What is the goal of employee development? How does employee development affect organizational development?
Risk Management homework-This assignment is entirely math orientated. As such you will need to show all of your work to receive full credit for the answers you provide. Provide your answers using Word docs only.
Risk Management homework
RMI 2101
Spring 2018
Homework Assignment 3 (Answer Key)
30 points
Due on Feb 22nd, 2018 at 5:30 PM EST on BlackBoard/SafeAssign
No hard copies will be accepted in class. All homework must be submitted on SafeAssign and time stamped by 5:30 PM EST on the due date.
Carefully follow the Instructions – Homework Guidelines and Submitting Homework to SafeAssign located in the Homework Section of BlackBoard. Hint: Read the questions carefully and be sure that you answer the questions asked. Many times students give correct information in an answer but that information is not the answer to the question.
This assignment is entirely math orientated. As such you will need to show all of your work to receive full credit for the answers you provide. Provide your answers using Word docs only.
1. Use this Probability Distribution (PD) to answer the three questions below: Jimmy’s Coffee House would like to estimate the number of worker’s compensation claims for the upcoming year using accumulated data from the past 10 years. Upon review of this data it has been determined that Jimmy’s has had between 0 and 2 claims annually. The loss distribution for Jimmy’s Coffee House is as follows:
Spring 2018
Homework Assignment 3 (Answer Key)
30 points
Due on Feb 22nd, 2018 at 5:30 PM EST on BlackBoard/SafeAssign
No hard copies will be accepted in class. All homework must be submitted on SafeAssign and time stamped by 5:30 PM EST on the due date.
Carefully follow the Instructions – Homework Guidelines and Submitting Homework to SafeAssign located in the Homework Section of BlackBoard. Hint: Read the questions carefully and be sure that you answer the questions asked. Many times students give correct information in an answer but that information is not the answer to the question.
This assignment is entirely math orientated. As such you will need to show all of your work to receive full credit for the answers you provide. Provide your answers using Word docs only.
1. Use this Probability Distribution (PD) to answer the three questions below: Jimmy’s Coffee House would like to estimate the number of worker’s compensation claims for the upcoming year using accumulated data from the past 10 years. Upon review of this data it has been determined that Jimmy’s has had between 0 and 2 claims annually. The loss distribution for Jimmy’s Coffee House is as follows:
| # of Worker’s Compensation Losses per Year | Probability of having this # of losses |
| 0 | .1 |
| 1 | .7 |
| 2 | .2 |
a. Calculate the expected number of losses per year ( mean ). (3 points)
b. Calculate the variance for the Jimmy’s Coffee House frequency distribution. Hint – first, construct a Probability Distribution Table now that the mean has been determined. (8 points)
c. Jimmy’s Coffee House wants to know how their risk compares to that of their competitor, Lulu’s Café. Lulu’s Café expects on average 1 accident per year with a variance of .60. Who faces more risk, Jimmy’s or Lulu’s? Hint: Jimmy’s and Lulu’s have different means. Show your work. (6 points)
2. Elite Limousine Service (ELS) uses a fleet of 1,000 vehicles to provide limousine and party bus services. From past information, the Chief Risk Officer for ELS has constructed the following loss distribution for the number of accidents per vehicle per year. Hint: frequency .
| # of accidents per vehicle per year | # of vehicles having these losses |
| 0 | 300 |
| 1 | 500 |
| 2 | 200 |
Find the expected number of accidents per vehicle per year, i.e. calculate the E(F). (4 points)
3. Now assume from past information, ELS has constructed the following probability distribution (PD) for the dollar amount of loss when accidents do occur .Hint: severity.
| $ amount of losses | Probability of dollar losses |
| 2,000 | .40 |
| 8,000 | .35 |
| 15,000 | .25 |
a. Find the expected cost per accident, i.e., calculate the E(S). (3 points)
b. Calculate the expected loss per vehicle per year. (hint E(S) x E(F )) (3 points)
c. Calculate the expected loss for all vehicles per year . (3 points)
1
technology and globalization: What is the goal of employee development? How does employee development affect organizational development?
