In an effort to combat the high costs and losses associated with turnover, managers at an analytics firm are studying the recruitment and training policies at a similar firm that has very low turnover. this is an example of <u>benchmarking</u><u>.</u>
<h3>What is Benchmarking?</h3>
Benchmarking is the process of comparing the performance of a company's products, services, or processes to those of other businesses that are thought to be the best in the industry. The goal of benchmarking is to identify internal areas for improvement.
It is the practice of comparing a company's business processes and performance metrics to industry bests and best practices. Quality, time, and cost are the most commonly measured dimensions. It is a technique used to evaluate and compare performance in order to achieve continuous improvement. It is part of a comprehensive quality management process that includes the key components to move business forward.
In conclusion, the correct option is Benchmarking.
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Answer:
a. Fixed costs for businesses are the ones that don't depend on Q. Fixed costs= 20
b, thus. dC / dQ= d(20 + 2Q^2)/dQ= 4Q
c. Many companies say the economy competes perfectly. For such a scenario, the company is a price-taker and would demand the same $10 price as other firms on the market to sell its products.
d. Most companies expect a reasonably open market. Hence, MR= $10 in size.
Max profit: MC= MR, then 4Q= 10= > Q= 10/4= 2.5 Optimum production level to optimize profits= 2.5 units e. Profits= Sales-Expenses= price* Q-( 20+ 2Q^2)= 10* 2.5-20-2* (2.5)^2= 25-32.5 = -7.5 Profits are thus-$ 7.5 ($7.5 loss).
f. The organization will continue to survive in the short term because $7.5 losses are smaller than the $20 fixed expense. In other words, the company can pay more than its rising output expenses, and will thus continue to work in the short run.
The given statement is false. With relationship selling, the salesperson spends most of his or her time attempting to build a problem-solving environment with the customer.
In sales, trade, and economics, a customer is the person who receives an item, service, product, or idea from a seller, vendor, or supplier in exchange for money or another useful consideration. A customer is also referred to as a client, buyer, or purchaser.
A customer is a person or business who receives, uses, or purchases a good or service and has the option of selecting from a variety of products and suppliers. All businesses want to draw clients or customers and convince them to buy the goods they are selling.
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a) 12 customers per hour is the flow rate of the process.
b) if the car wash has a demand of 15 cars per hour 60 percent is the utilization of the machine that performs the wax process.
<h3><u>
Explanation:</u></h3>
a) The bottle neck which is the process of washing has a capacity of 12 number of cars as its minimum capacity. The flow rate is considered as the minimum capacity of the bottleneck. Thus, flow rate of the process will be 12 customers per hour.
b) The utilization capacity can be calculated by dividing flow rate by the capacity of the process step.
Here the demand is 15 cars per hour. The calculated flow rate is 12 cars per hour. The difference is 3.
Thus the capacity of the machine which performs the wax process will be 1 / 3 × 60 = 20 cars per hour.
Thus the utilization of this machine is 12 / 20 = 60 percent.
Utilization is the flow rate divided by the capacity of the process step.
