Random variable

EXECUTIVE SUMMARY Ocean Carriers Inc. is a global provider and operator of capesize dry bulk carriers carrying mainly iron ore. The objective of this analysis is to determine whether Ocean Carriers should launch the two year production of a new capsize carrier incurring costs of $39 million. To thoroughly analyze this decision, various factors should be considered such as net present value of future cash flows, current and future expectations of supply and demand determining costs of…

Would you rather be on a tropical island or go to a place not far away fro home? If you are going on a trip. If you have to decide between going to Hawaii or Florida? Hawaii and Florida both have a lot to offer to you. If you love beaches both states have them. Flying to Hawaii costs $1,500. Flying to Florida cost $378 per person. It takes 2-3 hours to fly to Florida. It takes 9-10 hours to fly to Hawaii. Hawaii is father than Florida, but Hawaii is a tropical island that you will probably get…

What are Bail Bonds? If you are arrested a court will set the amount of your bail. This is the amount of money it takes for you to get out of jail while awaiting your court date. Depending on the seriousness of the crime you are accused of, the bond can be a high amount or a low amount. The main reason for a bail bond is to ensure that you will be around when the time comes to go to court. Bail Bond Amounts Differ The bail amount that is set by the court is sometimes low enough so that you…

It is observed a diverse approach in the meaning of purchasing amongst the literature background. Van Weele (2010) defines purchasing as the typical term which is related to the acquisition process of raw materials but it can also be known as procurement or even supply management. Bowersox (2010), states that purchasing has been traditionally adversarial and transaction focused, thus primarily interested in the product price. Nowadays, on the contrary, a shift towards the lowest cost of…

Three main manufacturing processes exist; formative, subtractive and additive processes. These manufacturing processes can be divided by the type of action or actions required to produce the final part. Formative processes form the material into the desired shape, either by using dies or moulds. Examples of formative processes are stamping, forging, drawing, rolling or extruding. Subtractive processes on the other hand remove layers of material to form the final part. Turning, milling, grinding,…

According to Williamson, “A transaction occurs when a good or service is transferred across a technologically separable interface. One stage of activity terminates and another begins.” Transaction costs appear whenever there is “friction” at the point of interface. In other words, Transaction Cost Economics focuses on the organization of transactions that occur whenever a good or service is transferred from a provider to a user across a technologically separable interface. When transactions…

This report was commissioned to examine a decision regarding the number of shirts to produce for the rock concert, scheduled to be staged in two months and calculate the financial outcomes while maximizing the profit. The research draws attention to two uncertain events, Mr. George Lassiter faced. Firstly Mr. Lassiter has no idea in the number of people attending the concert and secondly about the percentage of attendees who would buy his shirts. George Lassiter is a project engineer for a…

Is the lottery a good idea or not? Did you know that 5 in 176,000 win the lottery? Well they do according to Lewis humphries the more you spend on the lottery to less chances you get of winning the lottery! In 2000 the big game jackpot grew to $363 million dollars by 2013! The statement here is that the lottery is a good idea! How much money do people spend on the lottery? $50.9 billion dollars are spent on the lottery. That's in total that 13 dollars a month to each person that does the…

The following measures were undertaken to measure the performance of the Employee Ultima project Return on investment The most appropriate formula to measure this is net benefits divided by costs and by multiplying the result by 100. This calculation determines the percentage return of investment made. The net benefits include contribution to profit, saving costs in travel expenditure, cost of resource, improvement initiative costs of the conference etc. Cost of quality This is the amount…

There are differences in all types of jobs. In this essay, I want to talk about the differences between detasseling corn, to service jobs like working at Goodwill. These are two types of work that I have performed and will speak from experience. Detasseling is the process of removing the tassel from the tops of corn plants and then throwing them on the ground (Webster’s Dictionary). Detasseling is used as a form of pollination control in order to cross-breed two varieties of corn (Webster’s…