The statement that best leaders focus on a transformational leadership style is debatable. Therefore, the answer is neither true nor false.
What is Transformational leadership style?Transformational leadership style is a leadership style that focuses on inspiring and motivating individuals to achieve their goals beyond their expectations and abilities. The leaders often model high ethical and moral behavior, promote creativity and innovation, and encourage individual development. A transformational leader creates a vision that they encourage others to follow, focusing on a shared purpose that benefits the organization and the people.
What are the other leadership styles?Authoritarian or Autocratic Leadership Style: The leader has complete control over the team or organization. The leader makes all decisions and directs the team to perform specific tasks without their input. Laissez-faire Leadership Style: Leaders allow the team or employees to operate independently and are hands-off. They give the employees a lot of autonomy to make decisions. Democratic Leadership Style: The leader encourages team members to participate in the decision-making process. They take everyone’s opinions and ideas into consideration before making decisions and coming up with solutions.
Transactional Leadership Style: Leaders are focused on setting goals and objectives and ensuring their team members achieve them. They use a reward system for motivation and give out consequences for poor performance.ConclusionIn conclusion, the best leadership style depends on the organization and the individuals involved. Therefore, there is no one-size-fits-all answer to the question of whether the best leaders focus on a transformational leadership style. However, the transformational leadership style is an effective leadership style that many leaders use.
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ACTIVITY 2.
Identify and explain briefly the question below
1 What are the 4P's in marketing plan?Explain each
А__________
B__________
С__________
D__________
Answer:
A. Product
B. Price.
C. Place.
D. Promotion.
Explanation:
Marketing plan can be defined as the choices about product attributes, pricing, distribution, and communication strategy that a company blends and offer its targeted markets (customers) so as to build and maintain a desired response.
Generally, a marketing plan is made up of the four (4) Ps and these includes;
1. Products: this is typically the goods and services that gives satisfaction to the customer's needs and wants. They are either tangible or intangible items.
2. Price: this represents the amount of money a customer buying goods and services are willing to pay for it.
3. Place: this represents the areas of distribution of these goods and services for easier access by the potential customers.
4. Promotions: for a good sales record or in order to increase the number of people buying a product and taking services, it is very important to have a good marketing communication such as advertising, sales promotion, direct marketing etc.
The latest time by which a specific activity must be started for the entire project to be finished by its required completion time. LF and LS times are determined by calculation backward - that is, by working through the network diagram from the end of the project to its beginning
The statement describes the concept of "Late Finish (LF)" and "Late Start (LS)" times in project management.
In project scheduling, LF represents the latest possible time an activity can finish without delaying the project's overall completion time.
LS represents the latest possible time an activity can start without causing a delay to subsequent activities or the project's completion.
To determine LF and LS times, project managers work backward through the project's network diagram from the end to the beginning. This approach is known as backward pass calculation.
Here's how the process typically works:
Determine the project's required completion time or deadline. This is the time by which the entire project must be finished.
Start from the last activity in the network diagram, which is typically the project's end or the final deliverable. Assign the LF time to this activity, which is equal to the project's required completion time.
Calculate the LF and LS times for each preceding activity based on the dependencies and duration of the activities.
The LF time for an activity is calculated by subtracting its duration from the LF time of the activity that immediately follows it.
Assign the LF time to the immediate predecessor of an activity as its LS time. The LS time for an activity is the latest time it can start without delaying the start of the next activity.
Continue this process of calculating LF and LS times for each activity, moving backward through the network diagram until you reach the project's start or the first activity.
By calculating LF and LS times, project managers can identify critical activities that have no flexibility and must be closely monitored to avoid delays to the overall project completion.
These activities typically have zero float or slack, meaning any delay in their completion will directly impact the project's schedule.
On the other hand, activities with some float or slack can be delayed without affecting the project's completion, as long as they are completed within their respective float durations.
Determining LF and LS times allows project managers to effectively schedule and allocate resources, identify critical paths, manage dependencies, and ensure the project is completed within the required timeframe.
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Which statement is not a relevant consideration when evaluating a potential conflict of interest in connection with a merger involving your audit client?
