...The article “Bureaucratic Structure and Personality”, by Robert Merton, discusses the purpose and structure of bureaucracies and the pros and cons of a bureaucratic approach to management. Merton examines the nature of interpersonal interactions within bureaucracies and looks at how bureaucrats interact with their clients or constituents. Bureaucracies are based on clear-cut divisions of integrated activities which are regarded as duties inherent in specific offices, while the offices are filed by individuals whose technical qualifications best fit the duties. Bureaucracies are set up to serve a specific purpose, such as administering social services. In order to achieve their goals, they operate according to an articulated set of highly detailed rules which regulate interaction through hierarchy and formality. These devices restrain the ability of individual bureaucrats to act impulsively or with personal motivations, contributing to the predictability of the bureaucracy. A level of flexibility can be attained in a bureaucracy through the appointment of executive level leadership by political officials. In this way the democratically expressed will of the people will be manifest within the bureaucracy. Below the appointed executive there are many trained and salaried experts who make decisions that are governed by the general, abstract, and clearly defined rules of the particular bureaucracy. Since these rules are general, the bureaucrat must assess each situation they...
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...assembly - 2X1 <=5000 hoursModel 102 assembly – 3X2<= 4500 hoursX1, X2 >= 0Hours here refer to no. of machine hours3) OPTIMUM RANGE Range Objective Coeff. X1 (2500 to 5000) | 3000 | X2 (3000 to 6000) | 5000 | {If the current unit contribution moves outside the range then our decisions would change} | 4) FEASIBILITY RANGE Engine (3500 to 4500) | 4000 | Metal stamp(5000 to 6500) | 6000 | Model 101(4000 to IE+30) | 5000 | Model 102(3000 to IE+30) | 4500 | | {If the current capacity moves outside the range, then the constraint's binding status will change} 5) No, Merton cannot continue to produce with the old optimal mix. They would now have to produce 1000 units of X1 and 1500 units of X2. This will be because of model 101 assembly now functioning only at 40% of its original capacity thus leading to loss of capacity of metal stamping too making it function at only 83.3% of its capacity. Solving by excel, optimal range for obj coeff. For X1 is 2500 -3000, since the contribution changes below 2500, therefore it will have an impact on the decision changing the number of units in the optimal mix. 6) Monthly availability of machine hours came down by 400 hours in metal stamping ie. 5600 hours department. This would not influence the binding status because this decrease is within the feasibility range of...
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...L&T MEP 5 Module: International Financial Management - I Faculty: Samir K Barua No. of Sessions: 12 (6 in April and 6 in May, 2014) Textbook: International Financial Management by Cheol S Eun and Bruce G Resnick (4th Edition) Cases: 1. MG Refining & Marketing, Inc. (A) 2. Westwood Plastics Inc. In addition, end of the chapter exercises would be used in the class to clarify and demonstrate use of the underlying concepts. Session 1&2 - Friday, April 11, 2014 The issues covered in the sessions would include implications of globalization of business; theory of comparative advantage; basics of balance of payments; quotation of exchange rates; spot, forward, futures and options markets in currencies; interest rate parity; purchasing power parity; Fisher open condition; managing transaction exposure. Read: Chapters 1, 3, 5, 6 and 7 Session 3 - Saturday, April 12, 2014 Read: Chapters 1, 3, 5, 6 and 7 Prepare: Case 1 - MG Refining & Marketing, Inc. (A) Session 4 - Saturday, April 12, 2014 The issues covered in the sessions would include managing transaction exposure; managing economic exposure; managing translation exposure; interest rate and currency swaps; raising resources from global bond securities markets. Read: Chapters 2, 4, 8, 9, 10 Session 5&6 - Saturday, April 12, 2014 Read: Chapters 2, 4, 8, 9, 10 Prepare: Case 2 - Westwood Plastics Inc. Positioning of the Module: This module has direct...
