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STA630 Assignment No. 2 solution

Saturday, May 28, 2011 Posted In Edit This
Research Methods (STA630)
Assignment No. 2

Marks: 20


No.7

“No. 7” is a Pakistani denim manufacturer company dealing in colored fabric. For last three years, sales of “No. 7” have been declining significantly. The reason, shown by sales data, was its color scheme. Two types of color schemes were being used. In first type, light colors were contrasted with dark ones; while in other, block dark colors were used. It was found that the sale of dark block colors was declining hence affecting the overall sales; however the combination of dark and light was in demand.

There are a number of factors which can affect the customers’ color choices. In order to further explore the issue and to make the appropriate strategy, a team of researchers was assigned the task to identify the factors affecting the color choice.

You, as a part of research team, are required to:

• Identify the broad problem area (4 marks)
• Identify the problem (4 marks)
• Write Problem statement (4 marks)
• Identify the possible factors affecting the color choice (at least 3) (4 marks)
• Formulate the hypotheses on the basis of identified factors (4 marks)

Deadline:
• Make sure that you upload the solution file before May 31, 2011. No assignment will be accepted through e-mail after the due date.
Formatting guidelines:
• Use the font style “Times New Roman” and font size “12”.
• It is advised to prepare your document in MS-Word 2003 format (doc).
• Use black font color only.

Solution guidelines:
• Use APA style for referencing and citation. For guidance search “APA reference style” in Google and read various website containing information for better understanding or visit
• For acquiring the relevant knowledge do not rely only on handouts but watch the video lectures and use other reference books also.

Rules for Marking
Please note that your assignment will be graded Zero (0) if:
• It has been submitted after due date
• The file you uploaded does not open or is corrupt
• It is in any format other than .doc (MS. Word)
• It is copied from other students, internet, books, or journals etc.
::::::::::::::::::::::::::::::::::::::::

Solution:


QUESTION # 1
Identify the broad problem area (4 marks)


Color scheme



QUESTION # 2
Identify the problem (4 marks)


Sale of dark block colors was declining



QUESTION # 3
Write Problem statement (4 marks)


We want all of our products releases to go to production seamlessly, without defects, where everyone is aware and informed of the outcomes and status. (Vision) 


Today we have color scheme failures that result in dark color blocks failures. If we ignore this problem; resources will need to increase to handle the cascading problems, and we may miss critical customer deadlines which could result in lost revenue, NO 7, lost business, and further damage to our quality reputation. (Issue Statement)


We will use our best efforts in evaluating the last release to help us improve our processes. (Method)



QUESTION # 4
Identify the possible factors affecting the color choice (at least 3) (4 marks)
1.Sagging Economy
2.Poor Sales Forecasting
3.Poor Individual Performance
4.Ineffective Sales Pipeline



QUESTION # 5
Formulate the hypotheses on the basis of identified factors (4 marks)


Four steps for formulating a hypothesis:-


> Define the problem statement
For last three years, sales of No. 7 have been declining significantly. The reason, shown by sales data, was its color scheme


> Determine the solution of the problem statement
The sale is effecting by the DARK color combination as quality of the colors are same but the taste of the customer has been changed. So company will take care of her valued customers and choice i.e. Grow the production of Medium Shades


> Write the proof
Combination of Dark and light colors was in demand so under this consiceration company will prefer the choice of customers.


> Methods for checking the proof

By conducting several surveys
1. Face to face talk
2. Telephonic talk
3. Suggestions by mail etc
By checking the sales
By checking the increasing demand of the customers

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


Requirement:
• Identify the broad problem area
• Identify the problem
• Write Problem statement
• Identify the possible factors affecting the color choice (at least 3)
• Formulate the hypotheses on the basis of identified factors


Solution:
1. Broad Problem Area:
Identification of the broad problem area through
the process of observing and focusing on the situation is called broad
problem area in research. This refers to the entire situation where one sees a
possible need for research and problem solving. The specific issues that need
to be researched within this situation may not be identified at this stage.
Such issues might pertain to problems currently existing in an organizational
setting that need to be solved
In this case, the demand for single color product is very short due to which
the sales of the company decline.





