...Five star tools is a small family-owned tool that manufactures diamond coated cutting tools used by jewelers. Recently, the company has begun to experience growth which has caused constraint in one of the three production process. The president of the company, Maxfield Turner and vice-president of marketing Betty Spence, recently sat down to discuss the possible solutions to eliminate this constraint. Five star tools have three major production processes: first, the steel blanks are cut to size, second the blanks are sent to a chemical bath that prepares the coating process. Lastly, the major process where constraint is shown, the blank are coated with diamond chips in a proprietary process, simultaneously coats and sharpens the blade of each tool. The president fears that since there is a bottleneck in the last process, customers will not get their tools in a timely manner. The president does not want the company to garner a reputation for unreliability. Betty Spence the vice president of marketing believes that the solution to this constraint is to concentrate on the more profitable tools which will free up production resources. Using Goldratt’s theory of constraint, identifying and coming to a solution can be solved in Goldratt’s five steps; The first step is identifying the problem, Both Maxfield and Betty has identified that the problem is the bottleneck in the third process of production The second step is optimizing use of restraint, which means finding the product...
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...Case 7-2 Five Star Tools 4/14/2012 Managerial Accounting Five Star Tools is a small manufacturing firm, founded by Frederick Turner, that produces diamond-coated cutting tools used by jewelers. Production of these chisels and saws involves three major processes. Blanks, tools without diamond coating are cut to size. They are then sent to a chemical bath that prepares them for the coating process. In this process, if the operator finds rough edges or blemishes, he/she smooths and buffs them before the actual coating takes place. From there, they are coated and sharpened. Afterward, they are all inspected and the defects are repaired or scrapped. The company has experienced substantial growth in the past two years, along with growing pains. They are at capacity and have missed deadlines on orders for several important customers. Maxfield Turner, son of founder, is the president and Betty Spence is vice president. Over lunch one day, they discuss the situation at hand. Betty stated that if know they won’t be able to complete a deadline, they should not accept it. She added that they cannot keep customers waiting and she does not want to develop a negative reputation as being unreliable. Max had another approach. He stated that they should concentrate on the more profitable products and drop some of the less profitable ones to free up resources. He is going to have the accounting department draw up a profitability analysis to help figure out which products to concentrate...
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...in the “luxury vacation business. Customers were treated to a wide variety of activities, and entertainment and sumptuous food while they were at sea. The appeal to the user was to experience luxury and fun while cruising amount interesting vacation-oriented ports. Cunard offered cruising on seven ships. Five of them were in the luxury (5 star) category, and two were in the premium (4 star) category. Each had its own distinctive image and positioning: The first of the cruise ships was considered to be the finest in the world it was called the QE 2. It offered ultra- luxury accommodations and exquisite service. In addition to traveling between New York and Europe it was used in the Caribbean and made one round the world trip each year. The QE 2 had a capacity of 1,850 passengers. The Ultra Deluxe was the Sagafjord and Vista fjord were five start cruisers. They ported primarily out of American ports for cruising in the Caribbean, Alaska and the south Pacific. The capacity for these ships was approximately 550 and 750 passengers, respectively. The Cunard Countless and the Cunard Princess were less formal and less expensively priced cruise ships. They were considered 4-star premium cruise ships. Both were positioned as casual and the marketing for them tended to be more...
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...Total Pages : 2 Page : 1/2 PROGRESS REPORT FOR OCTOBER 2012 Date of joining : 1st October 2012 (Day of Meeting) Customers : Five Star Hotels - 5 Four Star Hotels - 5 3 & 2 Star Hotels - 8 Clubs - 1 Catering - 3 Coffee Shops & Rest. - 5 Apartments & Residence - 3 Food Stuff & Traders - 1 Cash Customers - 6 --------------------------------------------------------- Total No. Of Customers - 37 -------------------------------------------------------- Progress : 1. Awareness of all Customer names. 2. Covered all 5 Star, 4 Star and 3 & 2 star hotel locations. 3. Paying regular visits to all these hotels. 4. Samples of few items are also provided to some hotels on their request. 5. Shangri La starts using Caster Sugar and is interested to deal with other products that it had previously stopped or has not previously used. Quotation of items has been provided. 6. Crystal Salam places an order for Heera Panna Gold (a sample of this rice was provided earlier). Contd… Page 2/2 7. Hoping to get some positive results from Fairmont Hotel, Centre Novotel Hotel and Bon Food Rest. as some samples and quotations have been provided. Method practiced: 1. On my interaction with the...
