...The Model: Team Work Production Function The Team-Work Production Function is the idea that collectively working on a project or task decreases the amount of work by an individual whilst simultaneously increasing their leisure. The effect of this is an increase in utility experienced by one person. However if everyone acts in a rational manner and everyone maximizes their respective utilities in the same manner then overall the utility is diminished below the original level, or rather the level of a single individual working on the same problem. The Application of the Model: School Projects The Team Work Production function is extremely relevant to students at Cornell University who are often subjected to work on group projects, or study together, or collaborate in any way large or small on differing topics. For the purpose of this paper I will apply the model to a group project in another PAM class. The assignment was to write a 20-page policy paper with four other students over the course of a semester and to formulate a plan that provided solvency to the problem and utilized original research. The group immediately divided the 20-page paper in an egalitarian manner doling out 5 pages each on subtopics however each section of 5 pages was dependent on the section preceding it. The division of labor created a new budget constraint one that reduced work and increased leisure. However as all members of the group realized the same increase in leisure each member had a greater...
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...Assignment 3: Using Teams in Production and Operations Management Brandon Jones Contemporary Business February 12, 2011 The British Petroleum Company, better known as BP, is an oil and petroleum conglomerate that has serviced consumers’ needs since approximately 1909. When it was first founded by William Knox D’Arcy the company was known as the Anglo-Persian Oil Company (BP Global, 1996-2012). The first few years of business was shaky Winston Churchill believed in its success and supported the oil movement. His speech captured the attention of the United Kingdom government so remarkably that they endorsed and became investors of the Anglo-Persian Oil Company (APOC) (BP Global, 1996-2012). With the growth of heating and automobiles powered by gasoline came the rising success of the APOC. In 1935 Persia renamed its country Iran, thus sparking the company name change to Anglo-Iranian Oil Company (AIOC) (BP Global, 1996-2012). After many ups and downs during and following World War II, the year was 1964 when the AOIC took on its third and present name change to British Petroleum Company, better known as BP(BP Global, 1996-2012). British Petroleum Company is currently a one of the world’s top ranked oil suppliers. With recent economic changes, BP has formed new subdivisions in order to maintain revenue and appeal to consumers. The British Petroleum Company’s presence exists in all 7 global continents. Many of these worldwide operations have partnered up with local...
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...Using Teams in Production and Operations Management Governments around the globe are investing in businesses and banks in an effort to avoid a complete collapse of affected institutions. However, the general public is not convinced that the government will be able to effectively run the businesses it has acquired with any better dexterity than existing mismanaged government budgets. Furthermore, although the infusion of funds may temporarily secure investments, it does not effectively alter the transactions that instigated the decline. (/money, 2011) Inflated values of derivatives, fueled by ambitious speculation and fortunes amassed by paper transactions rose to catastrophic levels. Derivatives are commitments to purchase commodities or financial instruments at a fixed price, with an agreement to take profits if the value of the asset rises. In recent years, mortgages sold at subprime rates were bundled into securities. Lehman Brothers and Merrill Lynch created offsetting credit derivatives to protect investors in the event that these securities defaulted. Credit derivatives benefitted from profits derived from the increased number of subprime loans and home sales during the real estate bubble. When housing prices dropped and interest rates rose, many adjustable-rate subprime mortgage owners were unable to keep up with the higher monthly payment. Mortgages defaulted, demand for houses cooled abruptly, and the suddenly above market rates of credit derivatives collapsed....
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...Introduction Strategies are important for all businesses, regardless of the products or services that they offer. Through strategic management and operations, companies are able to integrate new and effective means of running their respective businesses. In turn, these strategies results in an increased profit of sales, stable market position and greater levels of customer loyalty. In the fast food industry, businesses such as McDonald’s must establish certain business and marketing strategies. Primarily, the main goal of McDonald’s, just like any other organization is to sustain their competitive advantage in the global market. Overview of the Company McDonald’s has a rich history that started out in 1954. The company was put to the spotlight by Ray Kroc. Throughout the years, marketing ideas have poured through and helped the company become one of the most renowned fast food brands globally. The trademark design for the fast food was carefully studied and it came with a happy clown character known as Ronald MacDonald (McDonald, 2012). McDonald’s trademark sandwich, The Big Mac, is one of the many innovative products, the happy meal approach was also a creative marketing tool used to entice children to eat at McDonald’s because of the toys or other novelty items they can get. McDonald’s restaurants offer a substantially uniform menu, common in the usual fast foods. Many fast food restaurants, including McDonald’s, offer hamburgers, cheeseburger, chicken sandwiches, French...