2. What is the Problem?
After describing the broad area, we find out the real
problem. A research problem is the situation that causes the researcher to
feel apprehensive, confused and ill at ease. It is the demarcation of a
problem area within a certain context involving the WHO or WHAT, the
WHERE, the WHEN and the WHY of the problem situation. In this case,
the main problem is that why customer dislikes that product. For this, we
conduct a research analysis and try to find out the rationale.


3. Problem Statement:
A problem statement is a clear concise description of the issue(s) that
need(s) to be addressed by a problem solving team. It is used to center and
focus the team at the beginning, keeps the team on track during the effort,
and is used to validate that the effort delivered an outcome that solves the
problem statement.

The situation shows that the problem is that the customer does not like the
product and company’s sales begged off.


How to get started?
The 5 'W's - Who, What, Where, When and Why - is a great tool that helps
get pertinent information out for discussion.


Who - Who does the problem affect? Specific groups, organizations,
customers, etc


What - What are the boundaries of the problem, e.g. organizational, work
flow, geographic, customer, segments, etc. - What is the issue? - What is the
impact of the issue? - What impact is the issue causing? - What will happen
when it is fixed? - What would happen if we didn’t solve the problem?


Where - Where is the issue occurring? Only in certain locations, processes,
products, etc.


When - When does the issue occur? - When does it need to be fixed?


Why - Why is it important that we fix the problem? - What impact does it
have on the business or customer? - What impact does it have on all
stakeholders, e.g. employees, suppliers, customers, shareholders, etc. Each
of the answers will help to zero in on the specific issue(s) and frame the
Issue Statement. Your problem statement should be solvable. That is, it
should take a reasonable amount of time to formulate, try and deploy a
potential solution.

::::::::::::::::::::::::::::::::::::::::::::::::::
QUESTION #1

Color scheme

QUESTION #2
Sale of dark block colors was declining

QUESTION #3

We want all of our products releases to go to production seamlessly, without defects, where everyone is aware and informed of the outcomes and status. (Vision) 

Today we have color scheme failures that result in dark color blocks failures. If we ignore this problem; resources will need to increase to handle the cascading problems, and we may miss critical customer deadlines which could result in lost revenue, NO 7, lost business, and further damage to our quality reputation. (Issue Statement)

We will use our best efforts in evaluating the last release to help us improve our processes. (Method)

QUESTION #4

Identify the possible factors affecting the color choice (at least 3) (4 marks)
1.Sagging Economy
2.Poor Sales Forecasting
3.Poor Individual Performance
4.Ineffective Sales Pipeline


QUESTION # 5
Formulate the hypotheses on the basis of identified factors (4 marks)
Four steps for formulating a hypothesis:-

> Define the problem statement
For last three years, sales of No. 7 have been declining significantly. The reason, shown by sales data, was its color scheme

> Determine the solution of the problem statement
The sale is effecting by the DARK color combination as quality of the colors are same but the taste of the customer has been changed. So company will take care of her valued customers and choice i.e. Grow the production of Medium Shades

> Write the proof
Combination of Dark and light colors was in demand so under this consiceration company will prefer the choice of customers.

> Methods for checking the proof

By conducting several surveys
1. Face to face talk
2. Telephonic talk
3. Suggestions by mail etc
By checking the sales
By checking the increasing demand of the customers

Mgt101 Assignment No. 2 solution

Saturday, May 28, 2011 Posted In Edit This
MGT101
ASSIGNMENT #2 SOLUTION
SPRING 2011

Answer #1:`
NET WORKING CAPITAL:
Current assets – current liabilities
So,
CURRENT ASSETS:
=cash in hand + sundry debtors + patents + prepaid insurance + closing stock
=63400 + 390000 + 150000 + 33000 + 136000
=772400
CURRENT LIABILITIES:
=outstanding salaries + creditors
=60000 + 126000
=186000
Now,
Net Working capital= 772400 – 186000
Net Working capital = 586400



