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Mgt201 GDB solution

Friday, May 27, 2011 Posted In Edit This

“Discussion Question”
The annual expected returns and related probabilities associated with a new investment opportunity analyzed by a local firm are here as under:


Rate of Return (%)
-10
20
45
60
100

Probability of Returns

0.010
0.450
0.320
0.140
0.080

You are required to calculate the following:
a.The expected Rate of Return
b.The standard deviation of the returns
c.The coefficient of variation of the returns
d.If another investment of similar risk bears CV of 0.50. Then compare the CV calculated in No. (iii), and guide about the riskiness of the new investment.


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Solution:


Answers

The expected Rate of Return = 39.7%

The standard deviation of the returns=23.5989 %

The coefficient of variation of the returns =0.5944

Comment about the riskiness of the new investment = New project with CV=0.5 is less riskier than the CV =0.5944, so new investment should be preferred





Solution:

a) Expected rate of return

Expected ROR = < r > = pi ri

= p1 (r1) + p2 (r2) + p3 (r3) + p4(r4) + p5(r5)

= 0.010 ( -10%) + 0.450 ( 20%) + 0.320 ( 45%) + 0.140(60%) + 0.080 (100%)

= - 0.1% + 9% + 14.4% + 8.4% + 8 %

= 39.7%

b) The standard deviation of the returns

Risk = Std Dev = ( r i - < r i > )2 p i

= Std Dev = δ = √ Σ (r i - < r i >)2 p i.

= √{[(-10-39.7)2 (0.010)] + [(20-39.7)2 (0.0.450)] + [(45-39.7)2 (0.320)] + [(60-39.7)2(0.140) + [(100-39.7)2(.080) }

=√ (24.7009 + 174.6405 + 8.9888 + 57.6926 + 290.8872)

= √ (556.91)

=√557

Standard Deviation, δ = 23.5989

c) Coefficient of variation , CV = Standard Deviation = 23.5989 / 39.7

Expected Return

= 0.5944

d) Coefficient of Variation tells us about the Risk per unit Return. The project which offers lowest per unit risk is the best investment. 0.5944 > 0.5. The new investment offer the CV of 0.50 which is lower than calculated CV in part (iii) is 0.5944. Choose the Project with the Lowest CV i-e CV=0.5. As it carries the lowest Risk per unit Return than 0.5944.





Mgt613 Assignment No. 2 solution

Friday, May 27, 2011 Posted In Edit This
Marks: 20 



Question:
As quality control manager in a restaurant how would you maintain quality in producing and serving the food to the customers? 


Note: The answer should be relevant and cheating from any website, blog, online source and from any other student will be given 0 marks 


Opening Date and Time May 27, 2011 At 12:01 AM (Mid-Night) 
Due Date and Time June 02, 2011 At 11:59 PM (Mid-Night)


Solution:

Service Design

Service is an act and service delivery system focuses on facilities, processes and skills.

Many services are bundled with products, like oil change would require you to pay for the oil canister as well. A good service design involves 
 The physical resources needed which are somewhat Explicit Services
 The goods that are purchased or consumed by the customer which are the services that we call the implicit services.
Operations Manager should be aware of the fact that service is something that is done to or for a customer and service delivery system are the required facilities, processes, and skills needed to provide a service, also the words used are product bundle and service package. We should know that the product bundle is the combination of goods and services provided to a customer and service package is the
physical resources needed to perform the service.

Good Service Spectrum

Operations Managers often end up answering whether a certain activity falls under product manufacturing or service development. The figure below tries to capture the concept of the whole spectrum/band of Goods and Services. The spectrum or band has on Y axis the control on goods and on X axis the control on services

Characteristics of Well Designed Service Systems
A well designed service system should be consistent with the organization’s vision as well as mission. It should be user friendly, robust, easy to sustain, cost effective and should bring value to customers. A good and well design should create an effective linkage between back operations and front operations. It should aim for a single unifying theme. It should ensure reliability and high quality. An operations manager often faces challenge of a poor service design. The reasons of a poor service design include variable requirements, difficult to describe requirements, high volume of customer contact. These challenges can be overcome easily with the aid of defining a standardized requirement that would be addressed by the service, make simpler requirements and handle only limited number of customers at each service station or outlet.