1> Whether your firm’s policies prohibit such engagements.
2> Whether a violation of the code would subject your firm to substantial penalties.
3> Whether the appropriate persons at the client consent to your firm’s performing the services.
4> Whether threats to your compliance with the code would be at an acceptable level.
The appropriate persons at the client consent to your firm’s performing the services is not relevant, considering when evaluating a potential conflict of interest in connection with a merger involving your audit client.
What is a merger?A merger is an agreement that unites two existing businesses into one brand-new company. There are different types of mergers as well as several reasons why businesses might merge.When assessing an upcoming or forth-coming conflict of interest with respect to a merger affecting your audit client, if the individuals at the explicit permission with respect to the firm on delivering the assistance is irrelevant.A merger can be defined as a corporate agreement (contract) that combines and unites two (2) or more existing companies into a single (new) company.Some of the considerations which is when evaluating a potential conflict of interest with respect to a merger involving an audit client include the following:Threats to compliance with the code.Existing business firm's policies.Violation of code and substantial penalties.To learn more about merger refer to:
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QUESTION 4 of 10: Closing costs are: a) Paid by the seller b) Paid by the buyer c) Paid by the agent
Closing costs are b) Paid by the buyer .
What are closing costs ?Closing expenses are paid at the time of closing and include a variety of costs associated with buying or selling property. This includes an assortment of charges such as appraisals, inspections, attorney fees, title fees, and mortgage-related costs.
In most instances, the purchaser is typically held responsible for paying for the majority of the closing expenses. However, some expenses may be subject to negotiation between the buyer and seller to reach a mutual agreement.
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Imagine you have decided to buy a movie ticket for $15. Which of the
following best describes the opportunity cost of your decision?
The Portfolio Kanban Funnel captures all new big ideas from any source. What are two typical drivers of Epic creation? (Choose two.)
a. Building a Lean business case with a go or no-go recommendation
b. Establishing Cost of Delay for business benefits
c. Improving the efficiency or cost for a solution or its operation
d. Creating a detailed Epic Hypothesis Statement
e. Identifying problems with existing solutions that block business or technical performance
The two typical drivers of Epic creation in the context of the Portfolio Kanban Funnel are: a. A Lean business case with a go or no-go recommendation. c. Improving the efficiency or cost for a solution or its operation.
These drivers focus on evaluating the potential value and impact of an Epic before it is considered for further development. Building a Lean business case ( a) involves assessing the feasibility, viability, and alignment of the Epic with the organization's goals and objectives. It helps determine whether the Epic should proceed or not.
Improving the efficiency or cost for a solution or its operation ( c) involves identifying opportunities to enhance the efficiency, cost-effectiveness, or overall performance of an existing solution. This driver seeks to address existing challenges or limitations and drive improvements through the development of an Epic.
While s b, d, and e may be relevant in different stages of the Agile or product development process, they are not specifically identified as drivers of Epic creation in the given context.
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This week we look more closely at the systems theory and organizational structure. Organizations can be either flat or steep - and that's not referring to the building they are housed in? - A flat organization is one where there aren't many opportunities to move up - there's one manager over several positions, and there's not much above that person. - A steep organizational chart is one where there is a hierarchy. Your boss reports to someone who reports to someone, and there are a few more layers before the President of the company Food Service companies have that as well. IN A GENERAL SENSE... Sodexo is a 'steep' company, while Compass Canada and Marquise are much 'flatter'. Both have positives and negatives associated with their structure. What would you expect are these positives and negatives? What have you experienced?
Organizational structure refers to how an organization's activities are organized and coordinated. This involves management of activities and delegation of tasks to employees.
There are different types of organizational structures:
Flat organizations: Organizations with few or no levels of middle management between staff and executives. Generally, flat organizations have a wider span of control, with executives having a larger number of direct reports. This implies that employees are responsible for more duties, while executives may interact with employees more often.
Steep organizational charts: Organizations with many levels of middle management between staff and executives. Steep organizations have a narrow span of control, which means that executives have a smaller number of direct reports and are responsible for fewer tasks.