1. The business world has experienced numerous changes as a result of technology and globalization. It is important for the field of HRM to be prepared for these changes. In what way have technology and globalization changed the work environment? Provide real-life examples to support your answer. What are the effects of these changes to HRM?
2. What are the functions of human resource management (HRM)? What is the most important function of human resource management? Explain your answer and provide a workplace example to support your response.
3. What is the goal of employee development? How does employee development affect organizational development?
4. Why is diversity training important in the work environment? What types of diversity can impact the organization?
In this assignment, you will research information related to the marketing and promotion of the acquisition by EDUS and provide an assessment. To review the EDUS case and consider the following: (See attachment).
In this assignment, you will research information related to the marketing and promotion of the acquisition by EDUS and provide an assessment. To review the EDUS case and consider the following: (See attachment).
Topics for Research and Analysis
Promotional Goals: Identify specific objectives related to the promotion of EDUS’s acquisition of the institution. In addition, identify specific objectives related to informing potential students of new capabilities and offerings resulting from the acquisition. (Promotional goals vary. Some organizations need to create awareness of their product’s benefits compared to competitors. Other promotional goals may involve communicating new uses for an item, or informing customers or lower prices.)
Business Environment: Identify cultural and legal factors that might influence promotional decisions – both in announcing the acquisition within the region and recruiting new students to the institution. (In some countries, certain information is required in television commercials selling products aimed at children.)
Media Plan: Analyze media availability to determine cost-efficient methods of communicating with potential students within the country and within the geographic region. (While television, radio, newspapers, magazines, and the Internet may be common in industrialized countries, developing economies may require other different media. In some countries, advertising messages are broadcast through large speakers mounted on moving trucks.)
Promotional Strategy: Compare the benefits of push-and-pull promotions for acquiring new students at the institution. Devise a promotional strategy that will help EDUS expand the student body and also inform potential students of increased capability of the institution resulting from this acquisition.
Economic, Cultural, and Political-Legal Environment: Investigate the economic, cultural, and political-legal environment that might affect promotional messages and media relevant to this acquisition.
Recommended Actions: Recommend EDUS actions related to promotional goals, needed adaptations due to cultural or legal factors, and a media plan. Provide evidence to support your recommendations.
Conclusions: Draw conclusions about the material you have presented. The opinions or judgments you present should be supported by your research.
Submit a PowerPoint presentation (approximately 10 slides) providing your analysis and research findings on the topics indicated. You are expected to include statistical data when possible, including tables, graphs, and other visuals that support and enhance your study. Most importantly, all written assignments and responses should follow APA rules for attributing sources
Winsome Manufacturing Company-What is the potential impact to the company if the project is not undertaken?
A preliminary project initiation meeting will result in the identification of the project sponsor, selection of a project manager, and creation of the project charter. A manager in the production department who knows you are taking a college project management course asks you to prepare a brief report to help him prepare for the meeting by answering the following questions:
- Who are the project stakeholders? How will they be involved in the project?
- Who should be the project sponsor? Why?
- From which department should the project manager come? Why?
- What skills and experience are likely needed by the project manager for each phase in the project life cycle, and how do they differ between the various phases?
- What type of communication plan will likely be needed during the project?
- What information should be shared with the project stakeholders?
- What is the mechanism that could be used for each type of information?
- What is the frequency with which information should be shared?
- What should be done if project communications are not proving to be effective?
- What technology could be used for project communications?
- At what point could communication about the project become an ethical or legal issue?
- What information should be included in the following elements of the project charter:
- What is the problem the project proposes to address?
- What business opportunity might project completion create?
- What is the business case for undertaking the project?
- What is the financial impact of the project?
- What are the expected results of the project?
- What value will the project add?
