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FIN 515 Managerial Finance Week 4 Discussion 1 Market Value of a Stock Versus DDM Value Answer

FIN 515 Managerial Finance Week 4 Discussion 1 Market Value of a Stock Versus DDM Value Answer

FIN 515 Managerial Finance Week 4 Discussion 1 Market Value of a Stock Versus DDM Value Answer

Market Value of a Stock Versus DDM Value
Select a stock in which you are interested. Calculate its per share value using the DDM or another method discussed in Chapter 9. Then find the current market value of a share of the stock. Compare that two. Can you explain the similarity or difference?

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FIN 515 Week 4 Discussion 1

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GSCM 429 Week4 Lab3 Scheduling Reporting and Feedback Complete Answer

GSCM 429 Week4 Lab3 Scheduling Reporting and Feedback Answer

GSCM 429 Week4 Lab3 Scheduling Reporting and Feedback Answer

Lab 3 of 6: Scheduling, Reporting, and Feedback
STEP 1: Front Schedule Logic

Construct a Gantt chart from this above information using front schedule logic. Copy your completed chart to an MS Word document.
Power Tools (PT) order for 70 PT band saws

STEP 2: Back Schedule Logic

Construct a Gantt chart from this above information using back schedule logic. Copy your completed chart to an MS Word document.
Power Tools (PT) order for 70 PT band saws

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GSCM-429_Prod-Activity-Ctrl-JIT-wLab-Week_4_-Lab1

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ACCT 504 Acct Fin Managerial Use Anlys Week4 Mid Term Set 1 and set 2 Answer

ACCT 504 Acct Fin Managerial Use Anlys Week4 Mid Term Set 1 and set 2 Answer

ACCT 504 Acct Fin Managerial Use Anlys Week4 Mid Term Set 1 and set 2 Answer

Set 1

Page: 1 2 3

1. Question : (TCO A, B, C) External users want answers to all of the following questions except:

: Is the company earning satisfactory income?
Will the company be able to pay its debts as they come due?
Did the company use a budget to plan its expenses?
How does the company compare in profitability with competitors?

2. Question : (TCO C) Borrowing money is an example of a(n):

: delivering activity.
financing activity.
investing activity.
operating activity.

3. Question : (TCO C) Buying and selling products are examples of:

: operating activities.
investing activities.
financing activities.
delivering activities.

4. Question : (TCO A) Resources owned by a business are referred to as:

: stockholders’ equity.
liabilities.
assets.
revenues.

5. Question : (TCO C) Jamie Company recorded the following cash transactions for the year:

Paid $70,000 for salaries.
Paid $20,000 to purchase office equipment.
Paid $6,000 for utilities.
Paid $7,000 in dividends.
Collected $130,000 from customers.

What was Jamie’s net cash provided by operating activities?

: $47,000
$54,000
$27,000
$33,000

6. Question : (TCO A) In a classified balance sheet, assets are usually classified as:

: current assets; long-term assets; property, plant, and equipment; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and common stocks.
current assets; long-term investments; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and intangible assets.
:

7. Question : (TCO A) An intangible asset:

: may have the capacity to earn revenue for its owner.
is worthless because it has no physical substance.
is converted into a tangible asset during the operating cycle.
cannot be reported on the balance sheet because it lacks physical substance.

8. Question : (TCO A) These are selected account balances on December 31, 2010.

-Land (location of the corporation’s office building) $50,000
-Land (held for future use) 75,000
-Corporate Office Building 300,000
-Inventory 100,000
-Equipment 225,000
-Office Furniture 50,000
-Accumulated Depreciation 150,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?

: $650,000
$550,000
$475,000
$800,000

9. Question : (TCO B) For 2010, Ford Corporation reported net income of $15,000; net sales $200,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?

: $2.33
$0.10
$2.50
$33.34

10. Question : (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year?

: $69,000
$22,000
$116,000
$91,000

11. Question : (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not?

: No, GAAP requires that 10% of the cost be expensed each year. This minimizes attempts to mislead financial statement users.
Yes, the matching principle requires that the cost be expensed in the period of purchase.
No, the cost needs to be allocated to the years of expected use.
Yes, the actual life of the asset is not known, thus there is no acceptable way to allocate the cost.
:
12. Question : (TCO D) The left side of an account is:

: blank.
a description of the account.
the debit side.
the balance of the account.

13. Question : (TCO D) A credit is not the normal balance for which account listed below?

: Common Stock account
Revenue account
Liability account
Dividends account

14. Question : (TCO D) A debit is not the normal balance for which account listed below?

: Dividends
Cash
Accounts Receivable
Service Revenue

15. Question : (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner?

: Dividends payable and rent expense
Repair expense and notes payable
Prepaid insurance and advertising expense
Service revenues and equipment

16. (TCO E) One of the accounting concepts upon which adjustments for prepayments and accruals are based is (Points : 3)
matching.
cost.
monetary unit.
economic entity.

17. (TCO E) In a service-type business, revenue is considered earned (Points : 3)
at the end of the month.
at the end of the year.
when the service is performed.
when cash is received.
18. (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period? (Points : 3)
Due from employees
Due to employer
Wages payable
Wages expense

19. (TCO E) The following is selected information from M Corporation for the fiscal year ending October 31, 2010.

-Cash received from customers: $300,000
-Revenue earned: 350,000
-Cash paid for expenses: 170,000
-Expenses incurred: 200,000

5. Question : (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is:
: contra asset.
prepayment.
asset.
accrual.

6. Question : (TCO A, B) Which of the following expressions is incorrect?

: Gross profit – operating expenses = net income
Sales – cost of goods sold – operating expenses = net income
Net income + operating expenses = gross profit
Operating expenses – cost of goods sold = gross profit

7. Question : (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $6,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?

: $6,000
$5,880
$5,400
$5,520

8. Question : (TCO A, B) Jake’s Market recorded the following events involving a recent purchase of merchandise:

Received goods for $20,000, terms 2/10, n/30.
Returned $400 of the shipment for credit.
Paid $100 freight on the shipment.
Paid the invoice within the discount period.

9. Question : (TCO A) The Freight-in account:
increases the cost of merchandise purchased.
is contra to the Purchases account.
is a permanent account.
has a normal credit balance.

