...can be seen as the limitation of one source in order to maximize another source or sources. Constraints can also be seen as spending money that may limit how much a manager may spend without going over budget. It can also mean a certain amount of money may need to be set aside for monthly expenses such as bills or maybe even promotions. Objective function – “The mathematical expression that defines the quantity to be maximized or minimized is referred to as the objective function.” (p.8) An objective function can be a number that may limit or interfere with the actual outcome of the results that are outside the constraints. Exceeding the cost of material that may be used during the production of a product can produce an objective function. Uncontrollable inputs – “Such factors, which can affect both the objective function and the constraints, are referred to as uncontrollable inputs to the model.” (p.9) An uncontrollable input may include the cost of electricity, rental equipment, water, and other environmental factors which are required in order to produce a product. The uncontrollable inputs will always be the factors which are not able to calculate such as non-production days because of weather or maintenance for equipment that may not have been expected. Controllable inputs – “Inputs that are controlled or determined by the decision maker are referred to as controllable inputs to the model.” (p.9) The controllable inputs may include such things as labor, labor hours...
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...Chapter 01 The Scope and Challenge of International Marketing True / False Questions 1. (p. 3) Global commerce thrives during peacetime. TRUE Difficulty: Easy Type: Knowledge 2. (p. 4) To date, the lesson for international commerce in the 21st century is "expect the unexpected." TRUE Difficulty: Easy Type: Knowledge 3. (p. 5) Today, every American business is international. TRUE Difficulty: Moderate Type: Comprehension 4. (p. 5) One event that will influence the shape of international business as the future unfolds is the rapid growth of the World Trade Organization, NAFTA, and the European Union. TRUE Difficulty: Moderate Type: Comprehension 5. (p. 5) One event that will influence the shape of international business as the future unfolds is the unprecedented acceptance of communism and socialism in Latin America. FALSE Difficulty: Moderate Type: Comprehension 6. (p. 5) A trend that will impact international business in the future is a mandate to properly manage the resources and global environment. TRUE Difficulty: Moderate Type: Comprehension 7. (p. 5) Today, most business activities are local or regional in scope. FALSE Difficulty: Moderate Type: Knowledge 8. (p. 6, Crossing Borders 1.1) What do French farmers, Chinese fishermen, and Russian hackers have in common--they can all receive subsidy payments from the U.S. government. FALSE Difficulty: Moderate Type: Knowledge 9. (p. 6) Foreign-made products remain a small...
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...Limitations of Using Quantitative Business Analysis: Quantitative methods presume to have an objective approach to studying research problems, where data is controlled and measured, to address the accumulation of facts, and to determine the causes of behavior. As a consequence, the results of quantitative research may be statistically significant but are often humanly insignificant. Some specific limitations associated with using quantitative methods to study research problems in the social sciences include: • Quantitative data is more efficient and able to test hypotheses, but may miss contextual detail; • Uses a static and rigid approach and so employs an inflexible process of discovery; • The development of standard questions by researchers can lead to "structural bias" and false representation, where the data actually reflects the view of the researcher instead of the participating subject; • Results provide less detail on behavior, attitudes, and motivation; • Researcher may collect a much narrower and sometimes superficial dataset; • Results are limited as they provide numerical descriptions rather than detailed narrative and generally provide less elaborate accounts of human perception; • The research is often carried out in an unnatural, artificial environment so that a level of control can be applied to the exercise. This level of control might not normally be in place in the real world thus yielding "laboratory results" as opposed...
