Aftercompleting a diploma in Bakery and Patisserie, Payal sets up a small outlet atGoa Airport to provide a healthy food option to the travellers. To begin with, she hasdecided to sell five types of patties, three type of pizzas and low sugar muffins in fourflavours. Thus, by deviding in advance what to do and how to do, she is able to reduce therisk of uncertainty and avoid overlapping and wasteful activities. But sometimes herplanning does not work due to some unavoidable circumstances like cancellation of flightsdue to bad weather conditions, government alert etc. which adversely affects her clientele.In context of the above case:1. Identify and explain the points highlighting the importance of planning mentioned inthe above paragraph.2. Describe briefly the limitation of planning which adversely affects Payal's business.

Planning is an essential process in any organization or endeavor, providing a roadmap for achieving…

Answered: Aftercompleting a diploma in Bakery and…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Problem 20-10 (Algo) You are a newsvendor selling San Pedro Times every morning. Before you get to work, you go to the printer and buy the day’s paper for $0.50 a copy. You sell a copy of San Pedro Times for $1.25. Daily demand is distributed normally with mean = 335 and standard deviation = 67. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. a. How many copies of San Pedro Times should you buy each morning? (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Round your z-value to 2 decimal places and final answer to to 2 decimal places.) b. Based on a, what is the probability that you will run out of stock? (Round your answer to the nearest whole number.)
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Annie bought one dozen smartphones for P200,000.00 with a discount of 5%. She sold half dozen at a price of P18,000 00 per unit. However, a new model of smartphone became available in the market, so she sold the remaining half dozen @ P12,000.00 each unit. What was her profit or loss? Compute the following requirements: a. Gross Profit Rate b. Operating profit margin rate c. Net profit margin rate d. Return on Investment Following Questions: 1. Is creativity present in the operation of ordinary small business along the streets and highways and in your neighborhood? Why do you say so? 2. Will you consider the daily business practices of the small owner within the concept of entrepreneurship? Why?
Problem 20-10 (Algo) You are a newsvendor selling San Pedro Times every morning. Before you get to work, you go to the printer and buy the day's paper for $0.30 a copy. You sell a copy of San Pedro Times for $1.10. Daily demand is distributed normally with mean = 265 and standard deviation = 53. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. a. How many copies of San Pedro Times should you buy each morning? (Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Round your z-value to 2 decimal places and final answer to to 2 decimal places.) Optimal order quantity b. Based on a, what is the probability that you will run out of stock? (Round your answer to the nearest whole number.) Probability
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A firm is faced with the attractive situation in which it canobtain immediate delivery of an item it stocks for retailsale. The firm has therefore not bothered to order the item in any systematic way. However, recently profits have beensqueezed due to increasing competitive pressures, and thefirm has retained a management consultant to study itsinventory management. The consultant has determined thatthe various costs associated with making an order for theitem stocked are approximately $70 per order. She has alsodetermined that the costs of carrying the item in inventoryamount to approximately $27 per unit per year (primarilydirect storage costs and forgone profit on investment ininventory). Demand for the item is reasonably constantover time, and the forecast is for 16,500 units per year.When an order is placed for the item, the entire order isimmediately delivered to the firm by the supplier. The firm operates 6 days a week plus a few Sundays, or approxi-mately 320 days per year.…
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Describe the one external key uncertainty ito of degree of impact and uncertainty on Shoprite Holdings. Out of all the analysis it must be the most uncertain for Shoprite Holdings and highest impact on Shoprite Holdings should it take place. A key uncertainty is stated in opposites e.g., positive/negative or increase/decrease or decline/incline. Shoprite Holdings is a retail and grocery outlet.
Describe the one internal key uncertainty ito of degree of impact and uncertainty on Shoprite Holdings. Out of all the analysis it must be the most uncertain for Shoprite Holdings and highest impact on Shoprite Holdings should it take place. A key uncertainty is stated in opposites e.g., positive/negative or increase/decrease or decline/incline. Shoprite Holdings is a retail and grocery store.

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