10. Question : (TCO A) Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count?

: Goods in transit to Barnes, FOB destination
Goods that Barnes is holding on consignment for Parker Company
Goods in transit that Barnes has sold to Smith Company, FOB shipping point
Goods that Barnes is holding in inventory on March 31 for which the related Accounts Payable is 15 days past due
:

11. Question : (TCO A) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

: Music store specializing in piano sales
Custom Jewelry store
Antique shop
Hardware store

12. Question : (TCO A) Which of the following statements is correct with respect to inventories?

: The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
FIFO seldom coincides with the actual physical flow of inventory.

13. Question : (TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory?

: Average cost method
LIFO method
FIFO method
Need more information to answer

:

14. Question : (TCO B) Which of the following is a true statement about inventory systems?

: Periodic inventory systems require more detailed inventory records.
Perpetual inventory systems require more detailed inventory records.
A periodic system requires cost of goods sold be determined after each sale.
A perpetual system determines cost of goods sold only at the end of the accounting period.

15. Question : (TCO B) Two categories of expenses in merchandising companies are:
: cost of goods sold and financing expenses.
operating expenses and financing expenses.
cost of goods sold and operating expenses.
sales and cost of goods sold.

:

Page 3:

Question 1 (TCO D) Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that ensure that the ledger accounts are correct? Explain. (Points : 25)

2. Question : (TCOs B & E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010:

Cost of goods sold $ 710,000
Net sales 1,279,000
Administrative expenses 239,000
Interest expense 68,000
Dividends paid 38,000
Selling expenses 45,000

Instructions:
1. Prepare a multiple-step income statement for the year ended December 31, 2010.
2. Compute the profit margin ratio and gross profit rate. Caltor Company s assets at the beginning of the year were $770,000 and were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations and explain your findings.

Set 2

Question 1. 1. (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? (Points : 3)
Management is considered an internal user.
Present and prospective creditors are considered external users.
Regulatory authorities, such as the SEC, are considered internal users.
Taxing authorities are considered external users.

Question 2. 2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n) (Points : 3)
delivering activity.
investing activity.
financing activity.
operating activity.

Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3)
operating activities.
investing activities.
financing activities.
delivering activities.

Question 4. 4. (TCO A) The best definition of assets is the (Points : 3)
cash owned by the company.
collections of resources belonging to the company and the claims on these resources.
owners’ investment in the business.
resources belonging to a company that offer future benefits to the company.

Question 5. 5. (TCO C) Edwards Company recorded the following cash transactions for the year.

Paid $45,000 for salaries
Paid $20,000 to purchase office equipment
Paid $5,000 for utilities
Paid $2,000 in dividends
Collected $75,000 from customers

What was Edwards’ net cash provided by operating activities? (Points : 3)
$25,000
$5,000
$30,000
$23,000

Question 6. 6. (TCO A) In a classified balance sheet, assets are usually classified as (Points : 3)
current assets; long-term assets; property, plant, and equipment; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and common stocks.
current assets; long-term investments; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and intangible assets.

Question 7. 7. (TCO A) Which of the following should not be classified as a current asset? (Points : 3)
Supplies
Short-term marketable securities
Prepaid insurance that will expire next year.
A note receivable that will mature after 21 months

Question 8. 8. (TCO A) The following are selected account balances on December 31, 2010.

-Land (location of the corporation’s office building): $50,000
-Land (held for future use): 75,000
-Corporate Office Building: 300,000
-Inventory: 100,000
-Equipment: 225,000
-Office Furniture: 50,000
-Accumulated Depreciation: 150,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? (Points : 3)
$650,000
$550,000
$475,000
$800,000

Question 9. 9. (TCO B) For 2010, Mossland Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? (Points : 3)
$4.67
$0.25
$66.67
$14.86

Question 10. 10. (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year? (Points : 3)
$69,000
$22,000
$116,000
$91,000

Question 11. 11. (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why, or why not? (Points : 3)
No, GAAP requires that 10% of the cost be expensed each year. This minimizes attempts to mislead financial statement users.
Yes, the matching principle requires that the cost be expensed in the period of purchase.
No, the cost needs to be allocated to the years of expected use.
Yes, the actual life of the asset is not known, thus there is no acceptable way to allocate the cost.

Question 12. 12. (TCO D) An account is a part of the financial information system and is described by all except which one of the following? (Points : 3)
An account has a debit and credit side.
An account has to be in paper form.
An account has a zero or nonzero balance.
An account has a title.

Question 13. 13. (TCO D) The classification and normal balance of the dividend account is (Points : 3)
a revenue, with a credit balance.
an expense, with a debit balance.
a liability, with a credit balance.
under stockholders’ equity, with a debit balance.

Question 14. 14. (TCO D) A debit is the normal balance for which account listed below? (Points : 3)
Furniture
Accounts payable
Rent revenue
Capital stock issued

Question 15. 15. (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner? (Points : 3)
Prepaid insurance and dividends
Dividends and medical fees earned
Interest payable and common stock
Advertising expense and land

16. Question : (TCO E) The time period assumption states that:
a transaction can only affect one period of time.
estimates should not be made if a transaction affects more than one time period.
adjustments to the enterprise’s accounts can only be made in the time period when the business terminates its operations.
the economic life of a business can be divided into artificial time periods.

17. Question : (TCO E) The matching principle matches:
: customers with businesses.
expenses with revenues.
assets with liabilities.
creditors with businesses.

18. Question : (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period?

: Due from Employees
Due to Employer
Wages Payable
Wages Expense

19. Question : (TCO E) The following is selected information from J Corporation for the fiscal year ending October 31, 2010.

Cash received from customers $75,000
Revenue earned 87,500
Cash paid for expenses 42,500
Expenses incurred 50,000

Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007?

: $28,500

$33,500

$20,500

$37,500
Based on the accrual basis of accounting, what is M Corporation’s net income for the year ending October 31, 2010? (Points : 3)
$140,000
$114,000
$82,000
$150,000

20. (TCO E) Adjusting entries are made to ensure that (Points : 3)
expenses are recognized in the period in which they are incurred.
revenues are recorded in the period in which they are earned.
balance sheet and income statement accounts have correct balances at the end of an accounting period.
All of the above

Question 21. 21. (TCOs A and B) Which of the following expressions is incorrect? (Points : 3)
Gross profit – operating expenses = net income
Sales – cost of goods sold – operating expenses = net income
Net income + operating expenses = gross profit
Operating expenses – cost of goods sold = gross profit

Question 22. 22. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $3,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period? (Points : 3)
$2,940
$2,760
$2,700
$3,000

Question 23. 23. (TCOs A and B) Jake’s Market recorded the following events involving a recent purchase of merchandise.