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...In the summer of 1988, Merton Truck Company (“Merton”) was struggling with financial performance. A manufacturer of two specialized trucks (model 101 and model 102), Merton was conflicted with how to manage production and improve financial results. The executive team offered many different options to improve performance, but many were conflicted. For example, the sales manager suggested cancelling all production of model 101 trucks, whereas the controller suggested increasing model 101 production and curtailing model 102 production. To determine the best course of action for the company, an in-depth analysis of their current practices and optimal position is required. Currently, Merton produces 1,000 of Model 101 trucks and 1,500 of Model 102 trucks. The company is constrained by monthly machine hours available in their production facilities for each activity (SEE EXHIBIT 1). The contribution margins for each model are $3,000 for Model 101, $5,000 for Model 102 (SEE EXHIBIT 2). Each model provides contribution margin, so increasing production in any capacity should increase overall profits. However, the decision on which product to increase production of has caused some internal conflict because of the allocation of shared resources. At the moment, the production facilities are maximizing the engine assembly capacity. This is a shared resource by both Model 101 production and Model 102 production. On one hand, Model 101 production has lower contribution margin ($3,000), but...
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...Operations Research Assignment 1: Merton Truck Company Submitted to Professor Sumit Kumar By Sneh Chandel PGPX 2015-16 Roll No – 1503010 On 27/01/2015 Problem 1 1. (a) The best product mix can be found out by plotting out the corner points of graph obtained to maximize function p = 3000x + 5000y – 8600000 The above function was derived by subtracting cost price of ‘Truck model 101’ & ‘Truck Model 102’ from sales price of ‘Truck model 101’ & ‘Truck Model 102’. Sales price is quoted in text as $39,000 for ‘Model 101’ and $38,000 for ‘Model 102’ Cost Price of truck was obtained from following table: | | | Model 101 | | | Model 102 | Direct Materials | | | $24000 | | | $20000 | Direct Labor | | | | | | | | Engine assembly | 1200 | | | 2400 | | | Metal Stamping | 800 | | | 600 | | | Final Assembly | 2000 | | | 1500 | | Total Direct Labor | | | $4000 | | | $4500 | Overhead | | | | | | | | Engine Assembly | 2525 | | | 4850 | | | Metal stamping | 3480 | | | 3080 | | | Final Assembly | 6200 | | | 3500 | | | | | 12205 | | | 11430 | Total | | | 40205 | | | 35930 | & the below table to calculate the variable overhead for individual trucks: Department | Variable overhead/unit 101 | Variable overhead/unit 102 | Engine assembly | 2100 | 4000 | Metal stamping | 2400 | 2000 | Model 101 Assembly | 3500 | | Model 102 Assembly | | 2500 | Total | 8000 |...
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...MERTON TRUCK COMPANY COST SPECIFICATIONS | MODEL 101 | MODEL 102 | Direct Materials | 24000 | 20000 | Direct Labour | Engine assembly | 1200 | 2400 | Metal Stamping | 800 | 600 | Final Assembly | 2000 | 1500 | Total Direct Labour | 4000 | 4500 | Overhead | Engine assembly | 2100 | 4000 | Metal Stamping | 2400 | 3000 | Final Assembly | 3500 | 2500 | Total Overhead | 8000 | 8500 | | Selling Price | 39000 | 38000 | Total Variable Cost | 36000 | 33000 | Contribution Margin per Unit | 3000 | 5000 | | | | Fixed Overhead | Engine assembly | 1700000 | Metal Stamping | 2700000 | Final Assembly | 2700000 | 1500000 | Total Fixed Overhead | 8600000 | Objective is to: To maximise operational profit by optimally producing Model 101 and Model 102 trucks Maximise Profit = 3000 Model 101 + 5000 Model 102 Maximize Profit =? Model 101* units Model 101 + ? Model 102* units Model 102 – Fixed Overheads Subject to constraints: Engine assembly 1(Model 101) + 2 (Model 102) <= 4000 Metal Stamping 2(Model 101) + 2 (Model 102) <= 6000 Model 101 assembly 2(Model 101) + 0 (Model 102) <= 5000 Model 102 assembly 0(Model 101) + 3 (Model 102) <= 4500 Nonnegative Model 101 0(Model 101) >= 0 Non Negative Model 102 0(Model 102) >= 4000 ANSWER REPORT | | | | | | | | Objective Cell (Max) | | | | | | | Cell | Name | Original Value | Final Value |...
