Explain the term applicable to each scenario.

Question 1

Using these scenarios as a foundation for analysis, please identify, define and explain the terms applicable to each scenario. NOTE: All responses to each scenario should contain a minimum of one well synthesized paragraph (5 to 7 sentences minimum).  

Ms. Lorraine Brown owns a local gas station in Your Town, USA. She recently conducted an audit of the convenience store products and discovered that she had a high shoplifting percentage. In trying to develop a strategy she thought about her staffing levels and potentially increasing the staffing in the gas station. As she considered this strategy, she also thought about the increase in overhead cost this would create, and how this would potentially decrease her profits or maybe even send her into a net loss business outcome. She made a decision to not use this strategy as a means to remedy her shoplifting problem. Please list, define and explain the quantitative decision making concept that would best identify the decision to not increase her staffing.

Mr. Jones owns five really successful brass manufacturing operations; 3 in Illinois and 2 in Wisconsin. Since the business opened 6 years ago, Mr. Jones has always handled the operations of the business to include all phases of the manufacturing, accounting, human resource, and marketing. Mr. Jones is doing so well that he has decided to expand the business by opening three additional operations. To prepare for this expansion strategy, Mr. Jones decided to hire professionals with skill sets in accounting, market and human resources, so that would free his time up to focus on the overall business strategy. Mr. Jones is really sharp and knew that this was the direction he was headed with this business, so he began expand his leadership team 18 months ago and hired 3 individuals to support him in each of the key areas listed. Unfortunately, Mr. Jones is very close to the company and very strong in his opinions and has not liked the decisions made by most of the people he has hired. In this 18-month period there have been 7 individuals within the three roles he created. Knowing that he still really needed assistance with the growth strategy, he decided to change his strategy and teach his son, a brand new college student, about the business he created. Making use of your understanding of quantitative decision making terminology, which concept(s) can be applied to assist in explaining Mr. Jones' decision to fire the individuals he hired and employee his son instead?

A Certified Public Accountant (CPA) for a non-profit agency is responsible for the investment strategy of the agencies funds to ensure a successful flow of revenue to support their business activity. The agency gets a lot of money from external donors, many of them consistently donate the same amount of money year after year. The CPA is trying to create a strategy to present to the Board of Directors that will assist in explaining the return on investment if they take various risk strategies. The CPA decides to illustrate an aggressive, moderate, and low risk invest strategy, with an understanding that the agency typical never invests above a moderate level of risk; however, the CPA is always required to show the options. Using your understanding of foundational terminology associated with quantitative decision-making, please explain what the CPA is doing? Please be sure that your answer includes specifically identified terminology from the course.

Question 2

In a short answer format, please identify and discuss types of problems that can be solved using quantitative analysis.Please answer the following questions.

1. Peterson Trucking has a contract with Lodan's Food. The contract indicates that Peterson Trucking will ship freight to their stores by 6 AM every Monday through Thursday. The distribution window is from 3 AM to 6 AM. Lodan's Food has 20 stores that have to receive freight within this agreed upon time. Peterson Trucking has 11 Trucks. The freight is packaged and housed at a centralized warehouse where all trucks have to begin.  Who has a problem in this situation...Peterson Trucking or Lodan's Food?  What kind of problem are they having?  What Management Science Technique would be best to use towards solving the problem? 

2. Tortron Inc. makes very popular blue jeans. As a consumer-driven organization, they are very mindful of their customer segments and the return-on-investment received from each of those segments. Like most organizations...Tortron does not have unlimited financial resources to support its business activity, but wants to ensure their core consumer stays aware of their products. What kind of problem is Tortron having?  What Management Science Technique would be best to use towards solving the problem? 

Answer

Question 3

Problem: In an essay format, students will describe the quantitative mental model to be used in support of an operational, ethical, legal, or managerial issue.  The model should be expressed mathematically, making sure to identify the dependent and independent variables in the model. The essay should be a minimum of 1 to 2 pages double spaced with 1-inch margins. Students should not be allowed to use the core elements of this example to support the completion of their work.   

Example of a sample response:

Consider the problem of determining how to travel from your home to school or work.  There are probably many different routes that could be taken that might influence the total distance (or total length of time) required for the trip.  Most people would be interested in determining the route that requires the least distance (or least amount of time).  In this sort of problem (also known as a shortest path problem) the different routes that can be chosen represent independent variables and the dependent variable would be the total distance (or total travel time).

Bottom of Form

3f44bfc9-7f2e-43

true

_81789_1

_7052280_1

_28613_1

S

ave and Submit

H

essay-ans-_3417

605f249f-21b9-4