Create a spreadsheet to calculate your projected total costs, total revenues, and total profits for giving a seminar on cost estimating. Make the following assumptions: You will charge $600 per person for a two-day class. You estimate that 30 people will attend the class, but you want to change this input. Your fixed costs include $500 total to rent a room for both days, setup fees of $400 for registration, and $300 for designing a postcard for advertising. Youwill not include your labor costs for this estimate, but you estimate that you will spend at least 150 hours developing materials, managing the project, and giving the actual class. You would like to know what your time is worth given different scenarios. Youwill order 5,000 postcards, mail 4,000, and distribute the rest to friends and colleagues. Yourvariable costs include the following: $5perperson for registration plus 4 percent of the class fee per person to handle credit card processing; assume that everyone pays by credit card $40perpostcard for printing if you order 5,000 or more $35perpostcard for mailing and postage $25perperson for beverages and lunch $30perperson for class handouts Be sure to have input cells for any variables that might change, such as the cost of postage and handouts. Calculate your profits based on each of the following numbers of people who might attend: 10, 20, 30, 40, 50, and 60. In addition, calculate what your time would be worth per hour based on the number of students. Try to use the Excel data table feature to show the profits based on the number of students. If you are unfamiliar with data tables, just repeat the calculations for each possibility of 10, 20, 30, 40, 50, and 60 students. Print your results on one page, highlighting the profits for each scenario and what your time is worth.

Create a spreadsheet to calculate your projected total costs, total revenues, and total profits for giving a seminar on cost estimating. Make the following assumptions: You will charge $600 per person for a two-day class. You estimate that 30 people will attend the class, but you want to change this input. Your fixed costs include $500 total to rent a room for both days, setup fees of $400 for registration, and $300 for designing a postcard for advertising. Youwill not include your labor costs for this estimate, but you estimate that you will spend at least 150 hours developing materials, managing the project, and giving the actual class. You would like to know what your time is worth given different scenarios. Youwill order 5,000 postcards, mail 4,000, and distribute the rest to friends and colleagues. Yourvariable costs include the following: $5perperson for registration plus 4 percent of the class fee per person to handle credit card processing; assume that everyone pays by credit card $40perpostcard for printing if you order 5,000 or more $35perpostcard for mailing and postage $25perperson for beverages and lunch $30perperson for class handouts Be sure to have input cells for any variables that might change, such as the cost of postage and handouts. Calculate your profits based on each of the following numbers of people who might attend: 10, 20, 30, 40, 50, and 60. In addition, calculate what your time would be worth per hour based on the number of students. Try to use the Excel data table feature to show the profits based on the number of students. If you are unfamiliar with data tables, just repeat the calculations for each possibility of 10, 20, 30, 40, 50, and 60 students. Print your results on one page, highlighting the profits for each scenario and what your time is worth.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter11: Simulation Models

Section: Chapter Questions

Problem 47P

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Question

Create a spreadsheet to calculate your projected total costs, total revenues, and total profits

for giving a seminar on cost estimating. Make the following assumptions:

You will charge $600 per person for a two-day class.
You estimate that 30 people will attend the class, but you want to change this input.
Your fixed costs include $500 total to rent a room for both days, setup fees of $400 for

registration, and $300 for designing a postcard for advertising.

Youwill not include your labor costs for this estimate, but you estimate that you will spend at least 150 hours developing materials, managing the project, and giving the actual class. You would like to know what your time is worth given different scenarios.
Youwill order 5,000 postcards, mail 4,000, and distribute the rest to friends and colleagues.
Yourvariable costs include the following:

$5perperson for registration plus 4 percent of the class fee per person to handle credit card processing; assume that everyone pays by credit card
$40perpostcard for printing if you order 5,000 or more
$35perpostcard for mailing and postage
$25perperson for beverages and lunch
$30perperson for class handouts

Be sure to have input cells for any variables that might change, such as the cost of postage

and handouts. Calculate your profits based on each of the following numbers of people

who might attend: 10, 20, 30, 40, 50, and 60. In addition, calculate what your time would be

worth per hour based on the number of students. Try to use the Excel data table feature to

show the profits based on the number of students. If you are unfamiliar with data tables, just

repeat the calculations for each possibility of 10, 20, 30, 40, 50, and 60 students. Print your

results on one page, highlighting the profits for each scenario and what your time is worth.

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