...INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 – 6510(Online), Volume 4, Issue 2, March- April (2013)ISSN 0976-6502 (Print)ISSN 0976-6510 (Online)Volume 4, Issue 2, March- April (2013), pp. 31-43 IJM© IAEME: www.iaeme.com/ijm.asp ©IAEMEJournal Impact Factor (2013): 6.9071 (Calculated by GISI)www.jifactor.com LINEAR PROGRAMMING OF BASIC ECONOMIC PARAMETERS USED AT REENGINEERING IN SMALL AND MEDIUM ENTERPRISES Prof. Dr Slobodan Stefanović High School of Applied Professional Studies, Vranje, Serbia Prof. Dr Radoje Cvejić Faculty for strategic and operational management Belgrade, Serbia ABSTRACT In economic terms, linear programming is a mathematical technique used for selecting one among more possible economic decisions that will have the greatest efficiency. Most production issues have been solved by a linear programming method, also performed here, and a model of linear programming of economic parameters in re- engineering of small and medium enterprises, for their greater efficiency, is presented. Key words: linear programming, re-engineering, economic parameters, model. 1.0. INTRODUCTION Linear programming is a mathematical method for selecting an optimal solution among larger number of possible solutions. In mathematical terms, linear programming is a mathematical analysis of optimum problem. These are mathematical methods used for seeking the maximum (or minimum) value of a linear function, with previously given...
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...Level 3 Diploma in Business Unit 3 Introduction to Marketing QCF level 3: BTEC Subsidiary Diploma in Business 2013-14 Learning hours: 60 Credit Value: 10 Unit code: Y/502/5411 Aims and Purpose of Unit 3 The aim and purpose of this unit is to give you an understanding of how marketing, research and planning and the marketing mix are used by all organisations. You will initially study two business organsations, but you will focus on the products at Denbies Vineyard and we will work in collaboration with them. Issue: 8th September 2014 Deadline: 1st December 2014 Learning outcomes On completion of this unit you should: 1. Know the role of marketing in organisations 2. Be able to use marketing research and marketing planning 3. Understand how and why customer groups are targeted 4. Be able to develop a coherent marketing mix. Assignment 1 You work as a marketing assistant for a large marketing company called “Creative Dreams” . The manager of your department has asked you to carry out the following task. The organisations you will investigate for unit 3.1 are “Thorpe Park” and “Surrey Wildlife Trust”. www.thorpepark.com www.surreywildlifetrust.org Task 1 (P1, P2, M1) Write up a brief introduction for both organisations, this must include size, location, nature of the business, objectives and marketing objectives to provide an introduction to the two businesses. (a) P1: DEADLINE THORPE PARK P1 15/09/14, DEADLINE SWT P1 22/09/14 Describe the marketing...
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...Managing New, Remanufactured and Upgraded Products under a Coupon Recycling Environment Xian LI1 , Jihong ZHANG1,† , Xiaosong DING1 , Xiaodong YANG1 1 International Business School Beijing Foreign Studies University Beijing, People’s Republic of China, 100089 † corresponding author: zhangjihong@bfsu.edu.cn Abstract—We consider a two-period production and pricing model under a coupon recycling environment, in which a monopolistic manufacturer is able to produce and sell new, remanufactured and upgraded products simultaneously in the market. To attract consumers to return used products and promote the sale of upgraded products, the manufacturer offers coupons in the recycling process. We focus on the competition between different kinds of products and analyze the manufacturer’s optimal production and pricing strategies as well as the effect of coupons on them. Keywords—remanufacturing; pricing strategy; cost; coupon I. I NTRODUCTION With the advancing high-technology and exacerbation in global economic competition, more and more electronic products possess a very short lifespan prior to becoming outdated. For example, electronic products including mobile phones, MP3-players, digital cameras, tablets and laptops often have a lifespan being no more than one year. In the meanwhile, the shortage in global resources and deterioration of ecological environment makes remanufacturing a popular alternative to the sustainable development of many electronic...