ANSWER #2:
Trader
Income statement
As on 31st December 2005


correct the above solution

mistake 1 =patents is fixed asset not current asset
mistake 2 = bank loan is also a current liability
mistake 3 = wrong opening inventry figure
mistake 4 = wages ko add nhi kia apne

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



Answer #1:`

NET WORKING CAPITAL:
Current assets – current liabilities

So,
CURRENT ASSETS:
=cash in hand + sundry debtors + patents + prepaid insurance + closing stock
=63400 + 390000 + 150000 + 33000 + 136000
=772400

CURRENT LIABILITIES:
=outstanding salaries + creditors
=60000 + 126000
=186000
Now,
Net Working capital= 772400 – 186000
Net Working capital = 586400

ANSWER #2:
Trader
Income statement
As on 31st December 2005
Particulars
Amount
Rs.
Sales
Less: Return inwards

Less: Cost of sales(W-I)
Gross Profit
Administrative expenses(balancing figure)

1975600
   (13600)
 1962000
   918100
 1043900
   772900

Net Profit
271000


WORKING (W-I):
COST OF SALES:
Particulars
Amount
Rs.
Amount
Rs.
Opening inventory
Add: purchases
          Carriage on purchases

Less: Closing inventory

803500
135400
15200

938900
1054100
136000
Cost of sales

918100
:::::::::::::::::::::::


NET WORKING CAPITAL:

Current assets – current liabilities

CURRENT ASSETS:

=cash in hand + sundry debtors + prepaid insurance + closing stock

=63400 + 390000 + 33000 + 136000

=622400

CURRENT LIABILITIES:

=outstanding salaries + creditors + bank loan

=60000 + 126000 + 100000

=286000

Net Working capital= 622400– 286000

Net Working capital = 336400

Mgt502 Assignment No. 2 solution

Saturday, May 28, 2011 Posted In Edit This
MGT502
Assignment -2
Spring 2011

Question No 1: What is the reason that Mr. Saad decided to hire employees with higher Emotional Intelligence (EI)? And how EI particularly helps in better customer service?

Ans.
An article in People Management, Catch em young, discusses how it is easier and more cost effective for companies to find employees who already have highly developed emotional intelligence. Finding new hires that don t need training saves companies thousands of dollars.

This article also discusses how our education system is more focused on teaching materials instead of on teaching better social skills to students. If organizations began to recruit people with high emotional intelligence, doing so could potentially improve working relationships in the workplace. Eventually, some of those recruits with high levels of emotional intelligence will become the leaders in the organization. They will be able to pass their emotional intelligence on to their subordinates. Everything from the environment and culture of the organization would begin to shift if more emotionally intelligent people were placed in high positions within the organization. They could influence the other employees to create new shared assumptions for the organization. Having people with high emotional intelligence in leadership positions can only benefit the organization as a whole. Because they would be able to change the work environment so everyone benefits. Recruiting for emotional intelligence should become an accepted practice in organizations because doing so would help in the development of new leadership within that
organization. This would produce happy employees and higher retention rates. Emotional intelligence awareness and action taken in organizations would benefit the company greatly over time. An article in Harvard Management Update notes that Studies indicate that your emotional intelligence or emotional quotient (EQ) accounts for 15% - 45% of Emotional intelligence
incorporates all of the communication ideas that students learn about in the program. Many of the skills needed to achieve high levels of emotional intelligence are highlighted in the classes in the Applied Communications program. The knowledge would help students understand how improving such concepts as conflict management, interpersonal communication, multi-cultural communication, and organizational communication could enhance their emotional intelligence.

Incorporating the different topics discussed in class would show students how their education at the University of Denver will increase their advancement opportunities.

Question 2:
In your opinion, how emotions and moods of these employees affect other job related factors?

