1. Learning curve effect is
a) The ability to increase a machine’s productive capacity through usage
b) The ability to improve a process capacity through the usage of a machine
c) The human ability to adjust their productive capacity through learning
*d) The human ability to increase their productive capacity through learning
2. Value can be added to an entity in all the following ways, EXCEPT:
3. Many organizations are attempting to manage interdependent activities as one process referred to as:
*a) Project management
b) Lean management
c) Supply chain management
d) Inventory management
4. A distinction between normal goods and information/knowledge is that
a) Normal goods wear out, but information/knowledge does not
b) Information/knowledge can be given or sold to many others
c) Information/knowledge is subject to diminishing returns, but physical outputs are subject to increasing returns
*d) Both A and B
5. Which of the following is a major difference between continuous processes and flow shops?
a) Inputs are fixed for the former and the flow of work is continuous for the latter
*b) In flow shops, there is a discrete product or service instead of products not naturally divisible
c) Degree of automation is higher for flow shops
d) Both B and C
6. Which of the following is NOT a well-known problem in flow shops?
b) Workers may be dehumanized by manufacturing lines
*d) All of the above are well-known problems in flow shops
7. Which of the following is FALSE regarding statistical sampling for control purposes?
a) The more samples are taken, the higher the likelihood of accidentally selecting a sample with excessive values when the process actually is still under control
*b) Deciding what indicators are high or low enough to be considered out of control is the simplest of the problems facing operation managers
c) Measuring upper and lower control limits are the basis for management by exception
d) Using high thresholds for control increases the risk of not detecting processes that are getting out of control
8. Service defections are important in process control for services because:
a) No advertising is necessary to get the business of long-term customers
b) They are equally important to organizations that produce tangible outputs
*c) A customer who takes their business elsewhere is analogous to a product defect
d) Long-time customers are more likely to purchase additional products
9. Which of the following is NOT an original component of reengineering?
a) A radical change in the way work is performed
b) Process-centered reorganization of activities
*c) An emphasis in getting rid of unnecessary employees
d) A dramatic improvement in performance
10. Which of the following tools and methodologies is NOT used in the Measure Phase of Six Sigma?
*a) Design of experiments (DOE)
b) Pareto Analysis
c) Process Maps
d) Rolled throughput yield (RTY)
11. Choose a common problem from the Measure phase.
a) Calculation of a baseline to evaluate benefits of potential improvements
b) The process mean can shift as much as 1.5 standard deviations
*c) Performance metrics based on the availability of data
d) 3.4 defects per million opportunities (DPMO) may occur easily in complex operations
12. A patient diagnosis is an example of what type of activity?
b) Nonvalue-added but necessary
c) Nonvalue-added and not necessary
d) Necessary and value-neutral
13. A value stream map:
a) Can only be used in manufacturing facilities
b) May also be used for service providers
c) Shows the flow of materials and information with suppliers shown on the left of the diagram and customers on the right
*d) Both B and C
14. The goal of this approach is to mistake-proof work activities in a way that prevents errors from being committed in the first place:
a) Kaizen blitz
*b) Poka Yoke
d) Six sigma
15. Project charters should contain some level of information regarding which of the following elements:
a) Business case, goals, or scope
b) Overview, general approach, schedules or milestones
c) Work breakdown structure and path dependencies
*d) Both A and B
16. The amount of flexibility the project manager has in terms of starting and completing an activity is referred to as its:
d) Both A and B
17. Which of the following is NOT a factor that is increasing the need to better manage the supply chain?
*a) Optimization of their own value by most segments in the supply chain
b) Global competition and outsourcing
c) E-commerce and telecommunications
d) Outsourcing and shorter life cycles
18. Which of the following is TRUE about the bullwhip effect?
a) Variability in demand increases from the factory stage downstream to the customer stage
b) This cycle is prevalent in just about every industry
c) Lead times between the stages of the supply chain tend to be very short
*d) Information lags stemming from large lot sizes with infrequent orders may be a cause
19. __________ inventories exist because materials must be moved from one location to another.
20. The four major considerations in selecting a national or overseas region for the facility are:
a) Labor supply, availability of inputs, foreign management, and environment
*b) Proximity, labor supply, availability of inputs, and environment
c) Proximity, environment, facility size, and foreign management styles
d) Proximity, environment, facility size, and labor supply
PART B. ANSWER All SHORT ANSWER QUESTIONS
Answer Short Answer Questions in the answer booklet provided.