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...Using Teams in Production and Operation Management Brystal Stanfield Ransom Dr. Calvin Fogle BUS 508 Contemporary Business May 17, 2012 Using Teams in Production and Operations Management The Retail industry is a driving force in today’s local and global economy. Retail sales are so important because the sales are an important economic indicator. Consumer spending drives mush of our economy. When consumers are spending money, the economy thrives positively. The retail stores cannot keep inventory on the shelves and new merchandise is ordered causing production facilities to make more products and order more raw materials. If consumers don’t feel as secure about their finances, they spend less money and the economy slows down. This example shows how important retail business is to the economy. The Sherwin Williams Company is a major global retailer that will be discussed. This essay will analyze Sherwin William’s production and operations management system, evaluate the use of teams in its production and operations management system, and also discuss Sherwin William’s ability to adjust when the economy faces a downturn. Describe a major global corporation Sherwin Williams was founded in 1866, just one year after the Civil War ended. The founders of Sherwin Williams were Henry Sherwin and Edward Williams. Sherwin Williams is the largest paint and coating producing company in the United States. This company is also among the largest producers in the world. Sherwin...
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...Using Teams in Production and Operations Management- Assignment 3 Katrina Santos-Nunez Professor- Dr. Steven Brown BUS 508- Contemporary Business November 13, 2011 When working with a large task it is helpful to have a plan of action. There are usually many steps and much involvement is necessary for production and or operation. Because of this, it is helpful to have a helping hand. Once team members have been selected and plans are complete it is then necessary to think about who will be better suited for each type of function. Often times, a majority of these functions overlap and involve one another and team members need to work together. That is when teamwork comes in handy. Without teamwork many of the largest projects could not be complete and possible. They are an essential part of business. This paper will discuss the concept of using teams in production and operations management. It will give a description of a major restaurant business, Chipotle, the company’s production management style, the company’s use of teams in production and will also analyze and evaluate the company’s ability to adjust to major economic, environmental, or natural crisis and communicate effectively with their employees and customers about issues caused by the crisis. The first Chipotle Mexican Grill was opened in July 1993 and founded by current CEO, Steve Ells (Funding Universe, nd). The first store was opened in Denver, Colorado fulfilling Ells’ vision to bring...
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...Assignment 3: Using Teams in Production and Operations Management BUS 508 – Contemporary Business Forensic Accountants Forensic accounting is accounting that result from actual or anticipated legal disputes. Forensic accountants are the auditors of the forensic accounting practice. They investigate, coordinate data and offer their evidence in trial; and because it is forensic business, the evidence they find is suitable to present and will hold its proof in a court trail. Forensic accountants usually engage in different sectors of the business world; economics, finance, accounting, business management and marketing, to name a few. They utilize their understanding of these different sectors to gather and investigate data that will be used in litigation. Currently though, we live in a world in which financial fraud is becoming increasingly more prevalent. Forensic accountants are expanding their roles and venturing into financial fraud prevention. Forensic accountants are utilizing their skills and designing policies to reduce the risk of fraud, and working closely fraud deterrence research. To be a forensic accountant, the individual needs to possess certain skills and abilities to effectively perform the tasks at hand. A forensic accountant needs to have excellent communication skills, both in oral and the written language. Communication is the effective way to convey thoughts, messages and information. It requires the individual to actively convey the...
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...This file OPS 571 Individual Assignment Apply the Learning Curve Theory Part 2 2 includes overview of the following parts: 1. Process Performance Data Initial Report (1st Day) Scenario 0 Process of Waiting Line for Customer Capacity Report Costs Formula for Usage, 2. New Simulation Process Scenario 1 (Week 1-2) Changed process has following Configuration: 3. Impact of new configuration on business of Pizza Scenario 2 (Week 3-4) Capacity Report 4. Process of Waiting Line for Customer Scenario 3 (Week 5-6) Capacity Report 5. Scenario 4 (Week 7-8) Process of Waiting Line for Customer Capacity Report Costs 6. Week 7-8 Capacity Report Customers Costs Business - General Business 1. Individual Assignment: Apply the Learning Curve Theory · Review the Pizza Store Layout simulation. During your review, examine the process in this simulation. Play it at least twice, and pay attention to the learning curve. Do not worry about the statistical control in this assignment. · Submit five to ten points of process performance data for the performance metrics identified in the Pizza Store Layout simulation. · Write a paper of at least 700 words in which you consider an alternative to the process. How might you apply the learning curve concepts to test the alternative against the existing...
