MGT 251. Planning and Control
Assignment 1
Estimating with the PERT-Beta Distribution
Back in 1957, the year in which the Project Evaluation and Review Technique (PERT) was developed by the US Navy, statisticians developed a simple technique to estimate the amount of time it might take to carry out a task. To use the technique, all one needs is to be able to estimate three parameters: a = the best case duration (fastest), b = the most typical case (mode), and c = the worst case duration (slowest). Given these three parameters, estimators can employ the following formula to estimate the expected amount of time it takes to do a job:
Expected time = e(t) = (a + 4b + c)/6
The expected value of time calculated by using this formula turns out to be roughly the mean value of a PERT-Beta distribution:
The standard deviation (SD) for this estimate is roughly (c – a)/6. The standard deviation tells us that the true value of an estimate lies within the range of +/- 1 SD roughly 60-70% of the time. For example, if we usethe PERT-Beta distribution to determine that the expected value of task duration is 4.33 days and the standard deviation is 0.67 days, we can say: “Roughly 60-70% of the time, the actual task duration lies in the range of 4.33 days +/- 0.67 days.”
Note that while this approach to estimating values was originally employed in estimating durations, it can be also used to estimate costs and number of resources required to do a job.
Questions:
1) Company records show that the time taken to install a piece of equipment at customer facilities as follows:
a) What is the expected time for the installation effort?
b) What is the standard deviation associated with the installation effort?
c) What is a practical interpretation for the results reported in 1a and 1b above?
2) Marsha is in charge of planning a large software development project. She is trying to estimate the cost of the design phase. She works with a group of five experienced designers and asks them to estimate the lowest cost, highest cost, and most typical cost possibilities. After an hour of spirited discussion, the group provides the following estimates:
Lowest cost $30,000
Highest cost $50,000
Most likely cost $45,000
a) Using the PERT-Beta formula, what is the expected cost of the design effort?
b) What is anticipated standard deviation for the design effort?
c) What is a practical interpretation for the results reported in 2a and 2b above?
3) Build-It-Quick house construction company has turned house-building into a science. The standard plan for framing the Excelsior Model house is to execute this effort in 10 working days. Depending on the details of site conditions, the number of carpenters needed to do the job varies slightly from job to job. as shown below:
Fewest number of needed carpenters 3 Carpenters
Largest number 10 Carpenters
Most likely number 5 Carpenters
a) Using the PERT-Beta formula, what is the expected number of needed carpenters?
b) What is anticipated standard deviation for the number of needed carpenters?
c) What is a practical interpretation for the results reported in 3a and 3b above?
4) What are some dangers you see in relying on this estimating technique?
5) Using your imagination and/or experience, describe another way to estimate task duration, cost, or manpower requirements.
6) Note that good estimates can be made by guessing the values of only three parameters (best case, worst case, most likely case). Why is this a tremendous advantage?
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Can south Africa afford to have totally free trade with the rest of the world
/in Uncategorized /by JosephCan south Africa afford to have totally free trade
Can south Africa afford to have totally free trade
Can south Africa afford to have totally free trade
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Provide specific feedback in the comment history column.
/in Uncategorized /by JosephQuantitative Dissertation Checklist
The following provides guidance for reporting on quantitative studies.
All items may not be relevant to your particular study; please consult with your chair for guidance.
The checklist items may not necessarily be in the order that works best for your dissertation. Please consult with your committee; however, the checklist should work well in the absence of other considerations.
Instructions for Students:
Indicate on the checklist the page number (use the actual document page number, not the MS Word pagination) where the appropriate indicator is located.
Respond to comments from the chair and/or URR comments in the comment history box. Do not delete previous comments¾just add your response and use some means to clearly identify your remarks (different font/bold/italics/color).
Instructions for the chair and/or URR
Provide specific feedback in the comment history column. Do not delete previous comments¾just add your response and use some means to clearly identify your remarks (different font/bold/italics/color).
If you made detailed comments on the draft (using track changes and comments), you can make reference to the draft rather than restate everything in the checklist comment history section.
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How might your engagement as an employee and job satisfaction influence job performance?
