A client and his wife come to the financial planner for education planning for their 5 year oldson. The client is specific about which school he would like to send his son to (his alma mater)and tells the planner he would like to plan for 6 year of college instead of the more normal 4the planner asks how she feels about the plan, she says one component that is important toher questions about the children, higher education in general and the specific education planthe recently diagnosed with autism. This information is invaluable in helping the plannerdevelopa.Active listeningb.Education planningc.Problem framingd.Meddling.

Decision making is the most common way of choosing a decision or strategy among a few options in…

Answered: A client and his wife come to the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Rochor & Co has the following sales forecast for the next quarter: April, 20,000 units; May, 24,000 units; June, 28,000 units. Sales totalled 16,000 units in March. The March finished goods inventory was 4,000 units. End-of- month finished goods inventory levels are planned to be equal to 20 percent of the next month's planned sales. How many units would be produced in April? Group of answer choices 20,000 units 20,800 units 5,600 units 4,800 units
Shawna is the marketing manager for Yummy Marinades and Dips. The company wants to should introduce a new cooking sauce product line with the brand Con-Cook-Tions. Shawna is deciding if she would initially do a test market in selected cities on the East Coast or do a big national product launch. The cost of doing the test market is $150,000. If Shawna does the test market, she has to wait for the results of the test market before she decides to do a nationwide launch of Con-Cook-Tions. The probability of a positive response from the test market result is estimated to be 0.6. Alternatively, Shawna could also decide to bypass the test market and go ahead with the national launch. If Con-Cook-Tions is launched nationally and becomes a huge success, the company estimates that it will realize an annual profit of $1.6 million. If the launch fails and the market reacts negatively to the sauces, Yummy will incur a loss of $700,000. Shawna company believes the probability of success for…
You are the Laboratory manager of a medium sized 120-bed hospital, and you are called to a hospital leadership meeting by the CEO of the facility. You are told that the hospital is having problems meeting some debt responsibility and there is possibility that a budgetary cutback will be needed to alleviate the situation. Each departmental management is being given one week to plan how to accomplish a cost reduction of 10% within his/her department. Should it become necessary. You are also told that this situation is highly confidential because it is not yet known whether the cost reduction will be needed. Issues and Questions to Consider: 1.Identify the steps in developing short0term goals to address the potential reduction in resources described above 2.What type of information will you need to gather to assess your current state and develop a plan?
You are the laboratory manager of a medium-sized 120-bed hospital and are called to a hospital leadership meeting by the CEO of the facility. You are told that the hospital is having problems meeting some debt responsibility and there is a possibility that budgetary cutbacks will be needed to alleviate the situation. Each departmental manager is being given one week to plan how to accomplish a cost reduction of 10% within his/her department, should it become necessary. You are also told that this situation is highly confidential because it is not yet known whether the cost reduction will be needed. Identify the steps in developing short-term goals to address the potential reduction in resources described above.
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Bob and Dora Sweet wish to start investing $1,000 each month. The Sweets are looking at five investment plans and wish to maximize their expected return each month. Assume interest rates remain fixed and once their investment plan is selected they do not change their mind. The investment plans offered are: Fidelity 9.1% return per year Optima 16.1% return per year CaseWay 7.3% return per year Safeway 5.6% return per year National 12.3% return per year Since Optima and National are riskier, the Sweets want a limit of 30% per month of their total investments placed in these two investments. Since Safeway and Fidelity are low risk, they want at least 40% of their investment total placed in these investments.Formulate the LP model for this problem, using the standard LP format. Remember to define the objective function, the decision variables, and label the constraint functions. There is no need to solve the problem. Note:- Do not provide handwritten solution. Maintain…
Can you give me an example of an analogous estimate and a parametric estimate?
Upp
John is interested in finding a ute car. Below is the summary of his criteria and the choices that he has selected as potential cars that he may purchase. Conduct TOPSIS in an Excel spreadsheet to determine the best car that he should purchase. What do the results suggest? Note: Calculate the data given below in the same way as the rating scale. There is no need to convert the data into the rating scale before the calculation.
What are the differences between bottom-up and top-down estimating approaches? Determine advantages and disadvantages for using each approach. Under what conditions would you prefer one over the other? Provide a specific example to support your response.
(A little sensitivity analysis.) You are given the final chart, with the optimal solution, for a transportation problem; note that the cell in the (4, 2) position is blank, i.e., the variable x42, with an objective coefficient (unit cost) of C42 = 18, is nonbasic. What range of values of c42 will keep the solution in the chart optimal? Hints: In this method, how do we tell that our latest solution is optimal? Temporarily replace the cost of 18 with C42. 10 (3 15 14 12 4 4 18 14 3 12 26 5 20
Day planning Suppose we have complete freedom over the organization of our ten-hour day. The options are the following where HL denotes our happiness level, STB the short term benefit and LTB the long term benefit: HL (per hour) STB (per hour) | LTB (per hour) Option Part-time job -2 1 Study for university 1 -1 4 Play sports/do workout 4 1 -1 1. Suppose on Monday we just require a happiness level equal to +1 (since we enjoyed our weekend), and we require a total short-term benefit equal to +24 and long-term benefit equal to +15. Can we find a way to schedule the ten hours in order to achieve this goal? Justify your answer. 2. Suppose on Wednesday we are tired from a two-day long shift and we need our happiness level to be equal to +13, together with a short-term benefit equal to +8 and long-term benefit equal to +19. Can we find a way to schedule the ten hours in order to achieve this goal? Justify your answer.

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