Accounting Risk Aversion And Decision Making Homework Help
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1. Assigning Responsibility
Kristen Langdon, the sales manager at a large bicycle manufacturer, has secured an order from a major department store that is due to ship on November 1. She is eager to please the department store in the hope of getting more future business. She asks Bryan Collins, the company’s purchasing agent, to procure all necessary parts in time for production to begin on October 10. Bryan orders the parts from reputable suppliers, and most of them arrive by October 7. George Watkins, the production manager, begins production as scheduled on October 10, although the gears that Bryan ordered were delayed because of quality control problems at the manufacturer. Bryan assures George that the gear shipment will arrive before October 16 when those parts are scheduled to be attached to the bicycles. The shipment finally arrives on October 18 after production has been delayed for two days.
Which department should bear the responsibility for the two days’ downtime? How can similar problems be avoided in the future?
2. Risk Aversion and Decision Making
John Smith is the production manager of Elmo’s Glue Company. Because of limited capacity, the company can produce only one of two possible products. The two products are: a. A space-age bonding formula that has a 15 percent probability of making a profit of $1,000,000 for the company and an 85 percent chance of generating $200,000 in profit. b. A reformulated household glue that has a 100 percent chance of making a profit of $310,000. blo26940_ch18_799-844.indd 826 8/12/09 2:42:42 PM Confirming Pages Chapter 18 Strategic Performance Measurement: Cost Centers, Profit Centers, and the Balanced Scorecard 827 John gets a bonus of 20 percent of the profit from his department. John has the responsibility to choose between the two products. Assume John is more risk-averse than the top management of Elmo’s Glue Company.
1. Which product will John choose? Why?
2. Is this the product Elmo’s would choose? Why or why not? Assume the company is risk-neutral.
3. How can Elmo’s change its reward system to have John consistently make decisions which are consistent with top management’s wishes?
3. Risk Aversion; Strategy
John Holt is the production supervisor for ITEXX, a manufacturer of plastic parts with customers in the automobile and consumer products industries. On a Tuesday morning, one of ITEXX’s sales managers has just asked John to reschedule his manufacturing jobs for the rest of the week to accommodate a special order from a new customer. The catch is that getting the customer requires fast turn-around on the order and would mean not only delaying the current production schedule, but in addition running the production equipment all three shifts for the remainder of the week. This would make it impossible to complete the regularly scheduled maintenance on the equipment that John had planned for midweek. The sales manager is keen on getting the new customer, which could mean an important increase in overall sales and output at the plant. However, John is worried not only about the delay of the current jobs, but the chance that the delay in maintenance will cause one of the machines to fail, which would back up the orders in the plant for at least a week, meaning a substantial delay for the new order as well as those currently scheduled.
Explain how you think John should resolve this problem. What would be a good policy for handling issues like this in the future?
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4. Profit centers: Full and Variable Costing
Fitzpatrick Inc. planned and manufactured 500,000 units of its single product in 2010, its first year of operations. Variable manufacturing cost were $40 per unit of production. Planned fixed manufacturing costs were $1,200,000. Marketing and administrative costs (all fixed) were $500,000 in 2010. Fitzpatrick sold 450,000 units of products in 2010 at $50 per unit.
1. Determine Fitzpatrick Inc.’s operating income using full costing.
2. Determine Fitzpatrick Inc.’s operating income using variable costing.
3. Explain the difference between the operating incomes in requirements 1 and 2.
5. Centralization versus Decentralization;
Health Care Doctors Health Care System has integrated health networks in three different regions: northern California, southern Florida, and Oklahoma. These three markets have vast regional differences. Because of the increasing penetration of the U.S. health-care market by managed care companies, Doctors Health Care System must create a system that offers continuity of care across the continuum for a set price in order to remain competitive. Its board of directors set the system’s goal as being a leader in developing and maintaining integrated health networks that improve the health status of their communities.
To meet this goal in the three regions, should the health system’s management structure be decentralized or centralized? What are the advantages and disadvantages of each option?
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