Tim Toyne Toy Company – Part I

Tim Toyne, president of the Tim Toyne Toy Company (a British firm) is currently trying to decide whether he should bring to market his new model toy truck called the T4 (Tim Toyne’s Toy Truck). Tim is uncertain about both the potential market for this new toy, and the unit cost of producing it. The estimated net profit to be earned by this new toy depends on these two uncertain factors in the following manner (profit is expressed in millions of pounds):

Unit Production Costs (pounds per unit)

1.0 1.5 2.0

Market Large 10.0 6.0 2.0
Size
Small 2.0 -2.0 -4.0

Tim must decide within the next week whether or not he should go into production with the T4. If he decides against the introduction of the T4, he will invest his assets in a diversified mutual fund where the returns are also an uncertainty. Tim has asked you, his chief technical business analyst, to help him analyze this situation. You and your team view the market size and production cost as independent random variables and have assessed the following distributions for them:

Market Production
Size Probability Cost Probability

Large 0.6 1.0 0.2

Small 0.4 1.5 0.3

2.0 0.5

The returns from the mutual fund investment over the same period of time (in millions of pounds) has been assessed using Stuart Varney, a business and financial expert, with the following results:

P(< 4) = 0.99 P(< 1) =0 .75 P(< 0) = 0.50 P(< -1) = 0.25 P(< -2) = 0.01 To assist Tim in his decision, you ask him about his attitude toward risk and he replies, “If you take a big risk you will have a big loss but if you take a small risk you will have only a small loss. Therefore I am neutral toward risk!” He then asks you to have answers for the eight questions listed 1. Structure the influence diagram and decision tree and determine Tim’s optimal strategy, i.e. given the current state of information, what should Tim do 2. Risk Profiles (a) Create a risk profile and cumulative risk profile for Tim’s decision problem. (b) Is there any form of dominance exhibited (deterministic or stochastic) Explain 3. Perform a sensitivity analysis for the market size uncertainty. 4. If before making the decision Tim could obtain perfect information about market size and production cost, what is the most he should be willing to pay for such information 5. What is the most Tim should be willing to pay for perfect information about the market size alone 6. Suppose that Tim’s Director of Manufacturing, Max Factor, is very knowledgeable about manufacturing costs but is not very knowledgeable in probability assessment methods. Thus, you are to assist Max in developing the distribution for the production costs. List the questions you would ask and the corresponding answers that Max could provide. Graph your results and show/explain how this information is used in the decision tree. Note that you have the results in the basic problem; just show how these results were achieved through a probability assessment procedure. 7. After presenting the results of your analysis to Tim, his only comment was “I know I would like to have perfect information about the market, but I also know that is an impossibility. Why don’t you talk to Mike Morris, our Marketing Manager, to see what information he might have You meet with Mike and he says that in the next week he can conduct a QSMS (Quick and Sloppy Market Survey) at only a modest expense. A QSMS is quite crude and results simply in either a positive (looks promising) or negative (doesn’t look promising) result concerning the introduction of a new product such as the T4. Based upon past experience, Mike assesses a probability of 0.70 that the survey result will be positive if the actual potential market is large, and a probability of 0.20 that it will be positive if the market is small. What is the most Tim should pay for the QSMS Tim Toyne Toy Company – Part II After discussing the value of the QSMS with Tim, he accepts your overall approach but has doubts about your recommendations. You replied “But Tim, you said you were risk neutral” to which Tim says “Well, Mr. Chief Analyst, I think you better find out in a hurry.” Being a rather quick thinking sport yourself, you recall your wonderful experiences in class and quickly propose to Tim a series of questions about his attitude towards risk. The dialog goes as follows: You: I know you like to gamble on occasion so I am going to propose some gambling situations to you for your appraisal. Tim: Go right ahead, Mr. Chief Analyst. You: The first gamble is that I toss this fair coin and if it comes up heads you win 10 million pounds, but if it comes up tails you lose 4 million pounds. Tim: Sounds interesting. Should I call heads or tails You: It is interesting, but don’t call anything yet. I would like for you to have another alternative. Tim: Another alternative Why I don’t need another alternative, one is enough!! You: How much would you be just willing to take as a guaranteed amount so you don’t have to take the gamble Tim: 10 million pounds!!! You: Would you take 5 million pounds Tim: Yes, but I prefer 10 million. You: Would you give away your chance at the gamble for nothing Tim: Absolutely not!!! You: What if someone offered you 2 million pounds Would you take it Tim: Now that’s a tough choice. I’m not sure which one I’d take. You: Good, now lets try another. Tim: Another We haven’t finished the first one yet. You: Let’s put it aside for the time being and try the following gamble. Consider the same gamble again except this time if tails comes up you will win 2 million pounds. As before, you win 10 million pounds if its heads. Now how much would it take as a guaranteed amount such that you would be indifferent between the coin toss and the guaranteed amount Tim: I think I’m now getting the idea. I would say 4 million pounds would be about right. You: Now consider the following payoff from the toss of our fair coin. Heads you win 4 million pounds, tails you lose 4 million pounds. What minimum amount would you take for certain to give up the gamble Tim: Now this is the type of gamble that I really like. It would take an offer of at least one million pounds for me to give up the gamble. You: What if the payoffs were 2 million for heads and a loss of 4 million for tails Tim: As you Americans would say, “Not one damn cent.” You: Now let me ask the question a little differently. If I could guarantee you a loss of only one million pounds in lieu of a gamble where you could lose 4 million pounds or win nothing, what would the probability of winning the “ nothing “ have to be to make you indifferent between the gamble and the guaranteed loss Tim: Now that’s a tough question. I sure don’t like the gamble, especially not being able to win anything, but I also don’t like guaranteed losses. You: Would you like to think about it for a few minutes Tim: Yes ….. (two minute pause) ….. Now that I have thoroughly thought about it, I would say that the chances of winning should be close to 40% for me to be indifferent. Why all these hard questions anyway You: Thank you Tim, I’ll have your answers first thing in the morning. 8. Based on your questions and Tim’s answers, (a) what can you say about his attitude towards risk (b) resolve questions 1 and 4 using your new information on risk attitude

Name:

Institutional affiliation:

