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In November 2016, Worker Jon must choose how much he wants to contribute to his Flexible Savings Account (FSA) for the year 2017. He can contribute up to $2,550, which will be deducted pre-tax from his 2017 income. He can then use the deposit (e.g., get reimbursed) for eligible health care expenses incurred during 2017. His tax rate is 30%, so for every dollar that he does actually spend from his FSA, he will get 30 cents tax benefit. However, since he does not know exactly how much he will spend in 2017, there is a risk involved. If he did not spend all the money he had deposited, the remaining balance will expire (i.e., it cannot be withdrawn or rolled over to next year). Suppose Jon has estimated that his eligible expenses follows a Normal distribution with mean and standard deviation . Guideline: Newsvendor calculations with continuous demand distribution.
a) What is the shortage cost? What is the excess cost? What is the newsvendor critical ratio?
b) What is the optimal amount Q* to contribute his FSA?
Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..
Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..
Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..
An analysis of the holding costs, including the appropriate annual holding cost rate.
Briefly explain Evolution and contributor of Operations management.
A number of drivers of change have transformed the roles, functions and responsibilities of an operations manager over recent years. These drivers have not only been based on technological innovations but also on the need for organisations to develop..
Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.
Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.
Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.
Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.
Ccompare the effectiveness of different leadership styles in different organizations
Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.
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