Z< 1.898)= P(Z<1.898) -P(Z<-0.949) =0.9712-0.1713=0.7998 [/tex]
Part c
Let X the random variable that represent the scores for Writing of a population, and for this case we know the distribution for X is given by:
[tex]X \sim N(494,100)[/tex]
Where [tex]\mu=494[/tex] and [tex]\sigma=100[/tex]
We select a sample of size n=100, since the distribution for X is normal then the distribution for the sample size is also normal
[tex]\bar X \sim N(\mu, \frac{\sigma}{\sqrt{n}}=\frac{100}{\sqrt{100}}=10)[/tex]
And for this case we want this probability:
[tex] P(494-10 < \bar X < 494+10)[/tex]
And for this case we can use the z score given by:
[tex] z= \frac{\bar X -\mu}{\sigma_{\bar x}}[/tex]
And if we use this formula we got:
[tex] P(484<X<504) = P(\frac{484-494}{10} <Z<\frac{504-494}{10}) = P(-1 < Z< 1)[/tex]
And we can use excel or the normal standard table to find this probability:
[tex] P(-1 < Z< 1)= P(Z<1) -P(Z<-1) =0.8413-0.1587=0.6827 [/tex]
A manager faced with an ethical dilemma asks herself how it would feel to explain the decision to a wider audience by using this ethical principle.
Answer:
The correct answer is letter "D": The disclosure rule.
Explanation:
In management, the disclosure rule implies releasing relevant information of the company to the masses. Executives face an ethical dilemma when the information could harm the firm's public image or when the information is manipulated so the information that could compromise the organization is not provided to the audience.
If W. Edwards Deming was your management consultant, he would emphasize
A.quality through constant innovation and quality assurance training.
B.groups as important aspects of organizations.
C.analyzing organizations in their social context.
D.a clear division of labor and hierarchy of authority.
Answer:
Letter A. Quality through constant innovation and quality assurance training.
Explanation:
Alternative A is correct, as W. Edwards Deming was a pioneer scholar in the application of organizational quality management.
He was responsible for creating the 14 points, which are principles for management that will help the organization to achieve total quality. He was also responsible for popularizing the PDCA Cycle (PLAN, DO, CHECK, ACT), which is a strategic tool widely used worldwide to ensure continuous improvement and the quality of processes and products.
PLAN: define objectives, methods and resources.DO: Perform, educate and train.CHECK: Measure and evaluateACT: act correctly.Continuous improvement can be achieved through the correct and targeted use of the PDCA cycle towards organizational objectives. For Deming, without continuous improvement, there is no survival of the organization in the market, so he argues that continuous improvement must be implemented in all phases of the project, to achieve the benefits of continuous improvement of processes, increased productivity and reduced costs.
Here are some points to ponder when hiring data professionals:
1. Look for candidates with a strong educational background in analytics/statistics. You want someone who knows more than you do about handling copious amounts of data.
2. The ideal candidates will have specific experience in your industry or a related industry. "When you have all those Ph.D.s in a room, magic doesn’t necessarily happen because they may not have the business capability," said Andy Rusnak, a senior executive at Ernst & Young.
3. Search for potential candidates from industry leader organizations that are more advanced in big data.
4. Communication skills are a must. Look for a candidate "who can translate Ph.D. to English," says SAP Chief Data Scientist David Ginsberg. He adds, "Those are the hardest people to find."
5. Find candidates with a proven record of finding useful information from a mess of data, including data from questionable sources. You want someone who is analytical and discerning.
6. Look for people who can think in 8- to 10-week periods, not just long term. Most data projects have a short-term focus.
7. Test candidates’ expertise on real problems. Netflix's Director of Algorithms asks candidates, "You have this data that comes from our users. How can you use it to solve this particular problem?"
Questions:
1. Let’s say you work in a metropolitan city for a large department store chain and your manager puts you in charge of a team to nd out whether keeping the store open an hour longer each day would increase profits. What data might be
available to your decision-making process? What data would be important to your decision?
2. What kinds of data might we want in OB applications?
3. As Braver man notes, one problem with big data is making sense of the information. How might a better understanding of psychology help you sift through all this data?
Answer:1) forecasted sales return for the period, expenses to be incurred including overtime wages, utility bills etc, cost benefits
B) cost benefits.
2 The emotional need and the consent of the stakeholders including the staff,customer's, suppliers
3 A mental diagnoses of the reaction of stakeholders to the idea is very important and can only be deduce by psychology skills
Explanation: There is a need to find out whether staying open an extra hour will bring more sales and even with more sales , there is a need to find out if the workers will buy into the idea,they may feel that their private time is being encroached ,once the staff show dissension,it will be difficult to achieve the goal .the cost benefits of the process need to be established to make a positive decision.customers view can be gotten through questionnaire, survey etc.
2)this will allow for the emotion,mood and perception of the staff and other stakeholders be met before proceeding on this implementation,as they say happy staff means happy customer and more profits.
