Part A:If the price of chocolate-covered peanuts decreases from $1.05 to $0.95 and the quantity demanded increases from 180 bags to 220 bags, this indicates that, if other things are unchanged, the price elasticity of demand is 1.33.
PART B:If the price of chocolate-covered peanuts decreases from $1.10 to $0.90 and the quantity demanded increases from 180 bags to 220 bags, this indicates that, if other things are unchanged, the price elasticity of demand is 2.25.Explanation:Given thatThe initial price of chocolate-covered peanuts = $1.05The final price of chocolate-covered peanuts = $0.95The initial quantity demanded = 180 bagsThe final quantity demanded = 220 bagsPart A:Price elasticity of demand (PED) = percentage change in quantity demanded/percentage change in priceGiven that there is a decrease in the price of chocolate-covered peanuts, and the quantity demanded increases. The price elasticity of demand (PED) will be calculated as follows:percentage change in quantity demanded = (change in quantity demanded/average quantity demanded) × 100percentage change in quantity demanded = ((220 − 180)/200) × 100percentage change in quantity demanded = (40/200) × 100percentage change in quantity demanded = 20percentage change in price = (change in price/average price) × 100percentage change in price = ((0.95 − 1.05)/1.00) × 100percentage change in price = (−0.10/1.00) × 100percentage change in price = −10Price elasticity of demand (PED) = percentage change in quantity demanded/percentage change in pricePED = 20/−10PED = −2Therefore, the price elasticity of demand (PED) is 2.Part B:Price elasticity of demand (PED) = percentage change in quantity demanded/percentage change in priceGiven that there is a decrease in the price of chocolate-covered peanuts, and the quantity demanded increases. The price elasticity of demand (PED) will be calculated as follows:percentage change in quantity demanded = (change in quantity demanded/average quantity demanded) × 100percentage change in quantity demanded = ((220 − 180)/200) × 100percentage change in quantity demanded = (40/200) × 100percentage change in quantity demanded = 20percentage change in price = (change in price/average price) × 100percentage change in price = ((0.90 − 1.10)/1.00) × 100percentage change in price = (−0.20/1.00) × 100percentage change in price = −20Price elasticity of demand (PED) = percentage change in quantity demanded/percentage change in pricePED = 20/−20PED = −1Therefore, the price elasticity of demand (PED) is 1.
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PART A: If the price of chocolate-covered peanuts decreases from $1.05 to $0.95 and the quantity demanded increases from 180 bags to 220 bags, this indicates that, if other things are unchanged, the price elasticity of demand is elastic.
Part B: If the price of chocolate-covered peanuts decreases from $1.10 to $0.90 and the quantity demanded increases from 180 bags to 220 bags, this indicates that, if other things are unchanged, the price elasticity of demand is elastic. When the price elasticity of demand is elastic, the percentage change in quantity demanded is more than the percentage change in the price. Elasticity of demand is a measure of the degree of change in the quantity demanded when the price of a good or service changes. It determines the degree of sensitivity of demand for a good or service with respect to changes in its price.
The elasticity of demand is a measure of how sensitive the quantity demanded of a good or service is to changes in its price. It quantifies the percentage change in quantity demanded resulting from a 1% change in price.
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Career pathways never overlap.
A.
True
B.
False
Answer: Your answer should be False! For me, career pathways always overlap!
Explanation: Thank you for the points!!
External government debt is: Multiple Choice government debt owed to individuals in foreign countries. government debt owed by one branch of the government to another. government debt owed to its own citizens. debt that individuals in foreign countries owe to the U.S. government.
Answer:
The correct answer is option A (government debt owed to individuals in foreign countries).
Explanation:
This applies to interest earned from some kind of creditor or outside nation, this must be repaid throughout the commodity these were invested in. External debt may be collected through foreign banking institutions, from global banking organizations including the World Bank, respectively., as well as from sovereign governments.Some other alternatives given don't apply to the cases in question. So answer A is a good one.
if excess reserves in banks suddenly increase (banks have more money), will it be easier or harder for banks to get a loan from another bank?\
Answer:
If excess reserves in banks suddenly increase, it generally becomes easier for banks to get a loan from another bank. Excess reserves refer to the amount of money that banks hold in their reserves above the required reserve ratio set by the central bank
Explanation:
When banks have more excess reserves, it means they have more funds available to lend to other banks. This increased liquidity makes banks more willing and able to extend loans to other banks in need. They have more money to spare, which reduces their dependency on borrowing from other banks and lowers the risk associated with lending.