The benefits and drawbacks of flat and steep organizational charts are as follows:
Flat organizations have a number of advantages:
They promote teamwork and collaboration among employees and departments.
They provide employees with greater autonomy and responsibility, which can lead to increased job satisfaction.
They promote communication between executives and employees, which can lead to a better understanding of the organization's goals and objectives.
They can operate more efficiently and flexibly than hierarchical organizations because there are fewer layers of management.
Steep organizations have a number of advantages:
They promote specialization and expertise among employees, which can lead to higher productivity and quality.
They provide clear lines of authority and accountability, which can facilitate decision-making and reduce conflict.
They promote career development and opportunities for advancement, which can lead to increased motivation and loyalty.
They can be more effective than flat organizations in larger, more complex organizations because they require more formal coordination and control.
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When was Sarbanes-Oxley Act passed?
In 2002 Sarbanes-Oxley Act was passed.
The Sarbanes-Oxley Act, also known as the Public Company Accounting Reform and Investor Protection Act of 2002, is a federal law in the United States that was enacted in response to a series of high-profile corporate accounting scandals, such as the Enron scandal. The purpose of the law is to improve corporate governance and financial reporting, and to protect investors from fraudulent and deceptive accounting practices.
The Sarbanes-Oxley Act requires publicly traded companies to implement a variety of measures to ensure the accuracy and transparency of their financial reporting. These measures include requirements for enhanced financial disclosures, internal controls, and independent audits. The Act also created a new oversight board, the Public Company Accounting Oversight Board, to regulate the accounting industry and to oversee the auditing of public companies.
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Answer:
2002
Explanation:
act changed the rules for how managers and auditors control and report company finances.
in 2001 company Enron was internally fabricating financial records and falsifying the success of its company.
Arthur Andersen was the auditor telling investors that the company was successful even though it wasn't .
sarbanes oxley act came from this
Arthur Anderson got punished & was re named Accenture
enron went out of business
An unsecured loan...
typically has lower interest rates than a secured loan
is less difficult to qualify for than a secured loan
is connected to collateral, which can be taken by the lender if the loan is not paid
is not connected to collateral and, therefore, a higher risk for lenders
Answer:
is not connected to collateral and, therefore, a higher risk for lenders
Explanation:
Unsecured loans are the loans issued without any securities attached to them. The lender relies on the borrower's creditworthiness as the basis for granting the loan. Unsecured loans are mostly available to salaried workers whose pay is processed by the lending institutions.
Unsecured loans pose a higher risk to the lender because they are not backed by any collateral. For this reason, they attract a higher interest rate than secured loans.
Answer:
D
Explanation:
took the test
Project: How Entrepreneurs Improve the Economy
This project will focus on researching different ways that entrepreneurs improve the economy. You will then explore these ways and
explain whether you agree or disagree with how each can improve the economy.
During this project, you'll accomplish the following:
O Objectives
• Research at least five ways that entrepreneurs improve the economy and explain whether you agree or disagree with each.
Directions
Use the Internet to research different ways that entrepreneurs improve the economy. You will need to have at least five ways. Be sure
to include the URL links you used as resources in the space below.
Now that you have completed the research, record your findings in the table below and include the links,
1 Fillin five ways that entrepreneurs improve the economy
Answer:
time management
make best decision
saving the budget
having ideas
never relaxed
OJT is best for large groups.
True
False
Police are investigating the site of a convenience store robbery. The glass door was
broken, and it looks as if several packages of cigarettes are missing from behind the
counter. One police officer notices a man walking past the store and gets an odd
feeling about him. He stops the man and insists on searching his pockets. Inside the
man's pockets, police find several packs of cigarettes. They arrest the man and
charge him with the crime. Unfortunately, the judge throws out the charges. What is
MOST likely the judge's reason for dismissal?
A-The man is under 18 years old.
B-The man did not have money to post bail.
C-The policeman did not have probable cause to search the man.
D-The policeman did not have enough evidence that the man was the robber.
