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Qnt. 5040 - Simulation Modeling

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Question;Weeks Nine and Ten;Qnt. 5040 -;Simulation Modeling;Dr. Phillip S. Rokicki;The Prescott;Furniture Company;Instructions;Using Palisades Precision;Tree software create a tree that graphically shows the various;options open to customers of the Prescott Furniture Company[1]. You must import;your Precision Tree into a Word document that contains the NSU/SBE;front page. Be sure to explain what you;did to solve this problem, and explain what a decision tree is and what the;solution is for each of the various branches.;There is a maximum of 10 points available for this opportunity.;The Problem;Walt (Hutch) Woods is the owner and main furniture maker at the Prescott Furniture;Company (located just behind the K-Mart on route 52) in Prescott Florida. The company has been in business for over 15;years producing some of the finest examples of curio cabinets available in the;Southeast US. Hutch makes two sizes of cabinets;the regular size is about 10 inches smaller in width than the large size;cabinet seen on the right.;The company uses only three types;of woods, Miami Dade Pine, pecan, and red cherry to make their cabinets. The Miami Dade Pine is only finished in;natural wood, but the pecan and red cherry woods can be finished in either a;matte finish or a glossy finish which both cost the same.;Walt (Little Hutch) Woods;Walt?s son, Little Hutch, is a senior at Prescott High School where he has been;taking as many business courses and wood working classes as he can. Because he is planning on graduating at the;end of this semester, his dad hopes that he will continue his studies at PC[2];and work part-time at his furniture shop.;In order to help Little Hutch;out he has asked you to create a decision-tree that explains the various;options open to customers. Over the past;years Walt has been keeping track of the preferences that his customers make;when ordering a cabinet, and he has provided you with a table that shows the;percentages and costs of each item for you to use in your decision tree.;Your task;You are to take this information;and beginning with a purchase/don?t purchase decision node create a Precision;Tree that shows Little Hutch the;possible options open to the customer, and find the final ending price for each;option.;NOTE: You must also include the state of Florida sales tax and;Prescott County sales tax cost. Together;they total 7.25% of the total;sale. You may have to calculate this by hand in your decision tree.;The Furniture Options;The following are the options open to customers of the;company. Prepare a Precision Tree;graphically showing these options, percentages and costs. Import this tree into a Word document and;explain your answers in the Word document.;Prescott Furniture;Company ? Cabinet Options Chart;Type of;Wood;Finish -;Natural;Finish -;Matte;Finish;Glossy;% of people;selecting this option;Cost of;Cabinet with this option[3];Miami Dade;Pine;Small Cabinet;X;8%;$4,500;Large Cabinet;X;14%;$5,250;Pecan;Small Cabinet;X;X;17%;$3,500;Large Cabinet;X;X;20%;$3,750;Cherry Wood;Small Cabinet;X;X;20%;$2,000;Large Cabinet;X;X;21%;$2,500;Be sure to also include the following table in your finished work project.;?;Assume that Walt will have 135 customers in the coming year, and that each one will order one;of the above cabinets in the same percentage indicated, how much is his;expected income (gross) and how much will he pay in state and local sales;taxes?;Table 1. Estimated Income;Type of;Wood;Estimated;Income;Estimated;Sales Tax;Total;Income;Miami Dade;Pine;Pecan;Cherry Wood;This concludes the homework for this class.;[1];No other software is acceptable for this case study for this two week period.;[2];PC = Prescott College.;[3];Customer costs before Florida and Prescott sales taxes.

 

Paper#60645 | Written in 18-Jul-2015

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