- What are risks that might be involved with undertaking the project?
- What is the potential impact to the company if the project is not undertaken?
CRM strategy-Think of Wal-Mart, Dunkin Donuts, Starbucks, and Wal-Greens. Pick one of these businesses and assess their customer relationship management (CRM) strategy. How does the business measure quality? How does the business measure customer satisfaction? What do you think the business can do in order to improve their CRM strategy
Discussion
In today’s society, the competition is rampant. Consumers literally have hundreds of places to purchase from, thanks in large part to the internet. If a person does not like the offerings in their area, they just have to hop online and can order from literally anywhere in the world now. So, with so much competition, businesses really have to pour the money into creating loyal customers. The idea of creating loyal customers is called Customer Relationship Management.
· Think of Wal-Mart, Dunkin Donuts, Starbucks, and Wal-Greens. Pick one of these businesses and assess their customer relationship management (CRM) strategy. How does the business measure quality? How does the business measure customer satisfaction? What do you think the business can do in order to improve their CRM strategy?
· Using the same business, you identified in the above bullet, how exactly are they going about creating customer loyalty? What strategies are they using? How effective do you think their current strategy is at creating and maintaining their customer’s loyalty? If you could change one items about their loyalty program what would it be?
· Think of Wal-Mart, Dunkin Donuts, Starbucks, and Wal-Greens. Pick one of these businesses and assess their customer relationship management (CRM) strategy. How does the business measure quality? How does the business measure customer satisfaction? What do you think the business can do in order to improve their CRM strategy?
· Using the same business, you identified in the above bullet, how exactly are they going about creating customer loyalty? What strategies are they using? How effective do you think their current strategy is at creating and maintaining their customer’s loyalty? If you could change one items about their loyalty program what would it be?
attitudes and behaviors-Select a work-related ethical scenario that you (or someone close to you) have experienced:Compare and contrast the behaviors in the scenario with the philosophical theories of ethical decision-making
Select a work-related ethical scenario that you (or someone close to you) have experienced. Organizations and names should be changed when identifying references in the assignment. Compose an essay that addresses the following requirements:
Identify the key positions, titles, and assigned responsibilities in the organization.
Discuss and illustrate the individual pressures faced and how the issues were handled or delegated to another position.
Describe how changing attitudes and behaviors evolved as the incidents occurred.
Compare and contrast the behaviors in the scenario with the philosophical theories of ethical decision-making that are referenced in Unit II. Examples may include Utilitarianism or Deontology application.
Illustrate any mishandling of the decision-making process that resulted in lessons learned.
Summarize what you have learned from an analysis of this event.
Research paper-LEADERSHIP AND STRATEGY: The Five Competitive Forces That Shape Strategy
Rivalry is especially destructive to profi tability if it gravitates solely to price because price competition transfers profi ts directly from an industry to its customers.
LEADERSHIP AND STRATEGY – The Five Competitive Forces That Shape Strategy Discussion paper
soon become obsolete, and information may be perishable if it diffuses rapidly or becomes outdated, thereby losing its value. Services such as hotel accommodations are perishable in the sense that unused capacity can never be recovered.
Competition on dimensions other than price – on product features, support services, delivery time, or brand image, for instance – is less likely to erode profi tability because it im- proves customer value and can support higher prices. Also, rivalry focused on such dimensions can improve value relative to substitutes or raise the barriers facing new entrants. While nonprice rivalry sometimes escalates to levels that undermine industry profi tability, this is less likely to occur than it is with price rivalry.
Rivalry can be positive sum, or actually increase the aver- age profi tability of an industry, when each competitor aims to serve the needs of different customer segments, with dif- ferent mixes of price, products, services, features, or brand identities. Such competition can not only support higher av- erage profi tability but also expand the industry, as the needs of more customer groups are better met. The opportunity for positive-sum competition will be greater in industries serving diverse customer groups. With a clear understand- ing of the structural underpinnings of rivalry, strategists can sometimes take steps to shift the nature of competition in a more positive direction.
