...window that allows customers to complete bank transactions without getting out of their cars. On weekday mornings, arrivals to the drive-up teller window occur at random, with an arrival rate of 24 customers per hour or 0.4 customers per minute. a) What is the mean or expected number of customers that will arrive in a five-minute period? The expected number is of 0.4*5 = 2 customer is a five-minute period. b) Assume that the Poisson probability distribution can be used to describe the arrival process. Use the arrival rate in part (a) and compute the probabilities that exactly 0, 1, 2, and 3 customers will arrive during a five-minute period. The probabilities of the described scenarios are as follows: P0=20e-20! P0=0.135335283 P1=21e-21! P1=0.270670566 P2=22e-22! P2=0.270670566 P3=23e-23! P3=0.180447044 c) Delays are expected if more than three customers arrive during any five-minute period. What is the probability that delays will occur? This probability can be expressed as the probability of more than 3 customers arriving during the five-minute period, which can be computed as following: P(x > 3) = 1 – P(x ≤ 3) P (x > 3) = 1 – 0.85712346 P(x > 3) = 0.14287654 Thus, there is a 14, 29% probability of expected delays in five-minute period. Problem 3 Use the single-server drive-up bank teller operation referred to in Problems 1 and 2 to determine the following characteristics for the system: Using arrival rate and service rate PER MINUTE ...
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...(You’ll develop this section after writing the business plan and executive summary.) The table of contents should show major section headings and the page number that starts the section. It’s even better if you can show the detailed subheadings under the major sections with corresponding page numbers. Section I. Executive Summary (You’ll develop this section after completing your business plan.) Write a one to two page summary representing the various sections of your Business Plan. Your goal is to make the reader want to read more! Section II. Mission, Goals & Objectives General Description of the Business Describe your business so an outsider will clearly understand what business you are in, what products or services you offer, who your market is, how you operate (generally), the stage of development of your business, and what your growth ideas include. This is the first...
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...BTEC Level 2 Extended Certificate in Business |Unit: 4 Customer Service |Subject Tutor: | | |Sura Altikriti, James Hulme | |Assignment Title: |Ref: 1 of 2 | |We can improve! | | |Student Name: |Personal Tutor: | | |Helen Cheshire | |Overall Target Grade: |Unit Target Grade: | |Issue date: |Submission date: | |Extension Granted: |Submission Date: | Final Assignment Grade |Unclassified |Level 1 |Level 2 P |Level 2 M |Level 2 D | | | ...
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...Have the Continuous Improvement (Cl) efforts at Absa Bank’s Horizon Medium Business Banking unit, in the Gauteng West region successfully addressed the key concepts of Continuous Improvement as set out by Trollip, 2008? By Sinqobile Khobotho Ndlovu {20625261} Submitted in partial fulfillment of the requirements for the degree of Masters in Business Administration At the Nelson Mandela Metropolitan University (NMMU) Business School Research Supervisor: Mr. Bux Heather November 2008 Page 1 of 112 Declaration “I, Sinqobile K Ndlovu, declare that: • This work has not been previously accepted in substance for any degree and is not being concurrently submitted in candidature for any degree. • This dissertation is being submitted in partial fulfillment of the requirements for the degree of Masters in Business Administration. • The dissertation is the result of my independent work/investigation, except where otherwise stated. Other sources are acknowledged by referencing and a reference list is attached. • I hereby give consent for my dissertation, if accepted, to be available for photocopying and for loan, and for the title and summary to be made available to outside organizations.” Signed: …………………. Date: 20 December 2008 Page 2 of 112 Abstract Success in today’s highly competitive financial sector requires an organization to have a sustainable competitive advantage that would distinguish it from the rest. Products...
