... The best way to minimize costs and maximize product quality is to adopt a lean operations strategy that includes just in time (JIT) initiatives. Central to the JIT technique is continuous problem solving. JIT requires that items and materials are ordered only when needed minimizing inventory. When inventory is minimized wasted costs in layout, quality, and procurement are easily spotted and immediately dealt with. With JIT very few suppliers are chosen creating large commitments to the organization. The suppliers should also use JIT and offer their expertise in design and quality control to the supply chain. Since the owners of the power tool company are willing to own or invest in any component of the supply chain I would recommend they initiate a Keiretsu. A Keiretsu is a company coalition which includes few key suppliers and secondary suppliers. The power tool company would support key members of the Keiretsu through ownership or loans. The suppliers are assured stability and a long term relationships and in return are expected to provide expertise and consistent quality. A Keiretsu reduces supply chain costs because it eliminates the wasted expenses associated with using many vendors. It eliminates the bidding process, duplicate activities, reduces returned products do to quality issues, and minimizes inventory costs by utilizing JIT...
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...In the marketplace business fundamentals simulation, I was asked to create a company that sells computers with specified components in which a certain target market requested. I created a company named MEGA Intel Computers and my target market was the Workhorse and Mercedes segments. During the first quarter, I was required to decide on corporate responsibilities, review market research, design two brands (MEGA One and MEGA Two), establish corporate and strategic goals, and open a sales office, as well as build a plant for manufacturing. During this quarter I focused on keeping expenses minimal but resourceful since manufacturing was just beginning. In the second quarter of the business simulation, I focused on presenting my products to a test market and I was required to set compensation packages for sales people and workers, set the selling price for my products, design advertisements, scheduled media representation, and ultimately, I focused on the actual production of my brands. During the second quarter, I paid close attention to the financial decisions made in regards to personnel salary, a new sales outlet, advertisement costs, and production costs. Since MEGA Intel is a new business, it was important for my financial decisions to focus discretely on market research data and all decisions were based upon target market results. In the third quarter, I reviewed market performance by using the market research I purchased. MEGA Intel computers were in a small demand...
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...Managing Internal Cost & Controlling – Developing & Maintaining Quality – Managing Operations JCT2 Supply Chain Task 1 Western Governor’s University Introduction My company name was Arete Sytems. Arete is an ancient Greek term meaning “excellence of any kind”. The choice of name was intended to represent the quality, high-end systems that we would produce. B1. Using Budgets and Pro-Forma Statements to Plan Production Capacity One of my key lessons from this simulation was the importance of working in teams and openly discussing decisions that need to be made before making them. I approached the simulation as the only team member because the simulation didn’t include other participants. In retrospect, I would have assigned other members, at least in my mind, to gain additional team insights. I was not careful enough in setting pricing for my two products correctly in the second quarter when we actually began sales. I priced my high end Mercedes line accidentally at the price I had planned for my mainstream Workhorse line and vice-versa. I did not look closely enough at my pro forma cash flow or income statements to recognize the forecasted loss and as a result did not dig deep enough to see the reasons and to make the adjustments in pricing. I was overly focused on cash at that point to fund production capacity. I discovered the error when evaluating second quarter actuals. Going into third quarter planning, I looked at the pro forma cash flow...
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...IV. Purchasing Cycle Ordering materials, supplies and services The Purchasing Group is responsible for receiving Purchase Order request forms from different departments. Usually, the majority of orders come from Planning Department because they use JIT inventory system to schedule production runs. Once the order request is approved by upper management, the purchaser will choose a vendor and decide if a Purchase Order (PO) is needed. Practically, PO will not be required for minor purchases that are less than $1,000 such as office supplies, lunches etc. For those purchases, the purchaser will contact the preferred vendors to place orders and pay them with the American Express credit card. The Purchase Order request forms are then completed for filing purposes. If the purchase exceeds $1,000, a PO is created. The purchaser will select a vendor, send them the PO and receive a confirmation number. If the shipment is delayed, the purchaser will contact backup vendors for immediately needed parts. Receiving Deliveries from vendors are handled by the Receiving Department. The docking clerk checks Bill of Lading (BOL) and Packing Slip for correct shipments. All incoming deliveries with right addresses are received at the dock. After blind receiving the products, the raw material handler will compare the actual receipt of goods with the quantity of goods on BOL and packing slip. All shipments are subject to inspection for any defected items. The raw material handler will notify the...