Do you agree with Wildavsky that America has two legitimate presidencies
Wildavsky is completely right to believe that United States has got two legitimate presidencies both under one president. This is evident in the presidency that deals with domestic affairs and the one that deals with defense and foreign policies. Domestic affairs are the affairs that are concerned with his country such as Medicare and aid to education, natural resources etc. Defense and foreign policies on the other hand involve country protection for instance manpower and international issues such as treaties with other countries.
For a long time, presidents have succeeded in nation’s defense and foreign policies as opposed to the domestic affairs. Presidents find it hard to succeed in domestic affairs because the congress support is vital before any domestic policies are amended. Defense and foreign policy are easy to succeed as they only require the president getting a viable policy and then he always mostly get support for the policy. Therefore, United States has got two presidencies.
Is presidential supremacy in the arena of foreign policy/national security a new phenomenon or did the Founders have these two presidencies in mind when they drafted the Constitution
The presidential supremacy in the arena of foreign policy/national security is a new phenomenon and is not because of their powers in the Constitution that was drafted by their founders. This can be drawn from the following factors:
Increase in diplomatic relations.
The number of nations in diplomatic relations with United States has increased from 53 in 1939 to 113 in 1966. This is because of the increasing speed of events in the international arena. For instance, blunder at Bay of Pigs was followed by the Catastrophe of the Cuban missile crisis.
The World Influence
Presidents would gain by prolonged delay or by not acting at all, and by so the problem could be passed to their successors, but that is in the past. At the moment, the state of the world is in their hands and if it deteriorates then they must expect to pay the high costs themselves. This thus makes them to spend most of their time on defense and foreign affairs.
Great nations, United States included are interested in any small detail that happens in the entire world. This is because they have thermonuclear weapons which other countries may not have. The dominance of great nations in the whole world can be seen from reactions termed as cold war such as the reaction against the blatant isolation of the 1930s, the cold war of Burundi.
The public
People are more confident in their president when he engages in foreign affairs and brings victory back home. This is evident in Gallup Rolls which have shown frequently that the president’s popularity rises after he engages in an action in a crisis and this does not consider whether the action was disastrous such as in the Bay of Pigs or successful like in the Cuban missile crisis.
For instance, the fact that many people did not like the Vietnam wars, President Johnson’s popularity did not increase much. Though his idea was well develops, it took a long time for the public to gain interest on the same. This is in contrary to the bombing of oil field near Haiphong which gained President Johnson much popularity.
Another phenomenon is that the world has become a dangerous place to live in and thus the president is forced to focus more on issues of national security so as to protect both America and its friends. Enemies are declaring war and are seeking weapons of destruction; therefore the president is forced to command defenses to be built against ballistic missiles. Through foreign policies, they also have to cooperate with other nations to deny, contain and curtail their enemies’ efforts to acquire dangerous technologies.
Today, the world’s great powers find themselves on the same side that is; they are united by common dangers of terrorists, violence and chaos. Therefore, the United States must build on these common interests to promote global security. In the process of doing this, more time will be focused on national security compared to domestic issues.
President’s supremacy in the foreign policy is not cause of the founders of the constitution because the trends seem to be changing. According to the constitution, the president relies on State department among other agencies to assist him in formulating and implementing the nation’s foreign policy decisions. The State department is headed by the Secretary of State but the influence of the Secretary of State on foreign policy making process has to be determined by the president first.
This is evident in the past presidents, for instance, during the time of Richard Nixon, the influence of the Secretary of State, then William P. Rogers, on the president and foreign policy was extremely restricted. However, a new phenomenon is seen in the presidencies of George W. Bush and Barack Obama in that there is a close relationship between the president and his secretary of State. Both actively involved their respective Secretaries of State into the foreign making process.
Foreign affairs decisions are seen as more important and irreversible. As such, presidents must devote huge resources to them, resources that will be used even in future. Consequences of events in foreign affairs manifest themselves faster and so presidents are willing to use up there resources.
Policy making in domestic matters on the other hand involves few decisions such as those involving dams and are easily reversible. Therefore, presidents tend to focus on foreign affairs policy more than the domestic ones.
Do you think that presidential supremacy is beneficial or harmful
Presidential supremacy has more benefits than harmful effects. The president is the Commander in Chief of the armed forces and therefore he has the power to move troops. This is important because he is able to act quickly to situations that require urgency, for instance the emplacement of missles in Cuba and also the invasion of South Korea.
Through the Departments of State and Defense, the president can easily obtain information on developments abroad. By this, he is able to use the information to achieve goals and so the results are beneficial.
The president’s supremacy allows him to enhance his ability to control defense policy. In the previous years, he had to rely on the ability of the military for advice. Today, the president can select the best defense intellectual from the research corporations and the academics.
President supremacy is helpful in that they have the ability to enter into secrecy thus they have discretion that may be needed to handle some foreign affairs. This enables them to use executive agreements instead of treaties and is thus able to enter into tactic agreements instead of written ones; this at the end will help to create de facto situations that are not easily reversed.
It makes decision making process easy and short. This is because it is an independent action and thus decisions can be easily achieved without the lengthy discussion periods. A good example is in the 1978; President Carter announced suddenly that he could establish the diplomatic relations with the Peoples Republican of China and terminate the defense treaty with Republican of China after a one year’s notice required by the treaty. This was a sudden but positive decision despite the fact that the congress was against it.
It is beneficial as presidents have the character that is required in foreign relations as compared to domestic policy. This is because foreign policy requires decision, secrecy and dispatch and a uniform sensibility of national character. Also, presidents are accurate and comprehensive in the knowledge of the world.
Another reason is that the President has access to the best expertise of the executive bureau which coordinates and implements policies, hence it is beneficial.

References
The Common Defense, by Samuel E Huntington. NewYork: Columbia University Press, 1963. The beststudy of presidential participation in the making ofdefense policy.
Con~,,ressand the PresidemT. by Nelson W. Polsby.Englewood Cliff,s. New Jersey: Prentice Hall,1965. A fine short study of executive-legislativerelationships.

