Exhibit 2-1 a T-Shirt Company Is Planning a Production Run for an for an Event

question 14

Essay

Exhibit 2-1
A t-shirt company is planning a production run for an event where the attendance (and thus demand for t-shirts) is uncertain. The event planners have indicated that they think the attendance will be 500, 750 or 1000, with probabilities of 30%, 50% and 20% respectively. The company must pre-order the blank t-shirts (cost=$5 per shirt) and it can sell finished shirts for $12 apiece. Any finished shirts that cannot be sold at the event can be sold for $2 apiece to a used clothing vendor.
-Refer to Exhibit 2-1.Suppose now that blank t-shirts can only be ordered from the wholesale vendor in batches of 50
How many t-shirts should the company order

Understand goal-setting strategies, including breakdown of long-term goals into short-term objectives.

Grasp the importance of knowledge and skill acquisition in goal setting.

Recognize the role of feedback in enhancing the benefits of specific and challenging goals.

Identify the characteristics of highly motivating goals.

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Definitions:

HRM Responsibility

The range of duties and functions carried out by the Human Resources Management department, including recruitment, training, performance management, and employee relations.

Strategic Partner

An alliance with another organization or individual that involves sharing resources and goals to achieve mutual benefits.

Human Resources

The department within an organization that focuses on recruitment, management, and providing direction for people who work in the organization.

Job Design

The process of organizing tasks, duties, and responsibilities into a productive unit of work to enhance job satisfaction and performance.