Project 3_ Simulation
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MISC
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Business
Date
May 8, 2024
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PROJECT 3: SPREADSHEET MODELING & SIMULATION
PURPOSE OF ASSIGNMENT
The goal of this project is to provide you with a realistic case problem experience setting up a
spreadsheet model and simulation to facilitate retirement planning. The project fulfills these
learning outcomes of the class:
1. Construct appropriate quantitative models for a variety of business problems using a
spreadsheet environment.
2. Apply quantitative techniques and spreadsheet tools to derive a set of conclusions from
these models.
3. Evaluate conclusions and perform what-if analysis to gain insights about the business
problem.
4. Analyze and interpret conclusions and insights, and communicate this intelligence to decision
makers using appropriate data visualization, reporting, and presentation techniques.
5. Continue to develop the critical thinking and problem solving skills necessary to produce a
business decision or recommendation from a data set.
ASSIGNMENT INSTRUCTIONS
CASE PROBLEM: Arrow Consulting
Will you be able to retire when you want? What will your retirement account be worth when you
plan to retire? How much of your salary should you invest now and over time to reach your
targeted account value? The Human Resources Department at Arrow Consulting was asked to
develop a financial planning model that would help employees address these questions. Kieran
Gosby was asked to lead this effort and decided to begin by developing a financial plan for
himself. Kieran has a degree in business analytics and, at the age of 40, is making $85,150 per
year. Through contributions to his company's retirement program and the receipt of a small
inheritance, Keiren has accumulated a portfolio with a current value of $55,000. Keiren plans to
work 20 more years and hopes to accumulate a portfolio valued at $1,000,000. Can he do it?
Kieran began with a few assumptions about his future salary, his new investment contributions,
and his portfolio growth rate. He assumed a 5% annual salary growth rate and plans to make new
investment contributions at 6% of his salary. After some research on historical stock market
performance, Kieran decided that a 10% annual portfolio growth rate was reasonable. Using these
assumptions, Kieran developed an Excel worksheet that provides a financial projection for the next
five years. In computing the portfolio earnings for a given year, Kieran assumed that his new
investment contribution would occur evenly throughout the year, and thus half of the new
investment could be included in the computation of the portfolio earning for the year. From the
worksheet, we see that, at age 45, Kieran is projected to have a portfolio valued at $124,437.
Arrow Consulting
Age
40
Current Salary
$85,150
Current Portfolio $55,000
Annual Investment
Rate
6.00%
Salary Growth Rate
5%
Portfolio Growth Rate
10%
Year
Beginning
Balance
Salary
New
Investment
Earnings
Ending
Balance
Age
1
$55,000
$85,150
$5,109
$5,755
$65,864
41
2
$65,864
$89,408
$5,364
$6,855
$78,084
42
3
$78,084
$93,878
$5,633
$8,090
$91,806
43
4
$91,806
$98,572
$5,914
$9,476
$107,197
44
5
$107,197
$103,500 $6,210
$11,030
$124,437
45
Kieran’s plan was to use this worksheet as a template to develop financial plans for the company’s
employees. The data in the spreadsheet would be tailored for each employee, and rows would be
added to it to reflect the employee’s planning horizon. After adding another 15 rows to the
worksheet, Kieran found the amount that he could expect to have in his portfolio after 20 years.
Kieran then took his results to show his boss, Eden Krystkowiak.
Although Eden was pleased with Kieran’s progress, she voiced several criticisms. One of the
criticisms was the assumption of a constant annual salary growth rate. She noted that most
employees experience some variation in the annual salary growth rate from year to year. In
addition, she pointed out that the constant annual portfolio growth rate was unrealistic and that the
actual growth rate would vary considerably from year to year. She further suggested that a
simulation model for the portfolio projection might allow Kieren to account for the annual random
variability in the salary growth rate and the portfolio growth rate.
After some research, Kieran and Eden decided to assume that the annual salary growth rate would
vary from 0% to 5.1% and that a uniform probability distribution would provide a realistic
approximation. Arrow Consulting's accountant suggested that the annual portfolio growth rate
could be approximated by a normal probability distribution with a mean 9.85% and a standard
deviation of 4.9%. With this information, Kieren set off to redesign his spreadsheet so that it could
be used by the company’s employees for financial planning.