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...Navigation System Price Analysis Strayer University BUS315 Cost and Price Analysis Professor Stephen Bartorillo May 4, 2015 Price Analysis The primary costs being considered by Bickham Services Unlimited for the pricing strategy of the HSNS-P1 is the cost of manufacturing. In our case the cost of manufacturing is very high because the raw materials required, such as the unmanned, manned systems, aircrafts, space systems and other technological materials required, are too expensive. Also we need highly skilled and technical professionals for the manufacturing process to be directly involved in monitoring and manufacturing the system. The administrative cost are the most important expense because it aids the production of the drone navigation system as it covers the extra costs that come up. Consideration of our products cost will be essential for effective pricing. Inventory evaluation has to be made in order to determine the required inventory needed for manufacturing the HSNS-P1 unit. Unit costing will aid in the determination of appropriate cost of the final product (April 30, 2015, blog.cordiars.website). Transportation costs of the required raw materials will be included in the pricing. This is because we will need to import some highly sensitive materials for the manufacturing process. The price analysis was conducted based on: * Competitive proposals where price is not part of the proposal * Small purchase with documented published price lists...
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...Contents 1.0 Introduction 3 1.1 Purpose 3 1.2 Scope of this report 3 1.3 Methodology 3 1.4 Limitations 3 2.0 Situation Analysis 4 2.1 Business Definition and Scope 4 2.1.2 Mission, Visions and Objectives of Packet One Networks 4 2.1.3 Products and Services Definition of P1 WiMAX 4 2.2 External Environment 5 2.2.1 Remote Environment Analysis 5 2.2.1.1 Economic Environment 5 2.2.1.2 Political/Legal Environment 6 2.2.1.3 Social Cultural Environment 6 2.2.1.4 Technological Environment’ 7 2.2.2 Near Environment Analysis 8 2.2.2.1 Porter’s 5 Forces Model 8 2.2.2.1.1 Rivalry among Present Competitors 8 2.2.2.1.2 Threat of New Entrants 9 2.2.2.1.3 Bargaining Power of Suppliers 9 2.2.2.1.4 Bargaining Power of Buyers 10 2.2.2.1.5 Threat from Substitute Products 10 2.2.2.2 Competitors Analysis 11 2.2.2.3 SWOT Analysis 12 2.2.2.3.1 Strength 13 2.2.2.3.2 Weakness 13 2.2.2.3.3 Opportunity 14 2.2.2.3.4 Threats 14 2.2.2.4.1 P1-Business Position 15 2.2.2.4.2 Market Attractiveness 16 2.2.2.4.3 GE Matrix Chart 16 2.2.2.5 Buyers Analysis. 16 3.0 Marketing Objectives, Strategies and Marketing Mix 17 3.1 Marketing Objectives 17 3.2 Financial Objectives 17 Marketing Strategy’s 17 3.3.1 Untapped Segment & Brand awareness 17 3.4 Product Life Cycle 18 3.5 Segmentations, Targeting and Positioning 19 5.0 P1WiMAX Marketing Tactics 22 5.1 Promotion 22 5.1.1 Events 23 5.1.2 Service availability in F&B outlets 24 ...
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...BACHELOR OF COMMERCE (B.COM.,) PAPER – 2.1 MANAGERIAL ECONOMICS UNIT – I CHAPTER - I SECTION - I Definition of Managerial Economics Managerial economics refers to those aspects of economics and its tools of analysis most relevant to the firm’s decision-making process. According to MeNair and Meriam, managerial economies consists of the use of economic models of thought to analyze business situations. Some writers consider managerial economics as the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management. The underlying idea of all these definitions is that managerial economics means economics applied in decision-making. So we may consider managerial economics as a special branch of economics bridging the gap between abstract theory and managerial practice. It may be pointed out here that effective decision-making at the firms’ level calls for a careful analysis of a choice between alternative courses of action. Economic theory offers a variety of concepts and analytical tools which can be of considerable assistance to the manager in his decision-making process. In fact actual problem-solving may require many skills and tools which are not available in the traditional economist’s. For example, knowledge of accounting and of statistical concepts and methods, which are not taught in economics, can help the analyses to apply more effectively the economic...
