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swat32
3 years ago
12

Which of the following statements is correct about planning a successful conversion to Lean/Just-in-time operations. Multiple ch

oice question. Management and employees must be convinced of benefit and receive training prior to conversion to avoid obstacles. Conversion should be accomplished quickly, not gradually, to realize the maximum benefit. When converting a production line, begin at the start and progress to the end of the line. Vendors should be converted to JIT delivering first, before implementing in the Buyer's organization.
Business
1 answer:
Dvinal [7]3 years ago
6 0

Answer:

Management and employees must be convinced of benefit and receive training prior to conversion to avoid obstacles.

Explanation:

A lean business is a business concept used by organizations to eliminate waste and maximize value for growth and development. The lean business concept include the following;

I. A total quality management (TQM): it is a management framework that is focused on achieving long-term success through the satisfaction of your customers by the efforts of all the member of staff in an organization.

II. A continuous improvement (CI): it is a management technique that is focused on improving manufacturing processes, products and services through the elimination of redundancy and time-wasting activities in an organization.

III. Just-in-time (JIT): it is a management framework that is focused on cutting manufacturing costs and increase efficiency between suppliers and consumers through the use of a proper inventory system.

Additionally, lean production is a manufacturing methodology that is focused on integrating activities that are designed to provide massive quantity with high quality production using minimal resources, raw materials, finished products and work-in-process features.

This ultimately implies that, lean production is basically a supply management process aimed at elimination of waste as much as possible and it requires a mutual agreement between the management and employees, as well as proper training of the employees (workers) before implementing the conversion.

Hence, the statement which is correct about planning a successful conversion to Lean/Just-in-time operations is that both management and employees must be convinced of benefit and receive training prior to conversion to avoid obstacles.

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Can you think of an industry (or product) with near infinite elasticity of supply in the short term? That is, what is an industr
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3 years ago
Vermont Instruments manufactures two models of calculators. The finance model is the Fin-X and the scientific model is the Sci-X
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Answer:

The cost per unit of the Fin-X model is $28 and the cost per unit of the Sci-X model is $33.

Explanation:

Process costing refers to a cost accounting technique that traces and accumulates direct costs for each product type or model, and then assigns indirect or conversion costs incurred in the manufacturing process to each product based on the method adopted by the firm.

The cost per unit of the Fin-X and Sci-X models for June can be computed by following the following steps:

Step 1: Calculation of total parts cost of Fin-X and Sci-X

Fin-X total parts cost = Units of Fin-X × Fin-X parts cost per unit

                                   = 10,000 × $25

Fin-X total parts cost = $250,000

Sci-X total parts cost = Units of Sci-X × Sci-X parts cost per unit

                                   = 40,000 × $30

Sci-X total parts cost = $1,200,000

Step 2: Assignment of total conversion cost of Fin-X and Scin-X

Fin-X portion of conversion cost = (Units of Fin-X ÷ Total units) × Total conversion cost

                                                      = (10,000 ÷ 50,000) × $150,000

Fin-X portion of conversion cost = $30,000

Sci-X portion of conversion cost = (Units of Sci-X ÷ Total units) × Total conversion cost

                                                      = (40,000 ÷ 50,000) × $150,000

Sci-X portion of conversion cost = $120,000

Step 3: Calculation of total cost of Fin-X and Scin-X

Fin-X total cost = Fin-X total parts cost + Fin-X portion of conversion cost

                         = $250,000 + $30,000

Fin-X total cost = $280,000

Sci-X total cost = Sci-X total parts cost + Sci-X portion of conversion cost

                           = $1,200,000 + $120,000

Sci-X total cost = $1,320,000

Step 4: Calculation of cost per unit for Fin-X and Scin-X

Fin-X cost per unit = Fin-X total cost ÷ Units of Fin-X

                               = $280,000 ÷ 10,000

Fin-X cost per unit = $28 per unit

Sci-X cost per unit = Sci-X total cost ÷ Units of Sci-X

                               = $1,320,000 ÷ 40,000

Sci-X cost per unit = $33 per unit

Conclusion

The cost per unit of the Fin-X model is $28 and the cost per unit of the Sci-X model is $33.

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