Managerial Report
Play the role of Kieran Gosby and develop a simulation model for financial planning. Write a report
for Kieran’s boss and at a minimum, include the following:
1. Without considering the random variability, extend the current worksheet to 20 years. (
Hint:
Do the math for the first five years.) Determine the expected value using the constant annual
salary growth rate and the constant portfolio growth rate. Confirm that the value is $807,130.
Then determine what would Kieran’s annual investment rate have to increase to in order for
his portfolio to reach a 20-year, $1,000,000 goal? (
Hint:
Use Goal Seek.)
2. Redesign
the spreadsheet model to incorporate the random variability of the annual salary
growth rate and the annual portfolio growth rate into a simulation model. Assume that Kieran
is willing to use the annual investment rate that predicted a 20-year, $1,000,000 portfolio in
part 1. Show how to simulate Kieran’s 20-year financial plan. Use results from the
simulation model to comment on the uncertainty associated with Kieran reaching the 20-year,
$1,000,000 goal.
3. What recommendations do you have for employees with a current profile similar to Kieran’s
after seeing the impact of the uncertainty in the annual salary growth rate and the annual
portfolio growth rate?
4. Assume that Kieran is willing to consider working 25 more years instead of 20 years. What is
your assessment of this strategy if Kieran’s goal is to have a portfolio worth $1,000,000?
5. Discuss how the financial planning model developed for Kieran Gosby can be used as a
template to develop a financial plan for any of the company’s employees.
Limit your report to one page. Include any needed tables and graphs in an appendix.
Your submission should include your report and your Excel file. The Excel file will only be used to
verify your work. The report should include all information the Eden needs.
Your preview ends here
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Related Questions
9:36
Assignment Details
Introduction to Business (BUSG-129-WJ1 CRN: 23348)
Description
After watching the following 4 UTube videos,
students are to discuss the keys points from
each of these 4 videos:
1. What is a stock market index?
2. Stocks, Bonds, Funds - What's the
difference?
3. What are dividends?
4. What is a 401K?
W
VES
Dashboard
56 ا...
Stock Market Index | by Wal...
3
CODIGO
T
View Discussion
000
000
Calendar
7
To Do
NA
Notifications
Inbox
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Your research must be well articulated and present a strong case with well researched facts. You are encouraged to make use of academic journals that you can get from the library online or from google scholar, internet sources and newspaper articles.
Your report must include (but not limited to) the following topics.
Introduction
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Conclusion
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(Please do not give solution in image format thanku)
Imagine you have been assigned a project to get your office premises renovated in the minimum possible number of days. Discuss planning details of the same in terms of:
Any 3 objectives of the project •
Any 3 methods used to assess the cost •
Any 3 methods used to estimate the schedule of the project
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Homework help starts here!
ASK AN EXPERT
CHAT
MATH SOLVER
Question
Question
A business is launching a new product. The launch will require a number of related activities as follows - hire a sales manager (5 weeks), require the sales manager to recruit sales people (4 weeks), train the sales people (7 weeks), select an advertising agency (2 weeks), plan an advertising campaign with the agency (4 weeks), conduct the advertising campaign (10 weeks), design the packaging of the product (4 weeks), set up packing operation (12 weeks), pack enough products for the launch stock (8 weeks), order the launch quantity of products from the manufacturer (13 weeks), select distributors for the product (9 weeks), take initial orders from the distributors (3 weeks), dispatch the initial orders to the distributors (2 weeks). (a) If the sales manager cannot be hired for 3 weeks, how will that affect the total project? (b) If the whole project launch operation is to be…
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Planning is a crucial aspect of any endeavor, whether it's a personal project or a large-scale initiative. It involves setting clear objectives, outlining strategies to achieve those objectives, allocating resources effectively, and establishing timelines for completion. Without proper planning, tasks can become disorganized, leading to inefficiency and missed opportunities. By taking the time to plan meticulously, individuals and organizations can increase their chances of success and minimize potential setbacks.
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Topic : Minimum Wage
Freewrite about the need of change in minimum wage jobs.
Expand freewriting. Write as much as you can about your topic. Remember, NO RESEARCH!
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Write an outline for the writing--The thesis statement and at least 3 main supports.
Write a draft of the piece. It should be at least 5 paragraphs--an intro with a thesis, 3 body paragraphs that support the thesis, and a conclusion.