ANS.
Mood and emotions form the affective element of job satisfaction. (Weiss and Cropanzano, 1996). Moods tend to be longer lasting but often weaker states of uncertain origin, while emotions are often more intense, short-lived and have a clear object or cause. There is some evidence in the literature that moods are related to overall job satisfaction. Positive and negative emotions were also found to be significantly related to overall job satisfaction Frequency of experiencing net positive emotion will be a better predictor of overall job satisfaction than will intensity of positive emotion when it is experienced.

Emotion work (or emotion management) refers to various efforts to manage emotional states and displays. Emotion management includes all of the conscious and unconscious efforts to increase, maintain, or decrease one or more components of an emotion. Although early studies of the consequences of emotional work emphasized its harmful effects on workers, studies of workers in a variety of occupations suggest that the consequences of emotional work are not uniformly negative.

It was found that suppression of unpleasant emotions decreases job satisfaction and the amplification of pleasant emotions increases job satisfaction. The understanding of how emotion regulation relates to job satisfaction concerns two models:

1. Emotional dissonance. Emotional dissonance is a state of discrepancy between public displays of emotions and internal experiences of emotions, that often follows the process of emotion
2. Social interaction model. Taking the social interaction perspective, workers emotion regulation might beget responses from others during interpersonal encounters that subsequently impact their own job satisfaction. For example: The accumulation of favorable responses to displays of pleasant emotions might positively affect job satisfaction. Performance of emotional labor that produces desired outcomes could increase job satisfaction.
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::





Solution for Q # 1
Following are the major advantages of Emotional Intelligence
1. Adaptability
Developing emotional intelligence allows an individual to understand the emotions or motives of
others and as a result they are more willing to adapt to a situation than a person who can only
understand what they personally are feeling.
2. Managing emotions in others
Understanding the emotions in others is a key leadership trait which allows the person with high
EI to influence others. Understanding needs and feelings lends itself to developing courses of
action that will fulfill those needs and at the same time accomplish what the leader wants
accomplished.
3. Emotional control
Persons with a high EI understand their own emotions and can analyze them rationally. So when
they experience frustration or fear or anger, they are less likely to react to them instinctively and
are more likely to act in a controlled and informed manner.
4. Less Impulsive
High EI means bad news for marketers who depend on impulse buys. People with high EI don't
react impulsively but rather look at their feelings and make rational decisions without the
interference of overwhelming emotional pull.
5. Strong relationships
Maybe one of the greatest advantages of elevated emotional intelligence is the ability to enter
into and sustain strong and fulfilling relationships. Being able to understand and appreciate the
emotions of others and not being driven by a "me first" need can result in more satisfying and
less conflictive interactions with the people around you.
6. More optimistic
Face it. We live in a culture that sees the glass half empty more than we see it half full. High EI
develops high self esteem which in turn gives the person the confidence to see the brighter side
even in difficult situations.
Article Source: http://EzineArticles.com/4725969
Justification
Because of the aforementioned benefits Mr. Saad has decided to take this step. As the
aforementioned traits are directly related to the increased satisfaction of customers and other
people Emotional Intelligence helps to increase customers’ relation and satisfaction with the
services.


Solution for Q # 2
Emotions
Intense feelings that are directed at someone or something while Myth of Rationality – emotions
were the antithesis of rationality and should not be seen in the workplace
The impact of emotions
Whether positive or negative, is well researched on. Studies suggest that negative feelings have
adverse effects on job performances. Anger often leads to aggressions towards colleagues while
sadness leads to dissatisfaction with the job. Envy or conflict with peers also leads to frequent
fights and in turn results absenteeism. It is not always that only bad emotions lead to bad results.
Office romance, despite being a positive feeling, can have negative effect on others. However,
emotions can have positive effects as well. Positive emotions increase creativity, encourage
helping behavior and cooperation and reduce aggression both against the organization and
against people. Research suggests that positive people have better cognitive abilities and tend to
do better in the workplace and with accuracy.
Emotions influence the task on which an employee is working, the efforts he puts and how he
influences other employees around him. In other words, what employees feel and how they
express their emotions affects their performance.

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