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...Pentagram in Metropolis The Pentagram is a five pointed star that is symmetrical with one point on the top and two points at the bottom. It is a symbol that has been used in many eras, cultures and religions. Groups such as by ancient Israelites, Christians, Magicians, Pagans and Wiccans have used this symbol. An inverted pentagram has two points on top and one point at the bottom. This symbol is used by groups such as Satanist and some rock bands in the Black Metal scene. In the film Metropolis, the director places the pentagram both upright and inverted in a few scenes. The symbol can be seen on Rotwang’s front door, a few doors inside his home and one in his laboratory. Some possible reasons why the director uses the pentagram include symbolizing protection, the carnal desires of man and also as a sign of evil. Metropolis is dystopia. It is a futuristic society under authoritarian control. The leader and thinkers of the city rule from the giant skyscrapers while the laborers work under harsh conditions for long hours beneath the ground. In Metropolis, technology is portrayed to be evil and invasive. Technology has affected every part of the city. Every building seems to be modern except for the home of Rotwang, the inventor. His house is described as a “strange house, overlooked by the centuries.” On his front door is an upward pentagram. One meaning the Pentagram is believed to have is that it’s a protection against evil. The five point Pentagram each stands for the things...
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...Five Star Tools BUS 5431 Chintel Gilbert Executive Summary Five Star Tools is a family owned company that manufactures diamond-coated chisels and saws used by jewelers. As a result of the growth of the firm, management has identified production constraints in the coating and sharpening process that causes Five Star Tools to miss deadlines. Overview Maxfield Turner, president of Five Star Tools, decides to discuss how to handle the company’s current growing pains with the VP of marketing, Betty Spence. They both express two very different approaches to loosen the production constraints. Spence believes that the company’s reputation will be tarnished and result in a negative impact on profitability if they continue to miss deadlines. Her approach to the situation involves turning down business beyond the scope of the firm’s current production capacity. Turner believes that the best route will be to concentrate on loosening the constraints on the coating and sharpening process while reviewing what impact eliminating less profitable products will have on profitability. Issues Addressed A. What steps can be taken to loosen the constraint in coating and sharpening? The cutting and chemical bath department can be scaled back to meet the needs of the coating and sharpening department in order to alleviate the back up Outsource some of the work performed by the coating and sharpening department Develop an inspection station as not to waste time on defective units before they...
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...BUS5431 - Managerial Accounting Individual Case Study 7-2 FIVE STAR TOOLS James Jiambalvo – Chapter 7 Case 2 Submitted by: K Greene Executive Summary: Five Star Tools is a small family-owned business that manufactures diamond-coated cutting tools (chisels and saws) used by jewelers. The production of these tools involves three major processes. The first of these processes involves steel “blanks” (tools without the diamond coating) that are cut to size. The second process involves the blanks being sent to a chemical bath that prepares the tools for the coating process. The final process is the major process in the line. The blanks are coated with diamond chips in a proprietary process that simultaneously coats and sharpens the blade of each tool. Following the coating process, each tool is inspected and defects are repaired or scrapped. In the past two years, the company has experienced significant growth and with that growth has come some growing pains. The company finds itself at capacity in the coating and sharpening process. This process requires highly skilled workers and expensive equipment. Because of growth a bottleneck has been created by this operational process and this in turn has cause the company to miss delivery deadlines on orders from several important customers. Maxfield Turner, the son of Frederick Turner, founder of Five Star Tools, president of the company is having a discussion over lunch with Betty Spence, vice president of marketing...