Factors, Not Forces Industry structure, as manifested in the strength of the fi ve competitive forces, determines the industry’s long-run profi t potential because it determines how the economic value created by the industry is divided – how much is retained by companies in the industry vsus bargained away by cus- tomers and suppliers, limited by substitutes, or constrained by potential new entrants. By considering all fi ve forces, a strategist keeps overall structure in mind instead of gravitat- ing to any one element. In addition, the strategist’s atten- tion remains focused on structural conditions rather than on fl eeting factors.
soon become obsolete, and information may be perishable if it diffuses rapidly or becomes outdated, thereby losing its value. Services such as hotel accommodations are perishable in the sense that unused capacity can never be recovered.
Competition on dimensions other than price – on product features, support services, delivery time, or brand image, for instance – is less likely to erode profi tability because it im- proves customer value and can support higher prices. Also, rivalry focused on such dimensions can improve value relative to substitutes or raise the barriers facing new entrants. While nonprice rivalry sometimes escalates to levels that undermine industry profi tability, this is less likely to occur than it is with price rivalry.
Rivalry can be positive sum, or actually increase the aver- age profi tability of an industry, when each competitor aims to serve the needs of different customer segments, with dif- ferent mixes of price, products, services, features, or brand identities. Such competition can not only support higher av- erage profi tability but also expand the industry, as the needs of more customer groups are better met. The opportunity for positive-sum competition will be greater in industries serving diverse customer groups. With a clear understand- ing of the structural underpinnings of rivalry, strategists can sometimes take steps to shift the nature of competition in a more positive direction.
Factors, Not Forces Industry structure, as manifested in the strength of the fi ve competitive forces, determines the industry’s long-run profi t potential because it determines how the economic value created by the industry is divided – how much is retained by companies in the industry vsus bargained away by cus- tomers and suppliers, limited by substitutes, or constrained by potential new entrants. By considering all fi ve forces, a strategist keeps overall structure in mind instead of gravitat- ing to any one element. In addition, the strategist’s atten- tion remains focused on structural conditions rather than on fl eeting factors.
Potential Concerns- Identify at least three conclusions that have potential concern for the long-term future of the project and or company. Explain why and how each of the factors identified would affect the future long-term strategic planning
Potential Concerns
Prepare a report for Keith to present to the planning team:
Use the conclusions drawn by Miller from the Manager’s Meeting (noted above).
Task 1: Identify at least three conclusions that have potential concern for the long-term future of the project and or company. Explain why and how each of the factors identified would affect the future long-term strategic planning;
Task 2: Explain the relationship between the control process and long-term planning;
Task 3: Provide at least two recommendations for solutions to address the implications of the factors chosen. Explain why these recommendations are viable and would be an effective solution.
Standard Specifications/Results
Compare the standard specifications data set with the results from each of the results for the five branches.
Task 1: Interpret the results for the new product production chart above;
Task 2: Discuss the problematic areas;
Task 3: Discuss the areas that showed positive results.
Corrective Action
Task: Do you suggest Arthur Miller take corrective action? If yes, why and what action should be taken? If not why not?
Morale
critically and analyze the following scenario:
The next meeting of the Strategic Planning Committee for Biotech is scheduled for next week. All of the VP’s will be there and a report must be given by all as to the viability of the Boomer 1 roll out and the success or failure of the long-term goals and objectives.
Miller reviewed his meeting notes with his branch managers when the production results came out. The most important conclusions mentioned below are presented to the team:
- Most all the managers seem to feel that the project was well worth the effort.
- The most significant problem was the lack of space on the production floor.
- Los Lunas and Sao Paulo managers indicated that they had floor space issues and quality control was the most significant issue because of the level of heat in the plant.
- The standard had been met by everyone.
- Three of the plants reported morale problems with older workers wanting to be trained for the higher paying line jobs.