Additionally, higher excess reserves indicate a healthier financial position for the lending bank. Banks with larger reserves are considered more stable and reliable borrowers, which can make it easier for them to obtain loans from other banks. Lending institutions typically prefer to provide funds to banks that have stronger balance sheets and sufficient liquidity
If you are late paying your bill, what is the impact on your annual fee?
Answer:
It will most likely increase
Explanation:
The impact of late paying the bill is that the bill payment would likely to increase with the amount of interest.
What is bill?A bill is defined as an invoice that is received from a supplier that specifies the amount due by the recipient. For trade payables, this is the primary source document.
If the recipient is not paid the amount of the bill or paid the bill after4 the expiration of due date of the bill, then the amount of bill increased from the date of bill up to the payment.
Therefore, the late payment of bill would increase the amount of interest.
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Discuss the importance of financial markets for a healthy economy and economic growth.
Answer:
I think financial markets can provide money to health and economic institutions in case they need it
Answer:
A well-developed and smoothly operating financial market is essential for healthy economic growth. Financial markets act as intermediaries between borrowers and investors and channel money into the economy.
Financial markets and money markets are efficient ways for companies and governments to collect money for their needs. Governments collect money for building public infrastructures such as roads, ports, airports, bridges, and other purposes. These projects help governments create new jobs, stimulate economic growth, and earn more tax revenue in the future.
Companies borrow money for business expansion, which creates more jobs and increases economic output. Companies earn more revenue due to business expansion, and the government collects more taxes.
The financial market acts as a channel between investors and borrowers, so it needs to be efficient and robust. A strong financial market can attract funds from a huge population of small investors and accelerate economic growth.
Explanation:
This is the sample answer (word for word)
THANKS FOR TODAY FOR THE PEOPLE WHO HELPED
Answer:
Nice to bad I din't help
The domestic supply and demand curves for hula beans are as follows: P = 50 + Q (supply) and P = 200 – Q (demand) where P is the price in cents per pound and Q is the quantity in millions of pounds. Ireland is a small producer in this market where the current price is 60 cents per pound. The Irish Government is considering a tariff of 40 cents per pound. The quantity of hula beans imported into Ireland after the tariff is
Answer:
Margin of surplus = 1,200
Explanation:
Given:
Supply P = 50 + Q
Demand P = 200 – Q
Current price = 60 cents per pound
Considering a tariff = 40 cents per pound
Computation:
Producers surplus = [10 x 10] / 2
Producers surplus = [100] / 2
Producers surplus = 50
So,
New producers surplus = [50 x 50] / 2
New producers surplus = 1,250
Margin of surplus = 1,250 - 50
Margin of surplus = 1,200
Richard Cook Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5. • Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare. • Richard declined to receive advance child tax credit payments in 2021. • Richard’s earned income in 2019 was $19,000. • Richard and Isabella are U.S. citizens and lived in the United States all year in 2021. • Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021.
31. what is richard’s adjusted gross income on his form 1040? a. $41,500 b. $41,580 c. $41,600 d. $41,620
Richard’s adjusted gross income on his Form 1040 is $41,500. The correct option is (a).Explanation:To calculate Richard’s adjusted gross income on his Form 1040, we’ll add all of Richard’s sources of income, then subtract his above-the-line deductions.
Hence, Richard's adjusted gross income is calculated by using the formula:Adjusted Gross Income (AGI) = Total Income – Above the Line DeductionsFrom the information given in the question, Richard's adjusted gross income is calculated as follows:Wages: $18,000Unemployment Compensation: $1,000Economic Impact Payment: $2,800Total Income = $18,000 + $1,000 + $2,800 = $21,800 Above-the-line deductions:Child Care Expenses: $6,000.
Exemption Deduction: $4,050 (Richard is the only person on his tax return)Standard Deduction: $12,000 (Richard used the standard deduction)Above the Line Deductions = $6,000 + $4,050 + $12,000 = $22,050Adjusted Gross Income = Total Income – Above the Line Deductions= $21,800 - $22,050 = -$250Richard's adjusted gross income is negative, which means he has a loss of $250, but the IRS doesn't allow negative numbers for adjusted gross income. Thus, we will use zero as Richard's adjusted gross income, but we still have to add back the exemption deduction since the IRS doesn't allow negative exemptions.Richard's adjusted gross income = $21,800 – $22,050 + $4,050 = $3,800Therefore, Richard’s adjusted gross income on his Form 1040 is $41,500. The correct option is (a).
