Description
29 questions online, business
29 questions online, business
29 questions online, business
29 questions online, business
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Explanation & Answer
I am done. Scored 98.75%...
Completion Status:
100%
Review
Review
Anonymous
Great! Studypool always delivers quality work.
Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4
24/7 Homework Help
Stuck on a homework question? Our verified tutors can answer all questions, from basic math to advanced rocket science!
Most Popular Content
Ashford University Profit Payoff Decision Role Play Activity Paper
Profit Payoff Decision Role Play Activity [WLOs: 1, 2, 3] [CLO: 5]
Prior to beginning work on this discussion ...
Ashford University Profit Payoff Decision Role Play Activity Paper
Profit Payoff Decision Role Play Activity [WLOs: 1, 2, 3] [CLO: 5]
Prior to beginning work on this discussion forum, read Chapter 24 of your textbook.
Imagine that you are a successful business executive for a toy company, ChoiceToys. You are tasked to market one of the two new toys for the upcoming holiday season based on an optimal decision strategy. As the data analyst, you will be responsible for providing the expected profit payoff and associated probabilities.
Part 1 (Due by Day 3)
In your initial post, using the scenario below, you will be acting as the data executive speaking to a data analyst. You will need to speak to the data analyst and get more information so you can develop a decision analysis. Given the information the data analyst has provided, what more data do you think you need to create a decision analysis?
Toy 1 is being introduced to the market for the first time by ChoiceToys with no market competition. ChoiceToys believes that competitors will not be able to bring a similar toy to the market for this upcoming holiday season. You are not sure how the toy will be received by the consumers and there is equal chance that it will be highly successful, successful, or not successful. You will need to determine what the expected profit payoff will be and provide this in your scenario.
Toy 2 has been in the market, is known to consumers, and is in demand; however, it has two other competitors in the marketplace. If marketed, ChoiceToys will be one of the three companies selling this toy in the market in the upcoming holiday season. You will have to determine the profit payoff for Toy 2 respectively for a highly successful, successful, and not successful case. You will also need to determine the probability that Toy 2 will be highly successful in the market and equal chances for being successful or not successful in the market.
Part 2 (Due by Day 6)
As a data analyst, you need to use decision analysis techniques to recommend decision alternatives or optimal decisions based on expected profit payoff for the upcoming holiday season. Respond to one of your peers’ initial posts, and complete the following:
Identify the sequence of actions you need to take to start this decision process.
Explain each sequence and justify why it will help you with your decision.
Propose a risk profile for each choice.
Guided Response: Your initial response should be a minimum of 300 words in length. Respond to at least two peers by Day 7. In your first response, critique one of your peers’ Part 1 scenarios. In your second response, critique a student’s Part 2 reply to the scenario that has not been critiqued by others, for each of the following:
Missing or out of place sequences of actions. Justify your assessment.
Determination of essential decisions and uncertainties. Justify your reasons.
Determination of risk profile for each choice. Explain your assessment.
Grantham WalMart Company Supply Chain Management Strategies Paper
Complete a Supply Chain Management paper either using personal experience or a selected fortune 500 company that elaborate ...
Grantham WalMart Company Supply Chain Management Strategies Paper
Complete a Supply Chain Management paper either using personal experience or a selected fortune 500 company that elaborates on the internal value chain, degree of supply chain integration, and associated SCM road map.The requirements below must be met for your paper to be accepted and graded:Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below.Use font size 12 and 1” margins.Include cover page and reference page.At least 80% of your paper must be original content/writing.No more than 20% of your content/information may come from references.Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three reference requirement.Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style.References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for academic writing. A detailed explanation of how to cite a source using APA can be found here (link). Download an example here.Grading Criteria AssignmentsMaximum PointsMeets or exceeds established assignment criteria40Demonstrates an understanding of lesson concepts20Clearly presents well-reasoned ideas and concepts30Uses proper mechanics, punctuation, sentence structure, and spelling10Total100
9 pages
Coca Cola Company.edited
Marketing strategy a long-term, forward-looking perspective to planning with the essential objective of achieving an appro ...
Coca Cola Company.edited
Marketing strategy a long-term, forward-looking perspective to planning with the essential objective of achieving an appropriate competitive advantage ...