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...MIS 208 SPRING 2015 HOMEWORK 1 (due 13:15 on Monday, 6 April 2015, in class at 101) Reading Assignment: Please read section Duality and Sensitivity Analysis of the text book Winston. You will be responsible on that section in the exam. Question 1: Two different products, P1 and P2 can be manufactured by one or both of two different machines, M1 and M2. The unit processing time of either product on either machine is the same. The daily capacity of machine M1 is 200 units (of either P1 or P2, or a mixture of both) and the daily capacity of machine M2 is 250 units. The shop supervisor wants to balance the production schedule of the two machines such that the total number of units produced on one machine is within 5 units of the number produced on the other. The profit per unit of P1 is $10 and that P2 is $15. Set up the problem as an LP in equation form. Question 2: A company manufactures purses, shaving bags and backpacks. The construction includes leather and synthetics, leather being the scarce raw material. The production process requires two types of skilled labor: sewing and finishing. The following table gives the availability of the resources, their usage by the three products, and the profits per unit. a) Formulate the problem as a linear program and find the optimal solution by using appropriate Simplex Methods that you have seen in the class b) From the optimum solution determine the status of each resource. Question 3: The following tableau...
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...Managing financial resources and decisions Part 1 Assignment 1 Task 1 Sources of finance for different businesses Different sources of finance are given for, old, large small etc organizations. Type | Cost | Payback Terms | Sizes | Advantages | Disadvantages | Personal Savings | No cost | None | | Easy, cheap | Risk of Loss | Friends & Family | Usually good rate or none | Very flexible | | Flexible, best value | Can create friction | Home Mortgages - Traditional or Seconds | 7-9%8-14% on equity loans | Very long and flexible | 80-100% + of home equity value | Cheapest, longest term | Your house is at risk in the event of non-payment | Suppliers | Free | 30 days +/- | | Inexpensive, unsecured | Short term | Venture capital | 25-40% | 5-7 years | $500,000+ | Can get large amounts | Very hard to get; share ownership | Leasing companies | 12-18% | 5-7 years | Varies | Same as above; also 100% financing | | Banks | 6-9% | 1-5 years | $50,000+ | Generally least expensive | Generally hardest to qualify for | Task 2: a) Importance of financial planning for Barlett Company Some important factors are given below for the company: - * It helps in managing income more effectively through planning. * Increasing cash flows by carefully monitoring company’s spending patterns and expenditures. * Allowing the company to consider investments to improve its overall financial matters. b) Information needs of the different decision makers In the below table...
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... | |Course |BTEC Level 3 Extended Diploma in Business | |Unit |Unit 4 |Assignment Title |Understanding Business Information | |Assessor | | |Issue Date | |Submission Date | | |Grading Criteria |P1, M1, D1 | |Resources |Text, Internet, Lesson Notes | |Available | | Assessment Title: Assignment One “Understanding Business Information” In this assignment you will have the opportunity to provide evidence against the following criteria. |Criteria Reference |To Achieve Criteria the evidence must show that you can: |Task # |Links to PLTS | |P1 |Explain different types of business information, their sources and purposes |1 |IE CT | |M1 |Analyse different...