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...Memorandum To: Richard Merton, President, Merton Truck Company From: Khushdeep Kaur Date: October 22, 2013 ------------------------------------------------- RE: Merton truck company financial performance and product mix concerns Introduction: As requested an analysis was done to find out the most suitable product mix for Merton Truck Company in an effort to find out the combination that maximizes contribution and whether Truck 101 is really losing money or not. Analysis also aimed at finding out that whether the company should rent additional capacity by purchasing additional engines from an outside supplier to relieve the capacity problem in the engine assembly department. The calculations were based on the revenue for each model, machine hours required for each job, total machine hours available per month and variable cost per truck. Discussion: Currently Merton’s is producing 1000 model 101 trucks per month and 1500 model 102 trucks per month. At this level Model 102 assembly and engine assembly were operating at capacity and metal stamping at 83.3% capacity and Model 101 assembly at 40% capacity. Data used for analysis: Data regarding given capacity of the engine assembly line, machine hours availability and requirement for completing various manufacturing jobs, standard product costs for each model and the overhead budget for 2012. Method: For finding the product mix that maximizes contribution a linear programming model was prepared using, maximize monthly...
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...MERTON TRUCK COMPANY Answer 1: Decision Variables: X1: Number of model 101 trucks to be produced X2: Number of model 102 trucks to be produced Objective: To maximise operational profit by optimally producing Model 101 and Model 102 trucks Maximise Z= 3000X1+5000X2 Subject to: X1+2X2<=4000 (Total machine hours available per month for engine assembly) 2X1+2X2<=6000 (Total machine hours available per month for Metal Stamping) 2X1<=5000 (Total machine hours available per month for Model 101 assembly) 3X2<=4500 (Total machine hours available per month for Model 102 assembly) X1, X2>=0 (Non-negativity constraints) Also X1 and X2 should be integers Answer 2: Optimal solution for maximum profit Model 101: 2000 units Model 102: 1000 units Optimum total contribution= 11,000,000$ Answer 3: Optimality range for objective variable: Objective coefficient | Lower side of range | Higher side of range | 3000 | 2500 | 5000 | 5000 | 3000 | 6000 | If the objective variables move outside the optimality range, the optimal solution for for number of units of Model 101 and Model 102 will change. Answer 4: Feasibility range for constraint’s capacity: Constraint | Final value | Lower side of range | Higher side of range | 4000 | 4000 | 3500 | 4500 | 6000 | 6000 | 5500 | 7000 | 5000 | 4000 | 4000 | Infinity | 4500 | 3000 | 3000 | Infinity | If the current capacity moves outside the optimality range, the optimal solution for number of units of Model 101 and Model 102 will change...
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...英 国 侵 权 法 下 的 疏 忽 强* 叶 Abstract As an independent tort, negligence under English law refers to the defendant fails to perform the legal duty to take care to the plaintiff. Accordingly the defendant’s negligence results in damage which is undesired by the defendant and suffered by the plaintiff. In theory, negligence’s ingredients are: (1) a legal duty to take care is owned by the defendant towards the plaintiff; (2) the duty of care is breached by the defendant; and (3) the defendant’s negligence subsequently results in damage and the damage is not too remote and should be remedied by the law. In this Article, Author aims to give a general introduction to the tort of negligence under English law. 一 引言 疏忽(negligence)无疑是英国侵权法下最重要的范畴之一。依照 Percy 和 Walton 两位作者的观察1，疏忽一般具有三种不同的涵义：一是指法律主体所持 有 的 与 故 意 相 对 应 的 一 种 心 理 状 态 ； 二 是 指 行 为 人 不 慎 谨 的 行 为 (careless conduct)2；三是指行为人违反了法律对其所要求的谨慎义务。疏忽被某些学者视 为是一种独立的侵权类别，3疏忽又可细分为产品责任、交通事故、医疗事故、 叶强：中山大学法学学士，英国谢菲尔德大学(University of Sheffield)商法硕士(LLM in Commercial Law)， 中国执业律师。作者感谢英国梅森律师事务所(香港分所)为本人提供了培训机会，使作者在受训期间得以 利用该所丰富的图书资料完成本文的研究和写作。同时，作者在此感谢 Gary Lee, Ivan Tsao, Lisa So, Michel Lee, Paul Teo 等诸位同事，与他们的交谈启发了作者对英国疏忽侵权的学习。当然，文中出现的错误仍是 由作者本人承担的。 1 Percy and Walton: Charlesworth and Percy on Negligence, 9th Edition (London: Sweet & Maxwell, 1997) at p.1 2 在这种涵义下，疏忽与卤莽(recklessness)有所区别，后者指行为人完全未加考虑即从事活动，而疏忽仅指 被告未达到法律所要求的谨慎程度从事活动。 3 其他主要侵权类别包括：侵犯人身(trespass to person), 侵入领地(trespass to land), 占用者的责任(occupier liability), 滋扰(nuisance)或是诽谤(defamation)等等。...