Campbellsville University The Civil Rights Act of 1964 Presentation
Need to prepare a Powerpoint presentation on the topicThe Civil Right Rights Act of 1964. You should tell (1) why it is im ...
Campbellsville University The Civil Rights Act of 1964 Presentation
Need to prepare a Powerpoint presentation on the topicThe Civil Right Rights Act of 1964. You should tell (1) why it is important, (2) how it has impacted the workforce, and (3) if that topic has impacted you.Requirement: Minimum 30-35slides. Every slide needs to include 100 words in the Notes section. Must need at least 9 references. Need to use in-text citations. In-text citation and the references (on the reference slide) must be in APA format.
BUS FP4014 Capella University Manufacturing Decisions & Costing Questions
Complete five problems in which you analyze common approaches to determining product or service quantities based on financ ...
BUS FP4014 Capella University Manufacturing Decisions & Costing Questions
Complete five problems in which you analyze common approaches to determining product or service quantities based on financials, contribution to profit based on a specific price and volume, product reliability, and quality control.This assessment explores the quality tools companies use to monitor, control, and analyze their products or services. Most businesses in today's economy must invest in quality to survive. Experts on quality have consistently shown that investing in programs and processes to ensure high quality does pay off.SHOW LESSBy successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:Competency 2: Apply the tools and technology used in operations management. Apply operations management tools associated with determining a breakeven analysis.Apply operations management tools associated with determining contribution to profit.Apply operations management tools associated with determining reliability based on a product with subcomponents used in series.Apply operations management tools associated with determining reliability based on a product with subcomponents used in parallel and in series.Apply operations management tools associated with determining control limits.Competency MapCHECK YOUR PROGRESSUse this online tool to track your performance and progress through your course.Toggle DrawerContextToday's customers want high quality products at the lowest possible price. Businesses establish quality expectations and conform to those expectations based on the customer or market segment they are going after. Today's consumers also demand organizations to be concerned with sustainable resources; this is evident with the passage of recent regulations and laws.SHOW LESSWhat Is Quality?It is important to understand that quality is not just an issue for companies that provide products. Services are measured by quality expectations as well, and are monitored to ensure high levels of quality. Organizations that provide services are extremely vulnerable to high quality expectations, because they are usually face-to-face with the customer on a regular basis. Service is not as easy to quantitatively measure, but it is still important to measure the service quality through the use of surveys, questionnaires, and other tools.In service, the idea is to make sure that customer's expectations have been exceeded, thus establishing the client as a return customer. Businesses have started to recognize the important role their employees play in this process, and have invested heavily in education, training, and team development. The best practice of investing in employees helps a company survive in today's competitive economy.A company determines its level of quality based, in part, on the specific expectations an individual is willing to pay. Once this and other factors are considered, a company sets its quality standards. The transformation of inputs to outputs creates many variables—from materials used to shipping and handling of the final product—that can affect quality. More importantly, industry metrics need to be considered to better manage effective resource use and determine organizational performance for sustainability.Total Quality ManagementTotal Quality Management (TQM) is a process by which companies strive for zero defects while delivering high quality products. By understanding the process, a company can identify the causes of defects and work towards eliminating them. Companies monitor and improve the development of a product or service with the use of statistical process control (SPC), control charts, process capabilities, Six Sigma, and other tools. Six Sigma is a tool that involves the whole company, especially top management, with the intent of reducing defective workmanship to 3.4 parts per million transactions. This is not a quick-fix program, but a long-term, corporate culture mindset that strives to eliminate defects completely so they do not return again.Toggle DrawerQuestions to ConsiderTo deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.How would you describe product or service design, and its processes?How do the quality tools selected by a company impact the company's performance?Does the company you work for incorporate Six Sigma?How can incorporating Six Sigma improve a company's performance?Toggle DrawerResourcesSuggested ResourcesThe following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom.Library ResourcesThe following e-books or articles from the Capella University Library are linked directly in this course:Naidu, N. V. R., Babu, K. M., & Rajendra, G. (2006). Total quality management. Delhi, IN: New Age International.Shridhara Bhat, K. (2010). Total quality management: Texts and cases. Mumbai, IN: Global Media.Kemp, S. (2005). Quality management demystified. Blacklick, OH: McGraw-Hill.SHOW LESSCourse Library GuideA Capella University library guide has been created specifically for your use in this course. You are encouraged to refer to the resources in the BUS-FP4014 Operations Management for Competitive Advantage Library Guide to help direct your research.Internet ResourcesAccess the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication.General