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...marketing; the internal and external environments. your job as a marketer is to create effective flow of goods and services from the point of production to your consumers despite various controllable and uncontrollable forces that do militate for or against you while making profit for your organization. The external environment of marketing The external environment of marketing is comprises of those uncontrollable forces outside of your organization. These forces that can influence your business are uncontrollable because you do not have any control over them, but yet, you can respond and adapt to their treats and influences with your controllable mix element from your internal environment. The uncontrollable forces in the external environment are: Competition Government policies Natural forces social and cultural forces Demographic factors Technological changes (1) Competition: competition refers to the numbers of similar competitive product brands’ marketers in your industry, their size and market capitalizations. You as a marketer might not have direct influence on them, but it’s important that you monitor their activities, and then design effective strategies using your controllable variables. (2) Governmental policies: the government policies refers to the laws and legality that guilds the land, they go a long way to affect your business operations as a marketer. For instance, government...
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...be used will define the way it should be computed. Cost Object: Any activity for which a separate measurement of cost is required. Something for which we want to compute a cost e.g. Product Product Line Department Division Geographical Area Cost unit: Unit of Production / service in relation to which cost are ascertained the unit is what is most relevant for the activity of the organization. Cost Centre: A production or service / location, function, activity or item of equipment for which costs are accumulated. i) ii) iii) Cost Classification. Costs can be classified as Direct or Indirect i) ii) By Function iii) Fixed, variable or mixed (discussed under cost behavior) DIRECT OR INDIRECT: i) Direct Cost (Manufacturing Cost). Those that can be specifically and exclusively identified with a particular cost object. These costs comprises Direct Materials Direct Labour Direct Expenses N.B. Sometimes direct costs are treated as indirect because tracing them to the cost object directly is not cost effective. E.g the cost screws in a car. ii) Indirect Cost (Overheads). Cost of a resource acquired to be used by more than one cost object or running a department but cannot be traced directly or in full to the cost object. N.B. For Stock valuation purposes the cost of a product will consist of a) Prime Cost b) Production Cost c) Total Cost. Cost card Amount $ XX XX XX XX XX XX XX XX XX XX XX XX Direct Materials Direct Labour Direct Expenses Prime cost Variable Factory Overheads...
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...one that contains no random elements. The output of the model determined the parameter values and the initial conditions. Deterministic models samples include accounting, timetables, pricing, a linear programming model and economic quantity models (Nic, 2013). For example, decision-making problems can be deterministic or probabilistic decision models. As deterministic models, decisions to bring good final outcomes. A deterministic model is “you get what you expect” risk-free model, which determines the outcome. It also depends on the influence of the uncontrollable the factors that determine the outcome of a decision and the information the decision-maker input as a predicting factor (Arsham, 1996). According to Schrodt (2004), deterministic models was widely used in the early 18th century to study physical processes to develop differential equations by many mathematicians. These differential equation allow values of a variable as function of its value at any point in time and as a common form of the deterministic concept. The differential equations apply to a variety of astronomical and mechanical phenomena and have produced crucial scientific literature (Schrodt, 2004). The model is important in astronomical and mechanical phenomena because of the finite equations...
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...This page intentionally left blank R E V I S E D T H I R T E E N T H E D I T I O N AN INTRODUCTION TO MANAGEMENT SCIENCE QUANTITATIVE APPROACHES TO DECISION MAKING David R. Anderson University of Cincinnati Dennis J. Sweeney University of Cincinnati Thomas A. Williams Rochester Institute of Technology Jeffrey D. Camm University of Cincinnati Kipp Martin University of Chicago Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. An Introduction to Management Science: Quantitative Approaches to Decision Making, Revised Thirteenth Edition David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, & Kipp Martin VP/Editorial Director: Jack W. Calhoun Publisher: Joe Sabatino Senior Acquisitions Editor: Charles McCormick, Jr. Developmental Editor: Maggie Kubale Editorial Assistant:...
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...OHT1.1 |SGA592 |Marketing Research | |National Code/Competency | |BSBMKG301A |Research the market | |BSBMKG302A |Identify marketing opportunities | OHT 1.2 DEFINITIONS |Selling |If your company creates a product or service, and then tries to persuade customers to buy it, that | | |is selling. | | | | |Marketing |BUT if the company finds out what a customer wants or needs, and then develops the product or | | |service to match (including the way it is priced, packaged, distributed or delivered and its | | |benefits communicated), this is marketing. | | | ...