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...Black–Scholes–Merton model is a mathematical model of a financial market containing certain derivative investment instruments. From the model, one can deduce the Black–Scholes formula, which gives a theoretical estimate of the price of European-style options. The formula led to a boom in options trading and legitimised scientifically the activities of the Chicago Board Options Exchange and other options markets around the world.[2] lt is widely used, although often with adjustments and corrections, by options market participants.[3]:751 Many empirical tests have shown that the Black–Scholes price is "fairly close" to the observed prices, although there are well-known discrepancies such as the "option smile".[3]:770–771 The Black–Scholes was first published by Fischer Black and Myron Scholes in their 1973 paper, "The Pricing of Options and Corporate Liabilities", published in the Journal of Political Economy. They derived a stochastic partial differential equation, now called the Black–Scholes equation, which estimates the price of the option over time. The key idea behind the model is to hedge the option by buying and selling the underlying asset in just the right way, and consequently "eliminate risk". This hedge is called delta hedging and is the basis of more complicated hedging strategies such as those engaged in by investment banks and hedge funds. The hedge implies that there is a unique price for the option and this is given by the Black–Scholes formula. Robert C. Merton was the...
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...1. What is the currency risk exposure facing Merton? What dimension is more relevant in the case of Merton: transaction exposure, translation exposure, or economic exposure? Merton Electronics is a company in the United States that imports from both Japanese and Taiwanese suppliers, to then be distributed nationally. Both suppliers invoice in their local currencies (Japanese Yen and Taiwanese Dollars, respectively). The mechanics of payments are as follows: Merton places an order, and the Asian supplier ships within 60 days. Payments are done 30 days from the end of the delivery month, but the spot price on the last day of the month in which the order is placed is used for the invoice. In other words, Merton faces a 90-day transaction exposure for each order, which also seems to be the most relevant dimension. Indeed, there does not seem to be obvious translation exposure since this is not an issue of accounting differences. Merton’s competitive position is somewhat affected by this currency risk, but this economic exposure seems of second order compared to the transaction exposure described in the case. 2. In the situation facing Merton Electronics, should currency risk be hedged? Why? Yes. First, the company is family-owned and nothing in the case seems to indicate that the Merton family was able (or willing) to diversify its portfolio internationally. Second, Merton Electronics relies on its cash-flows to finance its future investments in new computers, office equipment...
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...Explain interpretation of the poem II. Explain the interpretations throughout Stanza 1 III. Demonstrate how T.S Eliot captures the senses of the reader Stanza 2 I. Explain the interpretations throughout Stanza 2 II. Explain how the folly is resembling T.S Eliot’s own battles with finding faith Stanza 3 I. Explain the interpretations throughout Stanza 3 II. Compare how the poem relates to the Christian faith Conclusion Thomas Stearns Eliot, also known as T.S. Eliot is one of the greatest poets in the 20th century. He was a poet, critic, and a dramatist during the modernism period. T.S Eliot was born in America but later moved to the United Kingdom where he settled and became a British subject. He attended Harvard University, Merton College, and Oxford. One of T.S Eliot’s most intriguing poems is the poem Journey of the Magi is a poem written about the story of the Magi, the three wise men who traveled to Bethlehem to see baby Jesus. T.S. Eliot’s poem is referring to the story that is told in Matthew 2:1-12. The poem, Journey of the Magi, has many different hidden meanings but all have a connection to the Christian faith. Journey of the Magi is written in a perspective form one of the Magi’s that traveled to Bethlehem to witness the birth of Jesus and to bring the new baby gifts. A common interpretation of this poem is that it is the journey that T.S. Elliot converting to the Christian faith. In the first section of the poem there are many physical descriptions...