Electric Company. (2014). What is six sigma? Retrieved from http://www.ge.com/en/company/companyinfo/quality/w...American Society for Quality. (n.d.). Six sigma forum. Retrieved from http://asq.org/sixsigma/ISSSP. (2014). International Society of Six Sigma Professionals. Retrieved from http://isssp.com/iSixSigma. (2014). Retrieved from http://www.isixsigma.com/Six sigma systems. (2014). Retrieved from http://www.sixsigmasystems.com/index.php APICS. (2013). Retrieved from apics.orgBookstore ResourcesThe resources listed below are relevant to the topics and assessments in this course and are not required. Unless noted otherwise, these materials are available for purchase from the Capella University Bookstore. When searching the bookstore, be sure to look for the Course ID with the specific –FP(FlexPath) course designation.Reid, R. D., & Sanders, N. R. (2016). Operations management: An integrated approach (6th ed.). Hoboken, NJ: Wiley. Chapter 5, "Total Quality Management."Chapter 6, "Statistical Quality Control."Assessment InstructionsScenarioSuppose that you were recently hired as the operations manager for ABC Manufacturing, a small manufacturing company founded two years ago. The company has been reasonably successful since it was founded, but has recently been experiencing several production issues. You were hired to recommend and implement improvements to get the company back on track.ProblemsComplete the following problems based on the ABC Manufacturing scenario above. For each question, briefly describe the operations management issue and describe how you would approach an analysis, then provide answers to the algebraic equations.Question 1. ABC Manufacturing is unsure of the ideal price to quote for one of their products, a pump. ABC's president has asked you to do a break even analysis for the pump, and to recommend the optimal price. The fixed costs (FC) associated with manufacturing this particular product are $100,000, and the variable costs (VC) are $50 per unit. ABC's president is considering a selling price (P) for this product of $100. The president wants to know how many units have to be sold in order to break even (BEU).Analyze this operations management issue.Provide the algebraic equation (using BEU, FC, P, and VC as variables) for the breakeven analysis.Calculate and provide the numeric breakeven value.Question 2. ABC's president believes there is substantial competition for this type of pump, and that price is a significant factor in potential customer's purchase decision. He estimates that the company will sell 3,600 pumps (unit volume or UV) if they are priced at $100, and will sell 2,900 pumps if they are priced at $110. He wants to know what contribution to profit (CP) would result from each of those two selling prices, and thus which is the better price.Analyze this operations management issue.Provide the algebraic equation (using CP, UV, P, and VC as variables) for this analysis.Calculate and provide the numeric contribution to profit (in dollars) for each of the two price points.Question 3. Another issue ABC is facing is reliability of their products, in part because they are manufacturing increasingly complex products. One such product is designed and manufactured with five different subassemblies combined in series. It was determined through testing that those subassemblies have reliabilities, which are R1, R2, R3, R4, and R5; of .997, .998, .995, .999, and .990, respectively (refer to the Question 3 Flowchart). ABC's president has asked you what the reliability of the overall product (RP) is, given those subassembly reliabilities utilized in series.Analyze this operations management issue.Provide the algebraic equation (using RP, R1, R2, R3, R4, and R5 as variables) for this analysis.Calculate and provide the overall product reliability, given those subassemblies utilized in series.Question 4. ABC's president has also asked you what the overall reliability of a different product (RP) is. That product has four subcomponents (SC1, SC2, SC3, and SC4). The components are organized as SC1, followed by SC2 in parallel with SC3, which are then both followed by SC4 (refer to the Question 4 Diagram). Their respective reliabilities are SC1R=.97, SC2R=.98, SC3R=.95, and SC4R=.93.Analyze this operations management issue.Provide the algebraic equation (using RP, SC1R, SC2R, SC3R, and SC4R as variables) for this analysis.Calculate and provide the overall product reliability given those subassemblies.Question 5. ABC Manufacturing is also concerned about the quality of its manufacturing processes. One of the products the company sells is a bottle of liquid lubricant associated with the pump product line. ABC's president is familiar with the operations management concept of control limits (determining an upper and lower numerical threshold such that a process is considered in control as long as it stays within those limits).The president has asked you to take samples of the amount of liquid in those bottles and determine the upper control limit (UCL) and lower control limit (LCL) of three standard deviations. He told you that, based on previous testing, the standard deviation (SD) for this process is 0.035. You took sample measurements of the volume of liquid in the bottles, done at different times of the day (in case that somehow impacted the volume), and this produced the data in the Sample Measurements Table below:Sample Measurements TableTimeVolume of Liquid in Bottles of Lubricant (in Ounces)8:00am30.039:00am30.0410:00am29.9811:00am30.0112:00pm30.001:00pm29.972:00pm30.083:00pm29.984:00pm29.995:00pm29.98Mean (M)30.006Analyze this operations management issue.Provide the algebraic equation for the UCL and for the LCL (using UCL, LCL, M, and SD as variables).Calculate and provide the numerical ULC and LCL values.Additional RequirementsWritten communication: Written communication should be free of errors that detract from the overall message.APA formatting: Any references and citations should be formatted according to APA (6th edition) style and formatting.Font and font size: Times New Roman, 12-point.