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Article:
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develop a merchandise management plan for a retail establishment that you create and design. A different part of the plan will be completed each week. The plan will be detailed and comprehensive, and each element will often require more than one week's work. Therefore, the course project section will often be broken up into two parts, one which will ask you to preview and begin work that will be completed in future weeks, and the second part which will be the assignment that will actually be submitted that week.
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Question 9
Shortening (crashing) the schedule goal is to reduce the project duration with a
increase in the project direct cost, by "buying" time along the critical
path(s) where it can be obtained at the
cost.
maximum; most
cost; schedule
schedule; cost
minimum; least
Question 10
Day-at-Time method is the only method available to perform activities' crashing
True
False
Question 11
Before you start updating the schedule you need to establish a baseline/target
schedule to compare it with the actual schedule
True
False
Question 122
In determining what activities are updating for schedule updates, changes in contract
schedule will not change your baseline schedule
True
False
جیسے
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E. All choices are
15-John is putting together his budget for the project and as part of this process, he is actively discussing and soliciting estimates
from each member of the project team for the overall budget. He presents his budget to senior management and Susan rejects it.
stating, "Team members are always going to pad their estimates. I will give you the figure I want you to shoot for." Susan is
employing what method for project cost budgeting?
A. Bottom-up
B. Top-down
C. Parametric
D. Comparative
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MISSING GUARANTED DEADLINE IN A BUSINESS.
1. HOW THE ABOVE CONTROL PROBLEM AFFECT THE BUSINESS
2. RESOLUTION TO SOLVE THE ABOVE PROBLEM,
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Preview File Edit
90% O E
Q O
Go Tools Window Help
a Stevenson, W. J. - Operations management. (14th ed.). McGraw-Hill-Mcgraw-Hill (2021).pdf (page 806 of 929)
O a bearch
Rev
How many weeks after the original start time should the project be finished?
7. Three recent college graduates have formed a partnership and have opened an advertising firm.
Their first project consists of activities listed in the following table.
operations
notes
6100
Stevenson,
a. Draw the precedence diagram.
W. J..21).pdf
b. What is the probability that the project can be completed in 24 days or less? In 21 days or less?
c. Suppose it is now the end of the seventh day and that activities A and B have been completed,
while activity D is 50 percent completed. Time estimates for the completion of activity D are 5,
6, and 7. Activities C and H are ready to begin. Determine the probability of finishing the proj-
ect by day 24 and the probability of finishing by day 21.
nd impre
o you w
CExtra
Screen Shot
20228 PM…
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4a. Use examples to explain how resource scheduling can reduce the flexibility in managing projects?
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The employee's supervisor must approve the time off; an employee may not take the time if they are needed for an important project. This policy will be effective the first week of February 2020. It is not retroactive.
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(1)
Suppose a project manager is reviewing the project management plan, the work performance data, and the project schedule. She is getting ready to do next?
Work the project plan.
Plan the project schedule.
Start Control Schedule.
Create the WBS.
(2) During the Control Schedule process, what is one of the most common outputs?
Stakeholder meeting
Team meeting
Vacation request
Change request
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-36.0pt;line-height:200%”>Effectiveness of
Employee TrainingAdministration staff
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Project risk management involves:
O A. Analogous estimating, bottom-up estimating and parametric modelling
O B. Cost estimating, cost budgeting and cost control
O C. Risk identification, contingency budgeting and contracts management
O D. Net present value, return on investment and payback analysis
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Project 1-3: Creating a Project Schedule for Hiring a New EmployeeIn this project, you will create a project schedule for the process of hiring a new employee for your department.
GET READY. OPEN a new blank project schedule.