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...INTRODUCTION A research can be defined as a systematic way of gathering data, recording it and analyzing it further to guide business decision making. A research is mainly done to handle uncertain decisions and uncontrollable situations. A research always helps the managers in providing useful and timely information. The main purpose of any research is to provide accurate, timely, appropriate and relevant information to the top management for further decision making. A research is mainly done to discover new knowledge or interpretation and establish facts in a particular field. The research process involves various steps that helps the organization to investigate a problem or look for an opportunity facing the organization. The steps...
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...MGT/330 Weekly Overview Week One: Overview of the Functions of Management THE FOUR FUNCTIONS OF MANAGEMENT Planning is designating the goals to be accomplished and determine the correct actions to achieve those goals. The planning activity includes analyzing current situations, anticipating what about to happen, deciding the most effective activities the company will use, choosing corporate and business strategies, and determining the supplies needed to accomplish the company’s goals. Planning set the stage for action, and for higher achievements. Historically, planning described a top-down approach in which top executives establish business plans and tell others to implement them. (Chapter 1: Managing) Organizing is constructing an active organization, setting up and coordinating the human, physical, financial, informational, and other advantages needed to reach goals. Organizing exhibitions involve drawing attention to people to an organization, specifying job restraints, minimizing work into units, placing and assigning resources, and setting conditions so that everyone and everything work in sync to achieve maximum success. In determining the internal structure, management must look at the different divisions or departments, the coordination of staff, and what is the best way to handle the necessary tasks and disbursement of information within the company. Management will then divide up the work that needs to be done, determine appropriate departments...
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...The central idea of marketing is of a matching a company’s capabilities and the wants of customers in order to achieve the objectives of both parties. Therefore, marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services in order to create exchanges that satisfy individual and organisational goals. When Adam Smith said that consumption is the sole end and purpose of production he was in fact describing what has in recent years become known as the marketing concept. The marketing concept implies that all the activities of an organisation are driven by a desire to satisfy customer needs. In order to satisfy customer needs it is essential for today’s businesses to create a marketing plan. Marketing planning is concerned with adapting the organisation to a changing environment. Long-term success in current competitive markets requires a co-ordinated approach to meet customer needs better than competitors. All companies have a set of capabilities in the form of resources and management skills, which are not necessarily capable of taking advantage of all market opportunities as effectively. Marketing planning is a logical sequence and a series of activities leading to the setting of objectives and the formulation of plans for achieving them. The marketing plan operates at two levels. The strategic marketing plan lays out the broad marketing objectives and strategy at the corporate level. It analyses the marketing...
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...Marketing Plan Outline Compiled by: Dr. Vandana T Khanna Componenet Glucose Batch_01_Crysta Xylose ls Arabinose Glucose Batch_02_Crysta Xylose ls Arabinose Sample Name RT 11.067 12.129 14.059 11.05 12.114 14.059 AREA 3034 275827 9379 8235 415303 14410 % AREA 1.032 93.875 3.192 1.871 94.409 3.275 % 0.97 81.39 3.19 1.80 83.50 3.34 Sample Name Batch_01_Crystals Components Glucose Xylose Arabinose RT 11.067 12.129 14.059 11.05 12.114 14.059 Area 3034 275827 9379 8235 415303 14410 % Area 1.032 93.875 3.192 1.871 94.409 3.275 % 0.97 81.39 3.19 1.80 83.50 3.34 Batch_02_Crystals Glucose Xylose Arabinose I. Executive Summary A high-level summary of the marketing plan II. The Challenge Brief description of product to be marketed and associated goals, such as sales figures and strategic goals 1|Page III. Situation Analysis a. Company Analysis Goals Focus Culture Strengths Weaknesses Market share b. Customer Analysis Number Type Value drivers Decision process Concentration of customer base for particular products c. Competitor Analysis Market position 2|Page Strengths Weaknesses Market shares d. Collaborators Subsidiaries/joint ventures and distributors etc. e. Climate MICRO ENVIRONMENT Elements close to a company that impact the company's ability to serve its customers. There are six components of the microenvironment: the company's internal environment, composed of the management personnel and including the finance...