/in Uncategorized /by Josephword paper in which you include the following: Explain why you agree or disagree with your results. Develop strategies to advance your career using your strengths. How can you use goal-setting to increase motivation and improve job performance? How might your engagement as an employee and job satisfaction influence job performance? Discuss at least 5 of the following motivational theories and explain how these can aid in job performance. Extrinsic motivation Intrinsic motivation McGregor’s Screen_Shot_2015-08-25_at_10.53.19_PM Screen_Shot_2015-08-25_at_10.53.29_PM Screen_Shot_2015-08-25_at_10.53.34_PM Screen_Shot_2015-08-25_at_10.53.38_PMTheory X and Theory Y Maslow’s Needs Hierarchy Acquired needs theory Self-determination theory Herzberg’s theory of motivation Equity theory Expectancy theory Format your paper consistent with APA guidelines. Click the Assignment Files tab to submit y
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Assume a project has earnings before depreciation and taxes
/in Uncategorized /by JosephAssume a project has earnings before depreciation and taxes of $15,000, depreciation of $25,000, and that the firm has a 30 percent tax bracket. What are the
after-tax cash flows for the project?
Answer A. $18,000 B. $19,000 C. A loss of $21,000 D. None of these
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Craft a brief strategy for a business concept
/in Uncategorized /by JosephThe business I choose is a local catering business for sale in Jacksonville, FL.
Asking Price: $110,000
Gross Revenue: $391,191
Cash Flow: $50,686
Inventory: $500
included in asking price
FF&E: $50,000 included in asking price
I’m an excellent cook and even a better baker. The method I would use for determining the current value of the business is the adjusted balance sheet method. The adjusted balance sheet method determining a company’s value because it involves adjusting the book value of net worth to reflect the actual market value. I would negotiation the asking price based on the current market of catering. If the business didn’t have down payment for future events I would use it to say there’s no guarantee they would become actual orders. I would contact the SBA for a small business loan.
Select a small business that you visit often (e.g., coffee shop, bookstore, sporting goods store, etc.). Write a 6-8 page paper in which you:
1. Craft a brief (1-2 pages) strategy for a business concept that would directly compete with the small business you selected. Explain the rationale for the strategy in detail.
2. Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning.
3. Discuss the most appropriate form of ownership for your new business (assuming your current financial situation).
4. Outline a business plan for your business. Visit https://www.sba.gov for tools and templates.
5. Include at least two (2) references outside the textbook.
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Demonstrate the need for financial planning and measurement to justify survival, growth, profitability, and social objectives
/in Uncategorized /by JosephAssignment Brief: A company’s ability to perform and its Financial Strategy; can be defined as: “The extent to which the organization is able to fulfill its expected role within the acceptable financial limits; and without undue overlap with other providers”. Expand upon the meaning of this statement, and include in your answer the main essentials of both the Internal Audits and External Audits required by a firm to survive in major Global Business. This Assignment assesses the following module Learning Outcomes: 1. Demonstrate the need for financial planning and measurement to justify survival, growth, profitability, and social objectives. 2. Understand the costs incurred in a business organization, driven by financial controls. 3. Articulate the different types of costing systems available, and the suitability of each in differing situations. 4. Apply relevant measures for financial controls and planning. Submission Requirements: Your report should not exceed 2000 words ± 10%; and include any figures, tables or diagrams where appropriate, and be in the form of a business/technical report and HARVARD referencing style.
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What is the standard deviation associated with the installation effort?
/in Uncategorized /by JosephMGT 251. Planning and Control
Assignment 1
Estimating with the PERT-Beta Distribution
Back in 1957, the year in which the Project Evaluation and Review Technique (PERT) was developed by the US Navy, statisticians developed a simple technique to estimate the amount of time it might take to carry out a task. To use the technique, all one needs is to be able to estimate three parameters: a = the best case duration (fastest), b = the most typical case (mode), and c = the worst case duration (slowest). Given these three parameters, estimators can employ the following formula to estimate the expected amount of time it takes to do a job:
Expected time = e(t) = (a + 4b + c)/6
The expected value of time calculated by using this formula turns out to be roughly the mean value of a PERT-Beta distribution:
The standard deviation (SD) for this estimate is roughly (c – a)/6. The standard deviation tells us that the true value of an estimate lies within the range of +/- 1 SD roughly 60-70% of the time. For example, if we usethe PERT-Beta distribution to determine that the expected value of task duration is 4.33 days and the standard deviation is 0.67 days, we can say: “Roughly 60-70% of the time, the actual task duration lies in the range of 4.33 days +/- 0.67 days.”