::::::::::::::::::::::::


QUESTION#1

As quality control manager in a restaurant how would you maintain quality in producing and serving the food to the customers?

ANSWER:

Running a restaurant business is very complicated on its nature since the industry involves serving of foods and services to various customers. Every state has its own regulations on issuing permits and licenses to any restaurant business to ensure that the establishment is following the guidelines assigned to restaurant owners. On the part of the restaurateur, it is a big responsibility to make sure that the restaurant quality control conditions are being followed accordingly. It is pertinent to restaurant managers to learn the importance of quality control that influences a lot on the goal of customer satisfaction as well as on the area of food safety.

As quality control manager in a restaurant I would maintain quality in producing and serving the food to the customers in the following ways:
Food Production and Services

For the purpose of quality maintenance the processing of food should maintain its freshness and must be served in a presentable manner. Customers are not only depending on the quality of the food but also to the quality of services or how the foods are being served to them.

House Cleanliness

The area of the kitchen is referred as the “Back of House” while the “Front of House” is the dining area where the foods are served and eaten by the customers. It is crucial for restaurant owners to maintain the cleanliness of these areas to protect the health of
the regular patrons.

Training of Employees

Chefs, waiters, and other service crews should undergo trainings to make certain that they can do the job properly and orderly.

Staff Management

It is the obligation of the owner to keep the customers happy as well as the staffs of the restaurant. Contented employees can do their job perfectly and can give excellent customer service.

Testing:
Another important quality control measure performed by our manager is to check and ensure that the critical food areas have been checked for proper temperatures and taste. This testing maintains consistent quality and taste for our customers and it helps us to identify a problem so that it can be rectified well in time.
Ingredients- (Procurement):
Another notable quality control measure performed by our manager is to use the highest quality of raw material for our preparations and don’t compromise on any conditions. Further we keep a check to ensure the nutritious value of the ingredients.
Customers:
Finally, Our esteemed customers are our ultimate barometer. We listen to their suggestions and ideas with open mind and implement them if possible. Our top management believes in first hand information and is very aggressive in interaction with the clients. This practice has helped and is continuously helping us in maintaining and further improving the taste and quality of our products.
::::::::::::::::::::::::::::::::::::::::::::::::::
QUESTION#1
As quality control manager in a restaurant how would you maintain quality in producing and serving the food to the customers?


ANSWER:
Running a restaurant business is very complicated on its nature since the industry involves serving of foods and services to various customers. Every state has its own regulations on issuing permits and licenses to any restaurant business to ensure that the establishment is following the guidelines assigned to restaurant owners. On the part of the restaurateur, it is a big responsibility to make sure that the restaurant quality control conditions are being followed accordingly. It is pertinent to restaurant managers to learn the importance of quality control that influences a lot on the goal of customer satisfaction as well as on the area of food safety.

As quality control manager in a restaurant I would maintain quality in producing and serving the food to the customers in the following ways:

Ø Food Production and Services
For the purpose of quality maintenance the processing of food should maintain its freshness and must be served in a presentable manner. Customers are not only depending on the quality of the food but also to the quality of services or how the foods are being served to them.

Ø House Cleanliness
The area of the kitchen is referred as the “Back of House” while the “Front of House” is the dining area where the foods are served and eaten by the customers. It is crucial for restaurant owners to maintain the cleanliness of these areas to protect the health of the regular patrons.

Ø Training of Employees
Chefs, waiters, and other service crews should undergo trainings to make certain that they can do the job properly and orderly.

Ø Staff Management
It is the obligation of the owner to keep the customers happy as well as the staffs of the restaurant. Contented employees can do their job perfectly and can give excellent customer service.

Ø Testing:
Another important quality control measure performed by our manager is to check and ensure that the critical food areas have been checked for proper temperatures and taste. This testing maintains consistent quality and taste for our customers and it helps us to identify a problem so that it can be rectified well in time.

