Your consulting firm specializes in work measurement studies, and you have just been given a dream assignment. You are to fly to Singapore next week and conduct a study of the Ferrari Formula One team in action. Specifically, you are to observe and offer improvements of the pit stops. Once you get to the pit area, you start taking measurements. Your first step is to record the present pit stop method, so you record the process and times; Car stops, car lifted, lug nut off, wheel off, new wheel on, lug nut on, car dropped and finally released. All is about 2 seconds. After you have had some time to analysis the pit stop you propose an improvement on a second chart and present it to the team to use in future pit stops. What type of methods analysis chart did you produce?

Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.