-Received goods for $20,000, terms 2/10, n/30.
-Returned $400 of the shipment for credit.
-Paid $100 freight on the shipment.
-Paid the invoice within the discount period.

As a result of these events, the company’s merchandise inventory (Points : 3)
increased by $19,208.
increased by $19,700.
increased by $19,306.
increased by $19,308.

Question 24. 24. (TCO A) If goods in transit are shipped FOB destination (Points : 3)
the seller has legal title to the goods until they are delivered.
the buyer has legal title to the goods until they are delivered.
the transportation company has legal title to the goods while the goods are in transit.
no one has legal title to the goods until they are delivered.

Question 25. 25. (TCO A) When a perpetual inventory system is used, which of the following is a purpose of taking a physical inventory? (Points : 3)
To check the accuracy of the perpetual inventory records
To determine cost of goods sold for the accounting period
To compute inventory ratios
All are a purpose of taking a physical inventory when a perpetual inventory system is used.

Question 26. 26. (TCO A) A problem with the specific identification method is that (Points : 3)
inventories can be reported at actual costs.
management can manipulate income.
matching is not achieved.
the lower of cost or market basis cannot be applied.

Question 27. 27. (TCO A) The accounting principle that requires that the cost flow assumption be consistent with the physical movement of goods is (Points : 3)
called the matching principle.
called the consistency principle.
nonexistent; that is, there is no such accounting requirement.
called the physical flow assumption.

Question 28. 28. (TCO A) In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the (Points : 3)
FIFO method.
LIFO method.
average cost method.
tax method.

Question 29. 29. (TCO B) Which of the following is a true statement about inventory systems? (Points : 3)
Periodic inventory systems require more detailed inventory records.
Perpetual inventory systems require more detailed inventory records.
A periodic system requires cost of goods sold be determined after each sale.
A perpetual system determines cost of goods sold only at the end of the accounting period.

Question 30. 30. (TCO B) The primary source of revenue for a retailer is (Points : 3)
investment income.
service revenue.
the sale of merchandise.
the sale of plant assets the company owns.

1. Question : (TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits.
Explain the rules of debits and credits in a way that will help him understand them. Cite examples for each of the major sections of the balance sheet (assets, liabilities and stockholders’ equity) and the income statement (revenues and expenses).

Question 2. (TCOs B and E) The adjusted trial balance of Gertz Company included the following selected accounts.

Debit Credit
Sales $575,000
Sales returns and allowances $ 50,000
Sales discounts 9,500
Cost of goods sold 347,000
Freight-out 2,000
Advertising expense 15,000
Interest expense 19,000
Store salaries expense 74,000
Utilities expense 18,000
Depreciation expense 3,500
Interest revenue 25,000

Instructions:
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2010.
2. Calculate the profit margin ratio and gross profit rate. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings.

Set 3

(TCO A) The factor which determines whether or not goods should be included in a physical count of inventory is (Points: 3)
physical possession.
legal title.
management’s judgment.
whether or not the purchase price has been paid.

15. (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner? (Points: 3)
Dividends payable and rent expense
Repair expense and notes payable
Prepaid insurance and advertising expense
Service revenues and equipment

11. (TCO A) When a perpetual inventory system is used, which of the following is a purpose of taking a physical inventory? (Points: 3)
To check the accuracy of the perpetual inventory records
To determine cost of goods sold for the accounting period
To compute inventory ratios
All are a purpose of taking a physical inventory when a perpetual inventory system is used.

12. (TCO A) A problem with the specific identification method is that (Points: 3)
inventories can be reported at actual costs.
management can manipulate income.
matching is not achieved.
the lower of cost or market basis cannot be applied

13. (TCO A) Which of the following statements is correct with respect to inventories? (Points: 3)
The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
FIFO seldom coincides with the actual physical flow of inventory.

14. TCO A — In a period of rising prices, which of the following inventory methods generally results in the lowest net income figure? (Points: 3)
Average Cost Method
LIFO method
FIFO method
Need more information to answer

15. (TCO B) The figure for which of the following items is determined at a different time under the perpetual inventory method than under the periodic method? (Points: 3)
Sales
Cost of Goods Sold
Purchases
Accounts Receivable

1. (TCO E) The time period assumption states that (Points: 3)
a transaction can only affect one period of time.
estimates should not be made if a transaction affects more than one time period.
adjustments to the enterprise’s accounts can only be made in the time period when the business terminates its operations.
the economic life of a business can be divided into artificial time periods.

2. (TCO E) In a service-type business, revenue is considered earned (Points: 3)
at the end of the month.
at the end of the year.
when the service is performed.
when cash is received.

3. (TCO E) On April 1, 2007, M Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four years
and will have no residual value. M records depreciation expense of $9,000 for the calendar year ending December 31, 2007. Which accounting principle has been violated? (Points: 3)
Revenue recognition principle
No principle has been violated because M has correctly matched the expense for using the equipment to the period during which it generated revenue.
Matching principle because the cash was paid in 2007 and should be expensed in 2007.
Cost principle

4. The following is selected information from J Corporation for the fiscal year ending October 31, 2007.

Cash received from customers $75,000
Revenue earned 87,500
Cash paid for expenses 42,500

Expenses incurred 50,000

(TCO E) Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007?
(Points: 3)
$28,500
$33,500
$20,500
$37,500

net income = revenue earned – expenses incurred
= 87500 – 50,000
= 37500

5. (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is (Points: 3)
contra asset.
prepayment.
asset.
accrual.

6. (TCO B) Two categories of expenses in merchandising companies are (Points: 3)
cost of goods sold and financing expenses.
operating expenses and financing expenses.
cost of goods sold and operating expenses.
sales and cost of goods sold.

7. (TCO A,B) Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a (Points: 3)
perpetual inventory system.
periodic inventory system.
double entry accounting system.
business that sells expensive merchandise.

