Practical Management Science, Loose-leaf Version
5th Edition
ISBN: 9781305631540
Author: WINSTON, Wayne L.; Albright, S. Christian
Publisher: Cengage Learning
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Chapter 11.3, Problem 17P
A European put option allows an investor to sell a share of stock at the exercise price on the exercise data. For example, if the exercise price is $48, and the stock price is $45 on the exercise date, the investor can sell the stock for $48 and then immediately buy it back (that is, cover his position) for $45, making $3 profit. But if the stock price on the exercise date is greater than the exercise price, the option is worthless at that date. So for a put, the investor is hoping that the price of the stock decreases. Using the same parameters as in Example 11.7, find a fair price for a European put option. (Note: As discussed in the text, an actual put option is usually for 100 shares.)
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A small furniture manufacturer produces tables and chairs. Each product must go through three stages of the manufacturing process – assembly, finishing, and inspection. Each table requires 3 hours of assembly, 2 hours of finishing, and 1 hour of inspection. The profit per table is $120 while the profit per chair is $80. Currently, each week there are 200 hours of assembly time available, 180 hours of finishing time, and 40 hours of inspection time. Linear programming is to be used to develop a production schedule. Define the variables as follows: T = number of tables produced each week C= number of chairs produced each week According to the above information, what would the objective function be? (a) Maximize T+C (b) Maximize 120T + 80C (c) Maximize 200T+200C (d) Minimize 6T+5C (e) none of the above According to the information provided in Question 17, which of the following would be a necessary constraint in the problem? (a) T+C ≤ 40 (b) T+C ≤ 200 (c) T+C ≤ 180 (d) 120T+80C ≥ 1000…
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Dietary Management- Nursing Home
Don't add any fill-in-the-blanks
Menu Planning Instructions
Use the following questions and points as a guide to completing this assignment. The report should be typed. Give a copy to
the facility preceptor. Submit a copy in your Foodservice System Management weekly submission.
1. Are there any federal regulations and state statutes or rules with which they must comply? Ask preceptor about
regulations that could prescribe a certain amount of food that must be kept on hand for emergencies, etc. Is the facility
accredited by any agency such as Joint Commission?
2. Describe the kind of menu the facility uses (may include standard select menu, menu specific to station, non-select, select,
room service, etc.)
3. What type of foodservice does the facility have? This could be various stations to choose from, self-serve,
4.
conventional, cook-chill, assembly-serve, etc.
Are there things about the facility or system that place a constraint on the menu to be served? Consider how
patients/guests are served (e.g. do they serve…
Chapter 11 Solutions
Practical Management Science, Loose-leaf Version
Ch. 11.2 - If the number of competitors in Example 11.1...Ch. 11.2 - In Example 11.1, the possible profits vary from...Ch. 11.2 - Referring to Example 11.1, if the average bid for...Ch. 11.2 - See how sensitive the results in Example 11.2 are...Ch. 11.2 - In Example 11.2, the gamma distribution was used...Ch. 11.2 - Prob. 6PCh. 11.2 - In Example 11.3, suppose you want to run five...Ch. 11.2 - In Example 11.3, if a batch fails to pass...Ch. 11.3 - Rerun the new car simulation from Example 11.4,...Ch. 11.3 - Rerun the new car simulation from Example 11.4,...
Ch. 11.3 - In the cash balance model from Example 11.5, the...Ch. 11.3 - Prob. 12PCh. 11.3 - Prob. 13PCh. 11.3 - The simulation output from Example 11.6 indicates...Ch. 11.3 - Prob. 15PCh. 11.3 - Referring to the retirement example in Example...Ch. 11.3 - A European put option allows an investor to sell a...Ch. 11.3 - Prob. 18PCh. 11.3 - Prob. 19PCh. 11.3 - Based on Kelly (1956). You currently have 100....Ch. 11.3 - Amanda has 30 years to save for her retirement. At...Ch. 11.3 - In the financial world, there are many types of...Ch. 11.3 - Suppose you currently have a portfolio of three...Ch. 11.3 - If you own a stock, buying a put option on the...Ch. 11.3 - Prob. 25PCh. 11.3 - Prob. 26PCh. 11.3 - Prob. 27PCh. 11.3 - Prob. 28PCh. 11.4 - Prob. 29PCh. 11.4 - Seas Beginning sells clothing by mail order. An...Ch. 11.4 - Based on Babich (1992). Suppose that each week...Ch. 11.4 - The customer loyalty model in Example 11.9 assumes...Ch. 11.4 - Prob. 33PCh. 11.4 - Suppose that GLC earns a 2000 profit each time a...Ch. 11.4 - Prob. 35PCh. 11.5 - A martingale betting strategy works as follows....Ch. 11.5 - The game of Chuck-a-Luck is played as follows: You...Ch. 11.5 - You have 5 and your opponent has 10. You flip a...Ch. 11.5 - Assume a very good NBA team has a 70% chance of...Ch. 11.5 - Consider the following card game. The player and...Ch. 11.5 - Prob. 42PCh. 11 - Prob. 44PCh. 11 - You now have 10,000, all of which is invested in a...Ch. 11 - Prob. 46PCh. 11 - Prob. 47PCh. 11 - Based on Marcus (1990). The Balboa mutual fund has...Ch. 11 - Prob. 50PCh. 11 - Prob. 52PCh. 11 - The annual demand for Prizdol, a prescription drug...Ch. 11 - Prob. 54PCh. 11 - The DC Cisco office is trying to predict the...Ch. 11 - Prob. 56PCh. 11 - Prob. 58PCh. 11 - You are considering a 10-year investment project....Ch. 11 - Prob. 61PCh. 11 - An automobile manufacturer is considering whether...Ch. 11 - Prob. 63PCh. 11 - Prob. 65PCh. 11 - Rework the previous problem for a case in which...Ch. 11 - Prob. 68PCh. 11 - The Tinkan Company produces one-pound cans for the...Ch. 11 - Prob. 70PCh. 11 - In this version of dice blackjack, you toss a...Ch. 11 - Prob. 76PCh. 11 - It is January 1 of year 0, and Merck is trying to...Ch. 11 - Suppose you are an HR (human resources) manager at...Ch. 11 - You are an avid basketball fan, and you would like...Ch. 11 - Suppose you are a financial analyst and your...Ch. 11 - Software development is an inherently risky and...Ch. 11 - Health care is continually in the news. Can (or...
