...Specialty Toys Case Study 1. The mean is 20,000 units and there is a 95% probability that demand will be between 10, 000 and 30,000 units. This means there is a .025% chance that the demand will be outside of 10,000 and 30,000. Using the chart, we find that z=-1.96. Using the following calculation, we find: z= x- μ σ -1.96 = 10,000 – 20,000 σ σ=5102 Standard deviation σ = 5,102 μ = 20,000 mean 2. Stock outs were calculated by the four management numbers. Equation is: z = (x – μ)/ σ 15,000: Z = (15,000-20,000)/5102 z = -0.98 Then, reference the cumulative probabilities for standard deviation table in the beginning of the book to identify what -0.98 represents, which is .1635. Since stock outs are any quantity greater than what management suggested, they need to be subtracted from 1. 1 - .1635 = .8365 which = 83.65% Same logic/steps for the rest of the values: 18,000 24,000 28,000 Z = (18,000-20,000)/5102 z=(24,000-20,000)/5102 z=(28,000-20,000)/5102 z = -.39 z=.78 z= 1.57 1 - .3483 = .6517 1 - .7823 = .2177 1 –.9418 = .0582 which = 65.17% which = 21.77% which = 5.82% 3. Projected Profit for management under three scenarios which are 10,000 20,000 and 30,000 units Order | 10,000 units | 20,000 units | 30,000 units | 15000 | 8*10000-11*5000 =$25000 | 8*15000=$120000 | 8*15000 = $120000 | 18000 | 8*10000-11*8000= $-8000 | 8*18000 = $144000 | 8*18000 = $144000 | 24000 | 8*10000-11*14000=...
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...MBA: 633 sTATISTICS FOR BUSINESS DECISION MAKING | Specialty Toys, Inc. | Case Problem: Group Assignment No. 1 | | March 4, 2010 | | [Managerial Report prepared to address issues and recommend and order quantity for the Weather Teddy product for Specialty Toys, Inc.] | Executive Summary Specialty Toys, Inc. is a manufacturer of new and innovative children’s toys which includes the Weather Teddy. The Weather Teddy has a built-in barometer that provides one of five standard responses about the weather when a child presses the teddy bear’s hand. The company recently reached out to our team to prepare a managerial report addressing, but not limited to, the following issues: normal probability distribution in relation to demand approximation, the probability of stock-outs for certain quantities and the projected profits associated with certain order quantities. The purpose of this managerial report is to address the concerns of the management team at Specialty Toys, Inc. and also to provide a recommended order quantity for the Weather Teddy, the probability of stock-outs related to specific order quantities, and the potential profits associated with certain order quantities. Specialty Toys Business Cycle The company sells a variety of toys throughout the year. However, Specialty Toys plans to release the Weather Teddy in October, before the holiday season is officially underway. Management has determined that this is the best time to release a holiday gift...
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...Case Analysis – Specialty Toys 1. Senior sales forecaster predicted and expected demand of 20,000 units with .95 probability that demand would be between 10,000 and 30,000 units. P (10,000 < x< 30,000) = .95 (30,000-20,000)/1.96 = 5,102 X = the demand of Weather Teddy Mean µ = 20,000 Standard Deviation α = 5,102 The normal distribution of the demand for the Weather Teddy is represented in the graph below. This is based off of the forecast of previous selling history of other similar toys. The forecast shows that the demand for the Weather Teddy will be at 20,000 units, but with a probability of .95 of selling anywhere between 10k to 20k units. Therefore, with the information given the standard deviation of this forecast is at 5,102. 2. With various order quantities suggested by members of the management team, it would be wise to compute the probability of a stock-out for each of the order quantities suggested. The probability of a stock-out is the inverse of the probability that the quantity sold is less than or equal to the amount purchased by the company. 1st Formula used: z = (x - µ) / σ The probability of a stock out is calculated by subtracting the probability found in the chart from 1. Suggested Quantity to Order | Probability of a Stock-Out | 15,000 | 83.65% | 18,000 | 65.17% | 24,000 | 21.77% | 28,000 | 5.82% | 3. Based on the various order quantities suggested by members of the management team, a simple profit analysis...
