Assignment 3. Assessing managerial decision total cost (an open case). You are working for the company which produces high quality instrument and supplies it to the industry leaders. One piece of inventory you are buying from the same Swedish supplier for over than 10 years are blades which are used in your company's production process. The main reason you have been buying these from the same supplier is that you considered this Swedish company to be the monopolist in the field. This year at the industry exhibition you have found two other suppliers of the same blades one is based in Croatia, the other one is based in China. Now your CEO is asking you to define, can a company reduce costs if it orders the blades from one of these two new suppliers. The original data you have from your CEO to start caluclations is the following (see Table 1) Table 1. Company data on average annual production characteristics related to blades Performance indicator Type of the blade XA-100 XB-200 XC-300 Total production period, hours 37 500 60 000 44 000 Time a blade is in use, hours 5 10 4 The assignment is performed in two steps. Step 1. Create a list of data you need to calculate total costs associated with blades. When the list is created, send it to the lecturer, and you will be provided with all the requested data for each of 3 suppliers. Here we will imitate the real life situation, when you have to make a decision, but first you need to collect the necessary data. Step 2. Calculate total cost of the blades for each of three suppliers (Swedish, Croatian and Chinese). All three types of blades have to be ordered from the same supplier. On the basis of your calculations, choose the best supplier for your company. Based on your requested data, create a report, where you indicate what data you have requested and what did you need it for; show your calculations and justify your recommendation on the best supplier. In case you realize during step 2, that you have not requested the necessary data, please indicate, what you have overlooked, in your report.