Answer:
(a) Assumption
(b) Cause and Effect
(c) Cause and effect
(d) Assumption
Explanation:
(a) People behave rationally: Assumption
Rational behavior refers to a decision-making process that is based on making assumptions that result in an optimal level of benefit or utility.
(b) Cause and Effect
If a price of goods falls that is a cause and the effect is that people will consume more of the good.
(c) Cause and effect
As the population grows faster than food supply (cause), mass starvation is predicted to occur which is the resultant effect.
(d) Assumption
The maximization of profit is based on the assumption of theory of production and costs.
Answer:
$5,580 and $3,588
Explanation:
The computation is shown below:
Total Carrying costs is
= Average inventory × the carrying cost per phaser
= (360 phasers ÷ 2) × 31
= $5,580
And,
The Restocking cost is
= Number of orders × the fixed order cost
= 52 × 69
= $3,588
The 52 is the total weeks in a year
We simply applied the above formula
Answer:
The bullwhip effect happens when retailers or other members of the supply chain overestimate a sudden increase in demand, and this causes a chain reaction in all the other participants of the supply chain that start requesting higher quantities of goods or materials for production. E.g. the fidget spinner was a very popular fad and its producers probably didn't anticipate how large the demand would be. Once the product became extremely popular, everyone wanted to sell fidget spinners. This caused an increase in the order quantities of all the supply chain. Once the fad faded out, all this momentum stopped and many stores, distributors, wholesalers, and even factories were left with huge unsold stocks of fidget spinners.
When the supply chain is well coordinated, there is little chance for some retailers or distributors to over react and want more product just in case. If your supply is guaranteed, then it would take some extraordinary increase in demand to make you want to increase your purchase orders. But if your supply chain is not well coordinated, you might fear that you will lose a lot of sales and other competitors will make them. Then you get anxious and start ordering large quantities.
Answer:
Mary has increased her data literacy skills that now allow her to access, interpret, summarize, and communicate data more effectively.
Explanation:
Data analysis is the process by which data is transformed in such a way that useful information can be extracted from it. Data analysis is a key skill that is needed in most business nowadays, for example; financial data can be very crucial in the planning, budgeting and execution of projects. The process of data analysis has been automated to take raw data and produce a result that can be readily consumed easily by humans in the form of charts and graphs. From this end result, conclusions can be drawn by data experts on what the results mean.
Experts in data analysis are therefor needed to adequately access, interpret, summarize and communicate data more effectively. These are skills that need to be learned for better overall quality of the data presentation. In general, the principals are referred to as data literacy skills. Data literacy can be defined as the ability of an individual to extract useful information from raw data.
Answer:
The correct answer is letter "B": A listing of components, their descriptions, and the quantities of each required to make one unit of a product.
Explanation:
A Bill of Material (BOM) in Materials Requirement Planning (MRP) relates the final product with the raw materials, assemblies, parts, and components necessary to manufacture a unit of that good. The BOM is a document that itemizes all the resources necessary to produce a good including at the top the product itself and a listing in hierarchical orders from components to individual materials.
Creating an accurate BOM helps to have all the material necessary for production available.