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Assessment item 3
Market Entry and STP Strategy
Length: 3500 words
Submission method options
Alternative submission method
Task
In this assessment, you will continue to use the country and focus organisation you worked on in Asst 2. Here you will develop the next steps in their international marketing plan.
Part 1 requires you to evaluate all realistic market entry options for this organisation in your target country market (typically at least three, including your preferred option). These options should be discussed, covering advantages and disadvantages, how they might work and reasons for adopting or discarding each one, within the context of your company and the chosen market.
In Part 2, it is now necessary to identify potential market segments (target markets) in the chosen country and consider how they might be serviced by your organisation. You must show your understanding of the concepts involved and your ability to think through and express marketing strategy options. In justifying your choice for the STP strategies, you must:
• Explain the strategic approach you used to segment the market, and justify why you have selected particular target market segment(s) in the chosen market. These may be within the B2B sector, B2C or a combination.
• Identify your recommended positioning strategies for each target market.
More detail on what should be included in these sections is available in the Project Guide in Resources.
Rationale
This assessment has been designed to:
• demonstrate the application of the knowledge gained in the subject to the development of strategies in an international market;
• allow you to develop your information searching and critical thinking skills; and provide you with further experience in academic writing
On successful completion of this assessment, you should:
• be able to interpret and assess the impact of marketplace variables on marketing practice in the global marketplace;
• be able to select markets and justify market entry options; and
• be able to create justifiable and effective marketing strategies.
Marking criteria
Criterion Fail Pass Credit Distinction High Distinction
Critical analysis skills – Student applies and integrates critical analysis when selecting and justifying marketing strategies
Value 30% No evidence of independent investigation, original questioning and analysis. No attempt to take and understand multiple perspectives Little evidence of independent investigation, original questioning and analysis. Attempts to take and understand multiple perspectives Some evidence of independent investigation, original questioning and analysis. Takes and understands multiple perspectives and through these can provide a critical discussion of the relevant issues Evidence of independent investigation, and original questioning and analysis. Independently takes and understands multiple perspectives and through these can provide an insightful critical discussion of the relevant issues. Strong evidence of independent investigation, original questioning and analysis. Independently takes and understands multiple perspectives and through these can provide an insightful and/or exhaustive critical discussion of the relevant issues
Application skills – This criterion is about linking theory to a specific context
Value 25% There is no or limited application of theory to the context or case study The case study or context was connected briefly to theory. The case study or context was connected to theory with clear links. The case study or context was connected to theory with clear, logical and explicit connections The context is connected to theory with exceptional, logical and meaningful links.
Strategic perspective This is about strategic recommendations for the company
Value 15% No recommendations are made There were some recommendations, but they are not strategic There were relevant market recommendations, partly strategic The recommendations were relevant and strategic The recommendations were highly relevant and strategic
Realism – This is about practicality/realism in the country context
Value 10% Is not supported or linked to country context Supported by some real world information Well supported by connections to the real world context Well supported with explicit connections to the real world context Realistic and supported with explicit connections to the real world context
Communication – This is about the presentation of the work including: Structure, Format, Grammar
Value 15% Poor grammar, spelling, punctuation, concepts were not clear, materials difficult to read – no tables or figures, inconsistency in style and content between sections. Word count is 10% over or under limit. Some grammatical errors, sentences were clear and complete, clear structure and formatting, some diagrams, but not explained and only decorative, some inconsistencies in style and content. Adheres to word limit. Minor grammatical errors, sentences were clear and complete, structure and format were used to aid the audience including relevant graphics, style and content are mostly consistent. Adheres to word limit. Free of grammatical errors. Structure and format were clear. Sentences were well constructed. Language was concise. Excellent use of relevant graphics Clear consistency in style and content. Adheres to word limit. Free of grammatical errors. Structure and format were clear, logical and consistent. Sentences were well constructed. Exceptional use of clearly relevant graphics. Obvious consistency in style and content, with relevant links between sections. Adheres to word limit.
Referencing Skills
This criterion is about the application of APA referencing
Value 5% There was limited or no attempt at in-text or end of text referencing There was an attempt to apply referencing, but style and application were inconsistent There was consistent style, but application was not consistent with some errors The style is consistent throughout the text and end reference list. Application was still inconsistent with some points remaining unreferenced. Both in-text and reference list were consistent in terms of style and application of APA
Presentation
This Asst should be a maximum of 3500 words. Please use headings/sub-headings to highlight changes in topic.
An ideal assignment is your opinion, supported by evidence from respected/reliable sources, expressed in your own words, and fully referenced as to the source of ideas, facts and quotations. ‘In your own words’ is critical in displaying your understanding of the material, rather than being expert at copy and paste.
Use Turnitin to check that you have fully paraphrased all your material. Any Turnitin result 10% (excluding reference list) suggests that you have over used other people’s words. Revise, and resubmit your paper to Turnitin.
Any use of Wikipedia as a source for the assignment will result in an automatic zero mark, as it is not a reliable source