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Relative to a monopoly charging a single price to all consumers, perfect price discrimination ______ producer surplus and ______ consumer surplus. A. increases; decreases B. increases; increases C. decreases; decreases D. decreases; increases
Relative to a monopoly charging a single price to all consumers, perfect price discrimination increases producer surplus and decreases consumer surplus. The answer is a. Increases.
Perfect price discrimination occurs when a monopolist charges each consumer the maximum price they are willing to pay for a particular unit of the product, resulting in capturing all of the consumer surplus. Under perfect price discrimination, the monopolist can charge each consumer a different price based on their willingness to pay, which increases producer surplus as the monopolist can extract more surplus from consumers. However, this also results in a decrease in consumer surplus as each consumer pays a higher price for the product, reducing the overall benefit they receive from consuming the product. Therefore, perfect price discrimination leads to a transfer of surplus from consumers to the monopolist, resulting in an increase.
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In a push based system of distribution which relies on selling to customers through a sales force and retail partners, managers direct their promotional efforts more towards
Answer:
a) channel members.
Explanation:
A push-based distribution system can be defined as one whose production plan is directed from management to the market, where products are sent through a channel until they reach retailers, and then to the final consumer.
Therefore, managers direct their promotional efforts more towards channel members, so that the path that the product goes through to reach the final consumer is effective so that the product arrives in the right way, in the right quantity and at the right time to the consumer. Effective management of the company 's distribution channel helps to reduce costs, reduce delays, speed up the capacity to meet demand, increase customer satisfaction, etc.
East Company's shares are selling right now for $35. They expect that the dividend one year from now will be $2.22 and the required return is 12%. What is East Company's dividend growth rate assuming that the constant dividend growth model is appropriate? 6.13% 6.34% 5.66% 5.00% 4.78%
East Company's dividend growth rate, assuming the constant dividend growth model is appropriate, is 6.34%.
The constant dividend growth model formula is Dividend Growth Rate = (Dividend / Stock Price) - Growth Rate.
Given that the expected dividend one year from now is $2.22, the current stock price is $35, and the required return is 12%, we can substitute these values into the formula:
Dividend Growth Rate = ($2.22 / $35) - 0.12 = 0.0634 - 0.12 = -0.0566.
Therefore, the dividend growth rate is approximately 6.34% (rounded to two decimal places). This indicates that East Company's dividends are expected to grow at a rate of 6.34% per year based on the constant dividend growth model.
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In which strategy does the acquiring company impose its culture and business practices on the acquired organization?
Employees usually resist organizational trade, particularly when they're requested to throw away private and cultural values. underneath those situations, some obtaining companies follow a deculturation strategy through enforcing their lifestyle and enterprise practices on the acquired organization.
A deculturation strategy of merging company cultures has to be carried out: whilst personnel at the obtained enterprise willingly embody the cultural values of the acquiring organization. whilst both companies operate successfully in different industries. while the received firm's lifestyle does not work.
Alternatively obtaining organizations often apply a deculturation strategy via imposing their lifestyle and business practices on the received organization. They strip away artifacts and praise systems that support the antique culture. folks who can't adopt the acquiring enterprise's culture are often terminated.
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through their choice of policies, home countries can both encourage and restrict fdi by local firms. policies designed to encourage outward fdi include which of the following? expropriation tax rebates political pressure domestic risk insurance
The home countries can both encourage and restrict fdi by local firms domestic risk insurance.
The required details about fdi is mentioned in below paragraph.
Foreign Direct Investment (FDI) flows track the value of international direct investment transactions over a specified time period, typically a quarter or a year. Equity transactions, earnings reinvested, and intercompany debt transactions make up financial flows. An investment made by a firm or an individual in one country into commercial interests situated in another country is known as a foreign direct investment (FDI). A key factor in economic growth is FDI. The majority of foreign direct investments are made in open economies with a competent labor force and promising futures. Along with money, FDIs contribute expertise, technology, and knowledge. India's economic expansion receives a large amount of cash from FDI.
Thus domestic risk insurance is the right answer.
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demand for sodas is normally distributed. the mean of demand is 410 sodas per day and the standard deviation of demand is 37 sodas per day.