 

 

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ACCT-504-Mid-Term

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ETHC 445 Principles_of_Ethics environmental-based ethical dilemma Set 1 and set 2 Answer

ETHC 445 Principles_of_Ethics environmental-based ethical dilemma Set 1 and set 2 Answer

ETHC 445 Principles_of_Ethics environmental-based ethical dilemma Set 1 and set 2 Answer

ETHC-445 Principles of Ethics
Using web based research, find an environmental-based ethical dilemma from the past five years online.
(You can use a news story, an internet article, a law case, or anything from a governmental database for this assignment.) Then, using this story as a foundation for your dilemma:
1. Create a 2-4 paragraph “dilemma” similar to the other dilemmas you have been solving throughout this term.
2. Solve the dilemma using Kant’s ethics (Categorical Imperative).
3. Solve the dilemma using any other method we have discussed to date (with which you agree.)
4. State which resolution (Kant’s or the other one you chose) you prefer and why.
(It is possible that one or more of these dilemmas you write may become future exam questions for this course, so keep that in mind while you write the dilemma.)
This assignment should be about two typed pages, double-spaced. You MUST provide the source of the dilemma, and thus this paper will require at least one “work cited.” Use APA format in citing the source.

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ETHC-445 Principles of Ethics

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GSCM-326 Total Quality Management Week 8 Final Exam Complete Answer

GSCM-326 Total Quality Management Week 8 Final Exam _Answer

GSCM-326 Total Quality Management Week 8 Final Exam _Answer

Page 1
1. (TCO 1) Which of the following practices were utilized by most companies to maintain quality levels until the start of the 1980s? (Points : 6)
Team-based initiatives
Process-improvement efforts
Design-quality reviews
Mass inspection

2. (TCO 1) Quality is most difficult to measure and analyze under which of the following definitions? (Points : 6)
Judgmental
User-based
Product-based
Value-based

3. (TCO 2) Which of the following systems do not have a role to play in assuring quality in a manufacturing firm? (Points : 6)
Sales
Purchasing
Tool Engineering
None (All answers have a role.)

4. (TCO 2) _____ is a challenge facing many service firms such as Avis, Inc.’s Worldwide Reservation Center that handles millions of calls and books more than six million reservations in a year. (Points : 6)
The high volume of transactions leading to numerous opportunities for error
Service sector decline
The inability to define and measure quality
High labor turnover

5. (TCO 3) In which of the following categories can companies receive a Malcolm Baldrige National Quality Award? (Points : 6)
Small business
Manufacturing
Service
All of the above

6. (TCO 3) ISO 9000:2000 defines a _____-based approach to quality management systems. (Points : 6)
customer
statistics
process
product

7. (TCO 4) _____ is a method the Deming philosophy focuses on for improvements in product and service quality. (Points : 6)
100 percent inspection
Reducing variation
Financial analysis
Separating the planning and execution functions of management

8. (TCO 4) The primary reason for Deming’s position that slogans should be eliminated is which of the following? (Points : 6)
Most problems are a result of the system and cannot be eliminated without redesigning the system.
Slogans take up valuable space in the production department.
Slogans are costly to maintain and periodically update.
Workers don’t always understand the slogans.

9. (TCO 5) Measurable performance levels that define the quality of customer contact with an organization’s representatives are known as which of the following? (Points : 6)
Customer contact requirements
Quality function deployments
Indexed service standards
Consumer benefits packages

10. (TCO 5) Maintaining a clean, well-lit waiting room in a doctor’s office is an example of which service-quality dimension? (Points : 6)
Competence
Courtesy
Communication
Tangibles

11. (TCO 6) The leadership skill of _____ is demonstrated by leaders who encourage employees to participate in quality-improvement efforts and develop cross-functional teamwork and customer-supplier partnerships. (Points : 6)
visioning
intuition
empowerment
self-understanding

12. (TCO 6) The _____ theory of leadership suggests that the manner in which leaders deal with subordinates depends on contingent rewards and punishments. (Points : 6)
attributional
transactional
substitutes for leadership
emotional intelligence

13. (TCO 7) Employee suggestion systems have been used to identify ways to _____. (Points : 6)
improve quality
reduce costs
improve worker safety
All of the above

14. (TCO 7) Under Herzberg’s theory of motivation, worker safety would represent a(n) _____ factor and advancement would represent a(n) _____ factor. (Points : 6)
motivational, maintenance
maintenance, motivational
attribute, innovative
innovative, attribute

15. (TCO 8) A group of employees in an office who are fully responsible for all aspects of processing claims at an insurance company is an example of which of the following team types? (Points : 6)
Problem-solving team
Project team
Virtual team
Self-managed team

16. (TCO 8) During the _____ stage of a team’s life cycle, team members agree on roles, ground rules, and acceptable behavior when doing the work of the team. (Points : 6)
Forming
Storming
Norming
Performing

17. (TCO 9) Which of the following is not part of a process control system? (Points : 6)
Comparison of actual results with the standard
A means of measuring accomplishment
A standard or goal
A backup process

18. (TCO 9) Process management consists of which of the following? (Points : 6)
Design, management, and improvement
Design, control, and improvement
Design, control, and standardization
Analysis, control, and improvement

19. (TCO 10) During Final Inspection at a shirt manufacturer, more than 1,500 shirts were found with incorrect buttons. The manufacturer sold the shirts at 70 percent of the normal price to a retailer who specializes in factory seconds. The revenue lost by the manufacturer is considered which of the following? (Points : 6)
An internal failure cost
An appraisal cost
An external failure cost
A prevention cost

20. (TCO 10) The additional labor that is used when a machined part is returned to the drilling department for rework to correct a quality problem is considered which of the following? (Points : 6)
A prevention cost
An appraisal cost
An internal failure cost
An external failure cost

21. (TCO 11) Which of the following is NOT a principle of statistical thinking as a philosophy of learning and action? (Points : 6)
All work occurs in a system of interconnected processes.
Variation exists in all processes.
All variation can be traced to human error.
Understanding and reducing variation are keys to success.

22. (TCO 11) Which of the following tools is most useful for viewing the variability of a quality characteristic? (Points : 6)
Affinity diagram
Control chart
Checklist
Fishbone diagram

23. (TCO 12) Everything else remaining constant, when the sample size _____, sampling error decreases. (Points : 6)
increases
decreases
stays constant
None of the above

24. (TCO 12) Determine the upper control limit (UCL) and lower control limit (LCL) for an X-Bar chart if six samples of subgroup size 3 (n=3) were collected, the mean of the sample averages is 4.7, and the mean of the sample ranges is 0.35. Determine the upper control limit (UCL) and lower control limit (LCL) for an X-Bar chart.
CHART (Points : 30)
UCL = 4.86905, LCL = 4.53095
UCL = 4.90195, LCL = 4.49805
UCL = 4.72250, LCL = 4.14350
UCL = 5.05805, LCL = 4.34195