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Cover sheet – Contains your name, student number and word counts for Parts A, B, C and D.
Due date: 11.45pm, 7 September 2017 (Week 8)
Word limit: Word limits are set out below for each part.
Extensions policy:
The university policy on extensions of time will be strictly enforced. Extensions will only be considered if made via the online system and must be based on medical or compassionate grounds. Any extension application should be made before the due date for submission. Medical conditions should be supported by a medical certificate, and, since students are expected to start the assignment early, temporary or lastminute conditions are usually not grounds for an extension. Professionals are expected to manage their time to meet their obligations, so work or personal commitments are insufficient grounds for an extension.
Plagiarism:
The university’s plagiarism policy will also be strictly enforced. If plagiarism is found, a minimum penalty is likely to be zero marks for the assessment. It could be worse.
PART A (5 marks- 300-400 words)
Using the resources of Module 1 and Workshop 1 in Week1 your tribe developed a constitution. A few years later a group of 20 families from a nearby area who speak your language join your tribe and do not know the rules of the tribe. Explain how you would introduce and enforce the rules of the constitution for the benefit of this new group and your tribe. Be sure to refer to Hart’s analysis of legal rules in the answer.
PART B (15 marks- 700-900 words)
Research Question
“If a legal system in Australia under which people and businesses operate and live is to be effective and have widespread acceptance a number of key features should be present.” What features of the Australian legal system could be relevant here. Use requirements for Hart’s 3 part legal system as a starting point. Apply examples from the Australian legal system to support the analysis.
PART C (10 marks- 600-800 words)
In this part, your task is to research an Australian case relating to the common law part of the essential element topic of genuine consent and report to your supervising partner (your boss!) on the significance of the case to the Australian law of contract. The contracts’ topics can assist, particularly areas of Week 6 resources.
Contract law requires that parties enter agreements freely and voluntarily. Your choice must be an Australian case referred to in either the textbook or the Class Notes. Please note that some cases in the Class Notes are not in the textbook may be found in alternative textbooks on Business Law, Contracts’ Law or Commercial Law. The resources at the end of Chapters 1 and 2 of the Turner text may assist as could websites such as www.austlii.edu.au Your assignment must include a full reference for the case.
The report should use the IRAC method as a structure- Issue, Rule, Application, Conclusion and remedies. This structure requires you to set out clearly and in an organised way these matters arising from the court’s decision:
-Identify the common law legal issues in dispute. What were the broad areas of contract law that are relevant here
-Explain the principles of law, the rules that the court applied and which were relevant to deciding the issue.
-Apply the relevant law to the facts. Explain how the court applied the relevant law.
-Conclusion and remedies- after the above stages how did the court reach a conclusion on the facts of the problem. Be sure to consider the remedy or remedies for the successful party.
PART D (10 marks- 600-800 words)
Ram is an Australian businessman who owns three coal mines in northern Queensland. He has a 10 year contract with Betty to supply her 400 tonnes of coal on or before the 20th day of each month of the contract. Betty uses the coal in her steelworks.
The contract started in 2014 and has proceeded smoothly.
However on 31 July this year Ram realises that because of heavy rains in the past two weeks all of Ram’s mines are flooded and he will not be able to supply Betty the contracted amount of coal from August to December 2017.
He communicates the bad news to Betty on 31 July. In fact he will not have any coal to supply to Betty until January 2018 and he advises her of this.
Advise Betty using the IRAC method what choices she has. Is she entitled to terminate the contract What do you think she would do in these circumstances Be sure to comment on possible remedies. You do not need to discuss the formation of a contract topic here. Assume that a valid enforceable contract exists between the parties.
It is essential that you refer to relevant cases to support the analysis.
The IRAC method- Issue, Rule, Application, Conclusion and remedies- requires you to set out clearly and in an organised way these matters:
-Identify the common law legal issues in dispute. What are the broad areas of contract law that are relevant here
-Explain the principles of law, the rules, that apply and which are relevant to deciding the issue.
-Apply the relevant law to the facts. You may need to consider more than one approach here. There is not always one clear way.
-Conclusion and remedies- after the above stages reach a conclusion on the facts of the problem. Be sure to consider possible remedies for the innocent party.
MARKING
All parts of the assignment will be marked in accordance with the university’s Grades procedure (which can be accessed via the Course Profile). The following marking rubric incorporates that procedure.
THE MARKING RUBRIC IS ON THE FOLLOWING PAGE
4 GRADE MARK CRITERION
HD 85%+ Demonstrates imagination,
originality or flair, based on proficiency in all the learning outcomes of the unit; work is interesting or surprisingly exciting, challenging, well read or scholarly.
COMMENT: Here, the student will have done everything well, provided some original insights, and formulated their answer in a tight, efficient, thoroughly professional manner. Their explanations and arguments will have a strong logical flow and be convincing. Their research in Parts A, B, C and D will be thorough.
D 75-84% Demonstrates awareness and
understanding of deeper and less obvious aspects of the unit, such as ability to identify and debate critical issues or problems, ability to solve non-routine problems, ability to adapt and apply ideas to new situations, and ability to invent and evaluate new ideas.
COMMENT: The student will demonstrate this by achieving all the outcomes for a Credit, but also some of the imagination, originality or flair required for a High Distinction. In Part C, the student will not only explain what happened in the case but also show some original insight into the case’s significance to the law. Parts C and D should use the IRAC method at a high standard.
C 65-74% Demonstrates ability to use and
apply fundamental concepts and skills of the unit, going beyond mere replication of content knowledge or skill to show understanding of key ideas, awareness of their relevance, some use of analytical skills, and some originality or insight. COMMENT: Learning involves not only knowing principles or concepts but also the ability to apply them to a real-life situation. In Part A, the ability to use and implement a system that meets the requirements of a 3-part legal system will show this. Part B should demonstrate the ability to present legal research and Parts C and D should show legal problem solving in a clear and userfriendly way.
P 50-64% Demonstrates the learning
outcomes of the unit, such as knowledge of fundamental concepts and performance of basic skills; demonstrates sufficient quality of performance to be considered satisfactory or adequate or competent or capable in relation to the learning outcomes of the unit.
COMMENT: Students who get a mark in this range usually demonstrate some knowledge of principles and concepts, but do not explain or apply them accurately. Answers often look like little more than a summary of what someone else has written.
F 40-49% Fails to demonstrate the
learning outcomes of the unit. COMMENT: Students in this range usually make some effort to perform the assignment task but fail to achieve what is prescribed for a Pass.
Low F 40% COMMENT: Students in this
range usually fail to properly carry out the instructions or fully perform the tasks specified in the assessment.

