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kobusy [5.1K]
2 years ago
8

My-law.com is a recent start-up trying to cater to customers in search of legal services who are intimidated by the idea of talk

ing to a lawyer or simply too lazy to enter a law office. Unlike traditional law firms, My-law.com allows for extensive interaction between lawyers and their customers via telephone and the Internet. This process is used in the upfront part of the customer interaction, largely consisting of answering some basic customer questions prior to entering a formal relationship.
In order to allow customers to interact with the firm's lawyers, customers are encouraged to send e-mails to my-
[email protected] From there, the incoming e-mails are distributed to the lawyer who is currently "on call." Given the broad skills of the lawyers, each lawyer can respond to each incoming request.
E-mails arrive from 8 a.m. to 6 p.m. at a rate of 10 e-mails per hour (coefficient of variation for the arrivals is 1). At each moment in time, there is exactly one lawyer "on call," that is, sitting at his or her desk waiting for incoming e-mails. It takes the lawyer, on average, 5 minutes to write the response e-mail. The standard deviation of this is 4 minutes.

a. What is the average time a customer has to wait for the response to his/her e-mail, ignoring any transmission times? Note: This includes the time it takes the lawyer to start writing the e-mail and the actual writing time.
b. How many e-mails will a lawyer have received at the end of a 10-hour day?
c. When not responding to e-mails, the lawyer on call is encouraged to actively pursue cases that potentially could lead to large settlements. How much time on a 10-hour day can a My-law.com lawyer dedicate to this activity (assume the lawyer can instantly switch between e-mails and work on a settlement)? To increase the responsiveness of the firm, the board of My-law.com proposes a new operating policy. Under the new policy, the response would be highly standardized, reducing the standard deviation for writing the response e-mail to 0.5 minute. The average writing time would remain unchanged.
d. How would the amount of time a lawyer can dedicate to the search for large settlement cases change with this new operating policy?
e. How would the average time a customer has to wait for the response to his/her e-mail change? Note: This includes the time until the lawyer starts writing the e-mail and the actual writing time.
Business
1 answer:
Angelina_Jolie [31]2 years ago
5 0

Answer / Explanation:

Before we start solving this question, we should take note of the parameters below:

λ = 10 emails per hour → inter arrival time (a) = 10 emails / 60 minutes → a = 6 minute,

Therefore, CVₐ = 1

Where processing time (p) = 5 minute,

Therefore, CVp = 4 minute / 5 minute = 0.8 minute

Hence,

(a) To calculate the average processing time a customer has to wait (Ts), we have:

Waiting Time = Processing X [ (5/6) / ( 1 - 5/6)] X [ 1² + 0.8²) /2 ]

Solving the above equation further, we arrive at 20.5 Minutes.

Therefore,

Average processing time = Waiting time + processing time

                                            = 5 minutes  + 20.5 minutes

                                             = 25.5 minutes.

(b) To calculate how many emails a lawyer will receive at the end of 10 hours day, we have:

Emails per day = 10 emails per hour X 10 hours

                           = 100 Emails per day.

(c) Idle Time = Probability that there are no customer in the system = unknown.

Therefore, the Idle time = ( 1 - amount of utilization) x 10 hours

Calculating further, we have 1.66 hours.

To increase the responsiveness of the firm, the board of My-law.com proposes a new operating policy. Under the new policy, the response would be highly standardized, reducing the standard deviation for writing the response e-mail to 0.5 minute. The average writing time would remain unchanged.

(d) Hence, to know the amount of time a  lawyer can dedicate to the search for large settlement cases change with this new operating policy,

The average amount of time would not change since the utilization is not dependent on the variance or standard deviation but depends on the average processing and inter arrival time.

(e) How would the average time a customer has to wait for the response to his/her e-mail change? Note: This includes the time until the lawyer starts writing the e-mail and the actual writing time.

To do this, we recall out precious gotten parameter:

Hence, Processing Time (p) = 5 minutes

CVp = 0.5 minutes / 5 minute = 0.1

Waiting time = 5 minute X [ 5/6 (1 - 5/6)] X [ (1² + 0.1² ) / 2 ] = 12.63 minute

Total Response time = waiting time + processing time = 17.63 minutes.