1. It is commonly said that Japanese firms employ 10 times as many engineers as U.S. firms and 10 times fewer accountants. What effect would you expect this to have on their competitiveness, and why? (10 marks)
2 Briefly describe the differences in measuring efficiency between service and manufacturing organizations.
3. If a job shop was being laid out in a Third World country, how might the procedure be different? What other factors might enter it and that would not exist in an industrialized country? Might the layout also differ among industrialized countries such as Europe and Japan? How about a flow shop?
4. The theory of constraints distinguishes between process batches and transfer batches. It also recommends that process batches vary according to the economics of efficiency at each stage of production. Considering the effects of order size and size of the preceding process batch, how then should transfer batches be determined?
PART C. ANSWER ALL CASE STUDY EXERCISES (15 marks each, total 30)
Answer Case Study Exercises in the answer booklet provided. Formula sheet is at the end of the exam paper.
1. The time between patient arrivals to the blood drawing unit of a medical lab averages two minutes. The lab is staffed with two nurses that actually draw the patient’s blood. The nurses work from 9.00 AM to 5:30 PM and get two 10 minute breaks and a half-hour for lunch. What is the takt time for drawing patient’s blood?
Available time = 510 – 50 = 460
Takt time = 460/255 = 1.8min
2. The Corner Convenience Store [CCS] in northern Chicago, USA receives orders from its distributor in three days from the time an order is placed. Light Cola sells at the rate of 860 cans per day. [You can sell 250 days of the year.] A six-pack of light cola costs CCS $1.20. Annual holding cost is 10% of the cost of the cola. Order cost is $25. What is CCS’s EOQ.? What is the reorder point?
Corporate Strategy: Financial Strategy and Cultural Effects Distributed: fifteenth June, 2018 Last Edited: fifteenth June, 2018 Disclaimer: This exposition has been put together by an understudy. This isn't a case of the work composed by our expert article authors. You can see tests of our expert work here. Any feelings, discoveries, conclusions or suggestions communicated in this material are those of the writers and don't really mirror the perspectives of UK Essays. Presentation The targets of this paper are two-overlay: to start with, the paper takes a gander at the part of money related technique in an association, the dangers looked by a substance and how these dangers influence the monetary methodology; second, the paper gives a discourse in connection to whether social components affect corporate system, and in addition whether it is useful for an association to be moral. The paper starts by taking a gander at budgetary technique and authoritative dangers. It will later consider social and moral issues. The part of monetary Strategy in an Organization. Monetary system can be characterized as the practices embraced by a firm to accomplish its money related targets. (Harvey, 2004). As per Calandro and Flynn (2007) "budgetary technique can be characterized as an interdisciplinary approach to all the more proficiently allot assets inside a firm to better or all the more financially fulfill client inclinations after some time". The later definition focuses on the requirement for consumer loyalty showing that investor esteem creation relies upon consumer loyalty. In spite of the fact that an association's general target is investor esteem expansion, it can just accomplish this through large amounts of consumer loyalty since it is just through abnormal amounts of offers that benefit can be created and elevated amounts of offers must be accomplished through abnormal amounts of consumer loyalty. The primary budgetary target of a benefit making substance is to amplify investor esteem. (Ogilvie, 2005). Investor esteem is estimated by the profits investors get every year, spoke to by the profit got every year, in addition to the capital increases from capital thankfulness, which is estimated by the development in the offer cost of the substance. Notwithstanding amplifying investor esteem an association may have different targets, for example, tasteful returns, high deals levels, abnormal state of consumer loyalty, and so on. (Ogilivie, 2005; Calandro and Flynn, 2007). Kaplan and Norton (1996) recognize three distinct stages for a business and note that every one of these stages has its own particular interesting monetary destinations. The three phases include: (1) quick development; (2) manage; and (3) reap. (Kaplan and Norton, 1996). At the fast development stage the budgetary target will be to accomplish deals development, accomplish deals in new markets and to new clients, accomplish deals from new items and administrations, keep up sufficient spending level for item and process advancement, build up new promoting, deals and dissemination channels. At the manage stage the association will stress conventional money related execution estimations, for example, return on capital utilized, working pay and gross edge. Standard marked down money streams and capital planning examination will be utilized to assess speculations albeit a few organizations may stress the utilization of later evaluation strategies, for example, financial esteem included and investor esteem included. At the reap stage, the primary monetary target will be to accomplish manageable levels of money inflows, in which case any venture must have prompt and certain money paybacks. (Kaplan and Norton, 1996). Budgetary methodology constitutes three primary stages, which are briefly connected in a monetary input circle as appeared in figure 1 underneath. These stages include: (1) methodology plan; (2) asset portion; and (3) execution estimation. A critical part of methodology detailing is vital arranging, which as per Myers (1984) includes the way toward choosing how to submit the association's assets crosswise over various