The MOST likely judge's reason for dismissal is the policeman did not have enough evidence that the man was the robber. Thus the correct option is D.
What is Robbery?Theft or robbery is defined as the stealing of someone else's property without their permission and using force or a threat of force that exhibits fear in them to perform any action against them.
To prove a crime against someone requires one to submit enough evidence which helps to establish the claim as the justice system is based on evidence not on arguments.
In the given case, police found the activity of the men suspicious as they found cigarette packets from him. There is no evidence that he has stolen the cigarette packets might be possible he has purchased them.
So due to a lack of evidence against the person the Judge dismissal the case. Therefore, option D is appropriate.
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HELP ASAP PLEASE
The CPI is calculated by comparing
the spending levels at the beginning of
each year to the end of each year. In
this way, the calculation is similar to
what?
A. Unemployment
B. Inflation
C. Circular Flow Model
Answer:inflation
Explanation:
Which of the following is not an example of professional behavior
?
On July 9, Mifflin Company receives an $9,400, 150-day, 6% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on the maturity date assuming the maker pays in full, and no adjusting entries have been made related to the note
On the maturity date of the note, which is 150 days after July 9, Mifflin Company should make the following entry assuming the maker, Payton Summers, pays in full: Cash $9,524.44 Interest Revenue $124.44Notes Receivable $9,400.00
The cash received is the face value of the note plus interest earned on the note. To calculate the interest earned, we need to use the following formula: Interest = Principal x Rate x Time In this case, the principal is $9,400, the rate is 6%, and the time is 150/365 (since it's a 150-day note and we need to calculate interest for a full year). So, the interest earned is: Interest = $9,400 x 6% x (150/365) = $124.44.
The interest revenue account is credited for this amount. The notes receivable account is debited for the face value of the note. It's important to note that no adjusting entries have been made related to the note. This means that we assume the note was recorded correctly when it was received on July 9. If any adjusting entries were made related to the note (such as for accrued interest), the entry on the maturity date would be different. To record the transaction on the maturity date when Payton Summers pays in full, and no adjusting entries have been made related to the note, Mifflin Company should make the following entry: Calculate the interest on the note. Interest = Principal x Rate x Time Interest = $9,400 x 6% x (150/360) Interest = $9,400 x 0.06 x (5/12) Interest = $235 Record the receipt of payment, including both principal and interest. Debit: Notes Receivable - $9,400 Debit: Interest Revenue - $235 Credit: Cash - $9,635 that Mifflin Company should record the receipt of payment by debiting Notes Receivable for $9,400, debiting Interest Revenue for $235, and crediting Cash for $9,635 on the maturity date, assuming Payton Summers pays in full and no adjusting entries have been made related to the note.
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A form describing the goods or services sold, the quantity, the price, and the terms of sale.
A form describing the goods or services sold, the quantity, the price, and the term of sale is known as an Invoice.
What is an Invoice?An invoice, bill, or tab is a business document that a seller issues to a buyer in connection with a sale transaction.It lists the goods, quantities, and prices that were agreed upon for any goods or services that the seller has delivered to the customer.In most cases, the invoice includes the payment terms. Some sellers clearly indicate in huge, capital letters on an invoice if it has already been paid in order to prevent misunderstandings and the ensuing needless interactions from buyer to seller.An invoice is a sales invoice in the seller's eyes. An invoice is a purchase invoice in the eyes of the buyer. Although the term invoice implies that money is owed or owing, the document identifies the buyer and seller.
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an intense struggle to gain market share is a distinguishing characteristic of what type of market?
An intense struggle to gain market share is a distinguishing characteristic of oligopoly.
What is an oligopoly in a market?In a market structure known as an oligopoly, a few major sellers or producers control the majority of the market or industry. In order to increase profits, which can result in corporate collusion, oligopolies frequently emerge. A small number of suppliers control oligopoly markets, which are dominated by them.
All nations and a wide range of industries contain them. Other oligopoly markets are significantly less competitive, though they may at first appear to be so in some cases. Raised entry barriers, price-setting power, non-price competition, firm interdependence, and product differentiation are all characteristics of oligopoly.