Note that while this approach to estimating values was originally employed in estimating durations, it can be also used to estimate costs and number of resources required to do a job.
Questions:
1) Company records show that the time taken to install a piece of equipment at customer facilities as follows:
a) What is the expected time for the installation effort?
b) What is the standard deviation associated with the installation effort?
c) What is a practical interpretation for the results reported in 1a and 1b above?
2) Marsha is in charge of planning a large software development project. She is trying to estimate the cost of the design phase. She works with a group of five experienced designers and asks them to estimate the lowest cost, highest cost, and most typical cost possibilities. After an hour of spirited discussion, the group provides the following estimates:
Lowest cost $30,000
Highest cost $50,000
Most likely cost $45,000
a) Using the PERT-Beta formula, what is the expected cost of the design effort?
b) What is anticipated standard deviation for the design effort?
c) What is a practical interpretation for the results reported in 2a and 2b above?
3) Build-It-Quick house construction company has turned house-building into a science. The standard plan for framing the Excelsior Model house is to execute this effort in 10 working days. Depending on the details of site conditions, the number of carpenters needed to do the job varies slightly from job to job. as shown below:
Fewest number of needed carpenters 3 Carpenters
Largest number 10 Carpenters
Most likely number 5 Carpenters
a) Using the PERT-Beta formula, what is the expected number of needed carpenters?
b) What is anticipated standard deviation for the number of needed carpenters?
c) What is a practical interpretation for the results reported in 3a and 3b above?
4) What are some dangers you see in relying on this estimating technique?
5) Using your imagination and/or experience, describe another way to estimate task duration, cost, or manpower requirements.
6) Note that good estimates can be made by guessing the values of only three parameters (best case, worst case, most likely case). Why is this a tremendous advantage?
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Determine the possible circumstances under which the company should discontinue operations.
/in Uncategorized /by JosephAssignment 2: Operations Decision Due Week 6 and worth 300 points
Using the regression results and the other computations from Assignment 1, determine the market structure in which the low-calorie frozen, microwavable food company operates.
Use the Internet to research two (2) of the leading competitors in the low-calorie frozen, microwavable food industry, and take note of their pricing strategies, profitability, and their relationships within the industry (worldwide).
Write a six to eight (6-8) page paper in which you:
Outline a plan that will assess the effectiveness of the market structure for the company’s operations. Note: In Assignment 1, the assumption was that the market structure [or selling environment] was perfectly competitive and that the equilibrium price was to be determined by setting QD equal to QS. You are now aware of recent changes in the selling environment that suggest an imperfectly competitive market where your firm now has substantial market power in setting its own “optimal” price. Given that business operations have changed from the market structure specified in the original scenario in Assignment 1, determine two (2) likely factors that might have caused the change. Predict the primary manner in which this change would likely impact business operations in the new market environment. Analyze the major short run and long cost functions for the low-calorie, frozen microwaveable food company given the cost functions below. Suggest substantive ways in which the low-calorie food company may use this information in order to make decisions in both the short-run and the long-run. TC = 160,000,000 + 100Q + 0.0063212Q2 VC = 100Q + 0.0063212Q2 MC= 100 + 0.0126424Q
Determine the possible circumstances under which the company should discontinue operations. Suggest key actions that management should take in order to confront these circumstances. Provide a rationale for your response. (Hint: Your firm’s price must cover average variable costs in the short run and average total costs in the long run to continue operations.) Suggest one (1) pricing policy that will enable your low-calorie, frozen microwavable food company to maximize profits. Provide a rationale for your suggestion. (Hints:
In Assignment 1, you determined your firm’s market demand equation. Now you need to find the inverse demand equation. Having found that, find the Total Revenue function for your firm (TR is P x Q). From your firm’s Total Revenue function, then find your Marginal Revenue (MR) function. Use the profit maximization rule MR = MC to determine your optimal price and optimal output level now that you have market power. Compare these values with the values you generated in Assignment 1. Determine whether your price higher is or lower.) Outline a plan, based on the information provided in the scenario, which the company could use in order to evaluate its financial performance. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term, and the fundamental manner in which each factor influences managerial decisions. (Hints:
Calculate profit in the short run by using the price and output levels you generated in part 5. Optional: You may want to compare this to what profit would have been in Assignment 1 using the cost function provided here. Calculate profit in the long run by using the output level you generated in part 5 and cost data in part 3 and assuming that the selling environment will likely be very competitive. Determine why this would be a valid assumption.) Recommend two (2) actions that the company could take in order to improve its profitability and deliver more value to its stakeholders. Outline, in brief, a plan to implement your recommendations. Use at least five (5) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource. Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are:
Analyze short-run and long-run production and cost functions. Apply macroeconomic concepts to changes in global and national economies and how they affect economic growth, inflation, interest rates, and wage rates. Evaluate the profit-maximizing price and output level for given operating costs for monopolies and firms in competitive industries. Use technology and information resources to research issues in managerial economics and globalization. Write clearly and concisely about managerial economics and globalization using proper writing mechanics.
