FINAL EXAMINATION: ASSIGNMENT BASED EXAMINATION

PROGRAMME: BACHELOR OF BUSINESS ADMINISTRATION

MODULE TITLE: QUANTITATIVE ANALYSIS

MODULE CODE: QTY 1012(BBAP)

NO NAME STUDENT ID
1 AHMAD NAJMIE BIN MOHD JAMRI BBAP18011158
 TABLE OF CONTENT

CONTENT PAGE

QUESTION 1 3

QUESTION 2 4–5

QUESTION 3 5–6

QUESTION 4 6–7

REFERENCES 8

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QUESTION 1

Source / D1 D2 D3 Supply
Destination
S1 5 4 3 100
S2 8 4 3 300
S3 9 7 5 300
Demand 300 200 200 700

Using North-West Corner Rule, the problem given is balanced as Total Supply = Total
Demand.

Source / D1 D2 D3 Supply
Destination

100
S1 5 4 3 100

200 100
S2 8 4 3 300

100 200
S3 9 7 5 300

Demand 300 200 200 700

S1D1 = 100 S1D2 = 200 S2D2 = 100 S3D2 = 100 S3D3 = 200

Minimum cost = 100 × 5 + 200 × 8 + 100 ×4 + 100 × 7 + 200 × 5

= RM4200

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QUESTION 2
Inventory control is a key element of quality management. By having to know the
supplies available at a certain time, the manager can plan food orders, calculate costs as of the
previous inventory, and change the item, if necessary. By keeping an eye on the inventory,
potential issues with thefts and waste can be noted.

1. Establishing inventory tracking and recording systems

The easiest way to monitor inventory is to use a spreadsheet. A basic spreadsheet could
show all items bought frequently, with current pricing as well as the quantities on board
at the latest inventory check. Prices may be constantly updated when the transaction
invoices are received and a timetable can be established for the goods to be counted.

2. Incoming stock
The main reason why a consistent system of acceptance of requested products is
established is that the facility gets precisely what has been purchased. Errors often occur
and significant losses may result unless the amount and features of the goods supplied are
verified thoroughly against what was requested. When receipt processes are carried out
properly, errors that may take time and money are prevented. Furthermore, an efficient
receiving process promotes honesty between suppliers and delivery party.

3. Invoices
The recipient should verify the invoice against the order or purchase request form
whenever feasible. This ensures that the quantities and prices of the delivered products
correspond to those indicated on the order form. If somehow the invoice is not verified on
the order when the items arrive, you may miss things you require or get products not
requested or in wrong amounts.

4. Inventory outgoing
Whenever a storehouse is left or cooled, a log must be maintained to monitor it. Often
this is accomplished with an internal request form. Like most small businesses, the
materials travel straight to the restaurant where the food items are manufactured. In an

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 ideal environment, precise records are maintained for arriving and departing goods, so it's
easy to determine what's on the market.

QUESTION 3

Decision making is a key duty of management and leadership. It means determining the
problem or the situation and identifying the elements connected to it. Doing so assists develop a
clear knowledge of what has to be chosen and may affect the decision between options.

 Establishment of a Problem Identification Team

It is a smart option to tackle decision-making from various viewpoints. This may catch
aspects of the problem that could otherwise be missed. Two or more individuals may
make distinct choices, expertise and understanding. It may be achieved by establishing a
group that considers and defines the problem or dilemma, and then formulates the
conclusion on the basis of their collective views. A common definition as well as
understanding of a choice aids the decision-making framework that focuses and making
conversations more streamlined.

 Data collection to determine the decision

In order to comprehend the consequences of prospective actions, fundamental decisions
need a thorough knowledge of the present situation. For this purpose, the opinions of all
parties which are impacted by the decision may be considered important. Customers,
workers or suppliers may be included. Data on how the present issue currently affects
individuals should be collected. Aspects of essential data to collect are levels of
efficiency, contentment and production metrics. In order to discover current
circumstances related to the choice in issue, interviews, focus groups and other
qualitative data collecting techniques may be utilized. As much exposure as possible
should indeed be obtained to rely on the accuracy and accuracy of a choice, before further
analyses and evaluations of options start.

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  Create alternative solutions
Generating a variety of possible options is important in any decision-making procedure.
The next stage is to offer alternatives to choose from for selection as once option has
been established. Only one option is uncommon; in reality, it should be aimed at
identifying as many alternative solutions as possible before distinguishing them too
narrowly. Therefore, the decision maker may reduce the selection on the basis of
analysis, restrictions on resources or time limits. Occasionally, to do nothing is a
worthwhile option.

QUESTION 4

Economic issues are relatively scarce issues, which in the global sense would want to
surpass resources. We cannot resolve all our economic issues completely; — specifically, fulfil
all the demands and wishes of everyone. If all our wishes were met entirely, nothing would have
cost. Why spend anything if you already have everything? And there'd be no economic resources
if there were no unmet desires. Why spend for an input if you've got all the outputs you may ever
need? The reality that there are no completely free products and services supports the idea that
comprehensive fulfilment of our wishes is unattainable.

There are four major kinds of economic resources: labor, land (mineral capital), real
capital (construction machinery, factories, respectively) and contractors. Economic resources are
often referred to as productive elements or inputs. As these titles indicate, economic resources
are needed to provide the results that society wants. As certain products are wanted, they have a
price and thus economic resources. In certain situations, this may lead to economic resources, but
not in others. For example, water in the center of a lake would not be an economic resource:
anybody can get it free. However, it is no longer free to use the same water piped to a plant: its
transit has to be compensated for with taxes or a certain fee. It is now an economic resource
since the owner of the plant would not compensate for its supply unless the water was utilized to
manufacture the plant.

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 Entrepreneurs are risk-takers, hence why they are often called risk-takers, coordinate the
actions of the other three inputs for gains or losses. Occasionally, entrepreneurs are in charge of
businesses they possess, however a manager who is not a proprietor is not automatically an
entrepreneur, but may execute some of the company's business responsibilities. Enterprises are
also innovative or inventors as well as profit motivates such actions.

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REFERENCE

Business Jargons. 2021. What is North-West Corner Rule? definition and meaning – Business
Jargons. [online] Available at: <https://businessjargons.com/north-west-corner
rule.html#:~:text=Definition%3A%20The%20North%2DWest%20Corner,solution%20
%20the%20transportation%20problem.&text=The%20transportation%20costs%20are%
0also,be%20equal%20to%20the%20supply.> [Accessed 13 July 2021].

Courses.lumenlearning.com. 2021. Decision Making Process | Boundless Management. [online]

Available at: <https://courses.lumenlearning.com/boundless
management/chapter/decision-making-process/> [Accessed 13 July 2021].

Nicasio, F., 2021. Avoiding Stockouts: 5 Preventable Causes of Out-of-Stocks and What to Do
About Them - Vend Retail Blog. [online] Vend Retail Blog. Available at:
<https://www.vendhq.com/blog/stockouts/> [Accessed 13 July 2021].