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...to plan for long-term, examine the activities of rivals and designate dynamic decisions to sustain their lives. Our study focuses on the examination of strategic management tools, which help companies to increase their performance and profitability and analysis of usage level and satisfaction rates of these tools. The survey of this study is conducted on 110 middle and senior level managers of 32 three-star hotels, 32 four-star hotels and 46 five-star hotels that operate in tourism industry in Antalya. Analyses results revealed that customer relationship management (CRM), vision/mission statements and total quality management (TQM) were the most used tools in last five years while CRM, benchmarking and strategic planning are the most used tools currently. Moreover, this study indicated that there were some differences among hotel classification in their preference to use strategic management tools. Barkhi (2009) although IT applications in the hotel industry have largely been devoted to the handling of routine operational problems, it has become increasingly evident for hoteliers that proactively incorporating IT into their services, operations, and strategy is a key element in their quest for service excellence and high profits. Based on a recent survey of IT applications and challenges in four- and five-star hotels in the UAE, this study presents the findings of an exploratory empirical investigation in this understudied, yet one of the fastest growing tourist destination in the...
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...Case 7-2 Five Star Tools This report provides an analysis and evaluation of constraints in the production process for the Model C210 and the Model D400 of the Five Star Tools product line. The significant growth the company has experienced in recent years has led to a strain on the firm’s production capacity. This report seeks to determine how to loosen constraints on production and identify the most profitable product line given current production limitations. Incremental analysis is used to determine both the benefit of one additional hour of production time in the coating and sharpening process and the incremental yearly profit associated with adding a new inspection station. Five Star Tools is a small family-owned firm that manufactures diamond coated cutting tools used by jewelers. The production line consists of three major processes: the steel ‘blanks’ are first cut to size and then sent through a chemical bath before the final step in which the prepared tools are diamond-coated and sharpened. The coating and sharpening process requires highly skilled workers, expensive equipment, and utilizes a proprietary process, which simultaneously coats and sharpens the blade of each tool. This stage of production is currently at capacity and causing delays in the completion and delivery of customer orders. Management has identified the final stage of production as the bottleneck, or the binding constraint of production. Delayed orders and eschewed business could be damaging...
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...The Science of Stars Rochell Clark August 13, 2012 SCI 151 Robert Austin Stars are the majority and most widely acknowledged astronomical components that symbolize the most essential development of blocks of galaxies. The age, disbursement, and framework of the night sky in a galaxy maintain a record of the heritage, characteristics, and evolvement of the galaxy. More important, stars are integral to the fabrication and allocation of heavy elements. Notably corresponding to carbon, nitrogen, and oxygen, their functionality is intimately associated with the capabilities of the planetary models, which in turn associate about them. Subsequently, the analysis of the conception, longevity, and perishing of stars is dominant to the subject of astronomy. Astronomers depend on electromagnetic emissions observed by unique variations of telescopes to calculate the position, structure, conditions, activity, and magnetism of celestial objects. The conduct of the majority of stars indicates they generate a certain measure of energy at each wavelength however additionally carry a pinnacle wavelength and range in which they discharge a significant amount of their remaining stamina. Electromagnetic radiation is transmitted by means of waves at the speed of light (299 792 km/sec) through space. Electromagnetic waves consist of marginal frequency radio waves with the aid of infrared energy and observable luminosity to ultraviolet radiation x-rays as well as high frequency gamma radiation...
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...7 – 2 Five Star Tools Managerial Accounting BUS 5431 Fall 2015 December 6, 2015 Executive Summary Five Star Tools is a family controlled manufacturing organization that makes chisels and saws utilized by diamond setters. They deliver the apparatuses using a 3 stage process. In the previous two years the organization has encountered critical development and now and again has not possessed the capacity to meet request due dates. Administration has acknowledged that they have a bottleneck in the coating and sharpening procedure. Overview The president of Five Star Tools, Maxfield Turner chose to meet with the VP of Marketing Betty Spence to address the missed due dates and production capacity. In their meeting Betty Spence trusts they ought to quit tolerating requests in which they can't meet client due dates to keep up their reputation in the business. The president of the organization Maxfield Turner trusts that they ought to take a gander at the organization's item offerings and generation imperatives. He needs to survey with the bookkeeping office the potential effect of wiping out less gainful item offerings and with the creation office on approaches to relax the requirement in the covering procedure. Issues Addressed A. Recognize the Binding Constraint Since administration has recognized that the bottleneck happens at the coating and sharpening procedure, operations ought to be decreased in the cutting and chemical shower divisions to address the...