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...Appendix C Activity-Based Costing QUESTIONS 1. Manufacturing overhead costs cannot be directly traced to units of product like direct materials and direct labor. Assigning overhead costs to units of product requires some sort of allocation on some “reasonable” basis. 2. In the first stage, service department costs are assigned to operating departments. In the second stage, a predetermined overhead rate is computed for each operating department and used to assign overhead to output (or jobs or products). 3. Operating departments are directly involved in manufacturing or selling the products or services of a business. Service departments support operating departments through activities such as accounting, payroll, and legal services. 4. Activity-based costing (ABC) is a method for allocating shared costs among departments or products. It is especially common for overhead allocation. The goal of ABC is to provide reliable information about costs and their sources. One advantage of ABC is that it forces managers to examine the behavior of cost drivers and cost levels, with the result that costs are more likely to be managed effectively. 5. Anything to which costs would be assigned is considered a “cost object.” Common cost objects are units of product, product lines, departments, activities, and projects. 6. An activity cost driver is the measure of the activity that causes costs to be incurred. For instance, the activity driver for the activity...
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...Table of contents 1. Introduction 2. Arrival Pattern of customers 3. Service Patterns 4. System Capacity 5. Number of Service Channels 6. Queue Discipline 7. Queuing Cost 8. The Four Models 9. Model-1(Single Channel Queuing Model) 10. Model-2 (Multiple-Channel Queuing) 11. Model-3 (Constant-Service-Time) 12. Model-3 (Constant-Service-Time) 13. Simulation 14. Conclusion Abstract This report is about queuing theory, it’s application and analysis. Queuing theory has a vast number of applications starting from the simplest day to day life examples to complicated computer algorithms. To further explain the queuing theory analysis we have used simulation of an example from our case study. We have done an in depth analysis of the four queuing theory models and chosen one of them for the simulation. The results can be helpful in improving the overall performance of the manufacturing facility. Introduction According to U. Narayan Bhat waiting line are a phenomena through which businesses and facilities can be helped in an orderly manner. There are several ways to forma queue (waiting line), for instance when people wait to get a boarding pass from an airline counter, there can be 3 service stations (airline counters) and hence 3 waiting lines, or there can be one service station and hence one queue. These days we mostly see one counter for airline services as this benefit the passengers and airline best. This conclusion was...
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...UNIT 1 i Introduction to operations management Unit 1 BLC 301/05 Operations Management Introduction to Operations Management ii WAWASAN OPEN UNIVERSITY BLC 301/05 Operations Management COURSE TEAM Course Team Coordinator: Ms. Loo Saw Khuan Content Writer: Dr. Quah Hock Soon Instructional Designer: Ms. Koh Kah Ling Academic Members: Dr. Chuah Poh Lean and Mr. Chong Fook Suan COURSE COORDINATOR Ms. Loo Saw Khuan EXTERNAL COURSE ASSESSOR Associate Professor Dr. Lim Kong Teong, Universiti Utara Malaysia PRODUCTION Editor: Penerbitan Pelangi Sdn. Bhd. In-house Editor: Ms. Koh Kah Ling Graphic Designer: Ms. Audrey Yeong Wawasan Open University is Malaysia’s first private not-for-profit tertiary institution dedicated to adult learners. It is funded by the Wawasan Education Foundation, a tax-exempt entity established by the Malaysian People’s Movement Party (Gerakan) and supported by the Yeap Chor Ee Charitable and Endowment Trusts, other charities, corporations, members of the public and occasional grants from the Government of Malaysia. The course material development of the university is funded by Yeap Chor Ee Charitable and Endowment Trusts. © 2008 Wawasan Open University First revision 2013 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission from...
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...cartons, cereal boxes, ice cream containers, and just about every conceivable food-product package. Customers purchase product based on weight (cents per pound or dollars and cents per pound). Additional charges that might be billed to the customer include special packaging charges, storage charges (if the customer requests that product be stored at a public storage facility), and shipping charges (if a contract carrier is utilized to deliver product to the customer). The product is marketed to an existing customer base through an internal sales force that reports directly to the Field Sales Force Manager. The Field Sales Force Manager in turn reports to the Vice President of Marketing and Sales. The combined charter of the marketing department and the sales force team is to maintain and expand product sales to existing customers and develop new sales with existing customers and prospect and develop new customers. The Vice President of Marketing reports to the General Manager of the division, who is an executive VP reporting to the parent company’s chief operations officer or president. Product delivery is supported by the distribution and logistics departments. Distribution includes the customer service, order entry, billing, and inventory groups. Heading up the distribution department is the Manager of Distribution Services. He is responsible for day to day operations of customer service, order entry, billing, and inventory groups, each of which has a group supervisor whom he supervises...