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...Executive Summary The Problem: Merton Truck Company has been experiencing difficulties related to their financial performance, and they do not know which is the optimal product mix to maximize profits and performance. Group 2 was asked to make recommendations and analyze the given situation to eliminate the difficulties and come up with the right product mix and the optimal solutions considering different alternatives and scenarios. The Solution: Linear Programming was used to analyze the different alternatives to arrive at the optimal solution. The optimal product mix was calculated to be 2000 units of model 101 and 1000 units of model 102. In the next pages you will see the answers to the different questions asked which shows how different alternatives and interpretations could affect the optimal solution and the final decision. Recommendations and conclusion: We recommend that Merton Truck Company adopt the suggest solutions in our analysis in order to achieve better financial results and impose new policies later on to avoid such setbacks in the future. Following our recommendations, the firm should be able to maximize the profits using the optimal product mix. Model Description The Problem Merton Truck Company is not optimizing contribution from its truck lines especially model 101. The company is contemplating stopping the production of model 101 trucks. Management is in a dilemma on what approach to take in resolving this problem. In addition, two of its...
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...ROLE MODEL A role model is generally defined as a person who serves as an example of a positive behavior. The term “role model” was introduced by Robert K. Merton who said that individuals compare themselves with "reference groups" full of people who occupy the social role to which the individual aspires. Adults, parents, people in authority, people of influence, celebrities, are often idolized and looked up to by the people around them. Since by definition a role model has to exhibit positive behavior, only some of these people qualify as role models. Others serve as bad examples, which unfortunately can be just as influencing. It is a daunting responsibility to be viewed as a role model. Regardless of how one reaches the stature of being looked up to, the responsibility is the same. Role models are supposed to walk the talk. As Albert Schweitzer said, “example is not the main thing in influencing others. It is the only thing.” I remember an advocacy campaign that focused on what we as adults show children. We litter and throw garbage even in areas with signs that say otherwise; and on our way to the mall with our family; we jaywalk as we cross the streets; we violate traffic rules, etc. Not unlike Aesop’s fable “the young thief and his mother”, we once saw a father alternating with his son to get packets of sugar and table napkin in a coffee shop. In a span of about half an hour, they must have made ten trips to the condiments station to fill a bag and...
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...Case Studies Solutions Case Studies Solutions,Article Writing,Assignments,Research Work,Home Work MenuSkip to content Home How We Work ? Refund Policy How to Order ? Disclaimer Contact Us Finance Cases List POSTED ON MARCH 8, 2013 Hello, If u want us to solve any case study from below list, do contact us anytime, We are here to provide the experience, expertise, and professionalism that you are looking for , Our tutors are available 24/7 to assist you what you need, Click Here to submit your Order. ======================================================================================= Acquisition of Consolidated Rail Corp. by Benjamin C. Esty Airbus A3XX: Developing the World’s Largest Commercial Jet by Benjamin C. Esty American Chemical Corp.by William E. Fruhan, John P. Goldsberry American Home Products Corp.by David W. Mullins AQR’s Momentum Funds by Daniel B. Bergstresser, Lauren H. Cohen, Randolph B. Cohen, Christopher Malloy Arundel Partners: The Sequel Project by Timothy A. Luehrman AXA MONY by Andre F. Perold, Lucy White Beta Management Co. by Michael E. Edleson Butler Lumber Co. by Thomas R. Piper Cartwright Lumber Co.by Thomas R. Piper Citigroup 2007: Financial Reporting and Regulatory Capital by Edward J. Riedl, Suraj Srinivasan Clarkson Lumber Co. by Thomas R. Piper Cooper Industries, Inc. by Thomas R. Piper Cost of Capital at Ameritrade by Erik Stafford, Mark L. Mitchell Debt Policy at UST, Inc. by Mark L. Mitchell Dell’s Working Capital...
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