lines of business. In light of the above discourse, one can watch that money related procedure assumes a critical part in an association. It empowers the association to define its methodology, decide how to dispense its assets and empowers the organization to quantify its execution. Budgetary technique empowers a substance to make an appraisal of its monetary needs, the wellsprings of help required to meet its targets and satisfy its central goal while in the meantime making arrangements for development and soundness. Money related methodology is a crucial essential for the detailing and improvement of the financial plan. Associations regularly confront various dangers. These incorporate liquidity dangers, loan fee chance, business dangers, budgetary dangers, and so on these dangers may influence the monetary technique in various ways. Monetary hazard for instance is the hazard that the organization might be not able meet its responsibilities to reimburse interests and key reimbursements on its long haul money related commitments. The impact of such a hazard on the budgetary procedure is that the organization will underscore the utilization of inside produced assets and value to fund long haul extends instead of issue securities or other long haul obligation securities. Loan cost hazard may likewise influence the association's capital structure choice in that apparent large amounts of financing costs on long haul obligation may diminish the organization's inspiration to utilize obligation financing. Remote conversion standard hazard may influence the organization's prospects to grow creation abroad, and additionally the money group of outside contracts and deals. Liquidity dangers may influence the organization's fleeting obtaining. The nearness of high liquidity hazard may warrant the organization to turn to a without a moment to spare stock framework, lessen here and now indebted individuals by keeping up more strict here and now credit approaches and considering of records receivables. Impact of Cultural Factors on Corporate Strategy Andrews (1997: p. 52) characterizes corporate methodology as "the example of choices in an organization that decides and uncovers its targets, purposes, or objectives, creates the important strategies and plans for accomplishing those objectives, and characterizes the scope of business the organization is to seek after, the sort of monetary and human association it is or means to be and the idea of the financial and non-monetary commitment it expects to make to its investors, representatives, clients, and networks". Corporate procedure essentially maps out the organizations in which an association means to contend in a way that concentrations assets to change over particular abilities into upper hand. (Andrews, 1997). The meaning of corporate techniques accentuates the requirement for the association to fulfill the necessities of the considerable number of partners if the association is to accomplish is general goal of boosting investor esteem. Partners incorporate workers, clients and the networks in which the association works. Workers, clients and networks in this way significantly affect the achievement of the association and hence on the corporate methodology of the association. In figuring corporate procedure, associations need to distinguish and needs key issues, which includes examining, choosing, translating and approving data. (Schneider, 1989) To appropriately define its corporate system, an association must evaluate its authoritative qualities and shortcomings, and in addition its natural dangers and openings, which will empower it pick among elective strategies. (Hofer and Schendel, 1984) refered to in Schneider, (1998). This demonstrates an association must play out a SWOT (qualities, shortcomings, openings and dangers) examination preceding detailing corporate procedure. Various elements have been recognized as affecting corporate system detailing: for instance, Kets de Vries and Miller (1984) recommend that administrative identity and experience is an essential determinant of the technique plan process; Janis (1972) considers bunch progression as an imperative factor influencing the definition of corporate methodology while Frederickson (1984); Lyles and Mitroff (1985) propose that authoritative structure assumes a critical part in procedure definition. Schneider (1998) refering to Schein (1985) takes note of that National culture could assume a vital part in technique detailing as it gets from suppositions viewing associations with the earth and in addition connections among individuals. Schneider (1998) contends that these suspicions will impact how data is assembled and how that data is translated inside the association. The system definition process can hence not be considered 'sans culture' since data is installed in social standards and procures emblematic incentive as an element of a specific arrangement of convictions in a specific arrangement of societies. (Feldman and March, 1981). There are extensive contrasts in societies crosswise over nations. Culture is characterized as "an arrangement of shared suppositions that has created after some time to take care of issues of natural adjustment and inner mix". (Schneider,, 1998: p. 152) refering to Schein (1985); Van Maanen and Barley (1983). Culture is required to influence the procedure by which nature is known and reacted to in light of the fact that it is thought to impact the way individuals see, think, feel and assess. (Schneider,, 1998). There are two arrangements of social suspicions that are believed to be particularly pertinent to the detailing of corporate technique. These incorporate outside adjustment and interior mix. (Schneider, 1998). From one perspective, outer adjustment alludes to the association with the earth while interior combination then again alludes to the connections among individuals. The doing without demonstrates that social variables significantly affect corporate procedure and in this way calls fo>GET ANSWER