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...European Journal of Operational Research 224 (2013) 507–519 Contents lists available at SciVerse ScienceDirect European Journal of Operational Research journal homepage: www.elsevier.com/locate/ejor Production, Manufacturing and Logistics Pricing decisions for complementary products with firms’ different market powers Jie Wei a,⇑, Jing Zhao b, Yongjian Li c a General Courses Department, Military Transportation University, Tianjin 300161, PR China School of Science, Tianjin Polytechnic University, Tianjin 300160, PR China c Business School, Nankai University, Tianjin 300071, PR China b a r t i c l e i n f o Article history: Received 25 July 2011 Accepted 5 September 2012 Available online 11 September 2012 Keywords: Pricing Complementary products Market power Stackelberg game a b s t r a c t This article reports the results of a study that explores the pricing problems with regard to two complementary products in a supply chain with two manufacturers and one common retailer. The authors establish five pricing models under decentralized decision cases, including the MS-Bertrand, MS-Stackelberg, RS-Bertrand, RS-Stackelberg, and NG models, with consideration of different market power structures among channel members. By applying a game-theoretical approach, corresponding analytic solutions are obtained. Then, by comparing the maximum profits and optimal pricing decisions obtained in different decision cases, interesting and valuable managerial...
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...| Unit 7 | | Zahra Ali | 10/30/2014 | | Assessor's comments | Qualification | BTEC Level 3 Extended Diploma in Business | Assessor name | Fran Mackenzie | Unit number and title | Unit 7 Management Accounting ( J/502/5419) | Learner name | Zahra Ali | Assignment title | Tasks 1, 2 and 3 Regional Business Support Agency. Costs and Break Even | | Grading criteria | Achieved? | Comments | P1 | | | P2 | | | M1 | | | D1 | | | | General comments | | Action plan | | Assessor signature | Fran MacKenzie | Date | | Issue date: 6th October 2014 Final hand in date SUBMISSION 1: 3rd November 2014 Student Name: Zahra Ali Learner’s Declaration: I certify that the work submitted for this assignment is my own Signed: Zahra Ali Date: 30/10/14 Issue date: 6th October 2014 Final hand in date SUBMISSION 1: 3rd November 2014 Student Name: Zahra Ali Learner’s Declaration: I certify that the work submitted for this assignment is my own Signed: Zahra Ali Date: 30/10/14 Contents Introduction 3 Task 1 3 P1 3 ‘’1.Describe the main cost elements that a business needs to consider, explaining what category the costs fall into.’’- Blackboard 3 Revenue expenditure – 3 Capital expenditure – 3 ‘’2. Describe variable costs and give an example’’ – Blackboard 4 ‘’3. Describe fixed costs and give an example’’ - Blackboard 4 ‘’4. Describe semi-fixed or semi-variable costs and give examples’’ - Blackboard 4 ‘’5...
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...“curves”. The word is in quotes because in this chapter, for simplicity, we will actually assume only straightline relationships between price and quantities demanded and supplied. The main issue that is important in reality is the direction of the relationship between prices and quantities. Will a reduction in price lead to an increase in the quantity demanded of any particular product or service? Will an increase in price lead to an increase in supply? And so on. The principal technical tools for analyzing demand and supply conditions in particular markets, then, are the demand and supply schedules or curves. The demand curve shows an estimate or conjecture about the relationship between the price of any particular product or service and the quantity of that product that will be demanded by consumers. It is usually assumed to slope downward, in the general case, for most products and services. In other words, the lower the price of the item, the greater the quantity of it that will be demanded. Technically, this is because of a presumption of diminishing marginal utility (MU) for most individuals and most products. The more an individual has or consumes of any one item, the less valuable or desirable will any additional or “marginal” quantity seem to that individual. Therefore, the price to be paid for marginal quantities of the item will decline the greater the quantity already consumed. This...
