A consumer who is armed with information and is narrowing down his choices by comparing the pros and cons of each remaining option is in the evaluation of alternatives step of the consumer decision-making process.
What is the consumer decision-making process?The consumer decision-making process refers to the steps that a customer goes through when purchasing a product or service. These stages include identifying a need or issue, searching for information, evaluating alternatives, deciding on a purchase, and post-purchase evaluation.
The decision-making process is affected by a variety of factors, including personal, social, cultural, and psychological. The evaluation of alternatives is the third step in the consumer decision-making process, as previously stated. After a consumer has collected information, they will compare the alternatives that are left on their list.
Comparing items can be done in a variety of ways, such as by price, quality, and brand reputation. The consumer will consider the advantages and disadvantages of each choice before narrowing down the options to one.
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What percent of the federal budget was spent on education in 2019?
Answer:
The President requests $59.9 billion in discretionary appropriations for the Department of Education in fiscal year 2019, an $8 billion or 12 percent reduction below the 2018 annualized Continuing Resolution (CR) level.
A good that is both rival and exclusive is called: a. a private good b. a public good c. a quasi-private good d. an external good e. an open access good
Answer : A good that is both rival and exclusive is called a Private good
Explanation :
A good that is both rival and exclusive is called a Private good. Private goods are considered to be both exclusive and rivalrous. They are exclusive in the sense that only a few people can enjoy them, and rivalrous in the sense that one person's consumption prevents others from enjoying them.
As a result, these types of goods are in high demand and can be sold at a price that reflects their value. They are often created by the private sector and are typically available to those who can afford to pay for them.
Private goods are produced and distributed in response to market signals, and the market is the main mechanism for allocating these goods.In a free market economy, individuals can purchase private goods based on their needs and preferences. Prices, supply, and demand are determined by the market, and businesses compete to provide the best goods and services to consumers.
Because private goods are exclusive and rivalrous, they are not considered to be public goods. A public good, on the other hand, is non-excludable and non-rivalrous, which means that they are available to everyone and one person's consumption does not reduce the amount available for others.
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Disadvantages of choosing a job that is extremely popular or in demand
The disadvantage of choosing a job that is very popular or a job that is in high demand is that after a while such a job may become saturated or it would become monotonous.
What is a high demand job?This is the term that is used to refer to a job that the people that wpould employ labor are constantly in need of. Such a job is one that would require the people that have the qualification to opt in and get the places and the roles that they are to fill.
The issues that may arise from such a job that is in high demand is that after a period, such a job may have a lot of persons that would want to fulfil the role.
The number of qualified persons may become more than the job that is available for the people to do in the long run.
Hence this is a disadvantage. Therefore I would conclude by saying that the disadvantage of choosing a highly popular job is that the number of persons that are willing to fulfil the role may exceed the job overtime.
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1. Give the three (3)
business resources
Answer:
Financial Resources
Human Resources
Educational Resources
Explanation:
If the required reserve ratio is one-third, currency in circulation is $300 billion, checkable deposits are $900 billion, and there is no excess reserve, calculate the M1 money multiplier.
The total money supply in the economy, given the parameters provided, is $3,636 billion.The M1 money multiplier can be calculated using the formula: M1 Money Multiplier = 1 / Required Reserve Ratio.
In this case, the required reserve ratio is one-third, or 0.33. Therefore, the M1 money multiplier would be 1 / 0.33 = 3.03.
To calculate the M1 money supply, we can use the formula: M1 Money Supply = Currency in Circulation + Checkable Deposits.
Substituting the given values, we get:
M1 Money Supply = $300 billion + $900 billion
M1 Money Supply = $1,200 billion
Finally, we can calculate the total money supply using the formula: Total Money Supply = M1 Money Supply x M1 Money Multiplier.
Substituting the values we just calculated, we get:
Total Money Supply = $1,200 billion x 3.03
Total Money Supply = $3,636 billion
Therefore, the total money supply in the economy, given the parameters provided, is $3,636 billion.
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Role of national government in preserving marketplace competition:
consumer
regulator
catalyst
entrepreneur
Which of the following is a reason why managerial decision making is challenging? Managers must apply sophisticated analysis techniques, such as Porter's strategies, to make decisions. Managers need to analyze small amounts of data. Managers have more time than ever before in history to make decisions. Managers have access to limited amounts of information for making strategic decisions. Managers are best able to internalize information.