25. (TCO 12) Determine the upper control limit (UCL) and lower control limit (LCL) for an R-chart if twenty samples of subgroup size 5 (n=5) were collected for a variable measurement and the mean of the sample ranges equals 4.4. (Points : 30)
UCL = 9.3016, LCL = 0.0000
UCL = 1.4696, LCL = 0.0000
UCL = 11.3256, LCL = 0.0000
UCL = 8.8176, LCL = 0.0000

26. (TCO 13) Which of the following are the phases of the Six Sigma problem solving approach? (Points : 6)
Define, Monitor, Analyze, Improve, Confirm

Define, Monitor, Analyze, Invest, Control

Define, Measure, Analyze, Improve, Control

Define, Measure, Analyze, Invest, Control

27. (TCO 14) Current research suggests leadership will have to change from: (Points : 6)
Process to position
Focus throughout the organization to a focus at the top
Power resulting from position to power resulting from knowledge
Feeling and emotional to logical and rational

Page 2

1. (TCO 3) Answer the following questions concerning ISO 9000:
1. Discuss the basic premise behind ISO 9000. (10 points)
2. Discuss three of the five objectives of ISO 9000. (10 points)
3. Discuss the three documents that make up ISO 9000. (10 points)
(Points : 30)

2. (TCO 14) Answer the following questions concerning cultural change and the workforce:
1. Discuss three of the five behaviors that Juran and others suggest are needed to develop quality cultural change. (10 points)
2. Discuss ownership at the workforce level and why it is important to the implementation of TQM. (10 points)
3. Discuss how increased ownership requires increased sharing of information. (10 points)
(Points : 30)

3. (TCO 4) Deming’s Profound Knowledge consists of four elements. Answer the following three parts relating to the “variation” element of Deming’s Profound Knowledge. Your discussion should relate to this element of Deming’s Profound Knowledge and not variation in general.
1. Explain how a quincunx can be used to explain variation. (10 points)
2. Why is understanding variation important, and what do we need to do about it? (10 points)
3. What tools do we need to use to understand variation, and why is using these tools important to our decision-making process? (10 points)
(Points : 30)

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MGMT 520 Lgl, Poli, Ethcl Dimns of Busn Week 8_Final Term Set 4 Question and answer

MGMT 520 Lgl, Poli, Ethcl Dimns of Busn Week 8_Final Term Set 4 Question and answer

MGMT 520 Lgl, Poli, Ethcl Dimns of Busn Week 8_Final Term Set 4 Question and answer

MGMT 520 Lgl, Poli, Ethcl Dimns of Busn Week 8_Final Term Set 4 Question and answer

MGMT 520 Lgl, Poli, Ethcl Dimns of Busn Week 8_Final Term Set 4 Question and answer

MGMT 520 Lgl, Poli, Ethcl Dimns of Busn Week 8_Final Term Set 4 Question and answer

1.Explain the concept of economic activity. In your answer include when it would be applied.

2. Why was microsoft considered a monopoly? State which section of law monopolies are in violation of. Give an example of a company that would be considered a monopoly today.

3. Consider the following sequences of separate offers and potential acceptances. Indicate in each scenario whether there would be a contract by the end of each exchange. Explain your answer.
August 1, 2010: Suchada mails an offer to Mohammed
August 2, 2010: Mohammed receives the offer
August 3, 2010: Suchada mails a revocation
August 4, 2010: Mohammed mails an acceptance
August 5, 2010: Mohammed receives the revocation
August 6, 2010: Suchada receives the acceptance
Show the result.

August 1, 2010: Ibrahima mails an offer to Sadeea
August 2, 2010: Sadeea receives the offer
August 3, 2010: Sadeea wires an acceptance
August 4, 2010: Sadeea wires a rejection
August 4, 2010 later: Ibrahima receives the acceptance
August 5, 2010: Ibrahima receives the rejection
Show the result. (3 points)

4. There is an amusement park that restricts entry to people of a certain race. The park sells food and is located approximately 1 mile off of the highway. Conclude whether or not this is valid under the U.S. constitution and demonstrate why or why not.

5. Luis owns a U.S. company and wants to expand into an overseas market. If a United States company wants to expand into a foreign market, what regulations would apply? Examine whether United States law would be applicable to the company’s operation abroad.

6 Iowa passed a statute restricting the length of vehicles that could use its highways. The length chosen was 55 feet. Semi trailers are generally 55 feet long; double or twin tracks (one cab pulling two trailers) are 65 feet long. Other states in the Midwest have adopted the 65-foot standard. Consolidated Freightways brought suit, challenging the Iowa statute as an unconstitutional burden on interstate commerce. The Iowa statute meant that Consolidated could not use its twins in Iowa. The Iowa legislature claims the 65 foot doubles are more dangerous than the 55 foot singles. However, the statute did provide a border exception: Towns and cities along Iowa borders could make an exception to the length requirements to allow trucks to use their city and town roads. Can Iowa’s statute survive a constitutional challenge? Is the statute an impermissible burden on interstate commerce? Demonstrate why.

7. Gillian purchased a TV and shortly thereafter read of the propensity of the TV to overheat and burst into flames. While watching TV, the set exploded and burned. Gillian experienced rippling burns. Will Gillian recover? Analyze the various issues and defenses in the case.

8. Normally it is not possible for an employer who owns a bakery to be liable for the assault committed by an employee on a customer because it is beyond the scope of employment? Provide an example where the employer in the scenario described would be liable.

9. Relate how an agency passes rules? Summarize the process and then state what one could do to oppose or challenge any rules/law. Provide an example in your summarization.

10. What is the difference between the U.S. v. Morrison rape case and Ollie’s Barbecue cases discussed in class regarding interstate commerce? Demonstrate your knowledge by explaining the elements necessary to bring a successful case involving the violation of the interstate commerce clause.

11. Provide three scenarios where a contract can be rescinded, revoked or terminated and then provide an example for each way you have presented.

12 In Midler v. Ford Motor Co., Bette Midler sued Ford for unauthorized appropriation. Explain what appropriation is and state what a person has to prove to win damages for it
. 13. What is ethics? Apply it to a situation currently going on ( at work, in the news, at home, school, etc.) and determine which ethical model would help the most. Provide the elements of the model you chose in your answer.

14 Charles, one of the richest people in the world, was walking down the street in New York City, where he saw a man in tattered clothes on a bench. He said to the man, “if you come around the corner with me to the clothing store, I’ll buy you a nice suit.” Having nothing else to do at the time, the man complied. However, when they got to the clothing store, Charles changed his mind. The man sued, alleging a unilateral contract had been formed: Charles had asked for an act, and the man had performed it. Decide whether this was an enforceable contract. How would you prove or disprove this?

