Prepare the required budgets using ONE excel or google (sheets), you MAY want to use multiple tabs in a file as this will likely help your format/presentation score.

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Budget Project – 200 Points

WARNING: PROJECT RULES:

Do your OWN work – copying or using the work of others/3rd Party resources (i.e., Chegg, Bartleby, Course Hero) will result in an automatic ZERO without warning or additional opportunities.  Plagiarism software may be employed.

REVIEW THE INTEGRITY POLICIES OUTLINED IN THE SYLLABUS

NO USE OF THIRD PARTY – CITE ANY MATERIAL OR RESOURCES of INFORMATION THAT IS NOT YOUR OWN!


Cayman Kayaks (CK)

Valeria (which translates to “strength”) Ikaika is preparing the 2023 budget for one of CK’s best-selling kayaks. Extensive meetings with members of the sales department and executive management team have resulted in the following quarterly unit sales projections for 2023.

Quarter 1 1,110 kayaks
Quarter 2 2,070 kayaks
Quarter 3 1,250 kayaks
Quarter 4 1,055 kayaks
   

CK’s policy is to have finished goods ending inventory in a quarter equal to 12% of the next quarter’s anticipated sales. Preliminary sales projections for 2024 are 1,250 units for the first quarter and 2,245 units for the second quarter. Ending inventory of finished goods at December 31, 2022, will be 30 kayaks.

Production of each kayak requires 36 pounds of polyethylene powder (used in the molds to create the kayaks) and a single finishing kit (rope, seat, hardware, etc.). Company policy is that the ending inventory of polyethylene powder should be 18% of the amount needed for production in the next quarter. Assume that the ending inventory of polyethylene powder on December 31, 2022, is 13,115 pounds. The finishing kits are outsourced and can be purchased as they are needed to fulfill sales orders. As a result, CK does NOT maintain any significant inventory of the finishing kits.

The polyethylene powder used in these kayaks costs $1.05 per pound, and the finishing kits cost $173 each. Production of a single kayak requires 1.75 hours of labor by more experienced, type 1employees and 3.75 hours of less-experienced type 2 employees. The type 1 employees are paid $28 per hour, and the type B employees are paid $19 per hour.

Selling and administrative expenses for this line are expected to be $35.25 per unit sold plus $6,450 per quarter. Manufacturing overhead is assigned at 154% of labor costs.

 

Instructions:

NOTE: Always review the grading rubric for information on how your project will be scored/evaluated.

 

STEP 1:  Prepare the required budgets using ONE excel or google (sheets), you MAY want to use multiple tabs in a file as this will likely help your format/presentation score.

All calculations MUST be done using embedded formulas in the submitted excel/google spreadsheet, numbers that transfer from one location to another MUST be linked/referenced.

See instructional videos that have been provided if you need help understand formulas, functions and cell referencing.

 

STEP 2:  You may discuss and work with other students but you must complete ALL WORK MUST BE DONE BY YOU AND ON YOUR OWN.  No two projects should ever look alike!!

 

STEP 3: Using the format demonstrated in your textbook – Prepare the following budgets (remember: be sure to show/demonstrate ALL calculations – include quarterly AND yearly totals) using excel or google sheets:

  1. production budget
  2. direct materials budget
  3. direct labor budget
  4. manufacturing overhead budget
  5. selling and administrative budget

 

STEP 4:  Assume you are in a management position and are asked by top executives to propose a sales price for this kayak model that would be competitive, reasonable and profitable based on projections.

You realize that if your proposal is accepted it could mean a huge promotion and/or bonus.  You may use whatever information, research, visualizations or resources you would like to help you determine a sales price and then justify your decision.

It is essential that you effectively support your pricing decision with enough arguments/reasons to convince these executives of your proposal.  Keep in mind, just determining a price that results in a profit would be the MINIMUM expectation – that will not be enough!

 

STEP 5: Once you have your sales price decision, prepare these last two budgets (again, be sure to include quarterly AND yearly totals):

  1. Sales Budget
  2. Budgeted Income Statement

According to the author what is Problem Solver Profiles (PSPs). How the five different decision-making archetypes help you in improving decision-making and problem-solving skills? Explain in relation with the text you learnt in the course.

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Assignment Question(s):  (Marks 15)

Part-I

Read the article titled as “What Are Your Decision-Making Strengths and Blind Spots?” by Cheryl Strauss Einhorn published in Harvard Business Review, and answer the following Questions:

  1. Summarize the article and explain the main issues discussed in the article. (In 500-600 words)     (Marks 5)
  2. According to the author what is Problem Solver Profiles (PSPs). How the five different decision-making archetypes help you in improving decision-making and problem-solving skills?  Explain in relation with the text you learnt in the course. Use additional reference to support your argument. (In 400-500 words)  (Marks 5)

Part-II- Critical Thinking Question

  1. “Problem-solving is a daily task in any business. But what to do when significant problems keep coming back? Think about the last major problem you encountered. Did you take the time to discover the actual underlying cause or did you implement a quick fix that dealt with the symptoms? Discuss in detail the about the root cause analysis. (Words 400-500)  (Marks 5)

Which of the outcomes in are most appealing to you? Are you more attracted to extrinsic outcomes or intrinsic outcomes?