Set the project start date to be October 21, 2019.Enter the following tasks and durations:Task DurationWrite job description 2dNotify departmental recruiter 1dPost job internally 5dPost job externally 5dCollect résumés 10dReview résumés 5dSet up interviews 3dConduct interviews 8dSelect candidate 1dMake offer milestoneAssign a finish-to-start relationship to all the tasks.Change the relationship between tasks 3 and 4 to a start-to-start relationship.Auto-fit all the columns and rows.Change all tasks to the Automatically Scheduled mode.Use the statistics button on the Project Information dialog box to determine the current project duration.SAVE the project schedule in the solutions folder for this lesson as Hiring Employee xxd where…
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Project Time Management processes:
O a. Plan Schedule Management
O b. All of these
O c. Define Activities
O d. Sequence Activities
e. Control Schedule
Which one of the following is not a part of Plan Schedule Management
O a. Documentation for planning
O b. Procedures
O c. Establishing the policies
O d. Norms and values
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Chapter 3. Dr. Kay is learning how to make some traditional Indian food and comes upon this recipe
for a childhood favorite (White Dhokla): https://recipes.timesofindia.com/us/recipes/white-dhokla
/rs59190882.cms 2. In an effort to remain organized she sorts out the steps of the recipe to get an
estimate of how much time it would take her to complete the recipe.
Immediate Time
Activity Description
Predecessor (Hours)
A
Soak lentils & rice
8
Grind lentil-rice mixture A
0.5
Ferment lentil-rice
C
В
mixture
D
Heat the steamer
C
0.5
Prepare the pans with
0.25
mixture
F
Steam the pans
D, E
0.5
Prepare tempering
0.1
H
Temper, Cool, and serve
F, G
0.5
1. Draw a network diagram for this process (include it in your final submission file at the end of the
exam). What is the total expected time in hours for this recipe to be completed?
hours
2. Show the activity schedule (include it in your final submission file at the end of the exam). What is
the Critical Path for this recipe?
3. If Dr. Kay can…
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An updated schedule that shows the present status of the project is called the _____ schedule.
Question 17 options:
performance index
master
milestone
general conceptual
current
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Part 1: The 5 project management groups have wide industry application in modern day project management. By using practical examples of your choice, demonstrate the practical application of the project management processes in bringing a project to a successful end (Detailed response required, also acknowledge information sources).
Part 2: A gantt chart is widely applied in project management as a project scheduling tool,whose format is in bar chart form. Critically examine a gantt chart as a project scheduling tool and practically demonstrate how it can also be used as a project planning and control technique (Detailed response required, also acknowledge information sources).
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I HAVE COMPLETED SUB-PARTS 1-3 the answers are mentioned below but I need to finish
*SUBPART #4 (the question is listed in the image )
Huggies example link https://www.business2community.com/consumer-marketing/think-marketing-differently-huggies-example-0651549
1.) Purely consumer product which I am going to choose is Coffee. Coffee is a purely consumer product which we will sell in the markets in the form of coffee powder. This will directly rival the giant company's product already prevailing in the market. I have chosen Coffee as my product because this can be targeted as B2B product quite effectively as coffee and tea are always demanded in the office areas, restaurants, hotels etc. This will widen our business market reach and increase brand awareness. Another plus point behind choosing this product is that coffee has evergreen market which is not affected with seasonal variations.
Step 3
2.) Instead of offering one variant, we will be making our coffee available in…
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1.Estimating the type and quantities of resources required to perform each schedule activity defines:
Select one:
a. Three-point estimating.
b. The Estimate Activity Resources process.
c. Analogous estimating.
d. The Estimate Activity Durations process.
Which of the following project documents would NOT likely be updated in the Develop Schedule process?
Select one:
a. Project scope statement
b. Risk register
c. Project calendar
d. Activity resource requirements
Comparing target schedule dates with the actual or forecasted start and finish dates is an example of:
Select one:
a. Using project management software.
b. Progress reporting.
c. Calculating a cost performance index (CPI) value.
d. Conducting a variance analysis.