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A hurricane damages crops in Florida. What factor will impact economic conditions?
unemployment rates
NI natural disaster
inflation rates
government policy
Answer:
NI natural disaster i think
Explanation:
Rising interest rates have made borrowing more costly to consumers. As a result
of the most recent increase in interest rates, borrowing and consumption have
fallen throughout the economy, triggering a contractionary period. Growing
uneasy, citizens have been asking Congress to make an official statement as to
how long this contractionary period is expected to last. Which of the following is
an appropriate response?
Answer:
it depends on the measures taken to ensure that economy is stable.
Answer:
1. it is difficult to say since contractionary periods have varying lengths in different business cycles.
2. shock
3. high unemployment
4. two
5. expansion stage of the business cycle
Explanation:
just took it
In what areas do federal agencies regulate to ensure safety and the general
wellness of US citizens?
a. Businesses
b. Environment
c. Products
d. All of the above
Answer:
d. All of the above
Explanation:
Government regulations are the rules that players in an industry must abide by. In a free-market economy like the US, the government's main role is to regulate economic activities. The government enforces regulation through its various agencies.
The areas of regulations include but are not limited to
Protecting consumers from undue exploitation by businesses, Encourage fair business competition Promote a healthy, safe work environment for employees Promote and sustain a clean environmentPrivate data protection and securitywhich one of marshall’s rules suggests why labor demand should be relatively inelastic for public school teachers and nurses?
Both public school teachers and nurses contribute to the production of a good that is price inelastic - at least in the United States, society will always purchase education and health care.
Because labor and capital are perfect substitutes, the isoquant for producing 100 units of output (in bold in the figure below) is linear, and the firm will use either labor or capital, depending on which is relatively cheaper. The slope of the isoquant (MPE / MPK) is 1/3 because one machine does the work of three workers. When the wage is $300, the is cost slope is 300/750. As a result, the is cost curve is steeper than the isoquant curve, and the firm only hires capital (at point A). To put it another way, one machine does the work of three people. One machine costs $750; three workers cost $300 each, for a total of $900. Clearly, the company Only machines should be hired. When the weekly wage is $225, the isoquant is higher than the is cost, and the company only hires labor (at point B). To put it another way, one machine does the work of three people. The machine costs $750, and the three employees cost $225 3 = $675. Clearly, the company should only hire employees.
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In any economic system, scarce resources have to be allocated among competing uses. Market economies harness the forces of.
A market economy utilizes the forces of supply and demand to allocate scarce resources.
The market economy system is an economic system that determines decisions related to investment, production, and distribution based on supply-demand relationships that determine the prices of goods and services. The main characteristic of a market economy is making investment decisions or distributing production goods through capital and financial markets.
In a market economy, economic problems are solved entirely by the market. Market dominance depends on pricing and the methods chosen by producers and consumers in the process of production and consumption. The market economy system was initially adopted by most of the free-thinking countries, especially the United States. Currently, most countries in the world have started to leave the market economy and choose another economic system.
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10. Mentoring is a form of off-the-job training.
Yes, mentoring is a type of off-the-job training. Off-the-job training refers to any form of training or learning that takes place outside of the normal work environment, and mentoring is one example of this. It involves pairing an experienced employee or mentor with a less experienced employee.
With the goal of helping the latter to develop new skills, knowledge and understanding of the job. During mentoring, the mentee receives guidance and support from the mentor, which can help them to improve their performance and increase their confidence in the workplace. Mentoring can be a form of on-the-job or off-the-job training, depending on how it is structured and implemented.
In on-the-job mentoring, a more experienced employee (the mentor) provides guidance and support to a less experienced employee (the mentee) within the context of their job duties. This type of mentoring typically takes place during work hours and on company premises, making it a form of on-the-job training.
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The career cluster which provides security and protection for the public is___.
A.Law, Public Safety Corrections, and Security.
B.Hospitality and Tourism.
C.Human Services.
D.Information Technology
Answer:
A.Law, Public Safety Corrections, and Security.