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Management Question

Question:

Discuss: “The equilibrium output is an efficient allocation of resources. Hence laissez-faire is the best policy”.

Question:

Discuss: “The equilibrium output is an efficient allocation of resources. Hence laissez-faire is the best policy”.

5.2 Action Required:

Motivating your employees is one of the most vital managerial activities. An organization with motivated employees means a highly engaged, committed, and productive workforce. As a manager, you must be able to influence and guide the behavior of your employees.

5.3 Test your Knowledge (Question):

Which of the outcomes in are most appealing to you? Are you more attracted to extrinsic outcomes or intrinsic outcomes?

5.2 Action Required:

Motivating your employees is one of the most vital managerial activities. An organization with motivated employees means a highly engaged, committed, and productive workforce. As a manager, you must be able to influence and guide the behavior of your employees.

5.3 Test your Knowledge (Question):

Which of the outcomes in are most appealing to you? Are you more attracted to extrinsic outcomes or intrinsic outcomes?

Action Required:

In the organization where you work or take an example of your choice to answer the question given below.

5.3 Test your Knowledge (Question):

Describe some common methods used in selecting human resources in the organization where you work. Try to compare these with other organization.

According to the author what is Problem Solver Profiles (PSPs). How the five different decision-making archetypes help you in improving decision-making and problem-solving skills? Explain in relation with the text you learnt in the course.

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Summarize the article and explain .

Read the article titled as “What Are Your Decision-Making Strengths and Blind Spots?” by Cheryl Strauss Einhorn published in Harvard Business Review, and answer the following Questions:

  1. Summarize the article and explain the main issues discussed in the article. (In 500-600 words) (Marks 5)

According to the author what is Problem Solver Profiles (PSPs). How the five different decision-making archetypes help you in improving decision-making and problem-solving skills? Explain in relation with the text you learnt in the course. Use additional reference to support your argument. (In 400-500 words)

What changes would you recommend that Meltos Co. make to their current learning and development provision to reduce costs and improve performance?(

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OMMAYAR_MGT211_HR

Assignment Workload:

  • This Assignment comprises of a short Case.
  • Assignments are to be submitted by each student individually.

Assignment Purposes/Learning Outcomes:

After completion of Assignment one students will be able to understand the following

  • LO1: To understand the role of human resources within the organization.
  • LO2: To differentiate between the major functions of Human Resources and their interdependency.

Read the case given below and answer the questions:

Meltos Co.is one of the world’s largest bakery businesses with a significant market share in many of the world’s biggest bakery markets, including many emerging markets. It has a long and proud tradition, stretching back more than 150 years, including a long history of developing its employees, which has remained part of its ethos during its progress to becoming a global company.

Despite very positive sales figures over the last 12months, Meltos Co. has prioritized streamlining the business to make it more competitive and has placed a strong emphasis on reducing costs over the next 18 months. Despite being keen to preserve its longstanding reputation as a firm that is committed to developing all its employees, in respect of learning and development, this ‘streamlining’ activity has focused on:

  • ensuring a clear return on investment in training activities
  • changing the way that learning programs are delivered and being more creative in developing approaches to learning.
  • connecting training activities to the strategic needs of the firm.

The most important driver of the assessment of its training provision at Meltos Co.is change. Whilst performing well in the marketplace, senior management continue to express discontent with levels of productivity and employee performance. Moreover, senior management has determined that the company needs to become more flexible and adaptable to respond to change in its market context, for example by an ability to adapt organizational structures to meet new business needs or through the introduction of technological innovation. Therefore, Meltos Co. wants to move towards a system of continuous improvement by creating a culture whereby workers are empowered to implement small incremental changes, rather than have substantial change imposed on them from time to time.

Traditionally, training needs analysis at Meltos Co. has been ‘gap-led’. In other words, training tends to be focused where Meltos Co. identifies a gap in capability – for example, where the introduction of new technology requires worker skill to be updated, company policy is changed or a key worker leaves the firm, requiring training to be provided to their replacement. Typically, this gap-led identification of need is conducted at a local level, with little reference made to the wider national or international workforce.

Currently, the company runs several large training events each year designed to update manufacturing staff on everything from health and safety changes, business strategy and company performance to the adoption of new production technology. This is sometimes coupled with skills training for these workers as and when appropriate.

The head of learning and development, (L&D)responding to a call to cut costs from the HR director, is now of the opinion, however, that such long training programs, often of up to three or four days, are no longer the most cost-effective and efficient means by which to develop the staff. Such training has the dual problem of requiring regular investment and repeat sessions to cover workers on different shifts or at different plants, as well as leading to undesirable downtime of certain aspects of production. In particular, the head of T&D is keen to reduce the reliance on external training providers to design and deliver interventions to different workforce groups, from senior management to shop-floor workers.