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...------------------------------------------------- Unit 36: Starting a Small Business ------------------------------------------------- Business Plan Workbook ------------------------------------------------- Prepared by: ------------------------------------------------- Date: April 2013 ------------------------------------------------- Student name: _____________ Contents The business proposal - a brief summary (P1) 4 My business idea (Minimum 100 words) 4 The location & reason: Add Map! 4 Aims and Objectives (P1) 5 Action Plan (P1) 6 Swot analysis (P1) 7 Business threats 7 Legal Considerations (P1) 8 Proprietor’s background (P3.1) 11 Personal Development Plan (P3.2) 13 Market research Plan (P2.1) 14 The target market (P2.2) 15 The customers (P2.3) 16 The competition (P2.4) 17 The competition (P2.5) 18 Test marketing/ prospective clients (P2.6) 20 Advertising plan (P2.7) 21 Promotion (P2.8) 22 Sales plan (P2.9) 22 Production plan (P4.1) 23 Insurance (P4.2) 23 Legislation (P4.3) 23 Suppliers (P4.4) 24 Business premises (P4.5) 24 Business equipment (P4.6) 24 Terms of trade (P4.7) 25 Labour costs related to hours available (P4.8) 26 Financial Plan (P4. 9) 27 Personal survival budget 27 Sources of finance (P4.10) 29 Total finance available £ 29 Estimated pre-start costs (P4.11) 29 Estimated working capital (P4.12) 30 Sales Analysis (P4.13) 31 Cash flow forecast (P4.14): 32 Break-even analysis (P4.15): 32 Projected...
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...FE341: Microeconomics Homework 1 Due August 30 th ANSWER KEY Please indicate the students that you worked on this homework assignment with, if any. 1. From the textbook page 18: Questions for Review #2 Which of the following two statements involves positive economic analysis and which normative? How do the two kinds of analysis differ? a. Gasoline rationing (allocating to each individual a maximum amount of gasoline that can be purchased each year) is poor social policy because it interferes with the workings of the competitive market system. Positive economic analysis describes what is. Normative economics describes what ought to be. Statement (a) merges both types of analysis. First, statement (a) makes a positive statement that “ rationing interferes with the workings of the competitive market system.” know from economic analysis that a constraint placed on supply will We change the market equilibrium. Second, statement (a) makes the normative statement that gasoline rationing “ is poor social policy.” b. Gasoline rationing is a policy under which more people are made worse off than are made better off. Statement (b) is positive because it states what the effect of gasoline rationing is without making a value judgment about the desirability of the rationing policy. 2. From the textbook page 18: Questions for Review #6 The price of long-distance telephone service fell from 40 cents per minute in 1996 to 22 cents per minute in 1999, a 45-percent (18 cents/40 cents) decrease....
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...Case Studies 1. SOLUTION TO STARTING RIGHT CASE, CH. 3, PAGE 110 This is a decision-making-under-uncertainty case. There are two events: a favorable market (event 1) and an unfavorable market (event 2). There are four alternatives, which include do nothing (alternative 1), invest in corporate bonds (alternative 2), invest in preferred stock (alternative 3), and invest in common stock (alternative 4). The decision table is presented. Note that for alternative 2, the return in a good market is $30,000 (1 + 0.13)5 = $55,273. The return in a good market is $120,000, (4 x $30,000) for alternative 3, and $240,000, (8 x $30,000) for alternative 4. Payoff table Laplace Event 1 Alternativ e1 Alternativ e2 Alternativ e3 Alternativ e4 0 55,273 Event 2 0 – 10,00 0 – 15,00 0 – 30,00 0 Average Value 0.0 22,636.5 Minimu m 0 – 10,000 – 15,000 – 30,000 Maximu m 0 55,273 Hurwicz Value 0.00 – 2,819.9 7 –150.00 120,00 0 240,00 0 52,500.0 120,000 105,000. 0 240,000 –300.00 Regret table Maximum Alternative Alternative 1 Alternative 2 Alternative 3 Alternative 4 Event 1 240,000 184,727 120,000 0 Event 2 0 10,000 15,000 30,000 Regret 240,000 184,727 120,000 30,000 a. Sue Pansky is a risk avoider and should use the maximin decision approach. She should do nothing and not make an investment in Starting Right. b. Ray Cahn should use a coefficient of realism of 0.11. The best decision is to do nothing. c. Lila Battle should eliminate alternative 1 of doing nothing and apply the maximin...
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