The reason why managerial decision making is challenging is that managers must apply sophisticated analysis techniques to make decisions, such as Porter's strategies, and they often have limited amounts of information available to them for making strategic decisions.
Additionally, decisions often involve trade-offs between multiple competing objectives, and managers must consider the potential risks and uncertainties associated with each option. Furthermore, managers are often under pressure to make decisions quickly, which can be further complicated by changing market conditions and other external factors.
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Guam can produce 24,000 apples or 48,000 calculators in a year with 10,000 workers. The United States can produce 90,000 apples or 30,000 calculators in a year with 10,000 workers. a. Assume that these are the only two products these countries produce and that there is no specialization. Draw a PPF for each country (be sure your models are drawn to scale) b. Which country has an absolute advantage in the production of apples? Explain. c. Which country has an absolute advantage in the production of calculators? Explain. ( /1) d. Which country has a comparative advantage in the production of calculators? Explain. e. What would be an acceptable rate of trade that benefits both countries? Explain. A Given the rate of trade you used above, plot a precise point labeled " a ", which represents the consumption possibility for Guam if such a rate of trade prevails. Assume Guam will only produce the item it has a comparative advantage in and will keep 1/3 of it, while trading the other 2/3 (show your work to get full credit). g. Pretend you are the spokesperson for the Guam Apple Marketing Consortium. Write a normative statement to include in a letter to your congressional representative on your opinion of free trade with the USA. 3) /1)
a) PPF for both countries are as follows:GuamUnited Statesb) The United States has absolute advantage in the production of apples since it can produce 90,000 apples, which is greater than the 24,000 apples produced by Guam.
Guam has absolute advantage in the production of calculators since it can produce 48,000 calculators, which is greater than the 30,000 calculators produced by the United States.c) Guam has a comparative advantage in the production of calculators since its opportunity cost of producing a calculator is lower than that of the United States. Guam has an opportunity cost of producing an apple of 2/3 calculator (i.e. 24,000 apples/ 48,000 calculators), whereas the United States has an opportunity cost of producing an apple of 1/3 calculator (i.e. 90,000 apples/30,000 calculators).d) The acceptable rate of trade is the one that lies between the opportunity costs of both countries. In this case, the opportunity cost of producing an apple for Guam is 2/3 calculator and that for the US is 1/3 calculator. Therefore, the acceptable rate of trade lies between 1/3 and 2/3 calculators per apple. Let us assume that the rate of trade is 1 calculator for 1.5 apples, which is between the two opportunity costs. Guam can trade 2/3 calculators for 1 apple, since its opportunity cost of producing 1 apple is 2/3 calculator. Thus, Guam can get 16,000 apples (i.e. 24,000 apples * 2/3) by giving up 32,000 calculators (i.e. 48,000 calculators * 2/3) and trade 32,000 calculators for 21,333 apples (i.e. 32,000 calculators * 1.5). Thus, Guam will get 37,333 apples in total and keep 1/3 of it, which is 12,444 apples.e) The consumption possibility for Guam, given the rate of trade used above, can be calculated as follows:Guam will produce only calculators and keep 1/3 of it, which means it will produce 16,000 calculators (i.e. 48,000 calculators * 1/3). Since the rate of trade is 1 calculator for 1.5 apples, Guam can trade 32,000 calculators for 21,333 apples. Thus, Guam will have 33,777 apples (i.e. 16,000/3 + 21,333) and no calculators.Given this, the point labeled "a" can be plotted at (33,777, 0).g) A normative statement for the Guam Apple Marketing Consortium could be as follows: "We support free trade with the USA as it will allow us to gain access to a larger market for our apples, which will help us to increase our revenue and support our local farmers. However, we would also like to ensure that the free trade agreement is fair and protects the interests of our local apple farmers."
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_____ is a mechanism for gathering information about performance deficiencies as they occur. a. Feedback control b. Concurrent control c. Proactive control d. Feedforward control
Answer:
A. Feedback control
Explanation:
Calvin deposits $400 in a savings account that accrues 5% interest compounded monthly. after c years, calvin has $658.80. makayla deposits $300 in a different savings account that accrues 6% interest compounded quarterly. after m years, makayla has $613.04. what is the approximate difference in the number of years that calvin and makayla have their money invested? makayla invests her money 1 year longer. makayla invests her money 2 years longer. calvin invests his money 1 year longer. calvin invests his money 2 years longer.
According to equation, the approximate difference between Calvin and Makayla's number of years of money invested is 2 years.