11 pages
ACC455 Phoenix Week 4 Corporate Taxation Application Quiz
Packard Corporation reported pretax book income of $501,300. Included in differences of $80,650. The corporation's current ...
ACC455 Phoenix Week 4 Corporate Taxation Application Quiz
Packard Corporation reported pretax book income of $501,300. Included in differences of $80,650. The corporation's current income tax expense or Smith ...
Similar Content
External Growth Strategies and Implementation
we explored the role of the corporate headquarters and its relationship with individual businesses, and how the corporate...
ITEC320 Issues with Regression in Excel and Business Analytics Analysis HW
Please see the attached file and let me know if you have questions ................
global business
Please keep the following in mind:Your initial post should not be less than 500 words. Each question should be answered in...
Who is Excellent in International Business Perspective (U7) Export?
I'm looking for someone who does not use Chegg or Coursehero or
any online cites to provide your answers. The professor c...
The Time Value of Money
Submit a 4-5 page report based on the following problem: Mary has been working for a university for almost 25 years a...
PAD 515: Leadership and Conflict Resolution, management homework help
"Public vs. Private Leadership" Please respond to the following:Assess the similarities and differences between public an...
Mgt401.
When does a corporation need a board of directors? All kinds of businesses, regardless of their sizes or levels, that oper...
Focused Improvement Class Notes_117068947-QTP-Class-Notes-1
uploads/services/161584/Focused Improvement Class Notes_117068947-QTP-Class-Notes-1.pdf...
Essay On Tourism
1.5 The factors that affect the industry and its success ............................................................... 8...
Related Tags
Book Guides
Shutter Island
by Dennis Lehane
Robinson Crusoe
by Daniel Defoe
Broke Millennial: Stop Scraping by and Get Your Financial Life Together
by Erin Lowry
The Prince
by Niccolò Machiavelli
The Curious Case of the Dog in the Night Time
by Mark Haddon
Girl in Translation
by Jean Kwok
Notes from Underground
by Fyodor Dostoyevsky
The Dispossessed
by Ursula Kroeber Le Guin
50 Shades of Grey
by E. L. James
Get 24/7
Homework help
Our tutors provide high quality explanations & answers.
Post question
Most Popular Content
Ashford University Profit Payoff Decision Role Play Activity Paper
Profit Payoff Decision Role Play Activity [WLOs: 1, 2, 3] [CLO: 5]
Prior to beginning work on this discussion ...
Ashford University Profit Payoff Decision Role Play Activity Paper
Profit Payoff Decision Role Play Activity [WLOs: 1, 2, 3] [CLO: 5]
Prior to beginning work on this discussion forum, read Chapter 24 of your textbook.
Imagine that you are a successful business executive for a toy company, ChoiceToys. You are tasked to market one of the two new toys for the upcoming holiday season based on an optimal decision strategy. As the data analyst, you will be responsible for providing the expected profit payoff and associated probabilities.
Part 1 (Due by Day 3)
In your initial post, using the scenario below, you will be acting as the data executive speaking to a data analyst. You will need to speak to the data analyst and get more information so you can develop a decision analysis. Given the information the data analyst has provided, what more data do you think you need to create a decision analysis?
