1. There are both quantitative and qualitative factors for decision making by management. How does the consideration of qualitative factors improve decisions made by managers? 2. What is an opportunity cost and why should it be included when making decisions? 3. What are some of the key factors that influence group interaction in a decision- making environment in business?
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- 1) Describe a scenario that you have encountered recently as a consumer where a business has either under forecast or iver forecast demand for a product that you were planning to purchase. You will generally notice under forecasting if the product is out of stock or over forecasting if there is excess inventory for the item. Describe the imolications to the retailer,manufacturer, and broader supply chain. You can present your response through thr lens of your own discpline (accounting,mafketing,etc.) if you wish. 2) Give three examples from your life in which you may forecast the future. Highlight the importance of accurate forecasting in the three examples you provide.Omar has heard from some of his customers that they will probably cut back on order sizes in the next quarter. The company he works for has been reducing its salesforce due to falling demand, and he worries that he could be next if his sales begin to fall off. Believing that he may be able to convince his customers not to cut back on orders, he turns in an optimistic forecast of his next quarter sales to his manager. What are the pros and cons of doing that?XYZ work in a small electric business in Basrah city. He had a sunshine controller device. He had to decide how to market his idea, and in the short term, his options could be summarised as selling the device locally, selling nationally through a website, entering a partnership with an existing company or selling the patent. His returns depended on demand, which he described as high, medium, or low. Using this simple model, he developed the matrix of potential annual gains shown below: Options Demand High Medium Low Market locally 60 90 45 Use website 23 90 78 Partnership 12 25 89 Sell patent 30 30 30 Identify the decision taken under the following approaches: (1) Equal probability (2) Regret (3) Hurwicz criterion. Note: The decision maker's degree of Pessimistic (a) is 0.3.
- The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c Click the icon to view the monthly data. a. Develop a simple linear regression model between billable hours and overhead costs. Overhead Costs 105.790.5+ (47.3714) x Billable Hours (Round the constant to one decimal place as needed. Round the coefficient to four decimal places as needed. Do not include the $ symbol in your answers) b. Interpret the coefficients of your regression model. Specifically, what does the fixed component of the model mean to the consulting firm? Interpret the fixed term, bo, if appropriate. Choose the correct answer below. OA. The value of bo is the predicted overhead costs for 0 billable hours OB. For each increase of 1 unit in billable hours, the predicted overhead costs are estimated to increase by bo C. It is not appropriate to interpret bo. because its value is the predicted…Describe and explain what CVP analysis is. Provide examples of how managers may use this tool for sensitivity analysis.TIRES FOR YOU - Forecast & EOQ Forecast Tires for You, Inc. (TFY), founded in 1987, is an automotive repair shop specializing in replacement tires. Located in Altoona, PA, TFY has grown successfully over the past few years because of the addition of a new general manager, Katie McMullen. Since tire replacement is a major portion of TFY's business (it also performs oil changes, small mechanical repairs, etc.), Katie was surprised at the lack of forecasts for tire consumption for the company. Her senior mechanic, Skip Grenoble, told her that they usually stocked for this year what they sold last year. He readily admitted that several times throughout the season stockouts occurred and customers had to go elsewhere for tires. Although many tire replacements were for defective or destroyed tires, most tires were installed on cars whose original tires had worn out. Most often, four tires were installed at the same time. Katie was determined to get a better idea of how many tires to…
- When a new business is started, or a patent idea needs funding, venture capitalists or investment bankers will want to see a business plan that includes forecast information related to profit and loss statements. What type of forecasting information do you think would the investors be looking for? Why?Explain the relationships (if there's any) between Forecasting and Inventory Management to a new (non perishable) consumer retail business in your city that has about 2 million residents. The company will employ about 100 people to start out. What do they need to understand? They need your help because they found out you are about to complete your MBA. Complete your response in 4 paragraphs.What should be our forecast accuracy target if there is a high degree of volatility in customer orders and long lead times? We have a new chief sales officer who is proposing that we should forecast in dollars, not in units/cases. I have never heard of anyone forecasting in dollars. It is true that dollarized forecasts can help Sales in knowing precisely what sales target they should be hitting. But, is it the best practice?
- For this final assignment I’d like you to call upon your knowledge of forecasting to help project your firm’s revenue stream for the upcoming year. In the Microsoft Excel that is attached to this assignment, you will find the past four years of quarterly revenue data for your nonprofit. Your revenue comes from two major sources: individual donations and donations from corporations. I’d like you to use the past four years’ worth of data to forecast the individual donations and donations for corporations for the next fiscal year (year 5 quarters 1-4). Once you have forecasted both individual revenue streams you can simply add them together to get your overall revenue forecast for the next fiscal year. Please discuss what forecasting method you chose and how you made your decision. You can do this in your excel document or write up a separate paragraph or two in a Microsoft Word document.The following table shows the actual sales of upholstered chairs for a furniture manufacturer and the forecastsmade for each of the last 8 months. Calculate CFE, MSE, s, MAD, and MAPE for this product.Quality Foods Case Quality Foods, Inc. first started as a single family operated restaurant in southern New Jersey providing high quality meals at reasonable prices and using fresh local ingredients. The business grew and Quality Foods expanded to operating multiple restaurants. The restaurant business is very competitive and Quality Foods’ competition included McDonald’s, SmashBurger and Chipotle’s. Besides quality and price, Quality Foods management also ascertains that the speed of service is critical to the success of their company. Based on preliminary observations, they found that their service delivery times were lacking when compared to their main competitors. From their studies, it appears that their restaurants provided slower and erratic service, when compared to their competitors. In order to identify and correct this potential problem, top management used various control tools such as check sheets, fishbone charts, Pareto charts, statistical process control and…