What is compound interest?
Compound interest is refers to an amount implemented on the principal amount along wit the accumulated interest with a fixed rate of interest for a time period.
Solution:-
Given Information:
Calvin deposits= $400Interest rate=5%final amount Calvin =$658.80
Here, Compound interest= A=P (1+r/t)t
Monthly compound interest,
658.8=400(1+5/12*100)12c
658.8/400=(1205/1200)12c
c=10 years
Now Makayla deposits $300 in a different savings account that accrues 6% interest compounded quarterly. The final amount she gets is $613.4 in m years. Thus,
613.4=300(1+6/12*100)12m
613.4/300=(1206/1200)12m
c=12 years.
Thus, the approximate difference in the number of years that Calvin and Makayla have their money invested is 2 years.
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Answer:
B. Makayla invests her money 2 years longer.
Explanation:
An investor wants to form a risky portfolio with an expected return of 10% per year. He invests in a stock with an expected return of 16% per year, and in a bond with an expected return of 8% per year. What percent of the portfolio should he invest in the stock? a) 65% Ob) 35% O c) 50% O d) 25% e) 75%
The investor should allocate 25% of the portfolio to the stock to achieve the desired expected return of 10% per year for the risky portfolio. Option d) 25% is correct.
To determine the percentage of the portfolio that should be invested in the stock, we can use the concept of a weighted average.
Let's assume the investor allocates a certain percentage, x, of the portfolio to the stock. Since the investor only has two assets in the portfolio (stock and bond), the remaining percentage of the portfolio, 1 - x, will be allocated to the bond.
The expected return of the portfolio can be calculated as the weighted average of the expected returns of the individual assets. We can set up the following equation:
Expected return of the portfolio = (Weight of stock * Expected return of stock) + (Weight of bond * Expected return of bond)
Given:
Expected return of the portfolio = 10%Expected return of the stock = 16%Expected return of the bond = 8%Substituting the values into the equation, we get:
10% = (x * 16%) + ((1 - x) * 8%)
Simplifying the equation:
10% = 16x + 8 - 8x
10% - 8% = 16x - 8x + 8
2% = 8x
Dividing both sides by 8:
2%/8 = 8x/8
0.25 = x
Therefore, the investor should allocate 25% of the portfolio to the stock (Option d).
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What is the difference between real property and real estate...? real property consists of the land, while real estate consists of the rights to use the land Real property consists of anything permanently attached to the land, while real estate consists of the bundle of rights to the land Real property consists of the land, land rights, and anything permanently attached to the land, while real estate consists of a structure attached to the land Real property consists of a structure attached to the land, while real estate consists of the land and the rights to use the land
Answer:
Real property consists of the land, land rights, and anything permanently attached to the land, while real estate consists of a structure attached to the land
Explanation:
Real estate refers to land that has a physical existence and the resources, structures are attached to it also it expands with respect to the rights of ownership and usage
While on the other hand the real property comprises fo land, rights of the land, and the thing that is permanently attached with respect to the land
Therefore the last second option is correct
in institutional management , the function of budgeting is
In institutional management, the function of budgeting is to estimate the financial consequences of the plan on business and control spending.
What is Budget?A budget refers to making financial planning for the expenses that are going to occur and controlling the spending of an individual. The budget gives an estimate of the expenses.
The planning process has a few drawbacks: it seems expensive, which affects the organization's budget; it also seems resistant to change, which is very difficult. The budget is useful for keeping an eye on the basics and common expenses.
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Drivers can incur fines for the following reasons:
A. Obstructing driveway issues on Complaint $60.50
B. Parking in a Handicap space/no plate or card $200.00
C. Parked on sidewalk $25.00
D. All the Above
Answer:
D. All of the above
Explanation:
Answer:
All of the above
Explanation:
You can deduct money on all these reasons
Arry drives his truck for work and drives an average of 2,400 miles each month. if his truck gets 13 miles per gallon, how much fuel does he use each month?
Arry drives his truck for work and covers an average distance of 2,400 miles each month. To calculate the amount of fuel he uses, we need to divide the distance traveled by the truck's fuel efficiency.
Given that his truck gets 13 miles per gallon, we can divide 2,400 miles by 13 to find the amount of fuel used.
2,400 miles ÷ 13 miles per gallon = 184.62 gallons
So, Arry uses approximately 184.62 gallons of fuel each month.