15. Seleena took her car to the muffler shop to have the left muffler of her dual exhaust system replaced. From the waiting room she sees that the worker is preparing to remove the right muffler. Seleena says nothing, hoping that she’ll get a free muffler for the right side. Assess the situation.

16. Mrs. Bonet purchased a glass baking dish manufactured by Walmart. She purchased the dish at a retail drug store in New Jersey. Walmart manufactures its glassware in Ohio and distributes nationally. When Mrs. Phillips removed the baking dish from her oven (while making a casserole), the dish exploded and Mrs. Bonet was injured. Mrs. Bonet’s attorney wants to bring a product liability lawsuit in New Jersey. Walmart does not believe it can be forced to defend a lawsuit in New Jersey because it has no offices there. Can the New Jersey courts take jurisdiction? Demonstrate the liability of Walmart. Discuss an ethical business strategy to minimize liability for claims of product liability and breach of warranty

17. Beyonce has a New York corporation that manufactures jeans, tops, and sweaters. Samantha is her agent. During a trade show, Beyonce told Samantha not to let vendors know that Samantha had a principal. Discuss Samantha’s liability to the vendors if Beyonce did not honor the contracts. What would Samantha’s liability be if she told the vendors that she was working for Beyonce when she signed orders with several stores?

TCO E and H. A private high school hires a new superintendent, George Forester. The school is owned by a local Lutheran church and is run by a board of directors chosen by church members. Supt. Forester shows up for his first day of work and sends a memo via intercompany mail to all teachers:
Dear Staff:
There is a new sheriff in town – and it is me. As your new leader, I am implementing a dress code that includes no slacks or shorts for women and no earrings for male teachers. Men shall all be clean shaven. Violators will be docked 1 week’s pay; second offenses will result in a 1 week suspension without pay and third offenses, dismissal. All teachers will address me as “Pastor Forester” or “Amen, Pastor Forester.” Teachers who fail to abide by these dictates will be docked two points on their annual evaluations. Amen, Pastor Forester.”
That day, one teacher, Anna Seenandfeld has a birthday party at the school, having just turned 40. Her frown at the party shows everyone she is not happy about her party. Pastor Forestor had bought black balloons for her and jokes with the other teachers about the “over the hill” teacher. The next day, Pastor Forester goes into the teacher’s lounge and calls all nontenured teachers into his office. He tells them that he has assigned himself to be their mentoring teacher and that effectively immediately they will be evaluated weekly. One teacher, Anna Seenandfeld, begins to cry. Another teacher, Andy DuFrane, rolls his eyes and says, “God! These menopausal women should not be allowed around our students.” Pastor Forester goes to Anna and hugs her, offering her a tissue. He pats her gently on the behind and whispers, “Act your age, please.” When she forcefully pulls away from him, Pastor Forester assigns her to work Saturday detention for the next 3 weeks to “toughen her up.”
A pregnant P.E. teacher, Lisa Ready, is reassigned by Pastor Forester to a math position (even though she has only three credits in math) because Pastor Forester says this position is “less strenuous for a pregnant lady.”
On the third week of detention duty, a student stabs Anna, wounding her severely. Although she survives and recovers, she loses one kidney as a result of the injury. The school doesn’t offer health insurance, and Anna incurs over $55,000 for her hospital bills; the student (and his family) is insolvent.
One month later, a parent complains about his student being unable to succeed in his math course due to the teacher’s (Lisa’s) incompetence, Pastor Forester fires Lisa Ready for her inability to perform her job. Pastor Forester tells Lisa in front of her class of students, and then walks her out of the building; 2 hours later, Lisa goes into premature labor and delivers her first son, who has severe health issues as a result of being premature. The baby’s doctor states the cause of early labor as being from “intense duress and undue stress.” Lisa’s husband’s health insurance covers all of the costs of the birth and the baby’s care.
Pastor Forester is really not a pastor. His real name is Jerry Birches, a parolee with convictions for child molestation. His parole agreement prohibits him being closer than 1,000 feet to any school. In order to cut costs, the school had stopped doing background checks on new employees, and this slipped through the cracks. This comes to the attention of the school board, and the president of the board of directors immediately fires Pastor “Jerry Birches” Forester and notifies his parole officer of the violations. Pastor Forester claims the board knew about his background because one member of the board (his aunt Theresa) knew the truth.

1.
TCO E. Anna and Lisa both sue the school and Pastor Forester for discrimination and, further, for liability for their injuries (the stabbing damages and the damages to Lisa’s son’s health). You are on the board of directors and need to analyze the liability of the school. Limit your answer to the school’s liability only.
Write a brief memo as to whether Pastor Forester committed illegal or discriminatory practices in his brief tenure described in this situation. Then, analyze the potential liability of the school. Discuss agency liability, as well as any employment law aspects. Explain whether you feel that the two injured teachers have cases for recovery against the school. Discuss whether the school being a religious, private school has any bearing on or provides protection from liability. Include all defenses available to the school.

TCO H and E. In the discovery portion of the case, it is determined that Pastor Forester is really not a pastor. His real name is Jerry Birches, a parolee with convictions for child molestation. His parole agreement prohibits him being closer than 1,000 feet to any school. In order to cut costs, the school had stopped doing background checks on new employees, and this slipped through the cracks. The president of the board of directors immediately fires Pastor “Jerry Birches” Forester and notifies his parole officer of the violations. Pastor Forester claims the board knew about his background because one member of the board (his aunt Theresa) knew the truth. He claims her knowledge should be imputed to the entire board of directors.
The board immediately convenes and discusses “damage control.” It knows you took a law and ethics course recently and asks you to write a memo to the parents of the students, explaining the situation. Using ethical and legal considerations (including the fact you are in the middle of multiple lawsuits), write the memo.