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...CASE 2-1 Ali Zein Kazmi February 1, 1999 THE NOT-SO-WONDERFUL-WORLD OF EURODISNEY -THINGS ARE BETTER NOW AT PARIS DISNEYLAND- 1. What are the factors contributed to EuroDisney’s poor performance during its first year of operation? Walt Disney overestimated the magic that was to be in introducing Europe's most lavish and extravagant theme park in April of 1992. The fiscal year 1992-1993 brought EuroDisney a loss of nearly $1 billion. Mickey, a major promotion tool of Disney management did not create reason or attraction enough for the European community, unlike at the sister theme park Tokyo Disneyland. European families found EuroDisney to be an “over-rated” promotion of American culture and lifestyle, contrary to what was seen by Disney's management as a family affair. In the initial years of operation this led to an overestimation of expected revenue and audience figures. Advertising messages had been miscommunicated, “emphasizing glitz and size…not the rides or attractions”. Disney remained unsuccessful in attracting customers just by vigorous brand name promotion communicated through Mickey and his friends. Moreover, families were reluctant to pay hefty price tags on accommodation and entertainment needed to enjoy the attractions of the park. Disney failed to manage a healthy relationship with partner organizations in the host country, which most importantly alienated them from their number one ally, the French government. Regional affairs in Eastern...
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...CASE 2-1 Ali Zein Kazmi February 1, 1999 THE NOT-SO-WONDERFUL-WORLD OF EURODISNEY -THINGS ARE BETTER NOW AT PARIS DISNEYLAND- 1. What are the factors contributed to EuroDisney’s poor performance during its first year of operation? Walt Disney overestimated the magic that was to be in introducing Europe's most lavish and extravagant theme park in April of 1992. The fiscal year 1992-1993 brought EuroDisney a loss of nearly $1 billion. Mickey, a major promotion tool of Disney management did not create reason or attraction enough for the European community, unlike at the sister theme park Tokyo Disneyland. European families found EuroDisney to be an “over-rated” promotion of American culture and lifestyle, contrary to what was seen by Disney's management as a family affair. In the initial years of operation this led to an overestimation of expected revenue and audience figures. Advertising messages had been miscommunicated, “emphasizing glitz and size…not the rides or attractions”. Disney remained unsuccessful in attracting customers just by vigorous brand name promotion communicated through Mickey and his friends. Moreover, families were reluctant to pay hefty price tags on accommodation and entertainment needed to enjoy the attractions of the park. Disney failed to manage a healthy relationship with partner organizations in the host country, which most importantly alienated them from their number one ally, the French government. Regional affairs...
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...technology, socialize with a diverse group of people, have pride in their work and share ideas to improve themselves and to improve performance, and have fun doing it. The work design is an integral part in achieving this holy grail of work environments. My objective is to take a look at three individual studies that look at different elements of work design such as employee environmental controls, work place innovation and well-being. I will then summarize my conclusion with a recommend course of research to further prove that providing a well thought out work place design will promote a work place environment that leads to increase job satisfaction, productivity, group unity, collaboration and performance. First let’s define work design. Wikipedia defines work design as the application of Socio-Technical Systems principles and techniques to humanization of work. In other words the goal of work design is to improve job satisfaction, job performance, and work quality, while reducing negative employee behavior like grievances, absenteeism, shirking, injury and arguments. "Find something you love to do, and you'll never work a day in your life" - Harvey MacKay I first looked at a study completed by Michelle M. Roberts and Yueng-Hsiang Huang Effect of a workplace design and training intervention on individual performance, group effectiveness and collaboration: The...
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