It's important to note that this is an estimate based on the average fuel efficiency of the truck. Factors like traffic conditions, driving habits, and terrain can affect the actual fuel consumption. However, this calculation provides a good approximation of the fuel used based on the given information.
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Arry uses 184.62 gallons of fuel each month. To find the amount of fuel Arry uses each month, we divide the total miles he drives (2,400) by the truck's fuel efficiency (13 miles per gallon). This gives us 184.62 gallons.
To calculate how much fuel Arry uses each month, we need to divide the total number of miles he drives by the truck's fuel efficiency. Given that Arry drives an average of 2,400 miles each month and his truck gets 13 miles per gallon, we can use the formula: fuel used = total miles / fuel efficiency. Plugging in the values, we get fuel used = 2,400 / 13 = 184.62 gallons. Therefore, Arry uses approximately 184.62 gallons of fuel each month. This calculation is important as it helps Arry estimate his fuel expenses and plan accordingly.
Operating expenses are the cost a business incurs while engaging in its normal business operations. They are the costs not directly be attached to the production process. A business incurs operating expenses in managing it day to day activities. They exclude one-time expenses such as judgment cost, accounts adjustments, and other non-recurring costs.
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Sample advertisement: Lose body fat and feel healthier with our proven supplement, Edgozene! Losing weight is easy with Edgozene! Just take two pills before each meal. You'll feel more full and eat less. No other diet pill offers what our product does - and for a limited time, if you buy now you can get two bottles of Edgozene for just $29.95! Which of these statements from the advertisement are facts? Check all that apply. A) Losing weight is easy with Edgozene. B) You will lose weight and feel healthier if you take Edgozene. C) You will receive two bottles of Edgozene when you order. D) Edgozene costs $29.95. E) You won’t eat as much if you take Edgozene.
Answer:
C) You will receive two bottles of Edgozene when you order.
D) Edgozene costs $29.95.
Explanation:
We assume that 1 order costs $29.95 and delivers 2 bottles. (That is, we assume that you cannot order 1 bottle for $14.98.) Under that assumption, the cost is $29.95 (D) and the amount delivered is 2 bottles. (C)
There is no way to determine whether any other claims are facts, or not. As a rule, feelings experienced when eating are a function of a lot more than just a diet pill. That is, you may or may not eat less when/if you feel more full.
Answer:
c,d
Explanation:
The opportunity cost of watching a movie will be equal to;
А) The time lost while watching the show
B)The pleasure that could have been enjoyed watching TV instead
С )The pleasure enjoyed by watching the show
D) The amount paid to buy the tickets
Answer:
А) The time lost while watching the show
Explanation:
Opportunity cost is the value of the next-best alternative when a decision is made; it's what is given up.
A and D seems correct, but the wording on D makes A the better answer.
Which of the following is not a business product category in the business-to-business
Answer:
I think it is Specialty Products.
Explanation:
Sorry if I'm wrong
Tano company issues bonds with a par value of $180,000 on january 1, 2021. The bonds' annual contract rate is 8%, and interest is paid semiannually on june 30 and december 31. The bonds mature in three years. The annual market rate at the date of issuance is 10%, and the bonds are sold for $170,862.
The amount of the discount on these bonds at issuance is $3,414. Discount can be meant as the discount is the difference between the face value and the sale price of the bonds, multiplied by the number of years to maturity.
The amount of the discount on these bonds at issuance can be calculated by subtracting the sale price of the bonds from the face value of the bonds, and then multiplying by the number of years to maturity. The sale price is often shown in percentage.
Discount = (Face value - Sale price) x (Number of years to maturity)
Discount = (180,000 - 170,862) x 3
Discount = $1,138 x 3 = $3,414
So the amount of the discount on these bonds at issuance is $3,414.
The complete question is.
Tano issues bonds with a par value of $180,000 on January 1, 2016. The bonds' annual contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance is 10%, and the bonds are sold for $170,862. 1. What is the amount of the discount on these bonds at issuance?
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As a student, you are able to earn extra money by assisting your neighbors with odd jobs. If you charged $10.25 an hour for your assistance, about how many hours would you need to work to earn $8,425? Show your work.
Answer:
822 hours
Explanation:
The charge per hour is $10.25.
To earn a total of $8,425, one need to work ? hours.
1 hr =$10.25
? hrs = $8,425
?hrs = $8,425 / $10.25
=821.951
=822 hours
Teams have better communication than other workers because they get to
a. Know each other better
b. Attend commurication seminars
C. Earn extra benetits packages
d. Use better telephones
What information is necessary to calculate the after-tax return on investment (ROI)?