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...* What is the firm’s overall strategy and mission? (Please make this brief for time sake). Albemarle is a producer of high-quality generic and custom active pharmaceutical ingredients (API). * Which industry is the firm mainly focusing on? SHOULD BE KNOWN BASED ON THE FACT THAT THEY MANUFACTURE ACTIVE PHARMACEUTICAL INGREDIENTS Pharmaceutical Sector, specifically APIs (custom and generic) * Who are their customers? We supply large pharmaceutical companies, usually with well characterized generics. Also provide small molecule custom development for smaller clients looking to bring their developed molecule into a larger scale for clinical trials or commercialization stages. The specific customers Albemarle has is considered proprietary. * Who are their competitors? Other API manufacturers in both US and foreign markets. In most generics, we are not the only source producer. In some of the more custom work however there is less redundancy or competition for that particular drug substance. * In general terms, how big do you believe your market share is? It differs by material, but approximations are provided… * What are your greatest challenges? Weather? Driver Availability? Uniqueness of Product (volatile?) Competitors, Increasing FDA standards and scrutiny, the incoming quality and consistency of our incoming key raw materials and other raws, support from our contracted partners (testing labs and technical contractors), have some capacity constraints...
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...JCT2 – Task 1 Western Governors University Table of Contents 1. Financial Statements a. Balanced Score Card b. Income Statement c. Balance Sheet d. Cash Flow Statement 2. General Simulation Analysis a. First Quarter b. Second Quarter c. Third Quarter d. Fourth Quarter 3. Adequacy of Funds 4. Just-in-Time 5. Lean Operations 6. Work Cells 7. Inventory Management 8. Continuous Improvement Program 9. Sources Financial Statements Balanced Score Card Income Statement Balance Sheet Cash Flow Statement General Simulation Analysis Micro Computer Solutions (MCS) performed well below the market standard during its first year. The company failed to establish and defend its position during any of the quarters. “Firms achieve (their) mission in three conceptual ways: (1) differentiation, (2) cost leadership, and (3) response.” (Heizer and Render, 2011). The struggle of MCS can be attributed to failure to invest in its future, and overall financial performance. The company did not design any new micro computers during its first year and the Max and Air had a limited technological life cycle, because they failed to evolve. In addition, the firm was unable to make the necessary adjustments in branding and advertising to meet market demands. MCS manufactures two different types of micro computers, Max 2.0 and Air. Max 2.0 cost $3,160 and was created specifically to cater to the Workhorse demographic. The Air was designed...
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...TOWARDS A BETTER UNDERSTANDING OF SUPPLY CHAIN QUALITY MANAGEMENT PRACTICES Article: International Journal of Production Research • This paper reports the result of a comparative study of quality tools and methods adaptation by operations and supply chain managers. • SCQM is defined as a system based approach to performance improvement that leverages opportunities created by upstream and downstream linkages with suppliers and customers. • Operation management is traditional been explained by some version of an ‘inputs-transformation process- outputs’ view of the productive capability of the firms. From Quality perspective, operation managers have focused on internal activities such as process control process improvement, product design improvement and design of experiment. As a result, more and more six-sigma improvement project evolved. • In addition experts like Deming have long emphasized importance of customers and supplier. • In this paper, it explored the difference between quality management practice of operation managers and each type of managers emphasizes supply chain managers, including what quality tools. Tool can here mean the method such as benchmarking, an approach to improving quality such as process improvement team (PIT) and leadership. Literature review and hypothesis development • Supply chain management has developed as a field from the integration of operations and marketing management. As a result, a linkage with upstream firms – which...