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...BCG Matrix, SWOT Analysis and Porter Model BCG Matrix Introduction: The Boston Consulting Group (BCG) Matrix is an uncomplicated tool to evaluate a company’s position in terms of its product range. It facilitates a company think about its products and services and makes decisions about which it should keep, which it should let go and which it should invest in further. Also called the BCG Matrix, it provides a useful way of screening the opportunities open to the company and helps to think about where one can best allocate resources to maximize profit in the future. At the end of the 1960s, Bruce Henderson, creator of the Boston Consulting Group, BCG, developed portfolio matrix. The BCG Growth-Share Matrix is a fourcell (2 by 2) matrix used to execute business portfolio analysis as a footstep in the strategic planning process. BCG matrix is often used to prioritize which products within company product mix get more funding and attention BCG matrix takes into account two strategic parameter into consideration namely, market share and market growth. To understand the Boston Matrix, one must understand how market share and market growth are interrelated. Market share is the percentage of the total market that is being serviced by a company under consideration, measured either in revenue terms or unit volume terms. Higher the market share, the higher the proportion of the market one controls. The Boston Matrix assumes that if the company under consideration is enjoying a high market...
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...BCG Matrix, SWOT Analysis and Porter Model BCG Matrix Introduction: The Boston Consulting Group (BCG) Matrix is an uncomplicated tool to evaluate a company’s position in terms of its product range. It facilitates a company think about its products and services and makes decisions about which it should keep, which it should let go and which it should invest in further. Also called the BCG Matrix, it provides a useful way of screening the opportunities open to the company and helps to think about where one can best allocate resources to maximize profit in the future. At the end of the 1960s, Bruce Henderson, creator of the Boston Consulting Group, BCG, developed portfolio matrix. The BCG Growth-Share Matrix is a fourcell (2 by 2) matrix used to execute business portfolio analysis as a footstep in the strategic planning process. BCG matrix is often used to prioritize which products within company product mix get more funding and attention BCG matrix takes into account two strategic parameter into consideration namely, market share and market growth. To understand the Boston Matrix, one must understand how market share and market growth are interrelated. Market share is the percentage of the total market that is being serviced by a company under consideration, measured either in revenue terms or unit volume terms. Higher the market share, the higher the proportion of the market one controls. The Boston Matrix assumes that if the company under consideration is enjoying a high market...
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...Chapter 2 Solutions Review Questions 1. What term refers to the physical layout of a network’s computers, cables, and other resources? topology, diagram, layout, or map 2. Joining the computers in a network at a central point creates a star topology. Which of the following statements is true of a star topology network? (Choose all that apply.) c. It requires much more cabling than a bus network. d. Its centralized nature makes network management easier. 3. A physical bus topology network requires terminators. True or False? True 4. Which of the following statements is true of a ring topology network? b. It provides equal access to all computers on the network. 5. Which of the following physical topologies is the most fault tolerant? c. mesh 6. What are two advantages of a star topology network? inexpensive easy to troubleshoot and configure 7. Which physical topology does switching use? star or extended star 8. A cable break in a bus network does not affect network communications. True or False? False 9. In a bus network, if the ends of the cable aren’t terminated, what occurs? signal bounce 10. Connecting computers to form a straight line creates a _______ topology network. physical bus or bus 11. How do switches...
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...Literature Review of Strategic Business Analysis Tools: Research Ethics: PEST, BCG and Porter’s Five-Force Model Abstract This literature review takes the work of twelve different scholarly peered-reviewed resources and explains the outcome of their studies. All of the studies were conducted with different strategic analysis tools and how the use of ethics plays a role in each model. Although there are many strategic tools for managers to use, this literature review focuses in on only three tools. The three strategic analysis tools researched in this literature review are the PEST analysis, the BCG growth matrix, and Porter’s five-force model. This literature review compares the work of the different articles to show how each strategic tool was used in the different articles and where ethics play a role in each research method. The end of the literature review entails different recommendations on how to further the research for a better understanding of these strategic tools while continuing to do so in a manner that remains ethical. In conclusion, this literature review is design to give the reader a better understanding of three different strategic management tools and how they are being used professionally and scholarly with allowing for all research to be done in an manner that does not allow for outcomes that can be used in an unethical manner to pad results. Introduction The business environment is rapidly changing and the past has shown that companies who are...
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