A.
whether the capital gains are long term or short term and the dividends are qualified or nonqualified
B.
whether the capital gains are long term or short term and which company paid the dividends
C.
whether the capital gains are from the sale of a stock or a bond
D.
whether the investment was purchased individually or through a brokerage firm
The information that is necessary to calculate the after tax return on investment is whether the capital gains are long term or short term and which company paid the dividends.
What is the after-tax return on investment ?This is a term that has to do with the profit that is made from a business venture after the tax amount has been calculated from the enterprise.
Businesses use this as a way of trying to determine the earnings that they have.
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Answer:
B
Explanation:
You're welcome
Bank's Balance Sheet
Assets Liabilities and Owners' Equity
Reserves $200 Deposits $1,600
Loans $800 Debt $250
Securities $1,000 Capital (owners' equity) $150
Suppose a new customer adds $100 to his account at Northeastern Mutual Bank, which the owners of the bank then use to make $100 worth of new loans. This would increase the loans account anddecrease the account.
This would also bring the leverage ratio from its initial value of to a new value of .
Which of the following is true of the capital requirement? Check all that apply.
Its intended goal is to protect the interests of those who hold equity in the bank.
It specifies a minimum leverage ratio for all banks.
The higher the percentage of assets a bank holds as loans, the higher the capital requiremen
This would increase the loans account and increase the deposits account. The initial value of 13.33 to a new value of 14. The higher the percentage of assets a bank holds as loans, the higher the capital requirement. Thus, option (c) is correct.
What is a Balance Sheet?
The balance sheet and details of reconciled transactions for each account are the two most important reports that the accountant will want.
(a) This would increase the reserves account and increase the deposits account.
(b) The bank leverage ratio refers to its Assets divided by Capital (Owner's equity).
Liabilities should match assets. Therefore, keeping both sides equal by adding $100.
= (Reserves + loans + securities)/Capital
= (200 + 800 + 1,000) / 150
initial value of 13.33
After the $100 was borrowed
= (200 + 800 + 1,000 + 100) /150
new value of 14
(c) The capital requirement increases as the proportion of an institution's assets held as loans rises. Given that loans are made from deposits, the capital requirement is intended to safeguard depositors in the event that loans are defaulted upon.
Hence, the significance of the Balance Sheet is aforementioned.
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A machine was purchased for $500,000 with a residual value of $50,000. The company estimates that the machine will last 5 years and produce 2,000,000 parts over its life. Calculate depreciation expense using the Straight-Line method for the 5-year life. (NOTE: Round your answers to the nearest dollar and enter it enter it WITHOUT decimals, commas or dollar signs [Example 75000].)
This means that the company will record $90,000 as depreciation expense on the machine in each year of its useful life until it reaches the residual value of $50,000.
The Straight-Line method of depreciation allocates the cost of an asset evenly over its useful life. To calculate the depreciation expense for the machine over its 5-year life, we need to first determine the depreciable cost of the asset. The depreciable cost of the asset is the original cost minus the residual value. In this case, the depreciable cost would be $500,000 - $50,000 = $450,000.
Next, we divide the depreciable cost by the number of years of useful life to calculate the annual depreciation expense. So, the annual depreciation expense for this machine would be $450,000 / 5 years = $90,000. Therefore, the depreciation expense using the Straight-Line method for the 5-year life would be $90,000 per year. This means that the company will record $90,000 as depreciation expense on the machine in each year of its useful life until it reaches the residual value of $50,000.
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In a graph, ____ lines can be added to compare performance of competing products.
Marketers often make product adjustments in order to keep the product competitive and continue to provide satisfaction to the buyer. Hence, they make use of product line.
In a graph, product lines can be added to compare performance of competing products.
Product linesA product line can contain one product or hundreds. The number of products in a product line refer to its product line depth, while the number of separate product lines owned by a company is the product line width (or breadth).
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when mario found out his company was going to miss its quarterly projections, he immediately sold all of his stock. he told his friends, and they sold their stock too before the price went down. the stock subsequently crashed and lot of people lost a lot of money. this is an example of
It is an example of insider trading as Mario is using inside information for his and his friends benefit.
Insider trading is defined as the acquiring or selling of stock in a publicly listed company by an individual who knows non-public, substance knowledge about that stock. Material nonpublic information refers to any information that has not yet been made public that might have a significant impact on an individual's decision to buy or sell a security.
