TASK You just have secured a job with a catering business called Boutique Catering. This business has experienced significant growth over a short period of time and desperately requires someone to...

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TASK You just have secured a job with a catering business called Boutique Catering.  This business has experienced significant growth over a short period of time and desperately requires someone to help manage the rapid growth of the business.  Boutique Catering’s core business is providing meals for 3 conference rooms next door to the kitchen.  The business operates from Tuesday to Friday.  The general manager, who is also the owner, wants you to review the business with "fresh eyes" to see where it can improve and also seek some guidance about business opportunities that might be available.  You are required to present your responses as a business report. Question 1  (15 marks) In order to assist the manager, you have been asked to compile a resource which will define the various management terms. Provide an explanation of the following terms, with examples specifically relating to Boutique Catering, to include in a resource file which incorporates a reason why each concept is relevant (or not relevant) to decision-making:  Optimistic  Pessimistic Criterion of realism Equally likely Minimax regret Question 2  (20 marks) Boutique Catering is considering expanding the business by preparing frozen meals that will be home-delivered.  The meals will then only require to be heated up by the customer.  As a point of difference, the meals will be cooked according to the CSIRO Total Wellbeing recipe book.  The meals Boutique Catering will offer are everyday, vegetarian and specialty meals (for people who have allergies). After conducting a mail survey of the local area, a probability table of likely sales of frozen meals was created below. Number of frozen meals Probability 1 0.05 2 0.10 3 0.15 4 0.20 5 0.20 6 0.15 7 0.10 8 0.05 What is the expected value and variance of the number of frozen meals sold?  (10 marks) Prepare a one-page memo for management analysing the results.  In your explanation advise management on the best outcome.  (10 marks) Question 3  (5 marks) The manager at Boutique Catering has requested a second analysis be conducted as they believe that there is a 50-50 chance the frozen meals will be successful.  If the demand for frozen meals is favourable, Boutique Catering could realise a profit of $200,000.  If the market is not favourable, they will lose $50,000 or they could do nothing.  Construct a decision tree to help analyse the problem  (5 marks) Question 4  (10 marks) Boutique Catering is considering purchasing all or a portion of the conference centre next door.  The area available in total is 200 square metres with annual returns depending on the size of area that is purchased.  An analysis has be developed in the following table: Area of conference centre purchased Strong market Average market Weak market 50 100,000 40,000 -20,000 100 160,000 60,000 -40,000 150 100,000 60,000 -80,000 200 400,000 50,000 -320,000 1. Develop a decision table (2marks) and identify the following: 1. What is the maximax decision? (2 marks) 2. What it the maximin decision?  (2 marks) 3. What it the equally likely decision?  (2 marks) 4. What is the minimax decision?  (2 marks) Presentation back to top Your business report should include: 1. a cover page addressed to your required audience; 2. an executive summary (refer to the note below regarding an executive summary); 3. a table of contents (linked to the headings in the report); 4. headings and sub headings clearly identifying what is being discussed; 5. brief explanation and purpose on what each question is addressing 6. a conclusion; and 7. referencing (using APA style). Requirements back to top This assignment must be submitted through Turnitin.  It is recommended that your name, student ID and page number are included in the header or footer of every page of the assignment. Further details about submission in Turnitin are provided in On-line submission.