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- Work with the chef and/or production manager to identify a menu item (or potential menu item) for which a standardized recipe is needed. Record the recipe with which you started and expand it to meet the number of servings required by the facility. Develop an evaluation rubric. Conduct an evaluation of the product. There should be three or more people evaluating the product for quality. Write a brief report of this activity • Product chosen and the reason why it was selected When and where the facility could use the product The standardized recipe sheet or card 。 o Use the facility's format or Design one of your own using a form of your choice; be sure to include the required elements • • Recipe title Yield and portion size Cooking time and temperature Ingredients and quantities Specify AP or EP Procedures (direction)arrow_forwardASSIGNMENT: Inventory, Answer the following questions 1. How does the facility survey inventory? 2. Is there a perpetual system in place? 3. How often do they do a physical inventory? 4. Participate in taking inventory. 5. Which type of stock system does the facility use? A. Minimum stock- includes a safety factor for replenishing stock B. Maximum stock- equal to a safety stock plus estimated usage (past usage and forecasts) C. Mini-max-stock allowed to deplete to a safety level before a new order is submitted to bring up inventory up to max again D. Par stock-stock brought up to the par level each time an order is placed regardless of the amount on hand at the time of order E. Other-(describe) Choose an appropriate product and determine how much of an item should be ordered. Remember the formula is: Demand during lead time + safety stock = amount to order Cost out an inventory according to data supplied. Remember that to do this, you will need to take an inventory, and will need to…arrow_forwardHuman Relations, Systems, and Organization Assignments ORGANIZATION: Review the organization chart for the facility • Draw an organization chart for the department. • . Identify and explain the relationships of different units in the organization and their importance to maintain the food service department's mission. Include a copy in your weekly submission. There is a feature in PowerPoint for doing this should you want to use it. JOB ORGANIZATION: ⚫ A job description is a broad, general, and written statement for a specific job, based on the findings of a job analysis. It generally includes duties, purpose, responsibilities, scope, and working conditions of a job along with the job's title, and the name or designation of the person to whom the employee reports. Job description usually forms the basis of job specification. • Work with your preceptor or supervisor to identify a position for which you will write a job description. Include a copy of the job description you write in your…arrow_forward
- ASSIGNMENT: Production Sheet Watch at least 3 workers prepare foods. Write down what they do and the amount of time it takes for them to complete the task. Calculate the production cost. Example: Food Item: Green Beans Time Worker #1 Worker #2 Worker #3 Start End Time (Hours) Time Time Activity Activity Activity (Hours) (Hours) 11:45 am 12:01 pm 0.27 Steam and 0.05 Microwave blenderize pureed frozen green green beans beans 16.25 Total Production Time 3 minutes minutes Hourly Wage $16.07 $12.28 24% Benefits *** $3.86 $2.95 Labor Costs $5.37 $0.76 *** Check with facility to see Benefit %arrow_forwardMenu Planning and Quality Monitoring Rotation site: Hospital/Commercial Foodservice Rotation Objectives: Menu development (this will be your Theme Meal) 1. Develop a modified menu (vegetarian, vegan, gluten-free, etc.) that is appropriate in texture, color, flavor, eye appeal, temperature, and methods of preparation. 2. Develop a menu that takes into consideration food preferences due to clients' ethnicity and age group. 3. Develop menus that fulfill the nutritional needs of the target population. 4. Develop a modified menu that maintains consistency with a regular menu. 5. Demonstrate knowledge of operational constraints and limitations when designing menus 6. Identify appropriate type and amounts of foods for an emergency plan. ACTIVITY: Quality improvement monitoring 1. Participates in rounds to get feedback from clients on Theme Meal menu. 2. Takes corrective actions if necessary according to results of the quality measures 3. Completes one or more critical incident reports for the…arrow_forwardWork with the chef and/or production manager to identify a menu item (or potential menu item) for which a standardized recipe is needed. Record the recipe with which you started and expand it to meet the number of servings required by the facility. Develop an evaluation rubric. Conduct an evaluation of the product. There should be three or more people evaluating the product for quality. Write a brief report of this activity • Product chosen and the reason why it was selected When and where the facility could use the product The standardized recipe sheet or card ○ Use the facility's format or о Design one of your own using a form of your choice; be sure to include the required elements Recipe title " Yield and portion size ■ Cooking time and temperature Ingredients and quantities Specify AP or EP Procedures (direction)arrow_forward
