Queen and Princess Seafood Company The Queen and Princess Seafood Company (Q&P;)
ID: 372192 • Letter: Q
Question
Queen and Princess Seafood Company The Queen and Princess Seafood Company (Q&P;) has developed a highly nutritious recipe for a new shrimp dish. The R&D; staff believes the recipe has the potential to provide an entirely new and highly profitable revenue stream. However, the recipe has not been fully tested in the marketplace. As of now Q&P; has no idea whether the recipe will be well received by its customers across the nation Q&p; management has several options to consider regarding how to best proceed with respect to providing the recipe. The company could sell the rights to the recipe to one of its competitors. It is anticipated that the sale would earn $100,000 for the company. If it decides not to sell the rights, Q&P; could produce the recipe "in house. However this also entails risk since there is no guarantee how successful the recipe will be once it is on the market. Q&P; developers believe that the recipe will be either highly successful, partially successful or it could be a complete failure. Analysts believe the 30and respectively chance that the recipe will be either partially or highly successful is The net profit (or loss) from the introduction of the recipe is estimated to be Total Net Sales: . s200,000 $50,000 -$100,000 (H0.30 Highly Successful (High Sales) Partially Successful (Medium Sales) spium Sales) $100000 (M)0. (L) o Unsuccessful (Low Sales) Since the response of the market is critical to the success of this new recipe, Q&F; considering whether to hire a market research company that specializes in food service issues. A mar survey by the research company will provide a much better estimate on the li response to the new seafood item. The Culinary Research Group has agreed to perform the survey f management is also ket kelihood of the market's $5,000 and to provide the results to Q&P; in sufficient time for the company to decide how to best proceed with the new recipe. Q&P; will use the survey's results to guide its decision if they hire CRG The Culinary Research Group will provide Q&P; a report that indicates one of two outcomes: either the market will respond favorably or unfavorably to the new recipe. Considering the historical accuracy of their past market surveys, the committee has learned that in previous instances when a new product was highly successful, 90% of the time the CRG reported a favorable market, or P(FIH) 0.90. The following probabilities reflect the historical accuracy of the CRG's surveys P(FIH) 0.9, P(UIH) 0.1 P(FIM) 0.6, P(UIM) 0.4 P(F 1 L) = 0.3, P(UIL) = 0.7 Where: H, M, or L: indicates that the level of sales for Q&P;'s new recipe is High, Medium or Low F or U: indicates that CRG reports that the market will be either Favorable or Unfavorable HINT: Use Bayes' Rule to determine the likelihood that the CRG predicts market is Favorable or Unfavorable, P(F) and P(U) and also the eventual (posterior) likelihoods that Q&P; sales will be either High, Medium or Low, eg. P(HI F), P(MI F), P(UF) and P(H IU), P(MI U), P(Lju).Explanation / Answer
In this hierarchy we have few thing to lear about, I just related it to a software organisation scenario, please have a look.
Work types :
Worktypes are the work being performed for a client which comes under billing, each work is noted and showing the work to the client, and consider it under billing and the client is charged for it.
Lets consider a software example, where software employees work on their projects in which they will be having ticketing tools in which there are many categories like incidents, change requests, projects, problems etc.. In this they will assign the work depending on the type of work they do and it also based on the module they are assigned to, the peace of work they do and hours they work for a client comes under billing.
Tasks :
Tasks are something we got through emails, in which some of the actions are required to perform on the client based machines for example some of the client systems need to be upgraded, these all comes under Tasks and it something we add project documentation and time estimates for the project completion.
Modules :
Modules are the features which are being developed. We can have different kind of modules like development and design modules in which time and tasks are present for reporting and managing. For example considering a software scenario in SAP we have different modules involved on a single software, the BW team will be generating reports and the functional team works on the incidents and changes like worktypes. The delivery manager will be interacting with the client and he writes the schedule for timelines.
Milestones :
The manager in the team will be giving the timelines to the client checking the work to be done by the resources in the team, if the estimate misses and it take more time to complete then the milestones will be moved to different dates, we mostly use these Milestones in projects.
Projects :
Project is the heart in the project management Interval. Where only management or administrators can be the project managers. The number of projects active comes under current plan and inactive was not counted. The Authorizations should be provided to the respective users to work under projects.
Clients:
During the account creation we have a choice of creating our own company as a client, this is recommended as we have internal projects as well as client projects to handle, this also helps in reporting and can provide high level info about the work done to client in the organization lifetime.