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...Specialty Toys Case Study 1. The mean is 20,000 units and there is a 95% probability that demand will be between 10, 000 and 30,000 units. This means there is a .025% chance that the demand will be outside of 10,000 and 30,000. Using the chart, we find that z=-1.96. Using the following calculation, we find: z= x- μ σ -1.96 = 10,000 – 20,000 σ σ=5102 Standard deviation σ = 5,102 μ = 20,000 mean 2. Stock outs were calculated by the four management numbers. Equation is: z = (x – μ)/ σ 15,000: Z = (15,000-20,000)/5102 z = -0.98 Then, reference the cumulative probabilities for standard deviation table in the beginning of the book to identify what -0.98 represents, which is .1635. Since stock outs are any quantity greater than what management suggested, they need to be subtracted from 1. 1 - .1635 = .8365 which = 83.65% Same logic/steps for the rest of the values: 18,000 24,000 28,000 Z = (18,000-20,000)/5102 z=(24,000-20,000)/5102 z=(28,000-20,000)/5102 z = -.39 z=.78 z= 1.57 1 - .3483 = .6517 1 - .7823 = .2177 ...
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...Peter Blackwell Chapter 2 Test April 30, 2012 (1) Distinguished between the care provided in a/an: a. Hospital treats the acutely ill whereas a SNF cares for those less acutely ill. b. Level of care required is less in ICF c. RCF residents carry out activities of daily living on their own, whereas ICF residents may need some help. d. Trauma center is equipped to handle more severe injuries. (2) Distinguished between: a. Medicare id for people age 65 and older. Medicaid is for the poor. b. Retrospective is upon or after discharge, concurrent is during hospitalization. (3) Describe the type of care provided by a Primary Care Centers. Basic care by an internist, family practice physician, or pediatrician (4) Name : (a) An ancillary service . X-ray, labs test, physical therapy (b) A primary care physician. Internist, family practice physician , or pediatrician (c) Medical ,surgical, newborn, obstetrics (d) AMA (against medical advice (e) 14 (5) State the term for : a. satellite b. hospice care c. swing beds d. observation beds e. respite care f. intrahospital transfer g. incident report (6) Identify the initials AMA as related to discharge. Against Medical Advice (7) Is the adolescent included in adult or children statistics ? Adult (8) Name a list compiled daily in a hospital ? Admission, transfer, death, discharge (9) Name three indexes maintained in a a hospital. MPI, number, disease, procedure/ operation (10)...
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...Medical Associates-Middleboro Case Study Assignment Case Overview: Founded in 1951 and led by Dr. James R. Fairchild, a board-certified internist, Medical Associates is a physician group practice that expanded slowly and added other specialties in 1963. It has continued to expand over the years, and began to provide specialty and sub-specialty medical and surgical care in 1972. Medical Associates has also grown into a large tax paying medical group of forty physicians and two separate location in Middleboro and the eastern edge of Jasper which opened in 1972 and 1985 respectively. The practice was originally a single specialty practice but now has several specialties and sub-specialties in addition to ambulatory surgical services due to Dr. Fairchild advocating on behalf of multi-specialty medical care. Medical Associates provides services in cardiology, ENT, gastroenterology, general surgery, internal medicine, OB/GYN, orthopedic surgery, pediatrics, thoracic surgery, and urology. However, the practice struggles to provide an adequate amount of lab and imaging services. The board is battling many issues that are time sensitive and need to be fixed as quickly as possible such as staffing and insurances for example. They will need to remedy the situations before they become too hard to control and manage. A SWOT analysis of the organization, chart is attached at the end of this document, will be conducted to determine the strengths, weaknesses, opportunities and threats of...
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...Having the opportunity to work with several PA’s, I experienced first-hand how they all worked closely with the patients, took the time to speak to them, listened to their complaints and symptoms, and consulted with the physicians regarding the patients’ course of treatment. I began to realize what an integral role a PA can have in both a hospital and private practice setting, and the relationships that they develop with their patients. There were many times that I witnessed the PA’s spending more time and being more involved in the care and treatment of the patients than the physician for some of their regular patients. During this time, several PA’s and physicians I had worked with suggested to me that I would make an excellent physicians assistant, and that was when I first became inspired to pursue a career as a PA. I further explored the field by spending time shadowing several PA’s in various fields, including plastic surgery, vascular surgery and OB/GYN. This has inspired me to take 36 credits of prerequisite courses in one year, while still working full time. I constantly strive to excel in what I do, and I commit myself fully to any endeavor that I become passionate about. I am going back to school after almost ten years since graduating college in order to pursue my dream of becoming a PA because I believe in what I am doing, and I am passionate about my goals. I look very forward to a rewarding profession that combines my interests in clinical science and...
