Answer : Production planning is an activity that is performed before the actual production process takes place. It involves determining the schedule of production, sequence of operations, economic batch quantities, and also the dispatching priorities for sequencing of jobs. (more…)
Answer : The principle behind Quality Audit
The principles of Quality Audit, in the sense we mean it here, are based on the style of quality standards used in several formal national and international standards such as the ISO-900x international quality standards. These standards do not in themselves create quality. The logic is as follows. (more…)
Answer : Quality as a Business Strategy
QBS is a leadership framework and set of activities to help your organization prepare to
effectively participate in system transformation and continuous quality improvement.
Why QBS? (more…)
Answer: The ABC analysis is a business term used to define an inventory categorization technique often used in materials management. It is also known as Selective Inventory Control. Policies based on ABC analysis: (more…)
Answer : The irrigation network is perhaps the most costly element of an irrigation scheme and is designed to last a long time. However, all too often one finds that irrigation schemes not long constructed bear little resemblance to the original construction and design. Silt deposition, weed infestation, malfunctioning of structures and other undesirable situations make it practically impossible to control the flow in these canals. As a result, the system is unable to deliver the necessary water and distribute it equitably. It is not surprising that farmers working in those irrigation schemes sometimes feel frustrated because they know the potential benefits of irrigation and yet cannot realize their expectations. (more…)
Answer : Performance analysis is an assessment of process, equipment, employee, or any other factor to gauge progress towards predetermined goals. It is guided and assessed by effectiveness, efficiency, and equity. Front-end performance analysis is one of the most important investments that the organizations should make to achieve maximum return on all other investments in human performance. (more…)
Answer : Supplier development is the process of working with certain suppliers/subcontractors on a one-to-one basis to improve their performance for the benefit of the buying organization. (more…)
Answer : The ISO/TS16949 standard specifies eight different Clauses which have to be followed by the organization to meet the objectives and confirm customer requirements as follows.
Table 5.1: The eight clauses of ISO/TS 16979 (more…)
Answer : Quality Management System, in the simplest of terms, is defined as
“The process of Management of the Systems of an organization, with regard to its Quality related activities, for ‘meeting and enhancing customer satisfaction’ and also taking care of all other interested parties such as legislative and regulatory bodies, shareholders, suppliers, employees, etc.” (more…)
Mission statement is a formal, short written statement for the purpose of the current functioning of the company or an organisation. The actions of the organisation are guided by the mission statement. Mission statement should spell out the overall goal, provide a sense of direction and guide in decision making. Critical components that clarify each organisation’s purpose are common in case of all effective mission statements. (more…)
Answer : PDCA is described as (plan-do-check-act). This is typically used in business process improvement and is an iterative four-step problem-solving process. This is also called as the Deming circle or plan-do-study-act. (more…)
Answer : The organisation must make sure that the handling, storage and delivery of the product is done in an efficient manner. There must be a well documented procedure and methods of handling that prevents the damage and the deterioration of the product. In the case of software industry, handling refers to necessary action that the organisation must take to protect the software from unauthorised changes, software alterations and virus infections. (more…)
Answer : The eight quality management principles are defined in ISO 9000, Quality management systems Fundamentals and vocabulary, and in ISO 9004, quality management systems guidelines for performance improvements (more…)
Answer : Activity : It is physically identifiable part of a project which require time and resources for its execution. An activity is represented by an arrow, the tail of which represents the start and the head, finish of the activity. (more…)
Answer : Project Management Information System (PMIS)
An information system is mainly aimed at providing the management at different levels with information related to the system of the organisation. It helps in maintaining discipline in the system. (more…)
Answer : Some key points about PERT are as follows:
1. PERT was developed in connection with an R&D work. Therefore, it had to cope with the uncertainties that are associated with R&D activities. In PERT, the total project duration is regarded as a random variable. Therefore, associated probabilities are calculated so as to characterise it. (more…)
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Find Solution Using Simplex Method
Entering = X2, Departing = S4, Key Element = 4
Optimum Solution is arrived at with value of variables as : |
Hardware support for MIS
Generally hardware in the form of personal computers and peripherals like printers, fax machines, copier, scanners etc are used in organization to support various MIS activities of the organization. (more…)
The industrial revolution has slowly replaced man power with machines. There emerged the use of computer for data processing. The digital computer was mainly designed to handle scientific calculations. During 1940 to 1960 computers were used commercially for census and payroll work which involved large amount of data processing. Since then the commercial application exceeded the scientific applications. (more…)
Answer : Distribution is one of the classic “4 Ps” of marketing (product, promotion, price, placement a.k.a. “distribution”). It’s a key element in your entire marketing strategy – it helps you expand your reach and grow revenue.