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...1. Inditex financial results compare to competitors. The four companies shown above have very different business models. Inditex owned much of the production and most of its stores. Inditex is thus a vertically integrated company. This made Inditex gain a competitive advantage, which is quick response to the market requirements. On the other hand, The Gap and H&M have a different business model. They owned most of the stores, but outsourced all the production. Benetton had a third business model. It invested heavily in the production, but licensees ran its stores. The most interesting company to compare Inditex is The Gap. Although The Gap has much higher revenues than Inditex (almost five times Inditex), it incurred a net loss, as opposed to Inditex, which achieved a 23%, return in investment. This is due to the extremely high costs of good sold for The Gap. This could be caused -at least partially- by the complete outsourcing of the production. They do not have enough control over the production costs. Although The Gap has larger market share than Inditex and has equity almost double that of Inditex, Inditex is much more profitable. 2. How specifically do the distinctive features of Zara business model affect its operating economics? Specifically, compare Zara with an average retailer with similar posted prices. Zara sources fabric, other inputs, and finished products from external suppliers. It has purchasing offices in Barcelona and Hong Kong. This gives Zara a competitive...
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...CONTENTS Outcome 1: Evaluate the importance of business process in delivering outcomes based upon business goals and objectives3 Outcome 2: Developing plans for areas of responsibility5 Outcome 3: Quality7 Outcome 4: Health and Safety in the work place10 Outcome 5: Operational Plans11 References13 OUTCOME 1: EVALUATE THE IMPORTANCE OF BUSINESS PROCESS IN DELIVERING OUTCOMES BASED UPON BUSINESS GOALS AND OBJECTIVES 1.A. GE culture is highly influenced by the factor of innovation. This can be considered as the prime reason for its existence over such a long period of time along with maintaining present level of goodwill in the market. This can be best represented by handy model as this model laid its focus over maintaining flexibility in the work system of the organization which is an obligatory measure to be adopted in an organization like GE. b. Deal and Kennedy model relates two important aspects, i.e. risk and feedback associated with the company in a highly refined manner. This is a relevant model with respect to GE because of the level of diversity present in its culture along with high potential that is required to make sure that all the competencies of GE are utilized appropriately. This has been depicted in below shown figure, (Deal and Kennedy's cultural model) 2.Mission statement of an organization is directly related with the inner strength of the company. This has to be defined in such a manner that it is not deviated from its main objective. It is liable...
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...of attributes that bear on the ability of software to be transferred from one environment to another. SERVICE QUALITY- is made to order. Additional features of Service Quality are: * Quality of Customer Service * Quality of Service Design * Quality of Service Delivery Additional Attributes of Quality (Product and Services) 1. Timeliness- Delivery on schedule per requirements of the customer is a must. 2. Aesthetics- a product or service should appear attractive. 3. Regulatory Requirements 4. Requirements of Society 5. Conformance to Standards MTBF- Mean Time Between Failures EMI- Electronic Magnetic Interference JIT- Just In Time EVOLUTION OF QUALITY 1. Dr. Walter A....
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...LETTER of TRANSMITTAL Subject: Submission of internship report on “Distribution Network and Process of Alook Refrigeration Co Ltd”. Dear Sir, It is a great pleasure to present the internship report titled “Distribution Network and Process” in Alook Refrigeration Co Ltd, which was assigned as a partial requirement for the completion of Bachelor of Business Administration degree. This is an honor to work for a Refrigeration Company and gain in-depth knowledge on Distribution Network and Process. Throughout the study, I have tried to accommodate as much information and relevant issues as possible and tried to follow the instructions that you have suggested. Through the internship, I tried my best to make this report as much informative as possible I am grateful to you for your guidance and kind cooperation at every step of my endeavor on this report. I shall remain deeply grateful if you kindly take some pen to go through the report and evaluate my performance. Sincerely yours Islam Kazi Ashik- Ul ID # 09-14727-3 Department of Business Administration American International University-Bangladesh Acknowledgement Firstly, Thankful to the honorable supervisor Ziarat Hossain Khan for giving the freedom to choose the report topic and continuous guidance henceforth. His guidance has been of extreme help to me. I am also thankful for all the times, I consulted him and he answered with the utmost patience and perseverance...