Toy 1 is being introduced to the market for the first time by ChoiceToys with no market competition. ChoiceToys believes that competitors will not be able to bring a similar toy to the market for this upcoming holiday season. You are not sure how the toy will be received by the consumers and there is equal chance that it will be highly successful, successful, or not successful. You will need to determine what the expected profit payoff will be and provide this in your scenario.
Toy 2 has been in the market, is known to consumers, and is in demand; however, it has two other competitors in the marketplace. If marketed, ChoiceToys will be one of the three companies selling this toy in the market in the upcoming holiday season. You will have to determine the profit payoff for Toy 2 respectively for a highly successful, successful, and not successful case. You will also need to determine the probability that Toy 2 will be highly successful in the market and equal chances for being successful or not successful in the market.
Part 2 (Due by Day 6)
As a data analyst, you need to use decision analysis techniques to recommend decision alternatives or optimal decisions based on expected profit payoff for the upcoming holiday season. Respond to one of your peers’ initial posts, and complete the following:
Identify the sequence of actions you need to take to start this decision process.
Explain each sequence and justify why it will help you with your decision.
Propose a risk profile for each choice.
Guided Response: Your initial response should be a minimum of 300 words in length. Respond to at least two peers by Day 7. In your first response, critique one of your peers’ Part 1 scenarios. In your second response, critique a student’s Part 2 reply to the scenario that has not been critiqued by others, for each of the following:
Missing or out of place sequences of actions. Justify your assessment.
Determination of essential decisions and uncertainties. Justify your reasons.
Determination of risk profile for each choice. Explain your assessment.
Grantham WalMart Company Supply Chain Management Strategies Paper
Complete a Supply Chain Management paper either using personal experience or a selected fortune 500 company that elaborate ...
Grantham WalMart Company Supply Chain Management Strategies Paper
Complete a Supply Chain Management paper either using personal experience or a selected fortune 500 company that elaborates on the internal value chain, degree of supply chain integration, and associated SCM road map.The requirements below must be met for your paper to be accepted and graded:Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below.Use font size 12 and 1” margins.Include cover page and reference page.At least 80% of your paper must be original content/writing.No more than 20% of your content/information may come from references.Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three reference requirement.Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style.References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for academic writing. A detailed explanation of how to cite a source using APA can be found here (link). Download an example here.Grading Criteria AssignmentsMaximum PointsMeets or exceeds established assignment criteria40Demonstrates an understanding of lesson concepts20Clearly presents well-reasoned ideas and concepts30Uses proper mechanics, punctuation, sentence structure, and spelling10Total100
9 pages
Coca Cola Company.edited
Marketing strategy a long-term, forward-looking perspective to planning with the essential objective of achieving an appro ...
Coca Cola Company.edited
Marketing strategy a long-term, forward-looking perspective to planning with the essential objective of achieving an appropriate competitive advantage ...
Campbellsville University The Civil Rights Act of 1964 Presentation
Need to prepare a Powerpoint presentation on the topicThe Civil Right Rights Act of 1964. You should tell (1) why it is im ...
Campbellsville University The Civil Rights Act of 1964 Presentation
Need to prepare a Powerpoint presentation on the topicThe Civil Right Rights Act of 1964. You should tell (1) why it is important, (2) how it has impacted the workforce, and (3) if that topic has impacted you.Requirement: Minimum 30-35slides. Every slide needs to include 100 words in the Notes section. Must need at least 9 references. Need to use in-text citations. In-text citation and the references (on the reference slide) must be in APA format.
BUS FP4014 Capella University Manufacturing Decisions & Costing Questions
Complete five problems in which you analyze common approaches to determining product or service quantities based on financ ...
