Chapter Six Businesses and Their Costs Study Questions: 1. Explain the difference between a plant‚ a firm‚ and an industry. Plant – establishments such as a factory‚ farm‚ mine or store. Firm – an organization that employs resources to produce goods/services for profit. Industry – group of firms that produce the same or similar products. 2. State the advantages and disadvantages of the corporate form of business. Advantages – most effective form of
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wide quality operations. Deming-Trained under Walter A Shewhart (father of SPC). Developed sampling techniques for the Bureau of Census. Became a key adviser to Japan in 1946. Juran-Trained under Walter A Shewhart (father of SPC). Became a key adviser to Japan in 1954. Joiner-Trained under W Edward Deming. Created consulting firm‚ Joiner Associates. Conway-Elected CEO of Nashua Corp 1979. First US Executive to hire Dr. Deming as a consultant in 1979. Formed consulting firm‚ Conway Quality‚ Inc
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Quality of Work Life Quality of work life (QWL) is viewed as an alternative to the control approach of managing people. The QWL approach considers people as an ’asset’ to the organization rather than as ‘costs’. It believes that people perform better when they are allowed to participate in managing their work and make decisions. This approach motivates people by satisfying not only their economic needs but also their social and psychological ones. To satisfy the new generation workforce‚ organizations
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COST OF PRODUCTION CONTENTS 1. Introduction 2. Types of costs 3.1 Opportunity‚ implicit and explicit costs 3.2 Fixed and variable costs 3.3 Average costs 3. Types of cost curves 4.4 Marginal cost curve 4.5 Average cost curves 4. Costs in Short run and in the Long run 5.6 Short run 5.7 Long run 5.8 Economies of scale 5. Cost analysis in the real world 6.9 Economies of scope 6.10 Experiential
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A Cost Leadership Strategy is based on the concept that you can produce and market a good quality product or service at a lower cost than your competitors. These low costs should translate to profit margins that are higher than the industry average. Some of the conditions that should exist to support a cost leadership strategy include an on-going availability of operating capital‚ good process engineering skills‚ close management of labor‚ products designed for ease of manufacturing and low cost distribution
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Contents 1. Introduction 1 1.1. Quality and Total Quality Management 1 2. Company Background 2 2.1. JEEVES PLC 2 2.2. Company product 4 2.3. Production Process 4 2.4. Factory Layout 6 3. Problems and Root Cause Definition 7 3.1. Problems in the Production Process 7 3.1.1. Precision Jointing 7 3.1.2. Adhesive Applicators & Component Sub-assembly 10 3.2. Employee Problems 12 3.3. Complains and Warranty Claims 13 3.4. Quality Cost & Productivity Effort 15
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Name: QUALITY MANAGEMENT MID TERM EXAM Question You are a project management consultant assigned to a small manufacturing firm that has been experiencing a myriad of problems. After conducting interviews and fact-finding with key managers‚ you have observed the following: •Company revenues and profits have fallen dramatically over the previous 12 months‚ along with a drop in market share •Customer complaints have reached an all time high •Employee morale is at an all time low •The company
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The Effect of SOX Section 404: Costs‚ Earnings Quality‚ and Stock Prices Introduction The Securities and Exchange Commission (SEC) Responsible for the application of the law THE SARBANES–OXLEY ACT (SOX) was passed in 2002 after a string of high profile corporate scandals. The law’s main goal was to improve the quality of financial reporting and to increase investor confidence‚ which requires companies to put in place and periodically test procedures that monitor the internal systems ensuring accurate
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variances: Standard is out of date; Standard set without due care; Efficient or inefficient buying (e.g.‚ discounts); Buying different quality material from standard; Buying materials from a non‑usual source due to urgency; Utilising different labour from standard; Price changes due to economic conditions; scarcity of supplies; Choosing to incur additional discretionary fixed costs; More (or less) overtime hours used than budgeted. 2. Efficiency/usage/quantity variances: Standard is out of date‚ set without
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Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages‚ rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a business
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