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...Job Description A paediatrician is a type of doctor that specializes in the medical care of infants, youth and teenagers until the age of 18. Paediatricians look after an individuals physical, mental and emotional well-being, in good health or illness. They diagnose and treat: infections, injuries, genetic defects, diseases, and dysfunctions. In addition, they are involved with the prevention, early detection and management of problems effecting children such as behavioural difficulties, developmental disorders, social stresses, functional problems, and depression or anxiety disorders. Paediatricians work with other medical professionals to fulfill the needs of patients. The word paediatrics comes from a greek word meaning “healer of children.” I selected the occupation of a paediatrician because I enjoy working with children to improve the community that I live in by treating diseases and teaching. In addition, paediatricians have a career that is flexible and very rewarding. Education and Training In high school, an individual must take chemistry, biology, and physics, as well as grade 11 math and grade 12 calculus. After an individual finishes high school, if they wish to become a paediatrician they must enrol in 4 years of college and 4 years of medical school. In college, you must take the following classes: 4 biology, 1 chemistry, 1 physics and 2 maths. After college, you must take 2 years of basic medical science. For the second 2 years, you will decide what field of...
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...Jennifer Smith G.G. Toys: Case study #2 G.G. Toys was a toy manufacturer facing problems with productivity and profitability. The company found a profitable product in their Geoffrey doll and Specialty branded doll #106. Retailers could customize to the specifications and buying habits of their customer base. On average, the Geoffrey Doll cost $19.19 to produce, and the #106 doll $23.74. To access in a study of their overhead cost for both of their plants, research showed that: 1. A setup was performed in the Chicago facility each time a modification to the dolls was made. Additionally, each time a specialty-branded doll was produced, a separate setup was required to process the raw materials to the required specifications. 2. Workers in the Chicago facility often operated several machines simultaneously once they were set up. Thus, machine-related expenses might relate more to the machine hours of a product than to its production-run labor hours. Because each retailer required slight alterations to the Geoffrey doll's overall appearance, a new setup and production run was required for each design change. Retailers were found to be conservative in their ordering patterns, ordering fewer units more frequently. Thus increasing the number of setups required, causing increased labor and material cost. The research done by the external group did show an area of opportunity. Because setup is time consuming, labor intensive, and costly, it would be within reason...
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...Jennifer Smith G.G. Toys: Case study #2 G.G. Toys was a toy manufacturer facing problems with productivity and profitability. The company found a profitable product in their Geoffrey doll and Specialty branded doll #106. Retailers could customize to the specifications and buying habits of their customer base. On average, the Geoffrey Doll cost $19.19 to produce, and the #106 doll $23.74. To access in a study of their overhead cost for both of their plants, research showed that: 1. A setup was performed in the Chicago facility each time a modification to the dolls was made. Additionally, each time a specialty-branded doll was produced, a separate setup was required to process the raw materials to the required specifications. 2. Workers in the Chicago facility often operated several machines simultaneously once they were set up. Thus, machine-related expenses might relate more to the machine hours of a product than to its production-run labor hours. Because each retailer required slight alterations to the Geoffrey doll's overall appearance, a new setup and production run was required for each design change. Retailers were found to be conservative in their ordering patterns, ordering fewer units more frequently. Thus increasing the number of setups required, causing increased labor and material cost. The research done by the external group did show an area of opportunity. Because setup is time consuming, labor intensive, and costly, it would be within reason (at least...
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...Gg Toys Case St G.G.Toys Thedecline margins our popular in on Gtoftry doIIproduct become has intolerable. production Increasing haae costs dropped pretaxmarginto less our than10%, below historical our 257omargins, wearegoing If far to increase margins, need consider our we to drastically shiftingour production towards sfecialtydolts aie that earning large prnniumin priceoaer standard line. a our doll -Robert Parker,President, G.G.Toys Background Robert Parker, president of G.G. Toys, was discussing last month's operating results with Audrey Hausner, G.G.'s conkoller, and David Morehouse, G.G.'s manufacturing manager. The meeting was taking place in an atmosphere tinged with apprehension because margins on thelr most popular product, the "Geoffrey doll," had been declining rapidly in the last few years due to rising production costs (summary operating results for the previous month, March 2000, arc shown in Exhibits 1 and 2). Parker saw no choice but to shift the company's product mix towards specialty dolls that carried a high price premium, and thus, a 34% margin. G.G. Toys was a leading supplier of high-quality dolls to retail toy stores throughout the U.S, The comPany had started with a unique design for molding highly durable dolls using vinyl and resin materials. G.G. quickly established a loyal customer base among retailers because of the high quality and popularity of its manufactured dolls. It soon established a major presence in the market with its high-volume...
