Finance-QA312

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Decision Making Techniques for Managers

 
Problem 1 (25 points) Monthly premium Deductible Percentage of insurance pay Annual Expected Expenses (trial value) Annual Premium Total Annual out of pocket cost Expenses Cost $500.00 $700.00 $900.00 $1,100.00 $1,300.00 $1,500.00 $1,700.00 $1,900.00 $2,100.00 $2,300.00 $2,500.00 $2,700.00 $2,900.00 $3,100.00 $3,300.00 $3,500.00 $3,700.00 $3,900.00 $4,100.00 $4,300.00 $4,500.00 Problem 1 (25 points). Robert Brown’s health plan has monthly premium of $24.00 and annual deductible of $2,000.00. After he meets his deductible, the insurance pays 80% and he pays 20% of the expenses. Create a model which will allow Robert Brown to calculate his total out of pocket annual cost (including premium) for any amount of expected medical expenses. (For example, if annual expenses is $1,500, then his total out of pocket cost will be $1,788 ($1,500 + 12*24). On the other hand, if annual expenses is $2,200, then his total out of pocket cost will be $2,328 ($2,000 + 200*0.20+12*24). Based on the model: (a) How much should be the annual expected medical expenses in order to have exactly $3,000.00 out of pocket annual cost? (b) Calculate total out of pocket annul costs for specified (in this template) expected annual expenses and graph them.
 
Problem 2 (25 points) Percentages Day time Evening Wife 30% 30% Husband 10% 30% Single male 10% 15% Single female 10% 20% Cost/call Day time Evening Calls made Contacts Made Required Wife Husband Single male Single female Total cost Problem 2. For a telephone survey, your department needs to contact at least 580 wives, 500 husbands, 280 single adult males, and 420 single adult females. It costs $2.80 to make a daytime call and $5.20 to make an evening call. The table below lists the results that can be expected. For example, 30% of all daytime calls are answered by wives, and 15% of all evening calls are answered by single males. Because of some restrictions, number of daytime and evening and calls made should be the same. Create a model to determine how to minimize the cost of completing the survey.
 

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Problem 3 (25 points) Profit per can Meow Chow Bow Chow Blending Plan Meow Chow Bow Chow Used Available Horse meat Ground fish Cereal additive Total produced Cans available Cans used Fish constraint Horse meat constraint Actual Actual Required Required Profit Problem 3. Bark’s Pet Company produces canned cat food called Meow Chow and canned dog food called Bow Chow. The company produces the pet food by blending horse meat, ground fish, and a cereal additive. Each week the company has 600 pounds of horse meat, 800 pounds of ground fish, and 1,000 pounds of cereal additive available to produce both kinds of pet food. Meow Chow must be at least half fish, and Bow Chow must be at least half horse meat. The company has 2,350 one pound cans available each week. A can of Meow Chow earns $1.10 in profit, and a can of Bow Chow earns $1.40 in profit. The company wants to create a model that will help to maximize its weekly profit
 
Problem 4 (25 points). Use Multi state option in Solver. Costs of producing x units at each plant are of form axe, where Plant 1Plant 2a125b1/2Unit selling prices Plant 1Plant 2Number produced Plant 1Plant 2TotalMax sales<=<=<=Capacity Cost Revenue Profit Problem 4. Widget co produces widgets at plants 1 and 2. It costs 125x1/2 dollars to produce x units at plant 1 and 235x1/3 dollars to produce x units at plant 2. Each plant can produce up to 500 units. Each unit produced can be sold for $10. At most 800 widgets can be sold. Determine how Widget co can maximize its profit.   Product code: Finance-QA312
 
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