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Explain the potential personal liability to Acme Fireworks if a spectator is injured by a stray firework from a fireworks display
/in Uncategorized /by JosephYou are the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display fireworks, and large aerial display fireworks. The company started in the owner’s garage two years ago and now has 15 employees that you manage. The company started as a sole proprietorship, and the owner has never changed the entity. The owner has informed you that the company has received inquiries from several large businesses wondering if the company could create several fireworks displays on a regular basis. The owner told the inquirers that the company could fill such display orders, and a price per display was agreed upon. It was discussed that most of the cost for a fireworks display is for skilled labor, insurance, and the actual service of setting off the fireworks. No other details were discussed. The owner is anticipating that new employees will need to be hired, but he is worried that if the large orders for fireworks displays do not continue, the company will not have the funds to pay the new employees. The owner is now considering changing the business entity, but he does not know what entity to form or how to form it.
The owner has asked you to do the following:
Determine if the contracts with the businesses will be governed by common law or the Uniform Commercial Code (UCC), and explain why.
Analyze whether the owner formed a contract with the businesses, and apply the five essential elements of an enforceable contract.
Explain the potential personal liability to Acme Fireworks if a spectator is injured by a stray firework from a fireworks display.
Discuss the different employment types and relationships relevant to agency law, and analyze the advantages and disadvantages of each type specific to Acme Fireworks.
Explain why Acme Fireworks should not operate as a sole proprietorship. Recommend a new business entity, and provide rationale to support your recommendation.
For each task, be sure to analyze the relevant law, apply the facts to the law, and make a conclusion.
The paper
Must be 8 to 10 double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in theAshford Writing Center.
Must include a separate title page with the following:
Title of paper
Student’s name
Course name and number
Instructor’s name
Date submitted
Must begin with an introductory paragraph that has a succinct thesis statement.
Must address the topic of the paper with critical thought. That is, describe what your response is to the content, either positive or negative, and defend your position. If multiple options, alternatives, and/or positions are present and are being rejected, you must also defend the reasons for rejecting an option.
Must end with a conclusion that reaffirms your thesis.
Must include at least five scholarly sources, two of which must be from the Ashford University Library, in addition to the course text.
Must document all sources in APA style as outlined in the Ashford Writing Center.
Must include a separate references page that is formatted according to APA style as outlined in theAshford Writing Center.
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Identified vulnerabilities and risk exposures you identified in week 4, recommend a control(s) that would mitigate this risk.
/in Uncategorized /by JosephFor the Harry & Mae’s Case Study:
For each of the identified vulnerabilities and risk exposures you identified in week 4, recommend a control(s) that would mitigate this risk.
You can use the controls that are mentioned in the case study or suggest your own.
For each of the identified risks, develop a mitigation plan with specific controls.
This should include specific steps that will be taken, responsible parties identified, and time frames for delivery.
Instruction files
christopher_gathers_cybr610_assignment_4.2.docx(23,52 KiB)
harry_and_mae_combined_script_1_.pdf(313,72 KiB)
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