- Item Prepared: Work with one or more cold food production workers to learn job descriptions, flow of work, how the menu items are prepared and served, and needs for further training or process improvement. Document a specific menu item you prepared. Record the temperature of a product when it goes into the refrigerator or blast chiller. Record how long it took for the product to cool to the appropriate temperature. Evaluate the menu item you were involved in preparing. Follow the product and process to completion and utilize resources to correct any wrong procedures you observe. Take your notes and write a brief report of the actual experience based on the following criteria: 1. Pre-preparation 2. Preparation 3. Compare menu item to diets it is used for by completing a nutritional analysis 4. Temperatures during and after preparation. 5. Tray service to patient or guest (how it looks, holds up, appropriate temperature maintained from production through delivery) 6. Waste disposal (what…arrow_forwardWork with one or more hot food production workers to learn job descriptions, flow of work, how the menu items are prepared and served, and needs for further training or process improvement. Document a specific menu item you prepared. Record the temperature of a product when it is done. If it is to be chilled and reheated later, systematically measure the temperature every 30 minutes and record how long it takes the product to reach a safe temperature for storage. Evaluate the menu item you were involved in preparing. Follow the product and process to completion and utilize resources to correct any wrong procedures you observe. Take notes and write a brief report of the actual experience based on the following criteria: 1. Pre-preparation 2. Preparation 3. Compare menu item to diets it is used for by completing a nutritional analysis 4. Temperatures during and after preparation. 5. Tray service to patient or guest (how it looks, holds up, appropriate temperature maintained from…arrow_forwardRefrigerated/Freezer- Dietary Mangement (Nursing Home) Describe the refrigerated/freezer storage area and procedures. Are any of the refrigerated/ frozen areas locked? Who has access? What kind of shelving is used? Are there any products stored on the floor? Are the items dated as received? How is the stock rotated to ensure that the oldest items are used first? Are temperature and humidity monitored? If yes, how? Has mold ever been a problem? Are there any regular procedures in place to control it? How often are the refrigerated/freezer storage areas cleaned?arrow_forward
- RECEIVING AND STORAGE ASSIGNMENTS- Dietary Mangement (Nursing Home) ASSIGNMENT: Diagram the receiving and storage areas. Use arrows to show the flow of goods as they are received and moved to storage. ASSIGNMENT: In order to accurately understand this area, the intern should work in the receiving area to complete the following assignments and answer the following questions: Inspect the delivery and check it against the purchase Inspect the delivery against the invoice Accept order only if all quantities and quality specifications are met Check perishable items first Check temperatures of refrigerated and frozen items on arrival Look for evidence of thawing or freezer burn Randomly open cases to check contents Complete receiving records Transfer goods to appropriate storage Who checks the packing slip against the invoice? Does the facility ever use “blind” receiving where the receiving clerk checks the order against an invoice where the amounts have been blanked out and the clerk…arrow_forwardPurchasing, Receiving, Storage, and Inventory Instructions- Dietary management in a nursing home in ABQ NM What workers are involved in the purchasing, receiving, storage and inventory process. Complete the table below: Position Description of their job duties Date/ What did they do? Answer the questions below: PURCHASING: 1. Is there a centralized purchasing department for the facility? If yes, observe someone in that department for a half day if possible, if no write N/A 2. What kinds of items are required to go out for formal bid? 3. What about capital purchases? What is the dollar amount at which an item must go on the capital rather than the operating budget? 4. Does the facility participate with a group to cooperatively purchase items? 5. Is there a Prime Vendor? If yes, how often is the contract renegotiated? 6. Is informal or open-market buying used for any items? Which ones? 7. Who orders…arrow_forwardCritical Incident Report- Dietary Mangement Critical incidences involve critical thinking and problem solving techniques. This exercise is the opportunity to analyze and decide on the appropriateness of the action and to determine better ways to solve problems, approach employees and get the job done. This exercise should help in doing it better the next time. As you observe or become more involved in the situations that require problem solving or critical thinking use this exercise to identify the what, who, and when and determine how the actions taken or not taken affected the outcome. You must write up two or more experiences. The summary is to include two parts: 1. Objective data of what occurred and how it occurred: 2. Analysis of what happened and what we could or would have done to make the outcome better.arrow_forward
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