This type of insider trading is ethically wrong and holds serious punishments, including both fines and imprisonment.
In this case Mario is using, inside information that the company is going to miss out its quarterly projections and will lead to reduction in stock price therefore, he and his friends sell the stock which caused crash in prices and led to loss for many investors.
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Write a scenario that will help you understand the following word or topic and show me that you understand their importance.
Disciplines - information literacy practices change based on the discipline (or what one is
studying or researching) to determine if information is relevant to the need
A specific reading, writing, and communication techniques are referred to as disciplinary literacy. It focuses on reasoning, capacities, and equipment employed by specialists in the relevant fields.
What is discipline?It is the practise of teaching people to follow rules or a behavioural code by using punishment to correct disobedience. It is also a body of knowledge that is typically studied in higher education.
Teachers anticipate that by the time students enter high school and middle school, they will have mastered the fundamental techniques and methods for reading and interpreting material.
Students who are still learning to read and write in the classroom may require assistance from their regular classroom teachers as well as, in some cases, reading or special education experts.
Making connections, asking questions, drawing conclusions, summarizing, and checking their understanding are just a few of the fundamental techniques they have mastered for reading texts of various genres and subjects.
Therefore, by this we understand that there is a need to learn the basic disciplines, and even if a person is not able to be getting fundamental guidance related to it.
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Which costs would be considered fixed costs?
Answer:
see below
Explanation:
Fixed costs consist of business expenses that remain constant throughout a financial period. The level of production does not influence these costs. Fixed costs are sometimes considered as the cost of staying in business. They have to be paid as long as the business is open.
For instance, administrative salaries have to be paid regardless of the level of production. Monthly rent to a store has to be paid even if no sales were made in a particular month. Other examples of fixed costs include depreciation, insurance premiums, and advertising.
The two managers are interested in hiring one of the applicants for the position. The process by which the managers determine the relative qualifications of job applicants and their potential for performing well in a particular job is known as
The two managers are interested in hiring one of the applicants for the position. The process by which the managers determine the relative qualifications of job applicants and their potential for performing well in a particular job is known as Selection.
The recruiting and selection process has quality components in each phase, from the initial choice to fill a post to the successful employee start. We hope you will gain something from the information offered at each stage of the process as you are one of the people in charge of ensuring a high-quality result. A fantastic employee is more likely to be hired at the conclusion of the process thanks to the information's important advice and suggestions for incorporating quality into EVERY step of the process.
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Problem 15-33 (Algorithmic) Kolkmeyer Manufacturing Company is considering adding two machines to its manufacturing operation. This addition will bring the number of machines to ten. The president of Kolkmeyer asked for a study of the need to add a second employee to the repalr operation. The arrival rate is 0.07 machines per hour for each machine, and the service rate for each individual assigned to the repair operation is 0.6 machines per hour. a. Compute the operating characteristics if the company retains the single-employee repair operation. If required, round your answers to four decimal places. P 0 = t 2 = L= W G = hours W= haurs
the operational parameters for Kolkmeyer Manufacturing Company's single-employee repair operation: P0: The likelihood that there are no machines waiting to be repaired. t2: The typical length of time a machine waits to be repaired. L: The typical number of machines waiting to be repaired.
WG: The average amount of time (including both queue and service time) that a machine spends in the system.W: The amount of time on average that a machine waits in queue before being serviced. Using the M/M/1 queuing system formulas: P0 is equal to 1 minus (/), where / is the service rate and / is the arrival rate. t2 = P0 / (μ * (1 - P0)) L = λ * t2 WG = t2 + (1/μ) W = λ * WG Given: Arrival Each machine is clocked at a rate of () = 0.07 machines per hour. 0.6 machines per hour is the service rate. The arrival rate changes to 0.07 * 10 = 0.7 machines per hour due to the presence of ten machines. When these values are entered into the formulas: P0 = 1 - (0.7 / 0.6) ≈ 0.1667 t2 = 0.1667 / (0.6 * (1 - 0.1667)) ≈ 0.2381 L = 0.7 * 0.2381 ≈ 0.1667 WG = 0.2381 + (1 / 0.6) ≈ 2.9056 W = 0.7 * 2.9056 ≈ 2.0339 As a result, the single-employee repair operation's operational characteristics are as follows: P0 = 0.1667; t2 = 0.2381 0.1667 machines for L 2.9056 WG hours
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