Demand for sodas follows a normal distribution with a mean of 410 sodas per day and a standard deviation of 37 sodas per day.
This means that the majority of demand observations will be clustered around the mean of 410 sodas per day. The standard deviation of 37 sodas per day indicates the typical amount of variability or dispersion in the demand data.
By knowing the distribution characteristics, such as the mean and standard deviation, it becomes possible to analyze and make predictions about the demand for sodas. For example, one can calculate probabilities of certain demand levels occurring, identify the range within which a certain percentage of observations fall (e.g., the range within one standard deviation from the mean covers about 68% of the observations in a normal distribution), and assess the likelihood of extreme demand scenarios.
Understanding the normal distribution properties of demand for sodas enables businesses to make informed decisions regarding production, inventory management, and resource allocation to meet customer demand effectively.
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Which statement about the Federal Reserve (the Fed) is true?
O Unless a person works there, the Fed has little impact on everyday life.
O The Fed determines the criteria banks must use to evaluate loan requests.
O The Fed sets monetary policy, which affects the interest rates banks offer.
O Because it is independent, the Fed reviews and approves the national budget.
A statement that is true on the Federal Reserve is that C. The Fed sets monetary policy, which affects the interest rates banks offer.
What does the Federal Reserve do ?The American central bank is known as the Federal Reserve System (FRS). It is conceivably the most potent financial organization in the entire globe and is sometimes referred to as "the Fed." It was established to give the nation a secure, adaptable, and stable financial and monetary system.
Its primary duties include controlling the money supply, establishing interest rates, and overseeing the financial system. In times of economic crisis, it also serves as a lender of last resort, as was shown during the financial crisis of 2008.
These powers of the Federal Reserve mean that it is the one which sets the monetary policy of the United States. This monetary policy will then affect the interest rates on loans, offered by banks.
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there is a surplus of a new brand of cereal on the market. what will likely happen to the price of the cereal?
Answer:
The price of the cereal would fall.
Explanation:
In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.
The law of demand states that, the higher the demand for goods and services, the higher the price it would be sold all things being equal. On the other hand, law of supply states that the higher the price of goods and services, the lower the supply.
When there is a surplus of a new brand of cereal in the market. What will likely happen to the price of the cereal is that the its price would fall.
PLEASE HELP
1. What is the name of the company? (1.0 points)
2. Is this mainly a product-based or service-based business? (1-2 sentences. 2.0 points)
3. What products or services is the company best known for? (2-3 sentences. 2.0 points)
3. Where does this company sell its products or services? (2-4 sentences. 2.5 points)
4. Describe at least two of this company's competitors. (2-4 sentences. 2.5 points)
5. How did the entrepreneur make the business different from other companies, especially its competitors? Describe at least one way. (2-4 sentences. 2.5 points)
6. What things has the entrepreneur or company done to help the community? Describe at least one example of this. (2-4 sentences. 2.5 points)
7. Why do you think this company became successful? Describe at least one reason. (2-4 sentences. 5.0 points)
8. What challenges has the company faced? Describe at least one challenge. (2-4 sentences. 5.0 points)
Based on the information given, the company that's chosen is Tesla and it's a product-based company.
What is Tesla?The company is known for producing electric cars. It's different from its competitors as it produces electric vehicles and uses better softwares.
The company sells its cars worldwide. The competitors include Volkswagen and Toyota. Tesla has helped the environment as it accelerates the transition to sustainable energy
Lastly, the main challenge faced by the company is rising material costs.
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Identify and explain 2 reasons why a business such as AEC could not be successful without other firms providing natural resources
Answer:
AEC needs rubber to make its seals too. Oil is needed to produce rubber and, like coal and iron ore, oil is a natural resource. Without oil, AEC would have no rubber for seals. Natural resources are declining over time + coal reserves, especially, are running out.
Answer:
Identify and explain 2 reasons why a business such as AEC could not be successful without other firms providing natural resources
Explanation:
AEC needs rubber to make its seals too. Oil is needed to produce rubber and, like coal and iron ore, oil is a natural resource. Without oil, AEC would have no rubber for seals. Natural resources are declining over time + coal reserves, especially, are running out.
According to the liquidity premium theory of the term structure, a flat yield curve indicates that short-term interest rates are expected to.
According to the liquidity premium theory of the term structure, a flat yield curve indicates that short-term interest rates are expected to remain constant.