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...Chapter 1: Introduction Managerial accounting: decision making and control The internal accounting system, an important component of a firm’s information system, includes budgets, data on the costs of each product and current inventory and periodic financial reports. Internal accounting systems serve two purposes: v Provide some of the knowledge necessary for planning and decision making; v Help motivate and monitor people in organizations (control). The most basic control use of accounting is to prevent fraud and embezzlement. Design and use of cost systems An internal accounting system should have the following characteristics: v Provide the information necessary to identify the most profitable products and the pricing and marketing strategies to achieve the desired volume levels; v Provide information to detect production inefficiencies to ensure that the proposed products and volumes are produced at minimum costs; v When combined with the performance evaluation and reward systems, create incentives for managers to maximize firm value; v Support the financial accounting and tax accounting reporting functions; v Contribute more to firm value than it costs. Economic Darwinism (strong organizations will survive) Two caveats must be raised concerning too strict an application of economic Darwinism: v Some surviving operating procedures can be neutral mutations. Just because a system survives does not mean that its benefits exceed its costs. Benefits less costs might be...
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...Assignment Brief BTEC Level 7 Diploma in Strategic Management and Leadership (501/1000/7) Learner Name: | Learner Registration Number: | Unit Number: Unit 14 - Strategic Supply ChainManagement and Logistics | Unit Number/Code: D/602/2357 | Credit Value: 15 credits | Guided Learning Hours: 45 | Assessor/Tutor(s) | Internal Verifier(s) | Assignment QA Approval Date: | Date Issued to Learner: | Final Submission Date: | Formative assessment (progress checks) hand in dates. (1)………………………… (2)……………………………… | | Unit AimThis unit provides the learner with the understanding and skills to plan strategies to improve an organisation’s supply chain.Unit introductionThis unit focuses on how the concept of supply chain management and logistics is based on the idea that every product that reaches an end user represents the combined effort of multiple organisations which make up the supply chain and that until recently, most organisations paid attention to only what was happening within their own business. Few organisations understood, much less managed, the entire chain of activities that ultimately delivered products to the final customer. This resulted in ineffective supply chains.In this unit, learners will develop the knowledge that, today, many organisations realise that effective management of supply chain activities can lead to increased customer value and achieve sustainable competitive...
