目录
step1. Background Information of the Question
A Nice Job Offer Form with a Top-flight Management Consulting Firm
Advantages
1.Sanjay’s characteristics:
- He enjoys dealing various assignments and business situation.
- He is very energetic, hard work and motivated.
- Career development is but one piece for him.
2.The salary and the job perspectives:
- In the first year, the salary is $80,000($6666,67 per month).
- His education experience, consulting experience and fluency in Handi hint that he will be very successful and a bright career future.
Disadvantages
1.His life:
- He hates the taxing lifestyle of consultants which is exploited his private life.
A Dreamed Career – an Own Upscale Restaurant
Advantages
Sanjay’s thoughts:
He always wanted to start his own business.
He has always had a passion and talent for gourmet Indian cuisine.
He enjoys being a good host and he has hospitality in his life.
His life:
He thought it would be more fun than consulting because he works for himself.
Compares with consulting, he has more time and less travel to participate more in his community.
Disadvantages:
- The financial consideration:
- Sanjay must pay off his educational debt which indicates that he would need to earn about $5000 per month before taxes.
- The revenue is immensely uncertain and the cost is large.
Step2. Cost of the Restaurant
Premise
These data are based on siting the restaurant, with a seating capacity of 50 patrons, in the Harvard Square area, borrowing money to construct the interior structure, and leasing all capital equipment for the restaurant.
Assumed that the monthly demand will not be affected by the meal price.
Non-labor fixed operative costs: about $3995 per month.
Table 1 Monthly Non-labor Fixed Costs for the Gentle Lentil Restaurant.
| Category | Monthly Cost ($) |
|---|---|
| Rent | $3000 |
| Leased Equipment | $275 |
| Utilities | $265 |
| Insurance | $155 |
| Loan Repayment | $125 |
| Advertising/Promotion | $100 |
| Miscellaneous | $75 |
| Total Non-Labor Fixed Costs | $3995 |
The variable costs of food are about $11/meal.
Number of meals sold obey a normal distribution N ( 3000 , 100 0 2 ) N(3000, 1000^2)N(3000,10002).
Revenue per meal obey a discrete distribution below.
Table 2 Likelihood of Prix Fixe Meal Price
| Scenario | Prix Fixe Meal Price | Probability |
|---|---|---|
| Very healthy market | $20.00 | 25% |
| Healthy market | $18.50 | 35% |
| Not so healthy market | $16.50 | 30% |
| Unhealthy market | $15.00 | 10% |
Labor costs
These are estimated between $5040 and $6860 per month. Sanjay assumed the actual labor costs would obey a continuous uniform distribution in this range.
Step3. Partnership Opportunity
Table 3 Assignment of the Monthly Revenue with the Partnership Opportunity
| Earnings monthly | Assignments of revenue |
|---|---|
| Bellow $3500 | $3500 |
| $3500~$9000 | $9000 |
| Above $9000 | $9000+10%*(Earnings-$9000) |
Step4. Notation
Table 4 Notation
| Notation | Explanation | unit |
|---|---|---|
| N m e a l N_{meal}Nmeal | Number of meals sold () | 1/per month |
| R m e a l R_{meal}Rmeal | Revenue per meal (see TABLE2) | $/per meal |
| C l a b o r C_{labor}Clabor | Labor costs () | $/per month |
| C n o n − l a b o r C_{non-labor}Cnon−labor | Non-labor fixed operative costs (Constant) | $/per month |
| C m e a l C_{meal}Cmeal | The variable costs of food (Constant) | $/per meal |
| D e d u D_{edu}Dedu | The educational debt (Constant) | $/per month |
Step5. Assignment
- Without considering the partnership opportunity, what would be Sanjay’s expected monthly salary at Gentle Lentil? How does this compare to his monthly salary at the consulting firm?
- Without considering the partnership opportunity, try to compute the standard deviation of Sanjay’s monthly salary at Gentle Lentil. What problems do you encounter?
FIGURE 1 the Simulation Result of the Monthly Salary at Gentle Lentil
- If you were Sanjay, what quantitative questions about the potential salary at Gentle Lentil (with and without the partnership opportunity) would you want to answer before deciding whether to launch the Gentle Lentil Restaurant or to accept the consulting position?
说明
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Appendix -----------------( R Language )
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