BUS FP4014 Capella University Manufacturing Decisions & Costing Questions
Complete five problems in which you analyze common approaches to determining product or service quantities based on financials, contribution to profit based on a specific price and volume, product reliability, and quality control.This assessment explores the quality tools companies use to monitor, control, and analyze their products or services. Most businesses in today's economy must invest in quality to survive. Experts on quality have consistently shown that investing in programs and processes to ensure high quality does pay off.SHOW LESSBy successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:Competency 2: Apply the tools and technology used in operations management. Apply operations management tools associated with determining a breakeven analysis.Apply operations management tools associated with determining contribution to profit.Apply operations management tools associated with determining reliability based on a product with subcomponents used in series.Apply operations management tools associated with determining reliability based on a product with subcomponents used in parallel and in series.Apply operations management tools associated with determining control limits.Competency MapCHECK YOUR PROGRESSUse this online tool to track your performance and progress through your course.Toggle DrawerContextToday's customers want high quality products at the lowest possible price. Businesses establish quality expectations and conform to those expectations based on the customer or market segment they are going after. Today's consumers also demand organizations to be concerned with sustainable resources; this is evident with the passage of recent regulations and laws.SHOW LESSWhat Is Quality?It is important to understand that quality is not just an issue for companies that provide products. Services are measured by quality expectations as well, and are monitored to ensure high levels of quality. Organizations that provide services are extremely vulnerable to high quality expectations, because they are usually face-to-face with the customer on a regular basis. Service is not as easy to quantitatively measure, but it is still important to measure the service quality through the use of surveys, questionnaires, and other tools.In service, the idea is to make sure that customer's expectations have been exceeded, thus establishing the client as a return customer. Businesses have started to recognize the important role their employees play in this process, and have invested heavily in education, training, and team development. The best practice of investing in employees helps a company survive in today's competitive economy.A company determines its level of quality based, in part, on the specific expectations an individual is willing to pay. Once this and other factors are considered, a company sets its quality standards. The transformation of inputs to outputs creates many variables—from materials used to shipping and handling of the final product—that can affect quality. More importantly, industry metrics need to be considered to better manage effective resource use and determine organizational performance for sustainability.Total Quality ManagementTotal Quality Management (TQM) is a process by which companies strive for zero defects while delivering high quality products. By understanding the process, a company can identify the causes of defects and work towards eliminating them. Companies monitor and improve the development of a product or service with the use of statistical process control (SPC), control charts, process capabilities, Six Sigma, and other tools. Six Sigma is a tool that involves the whole company, especially top management, with the intent of reducing defective workmanship to 3.4 parts per million transactions. This is not a quick-fix program, but a long-term, corporate culture mindset that strives to eliminate defects completely so they do not return again.Toggle DrawerQuestions to ConsiderTo deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.How would you describe product or service design, and its processes?How do the quality tools selected by a company impact the company's performance?Does the company you work for incorporate Six Sigma?How can incorporating Six Sigma improve a company's performance?Toggle DrawerResourcesSuggested ResourcesThe following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom.Library ResourcesThe following e-books or articles from the Capella University Library are linked directly in this course:Naidu, N. V. R., Babu, K. M., & Rajendra, G. (2006). Total quality management. Delhi, IN: New Age International.Shridhara Bhat, K. (2010). Total quality management: Texts and cases. Mumbai, IN: Global Media.Kemp, S. (2005). Quality management demystified. Blacklick, OH: McGraw-Hill.SHOW LESSCourse Library GuideA Capella University library guide has been created specifically for your use in this course. You are encouraged to refer to the resources in the BUS-FP4014 Operations Management for Competitive Advantage Library Guide to help direct your research.Internet ResourcesAccess the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication.General Electric Company. (2014). What is six sigma? Retrieved from http://www.ge.com/en/company/companyinfo/quality/w...American Society for Quality. (n.d.). Six sigma forum. Retrieved from http://asq.org/sixsigma/ISSSP. (2014). International Society of Six Sigma Professionals. Retrieved from http://isssp.com/iSixSigma. (2014). Retrieved from http://www.isixsigma.com/Six sigma systems. (2014). Retrieved from http://www.sixsigmasystems.com/index.php APICS. (2013). Retrieved from apics.orgBookstore ResourcesThe resources listed below are relevant to the topics and assessments in this course and are not required. Unless noted otherwise, these materials are