Unit Title: Business Data Analysis
Unit Code: BSS002-6
Assessment 1: Individual Report (50%) – It is expected that each student work independently on all the tasks set out in this assignment, applying problem solving strategies and selecting appropriate techniques in modelling and simulation in order to produce an individual report according to the guidelines provided. This individual work must be your own work only with no consultation with others. The individual report must not exceed 2,000 words.Submit your completed report only via the turnitin link which will be available a week before the assignment submission deadline in the “Assessment & Feedback” folder.
Please note that you should have a genuine individual effort at solving the given tasks; however, to help those who had made every effort in completing their work some guidance will be given in the class.
Individual feedback will be provided within 15 working days and is based on: How well did your work meet the stated assessment criteria? and How could you improve your future performance in this type of task?
Assignment Title:“Kitchenware Products”
Issued date: Week One: Monday 12/10/2015
Submission due date:
Week Nine: Friday 04/12/2015: A single report per student should be submitted via the TURNITIN link in the Assessment folder. Assignment must not be e-mailed under any circumstance.
Unit co-ordinator’s name: C F Shooshtarian
Assessment number In order to pass the assessment you will need to:
1 Develop a basic mathematical model of a business scenario.
Use Excel to construct charts and summary measures to assess the essential features of the model.
Criteria A+ A A- B+ B B- C+ C C- D+ D D- E
80-100 75-79 70-74 67-69 64-66 60-63 57-59 54-56 50-53 47-49 44-46 40-43 35-39
Research, synthesise and produce a technical report Communicate your findings clearly and concisely. Recommend solutions to provide a better insight to the problem. Justifying your choice in a technical report which has a
clear structure and logical sequence;
tables, diagrams and figures are appropriate, clearly labelled and interpreted;
conciseness. Communicate your findings clearly and concisely. Recommend solutions to provide a better insight to the problem. Justifying your choice in a technical report which has a clear structure and logical sequence.
Communicate your findings clearly and concisely. Recommend solutions to provide a better insight to the problem. A report which has a clear structure and logical sequence.
Communicate your findings in your report and recommend solutions to provide a better insight to the problem.
Communicate your findings in your report.
Since 1919 Kitchenware Products have been a market leader and manufacturer of stainless steel kitchen utensils and small electrical appliances. Today Kitchenware Products proud to carry forward the tradition of innovation, quality and superior customer service that was started by their founder, Leo J Wahl, 91 years ago. Always evolving Wahl has remained focused on developing essential appliances for the modern home. A brand trusted the world over, Wahl remain a family run business with products sold in approximately 165 countries worldwide.It is considering the production and marketing of a new type of carving knife. Initial estimates suggest that the company could sell 40,000 units in the first year and expect to increase sales by as much as 10% per annum thereafter. The variable costs per unit are estimated as follows: raw materials, £3.00; packaging, £0.90; direct labour, £2.00; distribution, £1.00.
The inflation rates for the next three years are forecast to be 3%, 5% and 6%. Inflation will affect variable costs for the product but fixed costs are likely to remain at the same level of £10,000 over the next four years. In calculating profits over the next four years, the tax rate can be taken as 23%. Kitchenware Products intend to sell the carving knife at £8 for the first year with an annual increase of £0.30 thereafter.
(a) Kitchenware Products have asked you to develop a financial planning model so that they can determine how net profits would be affected by changes in planned sales volume and product price over years 2 to 4.
(b) Having built the financial planning model, Kitchenware Products now want to look at three ‘what-if’ scenarios.
• Scenario 1: Suppose inflation is predicted to be 6% during the second year and 8% thereafter. What would be the profitability of the new carving knife in these circumstances?
• Scenario 2: Suppose the Company decides to sell 3% more units per year as well as increasing the current selling price by 10% per year. What would be the effect on the ‘net profit after tax’ for each year?
• Scenario 3:Suppose that Kitchenware Products decides to vary the projected sales volume over a range from -5% to 10% of the initial assumption. The company wants to see how the ‘Net profit after tax’ would change as the projected sales volume changes.
Kitchenware Products has decided to make a major capital investment in the introduction of a new product, the Wahl James Martin Electric Knife or as it is called in the Company as: ProtoC. The Wahl James Martin Electric Knife (ProtoC) with its soft touch grip handle is designed for easy and comfortable use. There is a double action safety lock to prevent the knife being accidently operated and a safety button for the safe removal of the blades. Two sets of stainless steel blades, a set of standard blades and a set of coarse blades allowing you to cut a variety of foods, expertly carving the roast dinner, neatly cutting bread and can even cut through frozen food. This item is great for when carving a Sunday roast, Christmas or family gatherings, no need to struggle anymore with uneven slices with this electric knife it makes cutting like a dream!
There is usually a large amount of uncertainty associated with the development and marketing of any new product, e.g., the size of potential sales, the ideal selling price of the product, and the manufacturing costs. These uncertain factors are best represented by appropriate probability distributions, and the project’s profitability can then be investigated using simulation. Such an approach is generally referred to as ‘risk analysis’.
Kitchenware Products has asked you to perform a risk analysis on the marketing of the new product the Wahl James Martin Electric Knife (ProtoC). The capital investment required to market the product is £120,000. The factors associated with the new product and their respective probabilities are provided in Table 1.0 below:
Table 1.0: The factors associated with the new product and their respective probabilities
Selling Price Probability Variable Cost Probability Sales volume Probability
Prepare a report that discusses the general development of the spreadsheet simulationmodel, and make any recommendations that you have regarding:
(a) The worst and best results obtained in a simulation of 1000 trials;
(b) The mean profit and its corresponding risk;
(c) How the profit values are distributed over their range, and what profit values are most likely;
(d) The probability of a loss;
(e) Critically appraise the simulation approach to risk analysis.
Our Service Charter
Excellent Quality / 100% Plagiarism-FreeWe employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers.
Free RevisionsWe keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed.
Confidentiality / 100% No DisclosureWe make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service.
Money Back GuaranteeIf the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit.
24/7 Customer SupportWe have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.