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Management Planning & Control: Assessment 1a (Learning Portfolio) – Spring 2017
Learning Portfolio Activity (10 marks): Apply innovative problem solving processes to address business issues related to Management Control Systems (MCS)
This set of activities is based on the case study: University of Southern California (US): Responsibility centre management system (p. 786 textbook). This is the same case as for activity 5 and 6. There are three learning objectives:
Learn to find and use innovative problem solving processes
Apply innovative problem solving processes to address business issues (program learning objectives 2.2)
Learn something about how to come up with innovative management planning and control solutions
Task 1 hints:
We define an innovative problem solving process as the use of any process to support innovative problem solving which is new to you, and it is effective. The process should be designed to enable you to think differently. An example would be the use of the business model template and set of questions we use in Seminar 1, which can be used to better understand and communicate key characteristics of organisations. Other examples include the double diamond approach, design thinking approaches, reframing, prototyping, ‘what if’ thought experiments, visual thinking, among others. You may focus on one, or combine more than one, innovative problem solving process
You may want to revise the Mandatory open source learning module on creativity which you did during the preparation / orientation weeks before attempting this task.
Quite a few students in the past chose very generic frameworks describing the common problem solving processes (e.g. the Osborn models from the internet are among the most popular choices), without actually explaining “how” new ideas or innovative solutions are generated and what’s special about the way you do it (that is, did we learn anything new about how we think from undertaking Task 1).
The innovative problem solving process has to be used by you (i.e. the students) to derive your solution for task 2.
Task 1 innovative problem solving processes selection (300 words and one visualisation maximum; also a photo of you applying the innovative problem solving process to task 2)
Search for some different innovative problem solving processes, and select one which you think would be useful in completing task 2. Apply it to task 2, and if you do not find the process useful in completing task 2, try a different process.
In less than 300 words, explain what the process is and how you found it, why you selected it, and how it was (or was not) useful in completing task 2.
HINT: you may want to revise the Mandatory open source learning module on creativity which you did during the preparation / orientation weeks before attempting this task.
Task 2 Apply innovative problem solving processes in the context of control problems and Management Control Systems (300 words text maximum and unlimited visualisations)
A key challenge for USC is how to get academics to (i) do be more innovative (ii) do multidisciplinary research (iii) get more external grant income to support research. Apply the innovative problem solving processes from task 1 to generate a suggested management control system ‘solution’ as to how USC could address at least one of these challenges.
In less than 300 words and at least one visualisation, briefly describe the ‘control problem’, your innovative ‘solution’, and the reasons why you think the solution would work. Provide a logical justification for your solution, such as reference to cases or other evidence to support your logical argument.
NOTE: A visualisation includes any visual medium including picture, diagram, causal map, graph etc. Marks will be awarded for ‘solutions’ which demonstrate a solid understanding of the subject.
You must provide a logical justification for your solution.
Task 2 hints:
Absence of actual problem-solving: some reports in the past did not propose solutions; or there is very little indication that the approach described in task 1 has been used to facilitate real problem-solving by yourselves (students), instead, the discussion moves straight to some obvious suggestions that most of us are familiar with (therefore making task 1 redundant); or in some cases the processes themselves are posed as solutions and the students “imagine” that they should have been be adopted for task 2 (e.g. more “brainstorming” or simply meetings in general, are said to be solutions to a variety of problems).
Lack of in-depth problem solving: some popular recommendations are proposed as easy and obvious fixes to a range of complex problems; but in many instances the organizational context is oversimplified, with significant control costs/consequences ignored.

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QUESTION `1. [6 + 8 = 14 Marks.]

This is a two period certainty model problem.
Assume that William Brown has a sole income from Bobcat Ltd in which he owns 12% of the ordinary share capital.

In its financial year 2016-17 just ended, Bobcat Ltd reported net profits after tax of $600,000, and announced its net profits after tax expectation for the next financial year, 2017-18, to be 25% higher than this year’s figure. The company operates with a dividend payout ratio of 70%, which it plans to continue, and will pay the annual dividend for 2016-17 in mid-August, 2017, and the dividend for 2017-18 in mid-August, 2018.

In mid-August, 2018, Jack wishes to spend $100,000, which will include the cost of a new car.. How much can he consume in mid-August, 2017 if the capital market offers an interest rate of 9% per year

QUESTION 1 continued.

This question relates to the valuation of shares.
Big Ideas Ltd has just paid a dividend of $1.20 a share. Investors require a 12% per annum return on investments such as Big Ideas. What would a share in Big Ideas Ltd be expected to sell for today (August, 2017) if the dividend is expected to increase by 20% in August, 2018, 15% in August, 2019, 10% in August, 2020 and thereafter by 5 per cent a year forever, from August, 2021 onwards

QUESTION 2. [(4 + 6) + (4 + 4 + 4 + 4 + 4) = 30 Marks]

This question relates to the time value of money and deferred perpetuities.
Colin Greenway attended Bunyip High School in the 1970s. After leaving school, Colin became a successful entrepreneur and is now very wealthy. He wishes to establish a perpetual scholarship fund which will provide $10,000 a year, payable to five high performing students at Bunyip High School each year in Year 12, that is, $50,000 a year, starting in early 2020. It is now early 2017. The High School Principal believes that the required funds can be invested at 5 per cent a year in perpetuity.

What is the present value in early 2017 of the whole income stream, and thus the amount which Colin must contribute to establish the fund
The High School Principal, while most appreciative of Colin’s great generosity, mentions that fees at Bunyip High are rising on average by 3 per cent every year because of inflation, and that in several years, $10,000 will not be enough to keep a student in year 12 for a whole year. Colin decides that he will increase the amount to establish the fund so as to provide for increases in the scholarship amount by 3 per cent a year in perpetuity, the first increase occurring in early 2021. How much extra (above the amount calculated in i) above, will Colin need to contribute in early 2017 so as to provide for these inflation increases forever
[HINT: Consider a formula similar to the dividend growth model.]

QUESTION 2 continued.

This question relates to loan repayments and loan terms.
Ron and Robin Reid wish to borrow $540,000 to buy a home. The loan from Biggles Bank requires equal monthly repayments over 20 years, and carries.an interest rate of 7.8% per annum, compounded monthly. The first repayment is due at the end of the first month.

You are required to calculate:

the effective annual interest rate on the above loan.
the amount of the monthly repayment (consisting of interest and principal repayment components) if the same amount is to be repaid every month over the 20 year period of the loan.
the amount of $X, if – instead of the above – Biggles Bank agrees that Ron and Robin will repay the loan by paying the bank $3,300 per month for the first 12 months, then $3,750 a month for the next 12 months, and after that $X per month for the balance of the 20 year term.
QUESTION 2 b) continued.

how long (in years and months) it would take to repay the loan if, alternatively, Ron and Robin decide to repay $2,500 per month, with the first repayment again being at the end of the first month after taking the loan, and continuing until the loan was repaid.
under option iv) above, the amount of the final repayment. [NOTE: Towards the end of the loan repayment period, after the final full monthly instalment of $2,500 is paid, a lesser amount is likely to be outstanding. That amount, plus interest to the end of the following month, is the final loan repayment amount.]
QUESTION 3. [(2 + 3 + 3 + 4 + 3 + 3) + (6 + 2 + 4) = 30 marks]

This question relates to alternative investment choice techniques
Stanley Livingstone is considering the following cash flows for two mutually exclusive projects.

Year Cash Flows, Investment X ($) Cash Flows, Investment Y ($)

0 -40,000 -40,000

1 12,000 18,000

2 18,000 18,000

3 27,000 18,000

You are required to answer the following questions:

If the cash flows after year 0 occur evenly over each year, what is the payback period for each project, and on this basis, which project would you prefer
IN THE REMAINING PARTS, ASSUME THAT ALL CASH FLOWS OCCUR AT THE END OF EACH YEAR.

