Events Feasibility And Development: From Strategy To Operations (Events Management) 2nd Edition William O'Toole - Solutions

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What is ABC classification? What is the criterion used to classify items in the A, B, and C categories?
What is the service level method for determining Q and ROP? When should it be used?
What is the cost of uncertainty in demand during lead time?
In the (Q, ROP) model, the Q calculated by iterative procedures will always be higher than EOQ. Why?
What are Ca and Cu in newsboy model if there is an explicit cost of holding, h, for leftovers?
Develop an expression for expected profit in newsboy model when there is a salvage value of £ for the leftovers.
How would you modify the EOQ equation to account fora. A constraint on total investment in inventory?b. A constraint on total number of orders per year?
What is the key difference between the newsboy model and the (Q, ROP)model?
As time passes, any inventory control system may become dated as demand, costs, and competitive pressures change. Thus, the periodic review of system parameters is important. What are the parameters that should be reviewed for the fixed reorder quantity and periodic reorder systems?
Under what conditions would one use the fixed reorder quantity system in preference to the periodic reorder system and vice versa?
Explain the concept of the “two-bin” system.
What “triggers” a replenishment order in each of the following managerial control systems?a. Fixed reorder quantity systemb. Periodic reorder systemc. Optional replenishment system
What happens to the annual expected quantity short ifa. The buffer stock is increased?b. The order size is increased?c. Annual requirements double, same order size?d. Through a policy change, service level is increased?e. Annual requirements double, EOQ policy?f. Variability of demand increases?
If p(d) is the probability of demand during lead time d and ROP is the reorder point, write the expressions for expected units short per order cycle and ex¬pected units short per year.
What is buffer stock? What is the reason for keeping buffer stock?
What is the total incremental cost equation involvinga. Ordering and inventory costs?b. Price discounts?c. Shortage costs?
What are the relevant costs that management should try to balance in deciding on the size of purchase orders? How do they vary with order size?
What should be the size of the replenishment order?
When should a replenishment order be placed?
How often should the assessment of stock on hand be made?
The hospital for which data are given in Table 4-10 is attempting to improve its nurse scheduling system. Initially, it is concentrating on broad planning for the aggregate levels of nursing personnel needed
Note: This project will require the use of computer program to facilitate com¬putation
The Rapid Growth Company has been experiencing increasing sales for the past few years and expects this growth to continue for the foreseeable future. The sales data for this company for the past 12 years are given below:
A large supermarket chain with several stores stocks both food and nonfood items. In planning its layout, shelf space utilization, and stocking policies, the management is interested in studying the relationship between total profits and the sales of food and nonfood items. The annual profits for a
A newly hired M.B.A. at a toy manufacturer related the month-end retail inventory to the retail sales (S) for a month using regression analysis. She found the following relationship
The total cost of production for a product is related to the number of units produced. The data for the past ten months is as follows:
You have found an old report, parts of which have been eaten by mice, with the following information:Month Demand (D,) Base Estimate (S,)9 900 10 960 11 942 12 998 934a. Do you need to know the base estimates for previous periods (e.g., £u) if you wish to make a forecast for period 13 using the
The enrollment at the Disco-Dance Studio is higher in the first semester than in the second semester. Given the following past data, forecast student enrollment in semester 1 and semester 2 of the upcoming year.Semester 1984 1985 1986 1 100 90 2 50 30 Use the ratio seasonality model with a = y =
Unique Video Systems required a quarterly forecast for the upcoming year for its operation planning and budgeting. The following data are available about the past demand history:
What is your forecast for period 6?
Use a = 0.2, (3 = 0.3, £3 = 3, and T3 =
Consider the following data for an item:PERIOD DEMAND (Dt)1 4 2 5 3 4 4 6a. Using a three-period simple moving average method, forecast demand for period 5.b. Assuming the basic exponential smoothing model with a = 0.2 and S3 — 3, forecast demand for period 5.c. Using the linear trend exponential
What is the reasonable approach for combining forecasts if two or more methods of forecasting are used?
What is the key difference between the Delphi method and the scenario based forecasting method?
When should we use judgmental methods of forecasting?
How is econometric forecasting different from regression analysis?
What are the assumptions made in regression analysis?
Define the coefficient of determination and the standard error of estimate as measures of forecast reliability in regression analysis.
As in the Cherryoak Company example used in the text, if we find a regression equation that fits historical data accurately, why can we not assume that it will be a good forecasting device? Why must we have a theory to explain why the equation fits the data?
Distinguish the statistical methodology of causal methods of forecasting from time series methods.
What is the rationale behind the Fourier series forecasting method?
What is the general structure of adaptive forecasting systems?
If we plot a graph between time and deseasonalized demand, what would be its characteristic?
What is the meaning ofseasonal indexes? Why do we smooth these indexes for subsequent years rather than simply use the initial values?
What is the raw measure of trend used in the linear trend model? Why do we smooth it?
If one uses a no-trend model to forecast demand when a trend actually exists, what is the nature of the error that results?
How can one explain the fact that to extrapolate or to forecast using the basic model of Equation 2, we simply use the most current smoothed average S, and phase it forward by one period?
Show that exponential forecasting systems actually give weight to all past data.
What are the general smoothing effects of values of a in the 0.01 to 0.20 range in exponential forecasting systems? How do systems with low values of a track rapidly changing demand?
What are the general smoothing effects of a small number of periods (perhaps three to five) in a moving average? What are the effects on the ability of a moving average to track a rapidly changing demand?
What common components of demand do we wish to take into account in a forecasting system for operations?