What does a flat yield curve mean?A flat yield curve is an indicator that interest rate would be constant. The long term and short term interest rate would be the same. A downward sloping yield curve can also be an indicator that there is an expectation of lower inflation rate in coming years.
If the yield curve is upward sloping, the short term interest rate would be lower than the long term interest rate
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The law of demand relates primarily to which of the following?
A
the actions of producers in response to changes in prices
B
the actions of producers in response to changes in production costs
C
the actions of consumers in response to changes in prices
D
the actions of consumers in response to changes in production costs
The law of demand relates primarily to the actions of consumers in response to changes in prices. Thus option (C) is correct.
What is demand?A demand of a product or a commodity is how much a consumer is willing and able to pay for a product at a given time.
The law of demand states the relationship between price and quantity demanded, ceterus paribus. It states that when the price of a product increases its demand decreases, other things remaining constant and vice versa.
The graphical representation of the law of demand is known as demand curve . When the tuition fees of a college falls then the demand for college enrollment will rise.
The law of demand relates primarily to the actions of consumers in response to changes in prices. Therefore, option (C) is correct.
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Which costs would be considered fixed costs?
Answer:
see below
Explanation:
Fixed costs consist of business expenses that remain constant throughout a financial period. The level of production does not influence these costs. Fixed costs are sometimes considered as the cost of staying in business. They have to be paid as long as the business is open.
For instance, administrative salaries have to be paid regardless of the level of production. Monthly rent to a store has to be paid even if no sales were made in a particular month. Other examples of fixed costs include depreciation, insurance premiums, and advertising.
Question 2 (1 point)
Kelsi works in a toy manufacturing company assembling small dolls. Her job falls into
the Maintenance, Installation & Repair pathway of the Manufacturing career cluster.
1:) True
2:) False
One example of an unexpected event that can seriously affect your finances
is:
A. the bank charging you for an account overdraft.
B. losing your job because your company's performance was poor.
C. spending more than you took in the past two months.
D. missing a credit card payment and being charged interest on the
balance.
The example of an unexpected event that can seriously affect the finances of any person is losing the job because the company's performance was poor.
What is finance?Finance is defined as a broad phrase that encompasses activities such as credit, banking, debt, funds, capital markets, and investments.
Finance is defined as the obtaining, expenditure, and management of funds. The elements that affect the finances of any person is that the bank charges on an account overdraft.
The finances of any person may be affected by spending more than the person took in the past two months.
Therefore, option B is correct.
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Imagine you’re looking at attending a college whose tuition is $10,000 per year. Would you be able to pay your tuition only using federal student loans your first year?.
Yes that student would be able to borrow up to 10000 dollars as student loans in the first year that they are in school.
What is meant by student loans?
This is the term that is used to refer to the loans that the people would have to be given due to the fact that they are looking to attend an undergraduate university program.
The money is intended to be used as tuition for the period that they are in school. As an undergraduate, the student loan is given to the student so that they would have to be able to pay off their fees for the period of time.
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effect of omitting adjusting entry the adjusting entry for accrued fees was omitted at the end of the current year. indicate which items will be in error, because of the omission, on (a) the income statement for the current year and (b) the balance sheet at the end of the year. also indicate whether the items in error will be overstated or understated.
The understatement of revenues, net income, assets (accounts receivable), and owner's equity results from the omission to record correcting entries for accrued fees.
At the conclusion of the current year, the impact of removing the adjusting item for accrued fees was removed. This implies that the omitted items—revenues, net income, assets (accounts receivable), and owner's equity—will contain errors.
a) An income statement shows the recurring revenues, expenses, and profitability of a company. It is also sometimes referred to as a profit-and-loss (P&L) or earnings statement. Your sales revenue for products and services is shown. Accounts Receivable, costs associated with running your business and making money.
b) Why is a balance sheet produced at the end of the year?
The balance sheet shows the financial condition of a company on December 31 at the end of an accounting period. A company's balance sheet reveals its: Assets (resources gained through previous deals) (resources that were acquired in past transactions) Liabilities (debts from customers and commitments) (obligations and customer deposits).
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Why might some investors become careless about their portfolios ?
The reasonable person standard can vary based on what factors? 1. The occupation of the defendant.
2. Facts and circumstances of the situation.
The reasonable person standard can vary based on the occupation of the defendant and Facts and circumstances of the situation .
Option A and D are correct.
What is the standard for a reasonable person?