Would the payback periods then be any different to your answer in i) If so, what would the payback periods be
QUESTION 3 a) continued.

Sketch freehand the net present value (NPV) profiles for each investment on the same graph. Label both axes and the NPV profile for each investment
Calculate the internal rate of return (IRR) for each project and indicate them on the graph. [NOTE: It is satisfactory if the approximate IRR is calculated for Investment X by trial and error, and stated as a percentage correct to the nearer whole number. The IRR for Investment Y should be calculated as a percentage exactly, correct to 1 decimal place.]
QUESTION 3 a) continued.

Calculate the exact crossover point and indicate it on the above graph.
State which of the investments you would prefer, depending on the required rate of return (i.e., depending on the discount rate).
This question relates to the valuation of bonds.
Bradley White, a retired school teacher, has two 6 per cent per annum $100,000 Australian Government bonds that mature on 15 August, 2020 and 15 August, 2023 respectively. At the date of the last half-yearly interest payment, viz., 15 February, 2017, both bonds were selling at par.

Since then, interest yields on bonds have risen by 2% per annum, compounded half-yearly. Bradley now intends to sell the bonds and put a deposit on a suburban townhouse.

Calculate the price he will receive from each bond if he sells on 15 August, 2017 at the new yield, immediately after receiving the interest payments due that day.
QUESTION 3 b) continued.

Explain the relative price movements in the two bonds, as evidenced in your answer to i) above.
Suppose that Bradley defers buying the bonds for 84 days, that is until 7 November, 2017. How much will he pay for each bond on that day [NOTE: Between the bond interest due dates from mid-August to mid-February is 184 days, during which time interest accrues on a compound basis.]
QUESTION 4. [24 + 2 = 26 marks].

This question relates to capital budgeting.

Perth Projects Ltd is considering the purchase of new technology costing $600,000, which it will fully finance with a fixed interest loan of 10% per annum, with the principal repaid at the end of 4 years.

The new technology will permit the company to reduce its to reduce its labour costs by $200,000 a year for 4 years, and the technology may be depreciated for tax purposes by the straight-line method to zero over the 4 years. The company thinks that it can sell the technology at the end of 4 years for $30,000.

The technology will need to be stored in a building, currently being rented out for $40,000 a year under a lease agreement with 4 yearly rental payments to run, the next one being due at the end of one year. Under the lease agreement, Perth Projects Ltd can cancel the lease by paying the tenant (now) compensation equal to one year’s rental payment plus 10%, but this amount is not deductible for income tax purposes.

This is not the first time that the company has considered this purchase. Twelve months ago, the company engaged Marvel Consultants, at a fee of $30,000 paid in advance, to conduct a feasibility study on savings strategies and Marvel made the above recommendations. At the time, Perth P:rojects did not proceed with the recommended strategy, but is now reconsidering the proposal.

Perth Projects further estimates that it will have to spend $20,000 in 2 years’ time overhauling the technology. It will also require additions to current assets of $30,000 at the beginning of the project, which will be fully recoverable at the end of the fourth year.

Perth Projects Ltd’s cost of capital is 10%. The tax rate is 30%. Tax is paid in the year in which earnings are received.

REQUIRED:

Calculate the net present value (NPV), that is, the net benefit or net loss in present value terms of the proposed purchase costs and the resultant incremental cash flows.
[HINT: As shown in the text-book, it is recommended that for each year you calculate the tax effect first, then identify the cash flows, then calculate the overall net present value.]

QUESTION 4 a) continued.

Should the company purchase the technology State clearly why or why not.

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QCF level: 5

Credit value: 15 credits

Guided Learning Hours: 50

DesignerName: Mr Daniel Abanga

Date: 20/06/2017

IQA Name:Mrs Sarah Colmar and Dr Zachariah M Mulenga
Date checked 29.06.2017

Date issued Completion date Submitted on
29/08/2017 10/11/2017
Assignment title Professional Practices in Education and Training
Scenario:

You are working as Lecturer/Teacher/Trainer in a further education sector. You are responsible to teach diverse class with students who have some learning difficulties as well. You have not worked in such an environment although management and senior colleagues are there to support you in case you have any challenges. Your aim is to become a staff member who is on great demand by students and also has work to accomplish quality assurance framework while delivering sessions, and assessing students.

You are supposed to consider your own working context or choose a working environment which you are familiar with. In any case you must produce references of the work place chosen and also review related documents.

Note: You are required to review recent articles, books and other relevant literature. Wikipedia is strictly not allowed for references to answer any part of the task given. You must reflect practical understanding of each question and are required to provide candid academic references of any evidence you have in relation to the answer.

……………………………………………………………………………………………………………………………..

Task 1:Presentation with Notes

You are required to perform a professional presentation with detailed referenced notes.Thepresentation should be addressed to your current college management answering all the questions in provided below;

Define the concept of professionalism and dual professionalism in education and training
Explain ways in which own professional values influence own practice in an area of specialism

Note: Presentation is compulsory and should be done working in a group to demonstrate your ability to work as a team with others.

Task 2:Report

You are required to respond to the following questions with some real life examples;

Explain ways in which social, political and economic factors influence education policy
Analyse the impact of current educational policies on curriculum and practice in own area of specialism

Task 3: Report

You should provide precise response, keep in mind this report would be shared with awarding bodies.

Explain the roles of stakeholders and external bodies in education and training
Explain how being accountable to stakeholders and external bodies impacts on organisations in education and training
Explain why it is important to work in partnership with employers and other stakeholders in education and training
Analyse the impact of being accountable to stakeholders and external bodies on curriculum design, delivery and assessment in own area of specialism
Task 4: Report

Assuming you are given an opportunity on induction day and you need to respond these questions with focus to new staff that are going to join;

Explain key aspects of policies, codes of practice and guidelines of an organisation
Analyse the impact of organizational requirements and expectations on curriculum practice in own area of specialism
Task 5: Report

Imagine you are selected as one of the best teachers in response of students’ feedback and now you need to write a report to senior management who is head office based;

Analyse the quality improvement and quality assurance arrangements of own organisation
Explain the function of self-assessment and self-evaluation and the quality cycle
Evaluate a learning programme taking account of the quality maintenance of own organization
5.4 Identify areas for improvement in the learning programme taking account of the outcomes of evaluation

