Gibersons Glass Essays

Gibersons Glass Essays Gibersons Glass Essay Gibersons Glass Essay Dear Mr.. Gibbering, After a careful review and analysis of your annual costs and income, our team has some suggestions on how to best make a profit for your business. It seems that the prices you are charging for your products too low to cover all of your costs. Since the main constraint in your business is your time, we determined a rate that you should charge per minute of your time in order to make a profit. We then came up with a price per piece that we suggest that you charge according to how much time it takes for you to make the product ready to sell. : Our suggested pricing is as follows: These prices were determined based on your charging $. 76/minute, which would allow you to make $55,000/year. That would cover all of your costs ($50,391 year) and allow you to make your truck payments ($2000/year). It will also give you a little cushion of net income. This will also include the $25000 that youd like to earn each year. Additionally, we think that your willingness to hire part-time help for the finishing work could free up more of your time for blowing glass, to make you even more money. If you price the items as we have suggested above, then you will earn 1 AAA/week. You would pay out roughly $38/week for part-time labor at the rate of $5/hour, 7 hours per week, taking away $1 ,375/week. Since that would free up that amount of time for you to blow glass, you could make about 28 extra Wrapped Tumblers per week, since this is your most popular item. At $18/piece you would earn an extra $504/week, minus pay for part-time help would bring you down to $494/ week and $19,760/year. Even if your hired help does not work as quickly and efficiently as you and despite the fact that you would have to train them, any additional income that is made is purely profit to you, since your expenses are cover already by charging higher prices for your product. It seems that you could make these extra items at no additional cost by using your clean scrap. This would save on that amount of waste that is produced each week, as well. You should still have enough culled to use in the following weeks batch. Producing additional product could also help alleviate the two week backlog that you are experiencing. All data and calculations have been included for you throughout the report. We sincerely hope that this information is helpful to you when making these important decisions for your business. Please dont hesitate to contact us with any questions or concerns in regards to this information or if you have questions regarding future business plans. Regards, Your team The Absorption Income Statement has been created for you to demonstrate how your your expenses exceed your total revenue, resulting in lost net income. Throughout this report, we will make suggestions as to how you can improve your total net income by reducing expenses.

Qualitative Data Definition and Examples

Qualitative Data Definition and Examples In statistics, qualitative data- sometimes referred to as categorical data- is data that can be arranged into categories based on physical traits, gender, colors or anything that does not have a number associated with it. The hair colors of players on a football team, the color of cars in a parking lot, the letter grades of students in a classroom, the types of coins in a jar, and the shape of candies in a variety pack are all examples of qualitative data so long as a particular number is not assigned to any of these descriptions. Qualitative data is contrasted with  quantitative data  wherein quantitative  data sets have numbers associated with them that evaluate the quantity of an object or objects with shared features. Oftentimes, quantitative data is used to analyze qualitative data sets. Qualitative vs. Quantitative Data Its pretty easy to understand the difference between qualitative and quantitative data: the former doesnt include numbers in its definition of traits of an object or group of objects while the latter does. Still, it can get confusing when thinking in terms of statistical attributes, which include size and dimensions, which are quantitative and not qualitative data. In order to better understand these concepts, its best to observe examples of particular datasets and how they can be defined. Observe which are qualitative and which are quantitative data sets in the following examples: The cats have orange, brown, black, or white fur (qualitative).The boys have brown, black, blonde, and red hair (qualitative).There are four black cats and five orange cats (quantitative).The cake was 50 percent chocolate and 50 percent vanilla (quantitative). Even when a particular feature or attribute of an object is qualitative, such as chocolate for the cake or black for the cats, the inclusion of a number in the data set makes it a quantitative one, though this interplay is important for the study of statistics as it provides categories for which mathematicians  can then compare numerically. The Importance of Qualitative Data Whereas quantitative data is important in determining the particular frequency of traits or characteristics, the sizes, and dimensions of objects, and that sort of information about a given topic, qualitative data like the color of hair or skin of employees in a company or the healthiness of a pets coat can be important in statistical analysis, especially when paired with quantitative data about these qualitative features. Essentially, qualitative data is important because it allows statisticians to form parameters through which to observe larger sets of data. For instance, a company that wanted to determine the diversity of its workforce would want to look at a set of qualitative data like race and ethnicity of its employees as well as the quantitative data of the frequency of employees to belong to those races and ethnicities. Qualitative data provides the means for which observers can quantify the world around them- there are three blondes, two brunettes, and three black-haired women at the table or there are 16  freshmen and 15 sophomores attending the annual band trip.