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Answer:

SF7.37

Explanation:

PV of cash flow is calculated using the formula

1-(1+r)^-n/r=1-(1-0.15)^5/0.15=1-(0.75)^5/0.15=1-0.237/0.15=5.085

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20.3385million

Using interest parity

1+ic/1+ib =Fo/So

Counter country is US while home country is in

swiss

1+0.05/1.04=fo/1.09

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2 years ago
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Your industrial supply company wants to create a data warehouse where management can obtain a single corporate-wide view of crit
antoniya [11.8K]

Answer:

Industrial supply company scenario:

  • The company wants to create a data warehouse where management can obtain a single corporate-wide view of critical sales information to identify best-selling products in specific geographic areas, key customers, and sales trends.
  • The sales and product information are stored in both a divisional sales system running on a Unix server and a corporate sales system running on an IBM mainframe.
  • The desire is to create a single standard format that consolidates these data from both systems.

Business problems:

  • A business problem that can arise from not having these data in a single standard format is that employees will see the data as inconsistent.
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  • The product descriptions are formatted differently so managers and employees might get confused when it is entered into the system.
  • Also, the system identifies the sales by territory in the United States so it would be impossible to identify the sales or even around the world.
  • The corporate sales system also lacks a way to identify the identification of the customer.
  • Both sales system should be consistent with the information in order to prevent redundancies or inaccuracies.  

How easy it would be to create a database with a single standard format:

  • Creating a database with a single standard format would ideally be easy.
  • Data quality audits and data cleansing should be performed when constructing the new database.
  • Data quality audits and data cleansing would correct any redundancies and inaccuracies in the current systems.
  • By using data-cleansing software, the company can combine and integrate the data from all the systems into a single standard format that is uniform throughout the whole company.

Problems that should be addressed:

  • A problem that should be addressed is the product description and sales territory tags.
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  • The names would have to be changed so that they are the same format and are only entered once in the new single standard format database.
  • Another problem that would have to be addressed is keeping both the division and customer id tags in the new database.
  • This would provide more information for each entry and would limit any confusion among the employees.

Database specialists:

  • Database specialists will help solve the problems by performing the data quality audits and data cleansing.
  • They will also help in establishing an information policy and developing the new database.
  • They are also responsible for the specific policies and procedures through which data can be managed as an organizational resource.
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General business managers:

  • General business managers would have the final say when managing data resources.
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Who should have the authority?

  • The general business managers should have the authority because they are responsible for the data.
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6 0
2 years ago
Barry is a single, 40-year-old software engineer earning $190,000 a year and is not covered by a pension plan at work. How much
Anna007 [38]

Answer:

Barry cannot contribute any amount to Roth IRA

Explanation:

For a single/ unmarried individual to be able to contribute to Roth IRA plan, his Adjustable Gross Income (AGI) should range between $117,000 and $132,000. Since Barry's annual income is $190,000, which is higher than the maximum AGI required for a single to be able to contribute to Roth IRA, he cannot contribute to Roth IRA.

3 0
2 years ago
Polk Products is considering an investment project with the following cash flows:
Andrei [34K]

Answer:

b. 1.86 years

Explanation:

The computation of the project's discounted payback is shown below:-

Year   Cash Flows      Discounted CFs (at 10%)        Cumulative

 

                                                                                Discounted CFs

0        -$100,000           -$100,000                          -$100,000

1          $40,000              $36,363.64                       -$63,636.36

2          $90,000              $74,380.17                        $10,743.80

3          $30,000               $22,539.44                      $33,283.25

4          $60,000               $40,980.81                      $74,264.05

Discounted Payback Period = Years before full recovery +

(Uncovered Cost at start of the year ÷ Cash Flow during the year)

Now we will put the values into the formula

= 1 + ($63,636.36 ÷ $74,380.17)

= 1 + 0.86

= 1.86 years

6 0
2 years ago
Northcutt's production data for a new deluxe product were taken from the most recent quarterly production budget:July August Sep
AlladinOne [14]

$553,950 is the total cost of the production.

Explanation:

In the table attached the various factors are explained

The total production, direct labour, total direct labour hours per unit and the total cost is calculated.

The total production of standard production for 3 months is calculated as (30,000*$15)=$450,000

the total production of deluxe product is calculated as (6,930*$15)=>$103,950

then the sum is found to get the total cost that is $553,950.

7 0
2 years ago
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