The sole objective of an operations manager should be to improve the efficiency and productivity of services. Yes or No? Explain.6.Medical care is one area that has been the target of critics because of skyrocket¬ing costs. The total U.S. health care bill in 1971 stood at $70 billion per year
What criteria for defining service strategy will be important for the following firms:a. Executive Recruitment Firmb. Vending Servicesc. Starving Students Moving Companyd. Self-Serve Cafeteria
Provide an example of each ofthe four types ofservices discussed in this chapter.
What are the important differences between products and services?
Services have become more important in our economy, as was indicated by Figure 3-1. It is also generally true that the dominant cost in most services is labor. What are the future prospects for continued rapid increases in productivity in the United States economy if the conversion to services
What are the differences between process-focused and product-focused organi¬zations? Why do these differences occur?12.The Electronic Relay Company (ERC) came into being five years ago based on a new product innovation that involved microcircuitry. The new “smart” relays could react much
What is meant by the productive system/product joint strategy?
What are the impacts of a decision to eliminate a product line on the costs ofthe remaining product lines?
How can a company gain a competitive advantage in production cost through its system ofrelated products and product lines? Illustrate with three related prod¬uct lines of your choice.
We discussed process life cycles. Is there also a process technology life cycle? If so, describe a scenario for such a life cycle illustrated by a product of your choice.
Under what conditions is a product-focused, to-order system justified?
Under what conditions is a process-focused, to-stock system justified?
Why would General Motors, the world’s largest auto producer, use a to-order system when they are producing in such large volume?
Define the following terms:a. Product-focused systemb. Process-focused systemc. Continuous systemd. Intermittent systeme. To-order productionf. To-stock production
Where in their product life cycles would you place the following:a. Word processing systemsb. Electric typewritersc. Steel production by the continuous casting processd. Sushi bars (Japanese raw fish)e. Video disk playersf. Cassette tape decks g. Reel to reel tape decks
Describe the concept of the product life cycle.
What were the advantages and disadvantages of each location option open to Phanchem, and why do you think they erventually chose to co-locate with AE?
What were the risks involved in adopting a process design that was ‘totally dedicated’to the one customer’s needs?
What were the key structure and scope decisions taken by Aarens Electronic?
What is operations strategy implementation?
What are the differences between managing large ‘breakthrough’improvements and managing continuous improvement?
How is operations strategy developing?
What is operations strategy and how is it different from operations management?
What is strategy?
Draw a process map of the feasibility study. Show the inputs, tasks necessary, major decisions and the outputs to produce the deliverable – t he feasibility report.
There are many disasters at large events. Choose one of these and suggest the upstream design problem that may have caused the disaster.Create a logistics mud map for one of the major sporting events and compare it to a major music concert.List resources that are required for the operations of each
Review Exhibit 12.1. These are seemingly minor issues. Discuss what would happen if they were not followed. Draw a consequence diagram, i.e. start with the lack of action and describe the result in all areas of the event.
Checklists or prompt list, what are the differences and when should they be used?
There is a theory that objectives are better achieved ‘ obliquely’. What are the advantages and disadvantages of using measurable objectives in events?
What would you have as measurable indicators of success?
Where would you place the event and what sort of structures would you use?
The client would like the 300 VIP guests to tour the new shipyard. What are the risks involved in this aspect of the event? Keep in mind the protocol issues and numbers per tour.
List the questions you would ask the client at the first meeting ( remember that restricting the budget will restrict your profit be very careful when talking about the finances).
The processes outlined in this chapter have different priorities depending on the type of event. Design, for example, is essential to the corporate dinner. Using the typology of events, discuss the relative importance of each of the processes.
Sponsorship may be a cultural issue. Research the use of this term around the world. Does it mean the same in democratic countries as in socialist or guided economies?
Stakeholder management, even for the simplest events such as a wedding, is a complex issue. Can it be achieved through requirement analysis? Are there other ways to minimise the management time spent on this process. Can leadership and ethical outcomes be employed to keep control of the
Scope creep is a reality in event management. Find examples of this in major sporting events and discuss how it can be contained and if it can be used as an opportunity.
Research other models of management and discuss their applicability to events. For example, the event management may be viewed from the perspective of risk management, project management or arts management.
Research the work of the PMI in the development of a maturity model for project organisations and compare this to event companies and long- term repeat events.
Research the project management methodology and its application to events. Compare the types of events and their use of project management.Download the free Openproj and use this to draft a project plan for an event.Discuss the problems of using this type of software.
Discuss the ability of the template in Case Study 8.1 to describe a major event. What items in the template need to be ‘ scaled up’? What items need to be added?
Using the Country Fair business case as a template prepare a business case for:Bicycle ride A product launch A regional chess competition
One of the famous quotes attributed to Lord Kelvin is ‘ If you can’t measure it, you can’t improve it’ Is that true for events?
Are events complex or is it just that we do not see the simple pattern?
Research the meaning of uncertainty. Does it relate to the term “ unfamiliarity”? Therefore does the knowledge an event manager possesses reduce the risk and the uncertainty of entrepreneurial events?
On the Internet, search for integrated developments and the building of new housing estate developments. Discuss the target market for the development, the types of events that would work and where the events precinct could be placed.
Research the licensing issue in other professions and compare it to the event industry.
Discuss the themes that may be used for an ICP for your country.
Trace the development of a flagship or signature event in your region. How did it start? Who were the event initiators and initial stakeholders? Compare its origin and growth to the well- known events such as the Baalbeck International Festival, Munich Oktoberfest and the Makhanda (

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