available for purchase from the Capella University Bookstore. When searching the bookstore, be sure to look for the Course ID with the specific –FP(FlexPath) course designation.Reid, R. D., & Sanders, N. R. (2016). Operations management: An integrated approach (6th ed.). Hoboken, NJ: Wiley. Chapter 5, "Total Quality Management."Chapter 6, "Statistical Quality Control."Assessment InstructionsScenarioSuppose that you were recently hired as the operations manager for ABC Manufacturing, a small manufacturing company founded two years ago. The company has been reasonably successful since it was founded, but has recently been experiencing several production issues. You were hired to recommend and implement improvements to get the company back on track.ProblemsComplete the following problems based on the ABC Manufacturing scenario above. For each question, briefly describe the operations management issue and describe how you would approach an analysis, then provide answers to the algebraic equations.Question 1. ABC Manufacturing is unsure of the ideal price to quote for one of their products, a pump. ABC's president has asked you to do a break even analysis for the pump, and to recommend the optimal price. The fixed costs (FC) associated with manufacturing this particular product are $100,000, and the variable costs (VC) are $50 per unit. ABC's president is considering a selling price (P) for this product of $100. The president wants to know how many units have to be sold in order to break even (BEU).Analyze this operations management issue.Provide the algebraic equation (using BEU, FC, P, and VC as variables) for the breakeven analysis.Calculate and provide the numeric breakeven value.Question 2. ABC's president believes there is substantial competition for this type of pump, and that price is a significant factor in potential customer's purchase decision. He estimates that the company will sell 3,600 pumps (unit volume or UV) if they are priced at $100, and will sell 2,900 pumps if they are priced at $110. He wants to know what contribution to profit (CP) would result from each of those two selling prices, and thus which is the better price.Analyze this operations management issue.Provide the algebraic equation (using CP, UV, P, and VC as variables) for this analysis.Calculate and provide the numeric contribution to profit (in dollars) for each of the two price points.Question 3. Another issue ABC is facing is reliability of their products, in part because they are manufacturing increasingly complex products. One such product is designed and manufactured with five different subassemblies combined in series. It was determined through testing that those subassemblies have reliabilities, which are R1, R2, R3, R4, and R5; of .997, .998, .995, .999, and .990, respectively (refer to the Question 3 Flowchart). ABC's president has asked you what the reliability of the overall product (RP) is, given those subassembly reliabilities utilized in series.Analyze this operations management issue.Provide the algebraic equation (using RP, R1, R2, R3, R4, and R5 as variables) for this analysis.Calculate and provide the overall product reliability, given those subassemblies utilized in series.Question 4. ABC's president has also asked you what the overall reliability of a different product (RP) is. That product has four subcomponents (SC1, SC2, SC3, and SC4). The components are organized as SC1, followed by SC2 in parallel with SC3, which are then both followed by SC4 (refer to the Question 4 Diagram). Their respective reliabilities are SC1R=.97, SC2R=.98, SC3R=.95, and SC4R=.93.Analyze this operations management issue.Provide the algebraic equation (using RP, SC1R, SC2R, SC3R, and SC4R as variables) for this analysis.Calculate and provide the overall product reliability given those subassemblies.Question 5. ABC Manufacturing is also concerned about the quality of its manufacturing processes. One of the products the company sells is a bottle of liquid lubricant associated with the pump product line. ABC's president is familiar with the operations management concept of control limits (determining an upper and lower numerical threshold such that a process is considered in control as long as it stays within those limits).The president has asked you to take samples of the amount of liquid in those bottles and determine the upper control limit (UCL) and lower control limit (LCL) of three standard deviations. He told you that, based on previous testing, the standard deviation (SD) for this process is 0.035. You took sample measurements of the volume of liquid in the bottles, done at different times of the day (in case that somehow impacted the volume), and this produced the data in the Sample Measurements Table below:Sample Measurements TableTimeVolume of Liquid in Bottles of Lubricant (in Ounces)8:00am30.039:00am30.0410:00am29.9811:00am30.0112:00pm30.001:00pm29.972:00pm30.083:00pm29.984:00pm29.995:00pm29.98Mean (M)30.006Analyze this operations management issue.Provide the algebraic equation for the UCL and for the LCL (using UCL, LCL, M, and SD as variables).Calculate and provide the numerical ULC and LCL values.Additional RequirementsWritten communication: Written communication should be free of errors that detract from the overall message.APA formatting: Any references and citations should be formatted according to APA (6th edition) style and formatting.Font and font size: Times New Roman, 12-point.
11 pages
ACC455 Phoenix Week 4 Corporate Taxation Application Quiz
Packard Corporation reported pretax book income of $501,300. Included in differences of $80,650. The corporation's current ...
ACC455 Phoenix Week 4 Corporate Taxation Application Quiz
Packard Corporation reported pretax book income of $501,300. Included in differences of $80,650. The corporation's current income tax expense or Smith ...
Earn money selling
your Study Documents