All of the following are parts of the scope baseline EXCEPT the:
Select one:
a. Project Scope statement
b. WBS dictionary
c. Work breakdown structure
d. Scope management plan
The project manager has just received a change from the customer that does not affect…
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- (Please do not give solution in image format thanku) Imagine you have been assigned a project to get your office premises renovated in the minimum possible number of days. Discuss planning details of the same in terms of: Any 3 objectives of the project • Any 3 methods used to assess the cost • Any 3 methods used to estimate the schedule of the projectarrow_forwardHomework help starts here! ASK AN EXPERT CHAT MATH SOLVER Question Question A business is launching a new product. The launch will require a number of related activities as follows - hire a sales manager (5 weeks), require the sales manager to recruit sales people (4 weeks), train the sales people (7 weeks), select an advertising agency (2 weeks), plan an advertising campaign with the agency (4 weeks), conduct the advertising campaign (10 weeks), design the packaging of the product (4 weeks), set up packing operation (12 weeks), pack enough products for the launch stock (8 weeks), order the launch quantity of products from the manufacturer (13 weeks), select distributors for the product (9 weeks), take initial orders from the distributors (3 weeks), dispatch the initial orders to the distributors (2 weeks). (a) If the sales manager cannot be hired for 3 weeks, how will that affect the total project? (b) If the whole project launch operation is to be…arrow_forwardPlanning is a crucial aspect of any endeavor, whether it's a personal project or a large-scale initiative. It involves setting clear objectives, outlining strategies to achieve those objectives, allocating resources effectively, and establishing timelines for completion. Without proper planning, tasks can become disorganized, leading to inefficiency and missed opportunities. By taking the time to plan meticulously, individuals and organizations can increase their chances of success and minimize potential setbacks. Question: How does effective planning contribute to the overall success of a project or initiative?arrow_forward
- Article: Harry Hartfield was looking over some recent travel brochures while consulting his recent Google search. Retirement is only 5 days away and he could not wait to see the Fiji Islands. He and his wife thought they would start with a restful break before they started their travels in earnest. Harry is the head aero engineer at Global Delivery Direct and has been in charge of purchasing the planes and maintenance for the last 15 years after being an employee with GDD 25 years before. Harry had worked up in the company to his current position and has seen a lot of initiatives come and go when it came to eco-friendly flying machines. In the last four weeks, Harry has been breaking in his replacement, Imogine Farthing, who is coming from their London branch. Harry likes Imogine and thinks that she will do well. However, she is keen to purchase the new Boeing 777 cargo plane. She thinks it will go a long way to improving their fuel consumption and air emissions in the long-run…arrow_forwardTopic : Minimum Wage Freewrite about the need of change in minimum wage jobs. Expand freewriting. Write as much as you can about your topic. Remember, NO RESEARCH! Write an arguable thesis statement. Read this information from UNC on thesis statements. Write an outline for the writing--The thesis statement and at least 3 main supports. Write a draft of the piece. It should be at least 5 paragraphs--an intro with a thesis, 3 body paragraphs that support the thesis, and a conclusion. Not for grade.arrow_forwardArticle: Harry Hartfield was looking over some recent travel brochures while consulting his recent Google search. Retirement is only 5 days away and he could not wait to see the Fiji Islands. He and his wife thought they would start with a restful break before they started their travels in earnest. Harry is the head aero engineer at Global Delivery Direct and has been in charge of purchasing the planes and maintenance for the last 15 years after being an employee with GDD 25 years before. Harry had worked up in the company to his current position and has seen a lot of initiatives come and go when it came to eco-friendly flying machines. In the last four weeks, Harry has been breaking in his replacement, Imogine Farthing, who is coming from their London branch. Harry likes Imogine and thinks that she will do well. However, she is keen to purchase the new Boeing 777 cargo plane. She thinks it will go a long way to improving their fuel consumption and air emissions in the long-run…arrow_forward
- develop a merchandise management plan for a retail establishment that you create and design. A different part of the plan will be completed each week. The plan will be detailed and comprehensive, and each element will often require more than one week's work. Therefore, the course project section will often be broken up into two parts, one which will ask you to preview and begin work that will be completed in future weeks, and the second part which will be the assignment that will actually be submitted that week.arrow_forwardQuestion 9 Shortening (crashing) the schedule goal is to reduce the project duration with a increase in the project direct cost, by "buying" time along the critical path(s) where it can be obtained at the cost. maximum; most cost; schedule schedule; cost minimum; least Question 10 Day-at-Time method is the only method available to perform activities' crashing True False Question 11 Before you start updating the schedule you need to establish a baseline/target schedule to compare it with the actual schedule True False Question 122 In determining what activities are updating for schedule updates, changes in contract schedule will not change your baseline schedule True False جیسےarrow_forwardE. All choices are 15-John is putting together his budget for the project and as part of this process, he is actively discussing and soliciting estimates from each member of the project team for the overall budget. He presents his budget to senior management and Susan rejects it. stating, "Team members are always going to pad their estimates. I will give you the figure I want you to shoot for." Susan is employing what method for project cost budgeting? A. Bottom-up B. Top-down C. Parametric D. Comparativearrow_forward
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