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You must make a decision regarding which one of three investment opportunities to take. Each investment will be affected by the prime interest rate established by the Federal Reserve Board. If the prime rate is 5 percent or higher (p = 0.40), the first alternative has an expected payout of $90,000. If the prime rate is less than 5 percent (p = 0.60), the payout for the first alternative is expected to be $120,000. The corresponding payouts for the second alternate are a $10,000 loss and a $200,000 profit. For alternative #3, the payouts are estimated at $50,000 regardless of the prime rate.

Which investment should you select to maximize profits?

 
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PlastiPharm customizes medical device bags for 350-400 clients. Customer demand for bags, which range from eight inches to four feet in length, is excellent. The company has embraced lean manufacturing practices. What reason best explains why PlastiPharm would pursue a lean journey?

  • The lean journey helps the company stay current and compete with other companies that are also practicing lean.
  • Lean practices help the company do more with less, be more flexible, and meet their clients’ demands.
  • Following lean manufacturing practices helps the company hire the right people for the right job at the right time.
  • Starting on a lean journey signals to others that the company wants to reduce waste, maximize value, and contribute to society.
 
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:Answer the following five questions: 1. Describe the essential components of JIT. Describe how JIT is applicable to a service operations such as VMH.

2. Responsiveness to customer needs is critical for VMH. Describe how JIT principles can help improve the customer response.
3. Explain how you think JIT techniques can be used to meet the needs of patients in the maternity ward for a variety of supplies, in just the right quantity at just the right time.
4. Maintaining a uniform load on the facility by synchronizing the demand and supply is an important JIT concept, especially for service operations. Among the variety of services provided by VMH, describe where you think this concept can be beneficially applied.
5. VMH maintains inventory of a variety of laboratory equipment, surgical instruments, and supplies, which it buys from a number of suppliers. Describe some JIT supplier relationship techniques that can be used to reduce inventory while assuring material availability

 
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1. Ergonomics report – As an administrative professional, you are likely to spend a lot of time working at a computer. Develop a plan for your workspace at home or office that demonstrates ergonomic principles. Include:

  • A description, in your own words, of how you will arrange or place your computer monitor, mouse, keyboard, and desk chair; in addition, describe your ideal posture and lighting.
  • At least three images from Internet sources showing the ergonomic solutions for placement of a keyboard, monitor, and posture (be sure to cite the source of your image).
  • A personal reflection on how this differs from your current arrangement at work or home, and how ergonomic principles will benefit you now and in the future.

2. Build workplace skills

From the board of directors to the office staff, meetings are commonplace in companies and other organizations. For each situation below, identify the type of meeting described and the format(s) that could be used for the meeting.

  • The persons responsible for the overall direction of a company are meeting to discuss long-range plans and policies.
  • A group of employees from one location is meeting to discuss the ongoing issue of office safety.
  • A group of employees from locations around the country is meeting to write a recommendation for a new flextime work policy for the company.
  • The manager of the human resources department is meeting with people who work in that department to discuss the progress of work assignments.
  • Company representatives and customers from the United States, Germany, and India are meeting to learn about new products the company will introduce next quarter.
 
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