Answer : Customer satisfaction refers to the extent to which customers are happy with the products and services provided by a business. Customer satisfaction levels can be measured using survey techniques and questionnaires. Gaining high levels of customer satisfaction is very important to a business because satisfied customers are most likely to be loyal and to make repeated orders and to use a wide range of services offered by a business. (more…)
Answer : Whether a business is in retailing or manufacturing, there are several cogent reasons for holding inventory. Businesses may hold stocks of raw materials, spare parts for machinery, work in progress or finished goods. Given that there are costs involved with purchases, orders and carriage inwards, a firm might want to minimize its order costs and utilize storage space efficiently. While a business would incur holding costs when storing inventory, these costs can be offset if there are good business reasons for so doing. (more…)
Answer : Vendor-managed inventory (VMI) is a family of business models in which the buyer of a product provides certain information to a supplier of that product and the supplier takes full responsibility for maintaining an agreed inventory of the material, usually at the buyer’s consumption location (usually a store). A third-party logistics provider can also be involved to make sure that the buyer has the required level of inventory by adjusting the demand and supply gaps. (more…)
Answer : The main objectives of plant layout is to optimising the process of production process within the plant. such an optimizing results in : (more…)
Answer : Value engineering (VE) is a systematic method to improve the “value” of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be increased by either improving the function or reducing the cost. It is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements.[ (more…)
Answer : In order thoroughly to examine costs and benefits of schemes aimed at differentiating products and processes on the basis of quality criteria, it is important to define the concept of
Answer : Scheduling strategies
A typical scheduling strategy used in Argentinian radio and television is called “pase” (Spanish for a “pass” as in a player passing the ball to another player of the same team). A few minutes before the end of a live broadcast show, followed by another live broadcast show, people from both programmes will share some air time together. (more…)
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Solution : DFL={ΔEPS/EPS} ÷ {ΔEBIT/EBIT}
Or DFL = EBIT ÷ {EBIT–I–{Dp/(1-T)}}
Solution
S= 1000,000/.22 =4545454.5
B=25,00,000
=K0=[25,00,000/[2500000+4545454.5)].14+[4545454.5/2500000+4545454.5)].22
0.0496+.142 =.1915 or 19.15%
V = 5000000/0.1915 = 26,109,660.57 (more…)
WACC = 0.67*.18+0.33*13(1-.40)
=0.146 or 14.6%
A calculation of a firm’s cost of capital in which each category of capital is proportionately weighted. All capital sources – common stock, preferred stock, bonds and any other long-term debt – are included in a WACC calculation. All else equal, the WACC of a firm increases as the beta and rate of return on equity increases, as an increase in WACC notes a decrease in valuation and a higher risk.
ABC Seafood Market will be providing customers with the finest quality seafood for years. The business is primarily wholesale to area restaurants. We purchase
seafood directly from local fishermen and contacts all along the Florida panhandle. This allows us to pick from the finest selection of seafood available anywhere.
Currently, we sell to over sixty restaurants. This 10% increase over last year and we estimate that we will have additional restaurants as customers next year.
ABC Seafood Market plans to expand our storefront and sell direct to the public. In our expanded market, we will bring our commitment of quality, freshness and
great prices to the public. By purchasing in large quantities we are able to pass the savings on to our customer. (more…)
Ans:- Qualitative research methods are one of the foremost research methods which find out what people do, know, think and feel. There are multiple ways of gathering information. Qualitative method is different from quantitative method mainly because their end result is different. The results of qualitative methods help in the continuous improvement activities. Overall appreciation of an occurrence, highlighting interesting aspects, and generating specific theory are the goals of qualitative research. A preliminary explanation of an incident is provided by the researchers of qualitative methods. Some of the examples for qualitative methods are group focus, observation, survey, interviews, naturalistic, analysis of the content, and the case study. (more…)
Ans:- Performance analysis is an assessment of process, equipment, employee, or any other factor to gauge progress towards predetermined goals. It is guided and assessed by effectiveness, efficiency, and equity. Front-end performance analysis is one of the most important investments that the organisations should make to achieve maximum return on all other investments in human performance. (more…)
Ans:- The COPC-2000 CSP Standard was established in 1996, by leading technology corporations that outsourced and function contact centres For example, Microsoft, Compaq, Intel Corporation, Novell, and Dell), other companies with customer service provided by their within managed centres For example, American Express, L.L. Bean, and Motorola. Individuals with broad experience in operations management and performance improvement converged in to prepare an exclusive standard. All of them, at that time, were buyers, providers, or senior managers responsible for the operational management of customer service operations. They were not satisfied with the performance of existing operations, they worked together to have effective work place maintaining standards and improve industry service levels. (more…)
Ans:- The International Organisation for Standardization (ISO) was founded in 1946 to develop a common set of processes such as manufacturing, common trade, and communications that supported the objectives set by the quality management systems of an organisation. The first standard was published in 1987 and it has been under constant revision in 1994, 2000. The current revision published in Nov 2008 is ISO 9001:2008. (more…)
Ans:- Principles and Benefits of Business Ethics
When businesses think of only making money, it becomes pure capitalism. Although making money is not wrong, the way in which money is made matters a lot. There are certain etiquettes to be followed to do business and these are called the business ethics.
When the ethics of business are in place, good business practices are seen and there by organisations benefit on the long run. (more…)
Ans:- Some theories based on motivation and empowerment and how to make them work in an organisation. We begin with the theories of motivation.
Psychologist Abraham Maslow was the first to introduce the concept of hierarchy of needs in his 1943 paper “A Theory of Human Motivation”. This hierarchy suggests that people are motivated to fulfil their basic needs before moving on to other needs. (more…)