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..., SHRI HANUMAN CHALISA, AARTI OTHER STUTIES ( PRAYERS) & Hindi English Kannada Gujarathi Tamil VR IN Shri Mandir San Diego California Shri Mandir WûlÉÑqÉÉlÉç cÉÉsÉÏxÉÉ Hindi Hanuman Chalisa , SHRI HANUMAN CHALISA, AARTI AND OTHER STUTIES ( PRAYERS) Hindu Mandir Society of San Diego, California 9474 # L Black Mountain Rd, San Diego, CA 92126 Tel: 858-566-5644 "Compliments of Shri Mandir" qÉÇaÉVûÉ cÉUhÉ sÉÉãMüÉÍpÉUÉqÉÇ UhÉUÇaÉkÉÏUÇ, UÉeÉÏuÉ lÉã§ÉÇ UbÉÑuÉÇzÉlÉÉjÉÉqÉ | MüÉÂhrÉ ÃmÉÇ MüÂhÉÉMüUÇiÉÇ, ´ÉÏUÉqÉcÉÇSìÇ zÉUhÉÇ mÉëmɱã || AiÉÑÍsÉiÉoÉsÉkÉÉqÉÇ WãûqÉzÉæsÉÉpÉSãWÇû SlÉÑeÉ uÉlÉ M×üzÉÉlÉÑÇ ¥ÉÉÌlÉlÉÉqÉaÉëaÉhrÉqÉ xÉMüsÉaÉÑhÉÌlÉkÉÉlÉÇ, uÉÉlÉUÉhÉÉqÉkÉÏzÉÇ UbÉÑmÉÌiÉ ÌmÉërÉpÉ£Çü uÉÉiÉeÉÉiÉÇ lÉqÉÉÍqÉ qÉlÉÉãeÉuÉÇ qÉÉÂiÉiÉÑsrÉuÉãaÉÇ ÎeÉiÉãÇÌSìrÉÇ oÉÑήqÉiÉÉÇ uÉËU¸qÉ | uÉÉiÉÉiqÉeÉÇ uÉÉlÉUrÉÔjÉqÉÑZrÉÇ ´ÉÏ UÉqÉ SÕiÉÇ zÉUhÉÇ mÉëmɱã || oÉÑÍkÉ AeÉÉRèrÉÇ cÉÉãmÉÉD UÉeÉÏuÉ lÉrÉlÉ kÉUã kÉlÉÑ xÉÉrÉMü | pÉ£ü ÌuÉmÉÌiÉ pÉÇeÉlÉ xÉÑZÉçSÉrÉMü || qÉÇaÉVû pÉuÉlÉ AqÉÇaÉVû WûÉUÏ | SìuÉçWÒû xÉÉã SzÉUjÉ AÎeÉU ÌoÉWûÉUÏ || SÏlÉç SrÉÉsÉ ÌoÉËUSÒ xÉÇpÉÉUÏ | WûUWÒû lÉÉjÉ qÉqÉ xÉÇMüOû pÉÉUÏ || eÉlÉMüxÉÑiÉÉ eÉaÉeÉlÉlÉÏ eÉÉlÉMüÐ | AÌiÉzÉrÉ ÌmÉërÉ MüÂhÉÉÌlÉkÉÉlÉç MüÐ || iÉÉMãü eÉÑaÉçmÉS MüqÉsÉ qÉlÉÉuÉFÆ | eÉÉxÉÑ M×ümÉÉ ÌlÉqÉïsÉ qÉÌiÉ mÉÉuÉFÆ || qÉWûoÉÏU ÌoÉlÉçuÉFÆ WûlÉÑqÉÉlÉÉ | UÉqÉ eÉÉxÉÑ eÉzÉ AÉmÉ oÉZÉÉlÉÉ || xÉÉãUPûÉ mÉëlÉçuÉFÆ mÉuÉlÉMÑüqÉÉU, ZÉsÉçoÉsÉ mÉÉuÉMü ¥ÉÉlÉ bÉlÉ | eÉÉxÉÑ WØûSrÉ AÉaÉÉU, oÉxÉçÌWÇû UÉqÉ zÉU cÉÉmÉçkÉU || MÑÇüS CÇSÒ xÉqÉ SãWû, EqÉÉUqÉlÉ MüÂhÉÉ ArÉlÉ | eÉÉÌWû...
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...Quality Management Systems – An Overview TQM ISO 9000 QS 9000 Lecture Objectives Total Quality Management defined Cost of Quality ISO 9000 and QS 9000 Tools of TQM Evolution of Quality Management Six Sigma Quality Mgmt Systems Taguchi DOE SPC Inspection 1930 1950 1975 1985 1990 1995 2000 What does the term Quality really mean? Quality is the ability of a product or service to consistently meet or exceed customer expectations Historical Summary Artisanship • Closeness of producer and consumer • One person/common purpose among tasks Industrial revolution • Long supply chains • Unskilled labour • Mass production • Uniform quality • Loss of understanding of purpose Eli Whitney and Henry Ford Consumerism a response Quality has emerged now as a business strategy Total Quality Management What does total mean? Entire organization; All products and processes; All aspects (management, design, control) Not a flavor of the month (i.e. typical management fad) – Long-term perspectives, Consider the Japanese The Quality Challenge Today's economic reality: Intense global competition for sales, profits, contracts and jobs. Competition equally challenging in manufacturing and service organisations. Emphasis on controlling people has not worked. The emerging strategy: Augment TQM with Six Sigma Why is quality so difficult to deliver? Ambient temperature, vibration, humidity, supply, voltage, etc. Labor Training level Control variables Points for temperature...
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