Nabeel , the head of learning and development at Meltos Co. recently attended a seminar at a local university on ‘the changing nature of workplace HRM’. He was slightly alarmed to find out that much of the company’s practice was seen as outdated. In particular, he was interested in examining how some more contemporary approaches and techniques in HRM could help the company both reduce costs and better performance through continuous improvement.

Questions

  • What changes would you recommend that Meltos Co. make to their current learning and development provision to reduce costs and improve performance?(4 Marks)
  • Discuss how e-learning, competency frameworks and improved knowledge-sharing at Meltos Co. might help to cut costs and make the HRM at Meltos Co. more strategic.(4 Marks)
  • How might the firm seek to ensure a return on investment for its learning and development activity?(4Marks)
  • How effective is training in the organization you work for and mention a few methods being used for effective development?(3 Marks)

You are the CEO for a developing firm less than five years old. Explain the differences, advantages, and disadvantages of a SWOT analysis versus porfolio analysis. Explain how you would use each and which one you feel would be more beneficial.

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CASE STUDY

You are the CEO for a developing firm less than five years old. Explain the differences, advantages, and disadvantages of a SWOT analysis versus porfolio analysis. Explain how you would use each and which one you feel would be more beneficial.

Describe GMO’s background and business. Describe GMO’s Asset Allocation business/process. Describe the ERP – why it exists, how GMO estimates it, how they try to profit from it.

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Management Question

1. Describe GMO’s background and business.
2. Describe GMO’s Asset Allocation business/process.
3. Describe the ERP – why it exists, how GMO estimates it, how they try to profit from it.
4. Why do GMO believe they can outperform other managers?
5. How has GMO’s performance been in the past?
6. What’s their view of the future?

Present the steps involved in conducting a feasibility analysis. Identify the components of the business model canvas and explain how to use them to develop a viable business model.

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Week 5: Interactive Learning Activity

5.1 Learning Outcomes:

  • Present the steps involved in conducting a feasibility analysis.
  • Identify the components of the business model canvas and explain how to use them to develop a viable business model.
  • Explain the benefits of an effective business plan.
  • Describe the elements of a solid business plan.
  • Explain the three tests every business plan must pass.
  • Explain the “five Cs of credit” and why they are important to potential lenders and investors reading business plans.
  • Understand the keys to making an effective business plan presentation.
  • Understand the advantages and disadvantages of buying an existing business.
  • Explain the four steps involved in the right way to buy a business.
  • Describe the five steps of the deal stage for buying a business the right way.
  • Understand the transition stage for buying a business the right way.

5.2 Action Required:

  • Watch the short video at the following link:

https://www.youtube.com/watch?v=iuYlGRnC7J8

5.3 Test your Knowledge (Question):

  • Why does the entrepreneur need to develop a business plan?

5.4 Instructions

  • Answer the question available in the “Test your Knowledge” section.
  • Post your answer in the discussion board using the discussion link below

Write a summary of Chapter 9 with 1 page (times new roman, 12 pt font, and single-spaced). Define classification methods for data mining. Apply classification methods for data mining.

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Management Question

Instructions:

Read chapter 9 of the textbook.

Write a summary of Chapter 9 with 1 page (times new roman, 12 pt font, and single-spaced).

Grading Criteria:

You must appropriately explain the main points in chapter 9 in order to receive full credit.

Submit your homework file in Microsoft Word file format.

Learning Outcomes:

  • Define classification methods for data mining.
  • Apply classification methods for data mining.

Describe the different issues related to environmental scanning, strategy formulation, and strategy implementation in diversified organizations.

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Week 5: Interactive Activity

5.1. Content Introduction

­­­­­­­­­­­­Learning Outcomes

1. Describe the different issues related to environmental scanning, strategy formulation, and strategy implementation in diversified organizations.

5.2. Reading

Required

Chapter 4. Environmental Scanning and Industry Analysis

Chapter 5. Internal Scanning: Organizational Analysis

Textbook: Wheelen, T. L., Hunger, D., Hoffman, A. N., & Bamford, C. E. (2014). Concepts in strategic management and business policy (14th ed.). Upper Saddle River, NJ: Prentice Hall. ISBN-13: 9780133126129 (print), 9780133126433 (e-text)

 

Recommended

Youssef M. Abu Amuna, Mazen J. Al Shobaki, and Samy S. Abu Naser (2017). Strategic Environmental Scanning: an Approach for Crises Management. Information Technology & Electrical Engineering. 6(3), 28-34.

5.3. Test your knowledge (Max 100 words for every question)

Question 1

How can a decision maker identify strategic factors in a corporation’s external international environment?

Question 2

Compare and contrast trend extrapolation with the writing of scenarios as forecasting techniques.

5.4. Instructions

  • Answer both questions in the test your knowledge section.
  • Post your answer in the discussion board using the discussion link below (week 5: interactive learning activity).