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...Exercise 7-1 Variable and Absorption Costing Unit Product Costs [LO1] | Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The sounding bars are cast from brass and hand-filed to attain just the right sound. The bars are then mounted on an intricately hand-carved wooden base. The gamelans are sold for 850 (thousand) rupiahs. (The currency in Indonesia is the rupiah, which is denoted by Rp.) Selected data for the company's operations last year follow (all currency values are in thousands of rupiahs): | | | | | Units in beginning inventory | | 0 | Units produced | | 340 | Units sold | | 295 | Units in ending inventory | | 45 | Variable costs per unit: | | | Direct materials | Rp | 260 | Direct labor | Rp | 370 | Variable manufacturing overhead | Rp | 62 | Variable selling and administrative | Rp | 24 | Fixed costs: | | | Fixed manufacturing overhead | Rp | 52,000 | Fixed selling and administrative | Rp | 39,000 | Requirement 1: | Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Omit the "Rp" sign in your response. Round your answer to the nearest whole number.) | | Unit product cost | Rp | 1105 (0%) | | Exercise 7-1 Variable and Absorption Costing Unit Product Costs [LO1] | Ida Sidha Karya Company...
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...Objective: 1 2. A product differentiation strategy includes offering unique and superior products for increased prices. Answer: True Difficulty: 1 Objective: 1 3. The cost leadership strategy is for products and services that are similar to competitor’s products and services. Answer: True Difficulty: 1 Objective: 1 4. The product differentiation strategy is probably best for a company if the engineering staff is more skilled at making process improvements than at creatively designing new products. Answer: False Difficulty: 2 Objective: 1 The cost leadership strategy is probably best for a company if the engineering staff is more skilled at making process improvements than at creatively designing new products. 5. In general, profit potential increases with greater competition, stronger potential entrants, products that are similar, and tougher customers and suppliers. Answer: False Difficulty: 1 Objective: 1 In general, profit potential decreases with greater competition, stronger potential entrants, products that are similar, and tougher customers and suppliers. 6. Reengineering is the fundamental rethinking and redesign of business processes to achieve improvements in critical measures of performance such as cost, quality, service, speed, and customer satisfaction. Answer: True Difficulty: 1 Objective: 2 7. Reengineering benefits are most significant when they focus on one business function rather than crossing...
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...Management UTCC Product and Service Design School of Engineering The University of the Thai Chamber of Commerce Operations Management UTCC Operations Management UTCC Agenda • The need for product and service design or redesign • Sources of ideas for design or redesign • Design elements for both manufacturing and service. Operations Management UTCC Product and Service Design • Major factors in design strategy – – – – – Cost Quality Time-to-market Customer satisfaction Competitive advantage Product and service design – or redesign – should be cl se l ti d to a n o rg a n i ti n ’ stra te g y o y e za o s Operations Management UTCC Product or Service Design Activities • Translate customer wants and needs into product and service requirements (Hospital, Toyota) • Refine existing products and services • Develop new products and services • Formulate quality goals • Formulate cost targets • Construct and test prototypes • Document specifications Operations Management UTCC Refine existing products and services Operations Management UTCC Develop new products and services • Understanding the customer • Economic change: low or high demand, excessive warranty claims, the need to reduce costs • Social and demographic: aging baby boomers, population shifts • Political, liability, or legal: government changes, safety issues, new regulations • Competitive: new or changes products or services, new advertising/promotions • Technological:...