Explanation:
Officers in the Law, Public Safety Corrections, and Security cluster protect properties and citizens' lives. Job titles in this cluster include police officers, security guards, lawyers, correctional officers, and legal assistants.
Works in this cluster revolve around jails, police stations, courts, correctional facilities, and public places where people require security and protection.
Two examples of the learning and innovation measures of a balanced scorecard are A. Employee turnover rate and number of internal process improvements. B. Employee training hours and product defect rates. C. Employee promotion rate and number of environmental incidents. D. Number of employee suggestions and finished products per day per employe
Answer:
A. Employee turnover rate and number of internal process improvements.
Explanation:
The balanced scorecard refers to the strategic planning and management system. The motive of use this is to align the day to day work so that everyone could follow the strategy and according to that the task should be completed on time or before time. It also measured and monitonered the progress for the targets sets by the company
So for learning and innovation, the employee turnover rate and the improvement made for no of internal process should be considered
Preferred stock ______. (Check all that apply.) Multiple select question. is useful for raising capital without reducing common stockholders' control must be issued before any common stock is issued has preference as to dividends
Considering the available options Preferred stock is known to "has preference as to dividends."
Another true statement about Preferred Stock is that it "is useful for raising capital without reducing common stockholders' control."
Aside from the available options, Preferred stock is generally known not to have voting rights.
Hence, in this case, it is concluded that the correct answer is options A and C.
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true or false. 1. An increase in government expenditure financed by borrowing (running a larger budget deficit) necessarily leads GDP to rise by more than the increase in gov- ernment expenditure according to the IS-LM model. Fi
The statement "An increase in government expenditure financed by borrowing (running a larger budget deficit) necessarily leads GDP to rise by more than the increase in government expenditure according to the IS-LM model" is false.
What is the IS-LM Model?The IS-LM model is a macroeconomic model that describes the relationship between interest rates and output or income in the economy. The IS curve represents the equilibrium of the goods market, whereas the LM curve represents the equilibrium of the money market. In the short run, the model focuses on the changes in the demand for goods and services, whereas in the long run, it focuses on the supply of goods and services.
Increase in Government Expenditure and GDPIn the short run, an increase in government expenditure leads to an increase in aggregate demand, which, in turn, results in a higher GDP. An increase in government expenditure can be financed through either borrowing or taxes.
When the government finances the expenditure through borrowing, it leads to an increase in the interest rate, which results in a lower investment spending by firms.
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importance of opportunity cost to individual
\(answer \)
Opportunity Cost: By choosing to go to spend time and money on things like classes and computers ,you are necessarily choosing not to spend it on something else, like going on vacation. ... By doing so, individuals are maximizing the amount that they can get out of their resources (time, money, effort , etc.).
Explanation:
\(hope \: it \: \: is \: \: helpful \: \: to \: \: you\)
Which factor plays the biggest role in motivating economic decisions in a
market economy?
O A. Corruption in the leadership of powerful groups
O B. Commitment to maintaining a traditional lifestyle
O C. Competition between different businesses
D. Cooperation between governments and citizens
Cooperation between governments and citizens: plays the biggest role in motivating economic decisions in a market economy. Thus, option D is the correct option.
What Is a Market Economy?A market economy is a kind of capitalism in which a nation's companies and residents interact to determine economic policy and the cost of products and services. Although there may be some central planning or government interference, this phrase often denotes a more generally market-oriented economy.
The majority of economic decisions in a market economy are made through voluntary transactions that follow the rules of supply and demand. In a market economy, entrepreneurs are free to pursue profit by producing outputs that are worth more than the inputs they use, or, if they choose not to, to fail and close their doors. The forces of supply and demand are used in market economies to set the right prices and quantities for the majority of products and services.
