a) Advise on the procedure generally followed in the decision making process. b) Explain clearly the key activities involved in the risk assessment process. c) Comment on the relationship between decision making and risk analysis. d) Briefly explain the characteristics of the main decision types and which one would be more at play in this situation.
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The National Revenue Authority (NRA), is charged with the collection of tax revenues for the National Treasury. Each year they are given a target to achieve. However, from past experience the Authority has realized the actual collections achieved is dependent on the performance of the economy. This has gotten the Commissioner worried to such an extent that he has summoned a meeting of all the Unit Directors to consider how well to incorporate this uncertainty into the Authority’s decision making and planning. Being the Director of Planning, you have been tasked with the guidance of the whole team.
Required:
a) Advise on the procedure generally followed in the decision making process.
b) Explain clearly the key activities involved in the risk assessment process.
c) Comment on the relationship between decision making and risk analysis.
d) Briefly explain the characteristics of the main decision types and which one would be more at play in this situation.
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- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?Assume a company's Income Statement for Year 12 is as follows: Year 12 (in 000s) Income Statement Data Net Revenues from Footwear Sales $ 580,000 370,000 40,000 75,000 15,000 90,000 Cost of Pairs Sold Warehouse Expenses Marketing Expenses Administrative Expenses Operating Profit (Loss) Interest Income (Expense) Pre-tax Profit (Loss) Income Taxes Net Profit (Loss) (15,000) 75,000 22,500 $ 52,500 Based on the above income statement data and assuming the company has 20 million shares of common stock outstanding , the company's operating profit margin and EPS were Copyright O by Glo-Bus Software, Inc. Capying, distributing, ar 3rd party website posting isexpressly prohibited and constitutes copyright vialation. 15.52% and $4.50. O 9.05% and $3.75. 13.79% and $1.75. O 12.93% and $3.75. O 15.52% and $2.63.Explain the term Forcasting. Why forcasting are Forecasting is one of the important functions of management. It is a part and parcel of planning function. Forecasting means prediction about future. Forecasting means analysis of future about the operations of an enterprise. It involves looking ahead for future event. Forecasting means a process of providing the details supported by budget. Forecasting means drawing a conclusion about production, sales, profit on the basis of research, study & survey.
- XYZ work in a small electric business in Basrah city. He had a sunshine controller device. He had to decide how to market his idea, and in the short term, his options could be summarised as selling the device locally, selling nationally through a website, entering a partnership with an existing company or selling the patent. His returns depended on demand, which he described as high, medium, or low. Using this simple model, he developed the matrix of potential annual gains shown below: Options Demand High Medium Low Market locally 60 90 45 Use website 23 90 78 Partnership 12 25 89 Sell patent 30 30 30 Identify the decision taken under the following approaches: (1) Equal probability (2) Regret (3) Hurwicz criterion. Note: The decision maker's degree of Pessimistic (a) is 0.3.Demand forecasting is the primary data for decision-making in any organization. What will happen if organizations do not conduct a demand forecast? Consider any company of your choice and elaborate on your answer that you have given in part 2(a).Data collected on the monthly demand for a certain product in thousands of dollars are shown in the following table. Month Demand 1 145.5 2 160 3 71 4 99 5 194.5 206 7 135.5 8 152.5 9. 246 10 259 11 181.5 12 194 a) Using a weighted moving average with three periods, determine the demand for period 13. Use 3, 2, and 1 for the weights of the most recent, second most recent, and third most recent periods, respectively b) Find the MAD, MSE and MAPE b) Use exponential smoothing with a smoothing constant of 0.30 to forecast the sales. Assume that last period's forecast for month 1 is equal to actual to begin the procedure Which method do you think is best? Is this an improvement over the weighted average- use MAD only
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- West Company’s contribution format income statement for March 2020 is givenbelow:Sales (15,000 units X $30 per unit) $450,000Variable expenses 315,000Contribution margin 135,000Fixed expenses 90,000Net operating income $ 45,000The industry in which West Company operates is quite sensitive to regularmovements in the economy. Thus, profits vary considerably from year to yearaccording to general economic conditions. The company has a large amount ofunused capacity and is studying ways of improving profits.Required:The company CEO has asked you as a Senior Manager to evaluate the belowsituations with recommendations:1- New equipment has come onto the market that would allow WestCompany to automate a portion of its operations. Variable expenseswould be reduced by $9 per unit. However, fixed expenses wouldincrease to a total of $225,000 each month. How Net Income wouldappear if the new equipment were purchased. As a Senior Manager,what factor/s would be paramount in your mind deciding…You have been tasked with the development of an aggregate plan for the year ended 31 December 2022. Accordingly, you have developed monthly forecasts for a range of motorcycles as presented in Table 5.1, below. Table 5.1: The demand forecast developed for the year ended 31 December 2022. MONTH Jan-2022 Feb-2022 Mar-2022 Apr-2022 May-2022 Jun-2022 Jul-2022 Aug-2022 Sep-2022 Oct-2022 Nov-2022 Dec-2022 PRODUCTION DAYS DEMAND FORECAST 16 16 23 21 22 22 21 20 20 20 16 16 150 150 250 250 400 500 600 750 450 250 150 150 Compute and tabulate the daily demand for each month in the table below (round off to the nearest whole number).The purpose of the Maricopa Association of Governments (MAG) is to achieve which of the following? It is a charter government association for the county. It is an organization that receives state funds for county projects. It is a group that meets to collaborate on project ideas. It is the largest Council of Government (COG) in Arizona and is a regional planning agency for funds received from the federal government.