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...Succinct The case present a company named Lighthouse that it business specializes as a provider of locating services for the shipping industry. The services comprise of a one-way messaging service that routes messages from the ships at sea to the shipping company’s offices. The messages provide the shipping company detailed information regarding to ship location, speed and current local weather. The way the system works for gathering the ships data is, by installing a device as a dedicated hardware unit in the ships that serves as tracing device in which Lighthouse rendered the services, Lighthouse will connect the device to its service. Before the Ship Finder service can put in place the company required to customers sign two contracts, one for the sale of the devices and the other governing the provision of the service. The service contracts generally have duration twelve months and are billed monthly, customer may terminate the services at any time but the amounts paid for the devices are nonrefundable. The Lighthouse devices are made to be used exclusively with the Lighthouse services, the standard pricing for the Ship Finder Device are $10,000 per unit (MSRP) and for the Ship Finder Service are $300 a fixed monthly payments per unit. Payments for the devices are due upon completion of the installation and final acceptance by the customer. The services are priced at standard rates although discounts are offered; depending on the number of devices sold also the...
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...developing an ABC system, and the benefits and limitations of an ABC system 3. Determine product costs under both the volume-based method and the activity-based method and contrast the two 4. Explain activity-based management (ABM) 5. Describe how ABC/M is used in manufacturing companies, service companies, and governmental organizations 6. Use an activity-based approach to analyze customer profitability 7. Identify key factors for successful ABC/M implementation PART I Beware of little expenses. A small leak will sink a great ship. Benjamin Franklin This chapter has a lot to do with implementing the spirit of Benjamin Franklin’s observation—in cost management terms—that it really does matter how accurately you calculate a cost. Why? Having accurate costs is important for a variety of reasons: a company might find that it has a difficult time determining which of its products is most profitable. Alternatively, it finds its sales increasing but profits declining and cannot understand why. Perhaps the company keeps losing competitive bids for products and services and does not understand why. In many cases, accurate cost information is the answer to these questions. Accurate cost information provides a competitive advantage. It helps a company or organization to develop and to execute its strategy by providing accurate information about the cost of its products and services, the cost of serving its customers, the cost of dealing with its suppliers, and the cost of supporting business...
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...an ABC system, and the benefits and limitations of an ABC system 3. Determine product costs under both the volume-based method and the activity-based method and contrast the two 4. Explain activity-based management (ABM) PART I 5. Describe how ABC/M is used in manufacturing companies, service companies, and governmental organizations 6. Use an activity-based approach to analyze customer profitability 7. Identify key factors for successful ABC/M implementation Beware of little expenses. A small leak will sink a great ship. Benjamin Franklin This chapter has a lot to do with implementing the spirit of Benjamin Franklin’s observation—in cost management terms—that it really does matter how accurately you calculate a cost. Why? Having accurate costs is important for a variety of reasons: a company might find that it has a difficult time determining which of its products is most profitable. Alternatively, it finds its sales increasing but profits declining and cannot understand why. Perhaps the company keeps losing competitive bids for products and services and does not understand why. In many cases, accurate cost information is the answer to these questions. Accurate cost information provides a competitive advantage. It helps a company or organization to develop and to execute its strategy by providing accurate information about the cost of its products and services, the cost of serving its customers, the cost of dealing with its suppliers, and the cost of supporting...
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...Assessment Tasks Candidate Guide BSBCUS501A: Manage quality customer service Copyright ownership: United Business Services (Aust) Pty Ltd. This book is copyright protected under the Berne Convention. All rights reserved. No reproduction without permission. This book is protected by copyright and may not be reproduced or copied either in part or in whole nor used for financial gain without the express approval in writing of the owner (United Business Services (Aust) Pty Ltd) of the copyright. United Business Services (Aust) Pty Ltd 50 Cupania Street Algester Qld 4115 Ph: (07) 3276 0549 Email: info@ubsconsultants.com.au Web: www.ubsconsultants.com.au BSBCUS501A: Manage quality customer service Assessment Tasks: Candidate Guide Assessment Information The assessment activities associated with the unit of competency BSBCUS501A: Manage quality customer service are listed below: Assessment 1: Written Written answers to questions Assessment 2: Project Written responses to tasks Assessment 3: Project Written responses to tasks Assessment 4: Project Written responses to tasks This guide contains all of the assessment tasks required for completion of unit of competency BSBCUS501A: Manage quality customer service. Prior to commencing the assessments your assessor will explain each task to you. You will be given the opportunity to ask questions and to seek clarification on any of the tasks, and your assessor will...
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