3) A good knowledge of psychology will help you ascertain the mood,ac ceptance of the proposal by all staff and where necessary incentives can be introduced
Few restaurant management students opt for ____________________management, believing it lacks the variety, glamour and opportunity for self-expression.
Answer: Quick service
Explanation:
According to the given question, the few restaurants student opting quick service management is the process of lack of varieties, opportunities and the glamour.
The Quick service is one of the disadvantage method using in the management as it contain the fast serving of the food and lack of the various types of variety in the food menu.
We are not able to manage all the stuff in order to satisfying the customer requirement and also lacks the opportunities for the self expression. Therefore, Quick service is the correct answer.
What is the ability of an organization to tailor its products or services to the customer's specifications?
Answer:
Mass Customization
Explanation:
Mass Customization -
It is a manufacturing and marketing strategy ,
where huge range of services and products are altered or changed according to the likes and dislikes of the customers , is referred to as mass customization.
It is also known as built - to - order and made - to - order.
These type of method are used in order to increase the sale of the goods and service , by modifying the goods according to the customers satisfaction.
Hence , from the question,
The correct term is mass customization.
The ability of a company to tailor its products or services to customer specifications is referred to as product differentiation. This includes physical attributes of the product and intangibles like guarantees, quality reputation, additional services, and promotional offers. Advertising plays a significant role in shaping customer preferences.
Explanation:The ability of an organization to tailor its products or services to the customer's specifications is often referred to as product differentiation. This is a key aspect in a company's core competency which refers to its fundamental knowledge, ability, or expertise in a specific subject area or skill set. For instance, a company that specializes in making customized t-shirts may consider its core competency to be the design and manufacture of these t-shirts according to customer specifications.
Product differentiation not only includes the physical attributes of a product, but also the intangible ones. These can include aspects such as guarantee of satisfaction, a reputation for high quality, services like free delivery, or offers like a loan to purchase the product. These intangible aspects can play a significant role in influencing customer preferences and add value to the product or service being offered. Advertising can also be a powerful tool in shaping these preferences.
Learn more about Product Differentiation here:https://brainly.com/question/33900041
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Charles Ndhlovu regularly purchased large quantities of materials used in counterfeit manufacturing, such as blank CDs and DVDs, cases, and labeling paper. a store run by Ndhlovu did not display a business license and offered no signage or advertisement to indicate he sold CDs and DVDs. Law enforcement authorities sent a confidential informant to Ndlovu’s store to purchase CDs and DVDs. with $180, the informant bought 80 counterfeit discs labeled with well-known movie and music titles. Police raided Ndlovu’s store and seized over 6,500 counterfeit CDs and DVDs. Ndhlovu was charged and convicted of criminal copyright infringement. He argued on appeal that the government had failed to prove that his copyright infringement was committed for purposes of commercial gain.
Should Ndhlovu’s conviction be upheld?
Answer:
Charles Ndhlovu regularly purchased large quantities of materials used in counterfeit manufacturing, such as blank CDs and DVDs, cases, and labeling paper. a store run by Ndhlovu did not display a business license and offered no signage or advertisement to indicate he sold CDs and DVDs. Law enforcement authorities sent a confidential informant to Ndlovu’s store to purchase CDs and DVDs. with $180, the informant bought 80 counterfeit discs labeled with well-known movie and music titles. Police raided Ndlovu’s store and seized over 6,500 counterfeit CDs and DVDs. Ndhlovu was charged and convicted of criminal copyright infringement. He argued on appeal that the government had failed to prove that his copyright infringement was committed for purposes of commercial gain.
Should Ndhlovu’s conviction be upheld?
It can never be upheld because of the following reasons:
He runs illegal outlet because no licence to back it up
he sells other people's work without their copyright
The was an evidence against him which would be used in the court of law
There is no basis for his appeal as his points are pointless, his conviction should not be upheld in order to serve as deterrent to other criminals.
Explanation:
Judy works at XYZ Pizza shop. She is a single mom and makes minimum wage. She recently purchased a BMW; this is an example of a(n) ________.
Answer:
The correct answer is letter "C": aspirational purchase.
Explanation:
Aspirational purchase is the transaction that takes place when a good or service out of the normal buying range of the consumer is acquired. These are typical purchases made after consumers worked hard for obtaining the good or service in reference and more than an asset represents a reward for them.
Suppose a production possibilities frontier can be expressed as what is the opportunity cost of going from 1 unit of X to 2 units of X (in terms of units of Y)?
Answer:
Yes. A production possibility frontier can be expressed for this scenario.
Explanation:
A production possibility frontier tells the combinations of X and Y that can be produced with the given level of resources e.g. If 1 unit of X is produced than at the same time the Country can produce 50 units of Y. If 2 units of X are produced than at the same time the Country can produce 40 units of Y. This means that in order to produce 1 additional unit of X, the Country must forego 10 units of Y. This is the opportunity cost of going from 1 unit of X to 2 units of X (in terms of units of Y).