Guidance

You are required to respond tasks and ensure you map your response to the assessment criteria.
You are allowed to choose any FE sector in the UK or use your own experience of teaching but you must get approval from concerned working sector
This assessment is designed to assess your achievement of all the Learning Outcomes and associated assessment criteria in the relevant unit of the qualification you are undertaking.
Your lecturer will advise you about the assignment structure, and the date when you must hand in your completed work.
You should make sure that you plan your work carefully, to ensure that you cover all the requirements of the assignment, and complete it within the time limit specified.
You must make sure that you acknowledge any sources you have used to complete this assignment, listing reference material and web sites used.
You must Harvard referencing format throughout your work.
Learning Outcome
Learning outcome

Assessment Criteria In this assessment you will have the opportunity to present evidence that shows you are able to: Task No
Evidence

(Page no)

LO1 Understand professionalism and the influence professional values in education and training 1.1 Define the concept of professionalism and dual professionalism in education and training 1
1.2 Explain ways in which own professional values influence own practice in an area of specialism 1
LO2 Understand the policy context of education and training 2.1 Explain ways in which social, political and economic factors influence education policy 2
2.2 Analyse the impact of current educational policies on curriculum and practice in own area of specialism 2
LO3 Understand the impact of accountability to stakeholders and external bodies in education and training 3.1 Explain the roles of stakeholders and external bodies in education and training 3
3.2 Explain how being accountable to stakeholders and external bodies impacts on organisations in education and training 3
3.3 Explain why it is important to work in partnership with employers and other stakeholders in education and training 3
3.4 Analyse the impact of being accountable to stakeholders and external bodies on curriculum design, delivery and assessment in own area of specialism. 3
LO4 Understand the organisational context of education and training 4.1 Explain key aspects of policies, codes of practice and guidelines of an organization 4
4.2 Analyse the impact of organisational requirements and expectations on curriculum practice in own area of specialism 4
LO5 Be able to contribute to the quality improvement and quality assurance arrangements of own organisation 5.1 Analyse the quality improvement and quality assurance arrangements of own organization 5
5.2 Explain the function of self-assessment and selfevaluation and the quality cycle 5
5.3 Evaluate a learning programme taking account of the quality maintenance of own organization 5
5.4 Identify areas for improvement in the learning programme taking account of the outcomes of evaluation 5
Learner declaration
I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.
Student signature: Date:

Diploma in Education and Training (DET)

Assignment Brief

Qualification Unit number and title
Pearson BTEC Level 5 Diploma in Education and Training (QCF Credit) Unit4: Wider Professional Practice and Development in Education and Training
Unit code:J/505/0837

QCF level: 5

Credit value: 15 credits

Guided Learning Hours: 50

DesignerName: Mr Daniel Abanga

Date: 20/06/2017

IQA Name:Mrs Sarah Colmar and Dr Zachariah M Mulenga
Date checked 29.06.2017

Date issued Completion date Submitted on
29/08/2017 10/11/2017
Assignment title Professional Practices in Education and Training
Scenario:

You are working as Lecturer/Teacher/Trainer in a further education sector. You are responsible to teach diverse class with students who have some learning difficulties as well. You have not worked in such an environment although management and senior colleagues are there to support you in case you have any challenges. Your aim is to become a staff member who is on great demand by students and also has work to accomplish quality assurance framework while delivering sessions, and assessing students.

You are supposed to consider your own working context or choose a working environment which you are familiar with. In any case you must produce references of the work place chosen and also review related documents.

Note: You are required to review recent articles, books and other relevant literature. Wikipedia is strictly not allowed for references to answer any part of the task given. You must reflect practical understanding of each question and are required to provide candid academic references of any evidence you have in relation to the answer.

……………………………………………………………………………………………………………………………..

Task 1:Presentation with Notes

You are required to perform a professional presentation with detailed referenced notes.Thepresentation should be addressed to your current college management answering all the questions in provided below;

Define the concept of professionalism and dual professionalism in education and training
Explain ways in which own professional values influence own practice in an area of specialism

Note: Presentation is compulsory and should be done working in a group to demonstrate your ability to work as a team with others.

Task 2:Report

You are required to respond to the following questions with some real life examples;

Explain ways in which social, political and economic factors influence education policy
Analyse the impact of current educational policies on curriculum and practice in own area of specialism

Task 3: Report

You should provide precise response, keep in mind this report would be shared with awarding bodies.

Explain the roles of stakeholders and external bodies in education and training
Explain how being accountable to stakeholders and external bodies impacts on organisations in education and training
Explain why it is important to work in partnership with employers and other stakeholders in education and training
Analyse the impact of being accountable to stakeholders and external bodies on curriculum design, delivery and assessment in own area of specialism
Task 4: Report

Assuming you are given an opportunity on induction day and you need to respond these questions with focus to new staff that are going to join;

Explain key aspects of policies, codes of practice and guidelines of an organisation
Analyse the impact of organizational requirements and expectations on curriculum practice in own area of specialism
Task 5: Report

Imagine you are selected as one of the best teachers in response of students’ feedback and now you need to write a report to senior management who is head office based;

Analyse the quality improvement and quality assurance arrangements of own organisation
Explain the function of self-assessment and self-evaluation and the quality cycle
Evaluate a learning programme taking account of the quality maintenance of own organization
5.4 Identify areas for improvement in the learning programme taking account of the outcomes of evaluation

Guidance

You are required to respond tasks and ensure you map your response to the assessment criteria.
You are allowed to choose any FE sector in the UK or use your own experience of teaching but you must get approval from concerned working sector
This assessment is designed to assess your achievement of all the Learning Outcomes and associated assessment criteria in the relevant unit of the qualification you are undertaking.
Your lecturer will advise you about the assignment structure, and the date when you must hand in your completed work.
You should make sure that you plan your work carefully, to ensure that you cover all the requirements of the assignment, and complete it within the time limit specified.
You must make sure that you acknowledge any sources you have used to complete this assignment, listing reference material and web sites used.
You must Harvard referencing format throughout your work.
Learning Outcome
Learning outcome

Assessment Criteria In this assessment you will have the opportunity to present evidence that shows you are able to: Task No
Evidence

(Page no)

