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Qantitive Analisis for Managers - Research Paper Example

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Summary
Solution-: Using High Low method, cost function i.e. Variable cost and fixed cost will be calculated. In this method cost function is estimated by determining the line which connects highest and lowest values for the cost driver in the given range.
Using Regression Method cost functions i.e…
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Qantitive Analisis for Managers
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Download file to see previous pages 1(B)-: We are told that it would be desirable to make at least 1.5% of the cost of the construction of the venue back in profit from the tickets
Let's charge due to above condition = p
Total Construction Cost
Activity
Predecessor
Week
Cost Initial
Cost Weekly
Total Cost
A. Design and drawing of plans -
16.00
50
0
50
B. Approval of design by the local Council
A
13.00
0
0
0
C. Removal of debris etc.from site -
19.00
2
12
230
D. Offite construction of foundations -
13
14
10
144
E. Delivery of materials and equipment to site
C
4.00
27
6
51
F. Building the foundations and basic structure
C,D
21.00
0
14
294
G. Completion of the building work
B,E,F
11.00
0
12
132
H. Installation of wiring, plumbing and other essential works
F
15.00
0
8
120
I. Painting and installation of furniture, seating, etc.
G,H,J
11.00
0
6
66
J. Publication and approval of plans by IOC
A
8.00
2
0
2
Total
1089
1.5 % of Total construction cost = 1.5 X 1089 /100
= 16.335
So, 16.335 = p x 500 - (3571.12 + (500 x 1.86))
Ticket Charge (p) = 9.03
2(A)-: Break even point according to Regression Method
Break even Point = Fixed cost /( Unit Price - Variable Unit Price)
= 3784.53 /( 9 - 1.71)
= 519.14
Percentage to Capacity = (Break even point / Capacity) x 100
= (519.14 /12000) x 100 = 4.32 %
2 (B)-: We are told that it would be desirable to make at least 1.5% of the cost of the construction of the venue back in profit from the tickets
Let's charge due to above condition = p
Total Construction Cost
Activity
Predecessor
Week
Cost Initial
Cost Weekly
Total Cost
A. Design and drawing of plans -
16.00
50
0
50
B. Approval of design by the local Council
A
13.00
0
0
0
C. Removal of debris etc.from...
highest and lowest level of activity to calculate the cost function. But its reliability is not very high due to considering of less sample data. However it is more consistent than visual fit and easy to use.
The regression analysis is a statistical technique that uses all observations to determine the cost function. It provides a best fit estimation model. Reliability of model can be used to consider the usefulness of model. It can incorporate multiple independent variables.
So, Regression analysis is more accurate because in this method the deviation in data points and cost line is minimized as much as possible. Also this method makes use of all data and has statistical properties that allow us to make predictions and draw inferences (Langfield, Thorne and Hilton). However it is more complex to use and requires more expertise to be used.
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