TCOs F & G. Laura Etheridge and Rita O’Donnell, the CEO and Creative Director of Clean Clothes (a Texas-based lesbian women’s clothing line) brainstormed together and came up with a tagline for their new slacks line: “Masculine Attitude, Feminine Fit.” They market the product on YouTube, Twitter, and Facebook showcasing their “Funky Femme” slacks collection, made from a material that resembles alpaca wool but is actually organic cotton. To further the advertising impact, the team uses an Ellen DeGeneres look-alike in the YouTube video, where the model does the “Ellen dance” – and mouths “love the pants” as she points to her legs, and then walks off leading an Alpaca by a halter. Within months, the slacks are a huge hit in the lesbian community. Clean Clothes sends a letter to their attorney asking him to trademark their tagline and moves forward without another thought about it.
Meanwhile, Men2Wimmin, a French company with a branch in New York, has established a huge following in the gay and cross-dressing community. It has used the tagline “Feminine Attitude, Masculine Fit” for many years to advertise its drag queen dress collection for men on billboards, the Internet, and television.
Ellen DeGeneres learns that her likeness is being used to advertise for Clean Clothes. She watches the ad and is incensed. She spends the next week on her show bashing the Clean Clothes company and states that she would never endorse the use of Alpaca wool for clothing as she feels shearing them is cruel. (She doesn’t catch that the pants are really made from cotton.) Further, she says she feels that lesbian women should not need to shop at special stores, although she admits she often shops in the men’s department at Joseph A. Bank (JOSB). Her comments cause a precipitous drop in sales at both Joseph A. Bank (JOSB) and Clean Clothes. Using the above fact pattern, analyze the following questions fully.

1.
TCO F. Ellen DeGeneres sues Clean Clothes for the use of a look-alike model for the slacks advertisement. She includes Lanham Act, misappropriation, and “right of publicity” claims in her complaint. Clean Clothes countersues for product disparagement. Joseph A. Bank (JOSB) sues Ellen for impacting their men’s clothing sales with her unsolicited comment. What facts will Ellen use to support her cases, and why will those support her cases? What defenses will Ellen have against Clean Clothes’s and JOSB’s countersuits? Do you think any of the three will win their cases? Why or why not?
(Points : 30)

TCO G. It is discovered that 2 weeks before the Ellen show, she had sold $2 million in JOSB stock (at a gain of about $2,200). The morning after her show, Ellen sold JOSB short (which means she was betting the stock price would go down), and she made another $210,000 in the next week on that trade. The swing in the price was not directly tied to her comments but was suspected to be a result of a recall JOSB made on their entire line of men’s black and brown dress slacks when it was discovered that they had been sewn together with white thread. Ellen’s previous trading activity shows that she made it a normal practice to “vigorously trade” the stock of any company with which she did business. A review of her trading activity for the past year showed that she had bought and sold JOSB stock 25 different times, including short sales like this one. Her overall trading for JOSB stock for the last 12 months was a net loss of $82,000.00. Do you think the SEC will file anything against Ellen for her sales of JOSB? Is there any cause to do so? Analyze her transactions with respect to insider trading activity (based on what you know) and whether she should be concerned. Is her prior trading activity a defense? Should Ellen have avoided discussing JOSB publicly on her show because she typically trades their stock?

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What do you consider to be the most important attributes of good management practice Answer

What do you consider to be the most important attributes of good management practice Answer

What do you consider to be the most important attributes of good management practice Answer

Public health question. What do you consider to be the most important attributes of good management practice? Discuss in relation to examples of good management of health-related services that you may have encountered. Answer should be 500 words (+/-10%),and must use at least 3 academic sources.

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Technology and social media (LMS, LinkedIn, Twitter, etc.) are constantly changing Answer

Technology and social media (LMS, LinkedIn, Twitter, etc.) are constantly changing Answer

Technology and social media (LMS, LinkedIn, Twitter, etc.) are constantly changing Answer

Technology and social media (LMS, LinkedIn, Twitter, etc.) are constantly changing, and it can be difficult for organizations to keep up and effectively use technology as a training tool. Choose one new piece of technology (within the last five years), and discuss the pros and cons of this technology as a learning tool. Give a specific example of how this tool can be used effectively, to enhance effective learning.

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GSCM 429_Prod Activity Ctrl Week_8_Final Exam week_Final Exam_Set 1 and 2_Complete Answer

GSCM 429_Prod Activity Ctrl Week_8_Final Exam week_Final Exam_Set 1 and 2_Complete_Answer

GSCM 429_Prod Activity Ctrl Week_8_Final Exam week_Final Exam_Set 1 and 2_Complete_Answer

1. The two different approaches to load work centers in job-shop scheduling are
load charts and schedule charts.
Gantt charts and assignment method.
infinite loading and finite loading.
linear programming and makespan.
None of the above

2. The priority rule where jobs are processed according to the smallest ratio of due date to processing time is
CR.
EEDD.
FCFS.
S/O.
SPT.

3. A scheduling rule used for sequencing jobs through two work centers is
the critical ratio rule.
the Johnson’s rule.
the slack per operation rule.
the shortest processing time rule.
the Pareto rule.

4. The owner and operator of the local franchise of Handyman, Inc., has four jobs to do today, shown in the order they were received:

Job Processing Time (hrs) Due (hrs from now)
————————————————————————————————-
W 4 4
X 3 5
Y 2 2
Z 1 1

If he uses the first-come, first-served (FCFS) priority rule to schedule these jobs, what will be the average completion time?
7.5 hours
5 hours
3 hours
2.5 hours
2 hours

5. The ultimate goal of JIT operations is to have
no in-process inventories.
cross-trained workers capable of handling every process.
a smooth, rapid flow of materials through the system.
no setup times.
All of the above

6. Building up an inventory of standard parts or modules instead of immediately producing the finished end items is the essence of
delayed differentiation.
kanban.
autonomation.
andon.
matrix management.

7. A kanban card is used to signal that (Points : 5)
work is needed at the work center.
work is ready to be moved to the next station.
a worker has run out of parts needed for further processing.
a machine has broken down and needs immediate attention.
a machine is ready for preventive maintenance.

8. The type of processing system that is used for highly standardized products is
continuous.
intermittent.
project.
batch.
unit.

1. The priority rule, which will sequence jobs in the order they are received, is _____.
EDD
LIFO
SPT
CR
FCFS

2. In an assignment method problem, if it takes Abe 3 hours to build a birdhouse and 4 hours for a doghouse, and Betty takes 4 hours for a birdhouse and 3 hours for a doghouse, what is the reduced cost (in hours) of assigning Betty to build the doghouse?
0 hours
1 hour
2 hours
3 hours
4 hours

3. A major difference between manufacturing and service systems in terms of scheduling is
variability in arrival and service rates.
processing cost per unit.
the number of units to be processed.
length of processing time.
output rate.