Ø Ingredients- (Procurement):
Another notable quality control measure performed by our manager is to use the highest quality of raw material for our preparations and don’t compromise on any conditions. Further we keep a check to ensure the nutritious value of the ingredients.

Ø Customers:
Finally, Our esteemed customers are our ultimate barometer. We listen to their
suggestions and ideas with open mind and implement them if possible. Our top management believes in first hand information and is very aggressive in
interaction with the clients. This practice has helped and is continuously helping us in maintaining and further improving the taste and quality of our products.

::::::::::::::::::::::::::::::::::::::::::



As a quality control manager in a restaurant how would you maintain quality in
producing and serving the food to the customers?


Solution:
At the restaurant we are providing a product, but with that product we are also offering the intangible "product" of cooking procedures, table service, and a nice table to eat at. Since the primary source of your income comes from the ability to cook and serve good delicious and quality food, So we are running a service business.


Being a quality control manager I must keep in view that:


A service is a customer encounter. A popular managerial view is that the Quality Function should be deployed at the source or at the design stage. Two common answers being that it is the voice of the customer (which always sets a standard for the service organization to follow) and the second one being that it should be in the form of a house of quality.


I will implement the following quality control measures:
 Managing the Presentation


“Jo dikhta ha wo bikta ha”


Presentation of a restaurant is a key factor in restaurant management. I will keep my presentation very efficient.


 Staff Training
Human resources are the fundamental assets of an organization, while in a service business the employees must be very well trained and committed. So I will equip them with the best training to serve the customers at the best level of comfort and satisfaction.


 Quality and Customer Satisfaction Assurance
As the quality assurance is my first obligation I will ensure the quality by adopting the new technology in my cooking and serving processes like introducing latest electronic oven that preserves nutrition of food.


 Testing (Feedback)
Testing is a most important quality measure to ensure quality in our business. I will use my own observations, customers’ feedback and employees’ feedbacks.
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Question
As quality control manager in a restaurant how would you maintain quality in producing and serving the food to the customers?


Ans:

Running Restaurant business is not easy task. There is a responsibility of to take care of the health and well being of customers. The restaurant manager should look at the restaurant setup and on exterior and interiors in that way the customer is willing to spend more time in your restaurant. The most importantly the quality of food and with best services considering the different types of customer need and wants can increase the good will of the restaurant.

As quality control manager in a restaurant I would maintain quality in producing and serving the food to the customers in the following ways:

Safety and health care
Being a quality control manger I ensure that we meet all the rules and regulations related to the safety and health care of our clients. We work within the frame work of the law of the land.

Food Quality
As a manager it is my responsibility to check the quality and freshness of food. I keep a check to ensure the nutritious value of the ingredients.

House Cleanliness (Front, Back)
The manager should check the entire outlet has been properly washed and cleaned in the morning before the operations begin. This goes for the kitchen as well as the customer’s area.

Testing
Another important quality control measure is to check and ensure that the critical food area have been checked for proper temperatures and taste. This testing maintains consistent quality and taste for our customers and it helps us to identify a problem so that it can be rectified well in time.

Surprise visits:
This is important to keep quality better. This is to check a cross section of thing such as staffing levels, sanitation, customer services, food preparation and presentation.

Training

Or staff both in kitchen and in service area is trained for their specific jobs. This is to ensure similarity in taste and service in all our outlets.

Guest service 
Guest services are important for the good-will of restaurant. Designing the guest’s room for family and other customers can increase the credibility of our restaurants. Pleasant personality, education and effective presentation style of service staff can increase the service quality.


Administration & management
The administration of restaurants should create good environments among the staff. In this way the staff will work more effectively and efficiently. Employee problems and what they want should be considered. Consults with your staff about the problems and consider their suggestions can create good results.


Customer
Customer is a king; we listen to their suggestion and ideas with open mind and implement them if possible. Our customer feed back is very crucial for our future plans. This helps in maintaining and improving the taste and quality of our products.

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