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...G.G. Toys: Case study #2 G.G. Toys was a toy manufacturer facing problems with productivity and profitability. The company found a profitable product in their Geoffrey doll and Specialty branded doll #106. Retailers could customize to the specifications and buying habits of their customer base. On average, the Geoffrey Doll cost $19.19 to produce, and the #106 doll $23.74. To access in a study of their overhead cost for both of their plants, research showed that: 1. A setup was performed in the Chicago facility each time a modification to the dolls was made. Additionally, each time a specialty-branded doll was produced, a separate setup was required to process the raw materials to the required specifications. 2. Workers in the Chicago facility often operated several machines simultaneously once they were set up. Thus, machine-related expenses might relate more to the machine hours of a product than to its production-run labor hours. Because each retailer required slight alterations to the Geoffrey doll's overall appearance, a new setup and production run was required for each design change. Retailers were found to be conservative in their ordering patterns, ordering fewer units more frequently. Thus increasing the number of setups required, causing increased labor and material cost. The research done by the external group did show an area of opportunity. Because setup is time consuming, labor intensive, and costly, it would be within reason (at least with...
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...with numbers, letters and animal pictures. For safety measures they had appropriate age toys, the door handles where not reachable for the children to open the doors, children were always supervised they were two teachers in the room. This teacher encouraged each child to be the active partner in their learning process, and created a curriculum based on: each child’s individual needs, and interests with a balance of child-initiated and teacher-directed activities. “Circle Time” was the first activity I was able to observe. The teacher asked all of the children to clean up the toys with which they were playing. As she navigated the room, verbally assisting some students, I noticed some students had already gone to the carpet area and sat in “Circle“. There was however, one child who was having a hard time following directions, and would not clean up the Lego’s, he wanted to keep playing. After giving this child 3 warnings to clean up his toys, the instructor proceeded to sit on the floor adjacent to him. She then told him that he could keep his “creation”, on the shelf, and return to it when Circle Time was over but, that he needed to clean the rest of the Lego’s up and come to Circle with the rest of the class. Agreeing to this compromise, he put his creation away and the remaining Lego’s back into the bucket, and headed quietly to the carpet for Circle. In contrast with All children’s Specialty care in Brandon the decoration was colorful and also had some animal pictures in the...
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...“My Specialty: Pediatric Nursing” The article, “My Specialty: Pediatric Nursing,” by PHN Elizabeth Hanks focuses on pediatric nursing, a field very close to my heart. When my youngest daughter was two years old, she was diagnosed with a brain tumor that caused severe seizures. We spent the next several years in and out of the hospital. The pediatric nurses who cared for her helped my daughter and our family feel as comfortable as they could. I felt that my daughter was well taken care of and without them the situation would have been harder on the entire family. Therefore, I chose an article about pediatric nursing because it is a field of nursing that is very close to my heart and has played a big role in my life and the lives of my family members. Pediatric nursing is a field of nursing that encompasses multiple specializations. The article featured interviews from three pediatric nurses from different sub-fields, including a foster care support nurse, a pediatric oncologist, and a pediatric nurse involved in private practice. The foster care nurse is assigned to a family who is adopting a child, and stays in close contact with the family for the first few months to help them get accustomed to the new child and is called upon when they are in need of medical advice or assistance. Also, Hanks interviewed a pediatric oncologist, which is a nurse who specializes in the study of different cancers among children and their care. The final interview was with a nurse who...
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...International Journal of Health Research in Modern Integrated Medical Sciences (IJHRMIMS) is adouble blind peer reviewed, Print andOnline journal, giving priority for research in Health andModern Innovative Medical Sciences. It is a non profit, peer reviewed journal and will be published quarterly. As medical science is fast expanding, this journal is a platform for the researchers for their publication as it reaches globally. It publishes original research articles in the field of Medical and Health and its Allied branches. Journal invites original articles, short communications, case reports, Letter to Editor and review articles on recent advances in medical and health. Manuscripts submitted to this journal, should not have been published or under consideration for publication in any substantial form in any other journal. The views expressed in the articles published in this journal are those of the authors alone. Under no circumstances shall the editor be liable for any direct, incidental, special and consequential loss and damage that results from the user’s reliance or non reliance of information provided in this journal. Editors do not necessarily agree with the said views and the same should not be taken to reflect either the views or the policy of this journal. Material published in this journal is the exclusive copy right property of IJHRMIMS. This is an ideal platform for researchers who are willing to publish their articles. We have a dynamic editorial team who...
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