4. Scheduling in service systems may involve scheduling which of the following?

The workforce
The equipment
A and B
Customers
All of the above

5. The owner and operator of the local franchise of Handyman, Inc., has four jobs to do today, shown in the order they were received:

Job Processing Time (hrs) Due (hrs from now)
————————————————————————————————-
W 4 4
X 3 5
Y 2 2
Z 1 1

If he uses the earliest due date first (EDD) priority rule to schedule these jobs, what will be the average job tardiness?
0 hours
1.5 hours
1.75 hours
2 hours
2.25 hours

6. Building up an inventory of standard parts or modules instead of immediately producing the finished end items is the essence of (Points : 5)
delayed differentiation.
kanban.
autonomation.
andon.
matrix management.

7. With regard to suppliers, JIT systems typically require
delivery of large lots at regular intervals.
buyer inspection of goods and materials.
multiple sources from which to purchase.
long-term relationships and commitments.
the lowest price possible.

8. Which of the following is characteristic of the JIT philosophy?
Inventories are an asset.
Lot sizes are optimized by formula.
Vendors are co-workers, essentially other departments of our organization.
Queues are a necessary investment.
All of the above

9. In make-to-stock systems, fluctuations in sales volume are managed through which of the following?
Order backlog
Finished goods inventory
WIP or FG inventory
All of the above
None of the above

10. In an MRP master schedule, the planning horizon is often separated into a series of times periods called
pegging.
lead times.
stacked lead times.
time buckets.
firm, fixed, and frozen.

1.Does cellular manufacturing apply best to repetitive, high-volume product or nonrepetitive, low-volume product? Explain and give an example.

2. Validate or invalidate the statement that although inventories are maintained, the goal of lean operations is to maintain a minimum of safety stock.

3. Elaborate on the statement: “The output of the system cannot exceed the output of the bottleneck operation(s).”

4. Differentiate between infinite loading and finite loading as two major approaches used to load work centers.

5. Explain why batch process helps maximize worker efficiency.

6. Refer to the following data for jobs waiting to be processed at a single work center (jobs are shown in order of arrival):

Job Processing Time (days) Due Date (days from now)
——————————————————————————————————
A 2 2
B 5 6
C 6 10
D 3 4
E 4 8

What is the schedule sequence using the first-come, first-served (FCFS) priority rule?

7. Respond to the question: “Which is better, MRP or JIT?”

8. The design of the MPC system is influenced by some key features of market demand and product design. Name the key features that will lead to a make-to-stock system and explain the rationale.

9. Market requirements drive the choice of the shop floor system approach. Describe and explain the type of market requirements that would be suitable for an MRP-based system, along the lines of product design, product variety, and product volume per period, product mix changes, and delivery schedule changes.

10. Manufacturing strategy also drives the choice of shop floor system. Describe and explain the strategies that lend themselves to a JIT-based system, from the perspective of WIP, changeover cost, and process choice.

1. Explain how cellular manufacturing represents a flexible manufacturing system.

2. State the four building blocks of lean operations, and explain how fast and simple are the two common threads that run through them.

3. Elaborate on the statement: “The output of the system cannot exceed the output of the bottleneck operation(s).

4. Differentiate between infinite loading and finite loading as two major approaches used to load work centers.

5. The theory of constraints has a goal of maximizing flow through the entire system.

6. Refer to the following data for jobs waiting to be processed at a single work center (jobs are shown in order of arrival):

Job Processing Time (days) Due Date (days from now)
——————————————————————————————————
A 2 2
B 5 6
C 6 10
D 3 4
E 4 8

What is the average completion time for the first-come, first-served (FCFS) priority rule schedule? Average job tardiness? Average number of jobs at the center?

7. Respond to the question: “Which is better, MRP or JIT?

8. The design of the MPC system is influenced by some key features of market demand and product design. Name the key features that will lead to an assemble-to-order system and explain the rationale.

9. Market requirements drive the choice of the shop floor system approach. Describe and explain the type of market requirements that would be suitable for an MRP-based system, along the lines of product design, product variety, product volume per period, product mix changes, and delivery schedule changes.

10. Manufacturing strategy also drives the choice of shop floor system. Describe and explain the strategies that lend themselves to a JIT-based system, from the perspective of WIP, changeover cost, and process choice.

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Suppose that the U.S. Department of Agriculture (USDA) administers the price floor Complete Answer

Suppose that the U.S. Department of Agriculture (USDA) administers the price floor Answer

Suppose that the U.S. Department of Agriculture (USDA) administers the price floor Answer

Suppose that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (In real life the actual price floor was officially set at $16.10 per hundredweight of cheese. One hundredweight is 100 pounds.) At that price, according to data from the USDA, the quantity of cheese produced in 2009 by U.S. producers was 212.5 billion pounds, and the quantity demanded was 211 billion pounds. To support the price of cheese at the price floor, the USDA had to buy up 1.5 billion pounds of cheese. The accompanying diagram shows supply and demand curves illustrating the market for cheese.

a. In the absence of a price floor, the maximum price that a few of the consumers are willing to pay is $0.20 for a pound of cheese whereas the market equilibrium price is $0.13 per pound. The graph also shows that the minimum price at which a few of the producers are willing to sell is $0.06 per pound. In the absence of a price floor, how much consumer surplus is created?

b. How much producer surplus?

c. What is the total surplus?

d. The maximum price that a few of the consumers are willing to pay is $0.20 per pound of cheese, and the price floor is set at $0.17 per pound. With the price floor at $0.17 per pound of cheese, consumers buy 211 billion pounds of cheese. How much consumer surplus is created now?

e. The minimum price at which a few of the producers are willing to sell a pound of cheese is $0.06, and the price floor is set at $0.17 per pound. With the price floor at $0.17 per pound of cheese, producers sell 212.5 billion pounds of cheese (some to consumers and some to the USDA). How much producer surplus is created now?

f. The surplus cheese USDA buys is the difference between the quantity of cheese producers sell (212.5 billions of pounds of cheese) and the quantity of cheese consumers are willing to buy at the price floor (211 billions of pounds of cheese). How much money does the USDA spend on buying up surplus cheese?

g. Taxes must be collected to pay for the purchases of surplus cheese by the USDA. As a result, total surplus (producer plus consumer) is reduced by the amount the USDA spent on buying surplus cheese. Using your answers for parts b—d, what is the total surplus when there is a price floor?

h. How does this compare to the total surplus without a price floor from part c?

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Suppose that the U.S. Department of Agriculture (USDA) administers the price floor Answer