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BARSIC [14]
2 years ago
11

What are the TWO primary philosophies discussed in Chapter 8 – Operations Management that are used to help manage operations in

the supply chain. Provide the main objectives for each of the two philosophies.
Business
1 answer:
ddd [48]2 years ago
4 0

Answer:

As background to the answer, it is germane to note that Supply chain management is one of the most crucial task for any global organisation. It speaks to the position of the company and distribution of its product all the way from the producer to the end user.                                                                                                                           

The two philosophies which are used to help manage operations in supply chain are:

  1. Just in time philosophy and
  2. Lean Philosophy    

Explanation:

  1. Just in time philosophy: This originally referred to the production of goods to meet customer demand exactly, in time, quality and quantity, whether the `customer' is the final purchaser of the product or another process further along the production line.                                                       It has now come to mean <em>producing with minimum waste.</em> "Waste" is taken in its most general sense and includes time and resources as well as materials.

It main objectives are:

  • Continuous improvement
  • Eliminating waste.
  • Good housekeeping- workplace cleanliness and organisation.
  • Set-up time reduction

     2.  <em>Lean</em> is a concept, a philosophy, a practice, and a set of tools all wrapped in one. For more than 5 decades, businesses have invested time and money adopting the principles of Lean (while originated at Toyota Corporation for manufacturing operations, the principles of Lean have since spread to many types of businesses and functional areas).

It's core objectives are:

  • the biggest objectives of Lean Philosophy is to reduce costs and improve customer service
  • A Lean organization focuses on providing the best quality within the shortest possible lead time, while minimizing waste throughout your processes (waste being classified as any resource that is not being used properly)

Cheers!

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Which statement defines equilibrium in a graph showing demand and Supply curves? <br>​
NemiM [27]

On a graph that shows supply and demand curves, <u>equilibrium is the single point where the two curves meet</u> (aka are <em>equal</em>).

5 0
3 years ago
For each scenario, decide whether it creates a producer or a consumer surplus. Then, calculate the ensuing surplus.
Gnom [1K]

Answer:

Alice's consumer surplus =  $5

Jeff's consumer surplus = $16

Nicole's producer surplus = $1

Explanation:

Consumer surplus is the difference between the willingness to pay of a consumer and the price of a good.

Consumer surplus = willingness to pay - price of the good

Producer surplus is the difference between the price of a good and the least price the producer is willing to accept

Producer surplus = price of the good - least price the producer is willing to accept

Alice's consumer surplus = $30 - ($35 - $10) = $5

Jeff's consumer surplus = $20 - [$16 - (0.75 x $16)] = $16

Nicole's producer surplus = $501 - $500 = $1

5 0
3 years ago
If a land owner retains the right to plant and cultivate crops on the land but leases the rest of the land to a tenant, what rig
timofeeve [1]

Answer:

Right to transfer

Explanation:

The owner has opted to use some land but leases the rest to a tenant by exercising the right to transfer. The right to transfer is a contract which allows renting some part of the land to another party for a specific period of time. The contractual right and responsibility are transferred through delegation or assignment.

3 0
3 years ago
the​ risk-free rate is 3​% and you believe that the​ S&amp;P 500's excess return will be 10​% over the next year. If you invest
horrorfan [7]

Answer:

The expected excess return will be 11.4%

Explanation:

The S&P 500's excess return is the market return (rM). Using the CAPM model or the SML approach, we can calculate the required/expected rate of return on the stock we are investing in.

The expected rate of return is,

r = rRF + β * (rM - rRF)

Thus, return on the invested stock will be:

r = 0.03 + 1.2 * (0.1 - 0.03)

r = 0.114 or 11.4%

7 0
3 years ago
An activity-based costing system ______. requires substantial resources provides benefits of improved accuracy that always outwe
Mashcka [7]

Answer:

1. Requires substantial resources.

2. produces different numbers than a traditional system.

3. Is costly to maintain.

Explanation:

Activity-based costing (ABC) system is a method of accounting assigns the total cost of activities such as manufacturing overhead costs and indirect costs necessary to produce a product or provide a service.

Basically, an activity-based costing (ABC) system is focused on the cost drivers associated with the respective activities, which are responsible for cost to be incurred. The cost drivers are activities such as direct labor, purchase order, machine use etc.

<em>Hence, an activity-based costing system requires substantial resources, produces different numbers than a traditional system and is costly to maintain.</em>

5 0
3 years ago
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