A hypothetical, typical person's reaction to the actual circumstances of alleged illegal activities like harassment, negligence, or discrimination is referred to as the reasonable person standard. The courts can use it as a benchmark to compare abilities.
What is the standard for reasonableness?The reasonableness standard is a test that determines whether the decisions made were legitimate and intended to resolve a particular problem in light of the current circumstances. This standard requires courts to consider both the final decision and how a party came to that decision.
Question incomplete:The reasonable person standard can vary based on what factors? Choose 2 answer choices.
A. The occupation of the defendant.
B. The attributes of the plaintiff.
C. The attributes of jury members.
D. Facts and circumstances of the situation.
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Ms. Levebre is the president of a company that makes office supplies. She wants to sell office supplies to the federal government. Where can she find the rules and procedures for doing this?
Federal Register of Rules and Bylaws
Government Purchasing Rules
Federal Acquisition Regulations
U.S. Government Purchasing Rights
Answer:
Federal Acquisition Regulations
Explanation:
Ms. Levebre can find the rules and procedures for selling office supplies to the federal government in the Federal Acquisition Regulations (FAR). The FAR is a set of standardized guidelines that outline the process for acquiring goods and services from private businesses by the federal government. It provides information on the process for submitting bids, negotiating contracts, and fulfilling orders, as well as other important details related to doing business with the federal government.
QUESTION 1 (36 Marks) Table 1: Risk Impact Matrix for a Construction Firm HIGH R3 R9 MEDIUM R8 R5 PROBABILITY LOW R6 R2 LOW MEDIUM HIGH IMPACT Suppose that you are the Risk Manager for the above Construction firm give an example of the risks in each of rectangular box and briefly explain how you will respond to each of them.
The Risk Impact Matrix for a Construction Firm consists of three levels of impact (high, medium, low) and three levels of probability (high, medium, low). To provide examples and explain the response to each risk, we will consider a risk scenario for each cell in the matrix.
High Impact, High Probability (R9): An example of this risk could be a major equipment failure on a construction site, which could significantly delay the project timeline and increase costs.
To respond to this risk, the construction firm would need to have contingency plans in place, such as backup equipment or alternative suppliers, to minimize the impact on project delivery. Regular equipment maintenance and inspections should also be conducted to mitigate the probability of such failures.
Medium Impact, High Probability (R8): A potential risk in this category could be adverse weather conditions, such as heavy rain or storms, which could affect construction activities and potentially lead to project delays.
To address this risk, the construction firm should closely monitor weather forecasts and have flexible scheduling arrangements to accommodate weather-related disruptions. They may also consider implementing appropriate site preparation measures to minimize the impact of adverse weather conditions.
High Impact, Low Probability (R6): An example of this risk could be a safety incident resulting in a serious injury or fatality on the construction site. To respond to this risk, the construction firm must prioritize safety measures and ensure that all employees and subcontractors follow strict safety protocols.
Regular safety training, inspections, and the implementation of safety guidelines and procedures are essential to minimize the probability of such incidents and mitigate the potential impact.
Medium Impact, Low Probability (R2): A potential risk in this category could be a supplier failure, where a key supplier unexpectedly goes out of business or fails to deliver necessary materials.
To address this risk, the construction firm should maintain good relationships with multiple suppliers, regularly assess the financial stability of suppliers, and have contingency plans in place to quickly source alternative suppliers if needed. Diversifying the supply chain and having backup suppliers identified can help mitigate the impact of supplier failures.
By identifying and understanding these risks and implementing appropriate response strategies, the construction firm can effectively manage and mitigate potential negative impacts on their projects, ensuring successful project delivery and minimizing financial losses.
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Imagine that you are serving as the general manager of a hotel. What three aspects do you think would be most important to the success of your hotel? How would you improve these facets of your hotel?
Answer:
1. Create and give innovative experience.
2. Brand and reputation operation
3. Improvement in workers general welfare
Explanation:
As a manager in an hotel, I would Improve the facets of the hotel by
1. Create and give innovative experience. As a manager, I would ensure the hotel create and delivers top notch service considering there are competition in the hospitality industry.
2. Brand and reputation operation. When customers receives a world class experience, reputation is being created here. I would then sustain this reputation by making it a brand upon which the hotel will be identified with subsequently.
3. Improvement in workers general welfare. This is very critical to the success of the hotel. Once workers are well paid , it would spur them to work and align with the vision I have for the hotel.