Aug 10, 2017

What is the optimal level of parts we should order and keep on the shelf?

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Final Project

A Final Project is due the last class session. Focus of the Final Project: In your final project, describe and answer in economic terms a managerial decision you have knowledge about (for example one that has to be made at your place of employment). Some examples of decisions are: Should our company hire temporary workers or hire new workers to handle increase demand for our product? Should we buy a new machine or upgrade the old one? What is the optimal level of parts we should order and keep on the shelf? Should we lease or buy a car? Should we rent or buy a house? Should I start a new business? Note that each of the questions above can be answered in a single sentence. The answer has implications that should influence future actions. In other words, the answer is meaningful and useful. In your answer, use economic language in a manner that demonstrates your understanding of the concepts of this course. This means use economic language correctly, but also briefly explain the economic terms and concepts. (Do not write for experts in business and economics). Your paper should have the following major sections with appropriate section title. Executive Summary - The very first sentence of the very first paragraph of the paper and this section should give the answer to the question, don\\\\\\\`t make your reader hunt for it. Explain why this answer is meaningful or useful. Definition - This section defines the managerial question to be analyzed. It also identifies the possible opportunities and alternatives being evaluated. Factors or Costs - This section describes and identifies factors or costs that will influence the analysis of the questions. This section also includes factors and costs that may seem important (and are important for other questions) and explain why they are not important to this question. For this course, you may limit yourself to the ten most important factors or costs (you should have at least this many). At least three of them should be implicit and at least another three should be explicit. Also at least two should not be important to this question and at least six should be important to answering this question. This section is to demonstrate your understanding of what makes a cost or factor relevant to economic reasoning. Measurement - This section states how the factors or costs from the previous section are to be measured and the values you plan to use in your analysis (or range of values). In this section you may state the reliability of the number. For example, I don\\\\\\\`t expect you to include every possible value of a factor, you may make assumptions. If you make an assumption about a number how likely is it to change, and/or how comfortable are you with the stability of the number. For this paper, feel free to make many assumptions about the value in this section. The goal of this paper is to demonstrate your ability to apply economic reasoning and not get the correct answer (or politically correct answer). If you apply good reasoning, your answer may be wrong because of a poor assumption. For this course that is acceptable. With experience, your ability to make good assumptions will improve. Analysis - In this section you use the measurement from the above and apply good economic reasoning and solve the problem. Explain what method you\\\\\\\`re going to apply and why this method is appropriate (This is to demonstrate that you understand the economic concepts). Summary - This section states your observations about the process. You have an answer, based upon the reliability of the measurement of the factors or costs how likely is that answer to change. You may want to identify some (not more that three) assumptions that if their value were different would give a different answer. For example, buying a house versus renting may the choice when interest rates are 5%, but if they go to 20%, renting may be the better choice. Writing the Final Project The Final Project: Must be eight- to ten- double-spaced-pages in length, exclusive of Appendix, References, Exhibits, etc., and formatted according to APA style as outlined in the approved APA style guide. Papers with less than eight or more than ten pages in length will have two points deducted from the final score for each page under or each page over. Must include a cover page that includes: Student\\\\\\\`s name Course name and number Name of paper Instructor`s name Date submitted Must include an abstract page as required in all graduate writing. Must include an introductory paragraph with a clearly defined research question (qualitative study) or hypothesis (quantitative study). Must include all sections of the required report outline. Must include a Conclusions and Recommendations section that includes recommendations for changes that make a direct improvement on the teaching and learning environment. Must use APA style as outlined in your approved style guide to document all sources. Must include a Reference List that is completed according to APA style as outlined in your approved style guide. May include any appendices that serve to support the report narrative.
FINAL PROJECTName:Grade Course:Tutor`s Name:(7th July, 2012)Final ProjectSo, to buy or not to buy, or as many economists may say, to lease or not to lease? From this very first statement, one should be able to get the drift. All that aside, it is very clear in my mind that I would opt to buy rather than lease a vehicle. It is generally quite simple. The lease process has many economic benefits over buying. Leasing actually enables you to test out cars before you decide to buy them. This means that the periodical payments are way less than that of loan financing. The only major drawbacks are that you do not get to own the vehicle. It belongs to the dealership. There will most probably be mileage limits on the vehicle as well making it impossible to travel far with the car. Buying however involves more spending, but, one gets full ownership meaning you can do whatever you want with the vehicle including modification, destruction and even disposal. Leases are generally for people who may want to possess a vehicle, those who have a fixed predictable income and also don`t want to meet other periodical vehicle costs like insurance and vehicle tax. With that said, it is still well decided in my mind that I would prefer to own rather than lease a car.Leasing and buying have their differences. When you decide to purchase, you will be required to pay for the whole cost of the car you have selected. This will be regardless of the mileage you put on the car as you get to keep it anyway. Notable, would be the monthly payments as those for purchasing are higher than for those for leasing. The process requires that you make a down payment, you then have the option of paying sales taxes by rolling them into your loan or by simply paying cash, interest on the loan will then be paid and the rate will be determined by your loan company and this will also be based on your credit score. The first payment is usually due; a month after the contract has been signed. After all the monthly/periodical payments have been paid, one can safely assume that the vehicle belongs to them.When you lease on the other hand, you will be paying for only a portion of a vehicle`s cost. They call this the portion that is ‘used up` during the duration of your lease. This is essentially the assumed depreciation value that is lost during the period that you drive the car. As a form of financing option; leasing is very different from renting. In a lease, you will actually have the option of avoiding the down payment; you will only be required to pay sales tax on your monthly/ periodical payments in most states. You will also be required to pay a financial rate otherwise called money factor, that is resembles interest on a loan. You may also be required to pay a security deposit and/or other miscellaneous fees that are not required when you buy. The first periodical payment will be due at the time the lease contract is signed. At the end of the lease, you may be given the option of eit...

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