04 Jun Question Ml Make-Up Written Assignment Submit your so
Question
Ml Make-Up Written Assignment Submit your solutions to the following problems. Write your solutions clearly and neatly. Show all your work to get credit!
1. A manufacturing plant produces three product lines. The following table includes information for these product lines.
PRODUCT LINE
A B c
Number of workers (#product line) 4 3 3
Price ($/unit) 100 120 150
Material cost (/unit) 15 20 25
Production time (mins/unit/worker) 10 15 20
Workers are paid at a rate of $15 per hour, and overhead is charged at 120% (or 1.2 times) labor costs. Assume that all product lines work at full capacity.
a) Determine the most productive product line from a multifactor perspective.
b) Calculate the overall multifactor productivity.
c) Calculate the overall labor productivity
2. Richard Winchester, owner of Winchester Products, is considering introducing a new product which will require $45,000 in fixed costs per year. Winchester estimates the variable costs of each unit produced at $13.
a) Ifthe unit selling price is set at $19, how many units must be produced and sold per year in order to break even? Solve both graphically and algebraically.
b) How many units must be sold for a selling price of $19 to realize a profit of $15,000?
c) Winchester forecasts sales of 9,500 units for the first year if the selling price is set at
$19, and 11,000 units if the selling price is set at $18. Which pricing strategy would you recommend to Winchester? Why?
3. Buntz Food Products is attempting to decide whether it should introduce a new line of salad dressings called Special Choices. The company can test market the salad dressings in selected geographic areas or bypass the test market and introduce the product nationally. The cost of the test market is $150,000. Ifthe company conducts the test market, it must wait to see the results before deciding whether to introduce the salad dressings nationally. The probability of a positive test market result is estimated to be 0.6. Alternatively, the company can decide not to conduct the test market and go ahead and make the decision to introduce the dressings or not. Ifthe salad dressings are introduced nationally and are a success, the company estimates that it will realize an annual profit of
$1,600,000 while if the dressings fail it will incur a loss of $700,000. The company believes the probability of success for the salad dressings is 0.50 if they are introduced without the test market. Ifthe company does conduct the test market and it is positive, then the probability of successfully introducing the salad dressings increases to 0.8. Ifthe test market is negative and the company introduces the salad dressings anyway, the probability of success drops to 0.30.
a) Draw a decision tree for this problem. Clearly present the decision and event nodes, the associated probabilities , and the payoffs.
b) Calculate the expected payoff for each decision and event node to determine if the company should conduct the test market.
4. Read and watch the video case “Project Management at the Phoenician” on page 86 of the textbook and answer the following questions.
a) Construct a network diagram for the spa selection process.
b) How soon can The Phoenician management make a decision on the spa?
c) Calculate the slack for each activity. Why is it important for a project manager to identify slack of activities?
d) Many times, project decision makers do not rely solely on financial hurdles, such as return on investment or internal rates of return, but place a lot of emphasis on intangible factors. Which are the salient intangible factors associated with selecting one of the three options for the spa?
5. Aero Maintenance is a small aircraft engine maintenance facility located in Wichita, Kansas. Its new administrator, Ann Daniel, decides to improve material flow in the facility, using the process layout method she studied at Wichita State University. The current layout of Aero Maintenance is shown below.
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