LO1 Understand professionalism and the influence professional values in education and training 1.1 Define the concept of professionalism and dual professionalism in education and training 1
1.2 Explain ways in which own professional values influence own practice in an area of specialism 1
LO2 Understand the policy context of education and training 2.1 Explain ways in which social, political and economic factors influence education policy 2
2.2 Analyse the impact of current educational policies on curriculum and practice in own area of specialism 2
LO3 Understand the impact of accountability to stakeholders and external bodies in education and training 3.1 Explain the roles of stakeholders and external bodies in education and training 3
3.2 Explain how being accountable to stakeholders and external bodies impacts on organisations in education and training 3
3.3 Explain why it is important to work in partnership with employers and other stakeholders in education and training 3
3.4 Analyse the impact of being accountable to stakeholders and external bodies on curriculum design, delivery and assessment in own area of specialism. 3
LO4 Understand the organisational context of education and training 4.1 Explain key aspects of policies, codes of practice and guidelines of an organization 4
4.2 Analyse the impact of organisational requirements and expectations on curriculum practice in own area of specialism 4
LO5 Be able to contribute to the quality improvement and quality assurance arrangements of own organisation 5.1 Analyse the quality improvement and quality assurance arrangements of own organization 5
5.2 Explain the function of self-assessment and selfevaluation and the quality cycle 5
5.3 Evaluate a learning programme taking account of the quality maintenance of own organization 5
5.4 Identify areas for improvement in the learning programme taking account of the outcomes of evaluation 5
Learner declaration
I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.
Student signature: Date:

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Patient Identity Management
Having accurate patient identification mechanisms is the foundation for successfully linking patient records across healthcare ecosystems. It is also essential to having a patient-centered health system and patient-centered health processes (Hannah & Kathryn, 2015). Hospitals have invested a lot of money in systems that aid them to identify patients and trace their records despite the different ID’s that patients could be using in the different hospital sections (Matyas &Vashek, 2009). If a patient came and registered with the Radiotherapy department as Bob, it would be hard for the physicians to trace such a patient if he often uses Robert instead of Bob. This is very dangerous because it would lead to physicians making wrong inferences and prescribing wrong medications that would eventually cause more harm than good to the patient. Hospitals have stepped up their efforts to avoid such issues becoming rampant through the acquisition of clinical data repositories such as physicians EHRs, hospital EMRs, and state vaccination records (Hannah & Kathryn, 2015)
The value of health information exchange (HIE) is indeed something that physicians never fail to acknowledge because they know how essential it is (Hannah & Kathryn, 2015). Physicians have been able to gain access to patient healthcare data, which has made it possible for them to make informed decisions instead of making wild guesses and inferences. Patients have different records. This means that they have different allergies, different prescriptions, chronic conditions and also procedures (Hannah & Kathryn, 2015). For example; patients with peanut allergy are always advised never to have peanut due to the severe allergic reaction called anaphylaxis (Bischoff & Alexander, 2006). This information is very important to physicians. Physicians will not only know how to proceed if such an incident happens, but will also be able to save the life of a patient. HIE is indeed important, and a patient’s identity together with their medical history should be easily accessible to the physicians.
At times the hospital staff might take the issue of Language Access Policy (LAP) for granted but it is also valuable and plays a key role in ensuring that patients are well taken care of (Bischoff & Alexander, 2006). Hospitals have a significant number of patients who are limited in language proficiency (Bischoff & Alexander, 2006). This means that most of them are not able to clearly explain their conditionsto the physicians. This presents a big challenge to the hospital staff because getting a patient’s history and their current medical condition is imperative to appropriate medication being offered. Using the same example of a peanut allergy patient, if the physician is not able to know exactly what the patient is suffering from, then it would be hard for him to administer the epinephrine that is needed immediately by such patients. Language is indeed very important and in most cases, a patient’s life is dependent on the physician’s understanding of the patient’s description.
Language is not only important in understanding the patient’s condition and history but also in the provision of appropriate healthcare. Having interpreters in medical facilities is essential and imperative in ensuring that all patients have access to appropriate healthcare services. Hospitals should conduct background checks on the interpreters before they decide to give them the job to ensure that genuine interpreters with a complete understanding of a certain language are acquired. Interpreters should also be taken through several tests to ensure that they provide accurate and comprehensive interpreting. For example, physicians could notice that patients die, or their condition worsens after they use the interpreter’s information. In a situation such as this, it could mean that the interpreter is either lying to them, or he does not understand the patient’s language, and in both cases, the patient’s life is endangered.
Patient’s privacy and security of health information have become an important concern nowadays. Healthcare providers are required by law to comply and adhere to the laws that govern or protect patient’s privacy (Mayer et al, 2004). Patient’s privacy is not only protected by the land laws, but it is also bolstered by the medical ethics guiding principles (Mayer et al, 2004). Physicians need to be warned of the consequences that their actions could have on their patients. For example, AIDS-related discrimination and stigma persist, and people with the HIV/AIDS virus have been victims of discrimination in workplaces, health care and also housing (Mayer et al, 2004). It not only affects their decision to obtain health care but also goes a long way in discouraging them to get tested and even seek treatment (Mayer et al, 2004). Complying with the privacy rules is indeed very important and all health care facilities need to adhere to them.
In certain situations, there are instances where physicians could be forced to reveal patients health information.In an instance where withholding the patient’s health condition could put the public at risk, then it will be inevitable for health care professionals to reveal the information for the greater good (McGowan, 2012). As a matter of fact, the law requires that health care professionals make such information known to the public (McGowan, 2012). For example, just recently in West Africa, there were Ebola cases and many people died as a result. If a health care professional had information about the disease outbreak and decided to withhold it then as per the land laws, he could be tried and eventually jailed (McGowan, 2012). Health providers are aware of this and even though many always adhere to the patient privacy laws, they all know that exceptions exist. Patient privacy is indeed very important and some health care professionals have been sued for breach of contract or professional negligence but as said before, there are instances where physicians are allowed by law to reveal private patient information (McGowan, C., 2012).

References
Hannah, Kathryn J. Introduction to Nursing Informatics. , 2015. Internet resource.
Mayer, Ken, and H F. Pizer. The Aids Pandemic: Impact on Science and Society. Burlington: Elsevier, 2004. Internet resource.
McGowan, C. Critical Care Nurse: Patients’ Confidentiality. Vol 32, No. 5, 2012.
Bischoff, Alexander. Caring for Migrant and Minority Patients in European Hospitals: A Review of Effective Interventions. Neuchatêl: Swiss Forum for Migration and Population Studies, 2006.

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