Real-Life Math
You are a retail manager. You are responsible for a variety of job
duties involving math. They include budgeting, sales analysis
and sales projections.
Warren L. Flanigan has worked in various retail
management positions for many years. "A good financial acumen is important
to any business. The ability to understand financial relationships requires
that the individual be knowledgeable of math."
You've recently
started a new job. Your boss tells you that next year you will need to bring
in $500,000 in additional revenue from your department in order to help meet
the company's overall growth plan. You turn to your territory sales plan
to review which customers have the potential to help you meet that dollar
figure and which salespeople are likely to be able to carry it out.
Looking
at the history of some long-time customers, you feel that 3 of these companies
can be convinced to increase their orders now. Your company has several new
products that will be of interest to them. You calculate that these 3 companies
will bring in 2/3 of the needed $500,000.
Last year, 2 other companies
started buying from your company. They seem to be in similar financial and
market conditions to the 3 you just looked at. You figure them for about half
each of the remaining dollar amount. Because 1 company is in a slightly better
position, you calculate it at 5/8 of the total. You assign 2 of your best
salespeople to these accounts.
How much, in dollars, do you need from
the fifth company in order to reach the $500,000?