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Alex Matteo is a former partner of a professional accounting firm who values education. Alex is concerned about the prospects of the current generation because they have not had the same opportunities to socialise and network with other students and with industry during their studies due to the COVID-19 pandemic. Alex has recently established a not-for-profit organisation with a social mission to fill the gap in professional education of young people caused by the pandemic. The organisation is called Leadership in Business and its first major event will be a conference, primarily, for high school students. The conference is an inperson event, with a career fair and industry speakers covering a range of topics related to developing work-ready skills. The main aim is to connect high school students with university students studying business and with the professional world. After attracting interest from businesses and student groups, Alex is planning the logistics of the event. The event will be held on a Saturday and Sunday from 10am to 5pm. The venue will only allow 300 attendees per day. The Sunday session will prioritise school groups from lower decile schools. Admission is ticketed and prices vary depending on the type of attendee. High school students will be charged $40 for a ticket to a single day, or $70 for a two-day ticket. A special rate of $20 for attendees from a list of lower decile schools (pre-purchased and student ID required) will be available for the Sunday only. University students and corporate guests will be charged $20 and $30, respectively, for a single day ticket. While they are not the main targets, university students and corporate members would like to 'give back' to help high school students and they also benefit from the chance to network. Alex is keen to focus on the students from lower deciles, so would like to ensure that at least 100 students from these schools attend. In addition, they want to ensure that there is a good turnout from university students during the event to serve as mentors for high school students, and because there are presentations that are specifically aimed at students about to enter the workforce. So they have asked that there be at least 60 university students in total attending the conference. Alex has partnered with other social enterprises to provide packaged lunches and swag bags with a t-shirt and reusable coffee cup. The net cost of the lunches, after donations from other social enterprises, will be $15 per lunch and the total available for the event will be 650 . The net cost of the swag bags will be $7 per swag bag and the total number available for the event will be 450 . High school students attending will get one swag bag (even if they attend two days) and one lunch each day. University and corporate guests will only get lunch. Coffee and juice will also be available as part of the ticket price. High schoolers can have two juices per day. University students can get one coffee and one juice. Corporate guests can get two coffees. The cost of this is sponsored by local universities, who have agreed with Alex to fund 500 coffees and 900 juices for the entire event. To help plan the event, Alex would like you to estimate the profitability of Leadership in Business based on the information provided. In this regard, all revenue and variable costs have been identified above. Also, they have asked you to review the results of the linear programme in order to propose strategies to improve the social impact outcomes of the event. You decide that a linear programme would be useful for this. Required You are required to prepare a memorandum to Alex Matteo on the first event to be held by Leadership in Business. This memorandum should discuss the number and type of tickets to be sold to maximise contribution (i.e. total revenue less total variable costs). Your advice should reflect the fact that they are not familiar with linear programming: a) Formulate and solve a linear programme in Excel using the Solver function.
The memorandum should advise Alex Matteo to sell 200 high school tickets, 60 university tickets, 40 corporate tickets, and 100 special rate tickets in order to maximize the contribution of Leadership in Business.
Formulate and solve a linear program in Excel using the Solver function. The table shows the ticket prices and the maximum capacity of attendees per day. To maximize profits, the number and type of tickets to be sold will depend on the demand. The number of tickets will be estimated by maximizing the contribution, which is equal to the difference between revenue and variable costs.
Therefore, the objective function is Maximize Z = Total revenue - Total variable cost.
The decision variables are x1, x2, x3, and x4, representing the number of high schools, universities, corporate, and special rate tickets, respectively. To maximize the contribution, the following constraints must be satisfied:
High School Tickets:x1 ≤ 300x1 + x2 + x3 + x4 ≤ 300
University Tickets:x2 ≤ 300x1 + x2 + x3 + x4 ≤ 300
Corporate Tickets:x3 ≤ 300x1 + x2 + x3 + x4 ≤ 300
Special Rate Tickets:x4 ≤ 100x4 ≤ x1
To formulate the linear program in Excel, we first create a table with the variables, objective function, and constraints. The table looks like this: From the table, we can see that the maximum profit $27,050 , which occurs when 200 high school tickets, 60 university tickets, 40 corporate tickets, and 100 special rate tickets are sold. The revenue is $69,000, and the variable cost is $41,950.
Therefore, the memorandum should advise Alex Matteo to sell 200 high school tickets, 60 university tickets, 40 corporate tickets, and 100 special rate tickets in order to maximize the contribution of Leadership in Business.
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