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...REDUCING TURNOVER IN PRODUCTION AT TOYOTA SAN ANTONIO, TEXAS Prepared for: Toyota Motor Manufacturing Texas (TMMTX) Prepared by: N. Robertson, Assembly Group Leader TMMTX October 5, 2014 [pic] Modified CommunityLink, Business & Industry Image REDUCING TURNOVER IN PRODUCTION 10/01/2014 Brad Nye, General Manager of Production Toyota Motor Manufacturing Texas 1 Lone Star Pass San Antonio, TX 78245 Brad, I am writing to express my concern over the high turnover rate we are experiencing in production, specifically in assembly. With nine years in the company, five years as a group leader, I have seen many good team members choose to leave Toyota and find employment elsewhere. I am confident that I have a solution that will help reduce the amount of voluntary terminations by our full time Toyota employees and our Aerotek variable workforce. My proposal, which I have enclosed for your review, contains research, factual data, statistics, and educated opinions on how to resolve the crisis we face on the floor. I look forward to the opportunity to meet with you to discuss these proposed improvements. N. Robertson Assembly Group Leader, Frame 2/Final 1 Toyota Motor Manufacturing Texas 1 Lone Star Pass San Antonio, TX 78245 My safety commitment is to always follow up on team member HYP concerns within 24 hours. TABLE OF CONTENTS LIST OF ILLUSTRATIONS……………………………………………………………4 EXECUTIVE SUMMARY.....................
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...Team Performance Report Team Pink Samantha Smith Jaquline McKague International Business GBUS 440 May 6, 2012 Table of Contents LETTER TO SHAREHOLDERS COMPANY OVERVIEW REVIEW OF FINANCIAL PERFORMANCE SELECTED FINANCIAL INDICATORS SELECTED LINE ITEM ANALYSIS DISAGGREGATING STOCK PRICE MANAGEMENT’S DISCUSSION AND ANALYSIS COMPETITOR ANALYSIS BUSINESS OUTLOOK SIMULATION LEARNING OUTCOMES FINAL REMARKS 3 5 6 6 7 8 9 11 12 12 14 Dear Fellow Shareholders, Team Pink is please to inform you that your firm is the world’s leading cell phone provider. With the highest share price and level of profitability, Team Pink has strived to become a premier transnational organization. Increasing its share price over the last six rounds, Team Pink has preserved through a global recession and a price war. While keeping marketing and R&D cost down, Team Pink has the leading global market shares and the leading market shares in Europe. Although Team Pink does not have the leading market shares in Asia and the United States, its market shares are well above the average. Team Pink is able to offer its customers the most technology-advanced phones at a low and affordable price. Team Pink has been able to keep production prices around the average to low end allowing Team Pink to sell phones at a price lower than most of our competitors. Team Pink’s success can be accredited to its corporate mission: “To effectively and efficiently manage a selection of cell phone technologies in method that...
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...Team Plan – Riordan Manufacturing Holly Lopez MGT 311 University of Phoenix September 20, 2012 Rocco Natale At Riordan Manufacturing, we are preparing for an exciting new segment of production to meet the needs of the expanding medical technology industry. The news that CardiCare Valve heart valves will be produced in our customs plastic-injection facility in Pontiac, Michigan was released last week. We look forward to developing a long-term relationship with the CardiCare brand. New teams will be formed to begin work on CardiCare production beginning next period. Many of our seasoned employees will be joining CardiCare production teams, and this production segment also marks a new phase of job creating and hiring. “We will maintain an innovative and team oriented working environment. By assuring that our employees are well informed and properly supported, we will provide a climate focused on the long term viability of our company,” (University of Phoenix Material, Virtual Organizations). Team building and training will begin immediately. To construct the teams effectively, we reviewed many team creation strategies. Bringing a fresh perspective to these teams is important because this marks our first involvement in the medical industry. We want this to be a reflection of our team creation strategy. Precision, quality, and durability are key factors in the success of our relationship with CardiCare. With that in mind, our team creation strategy will be different...
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...Enhancing production through team-building mechanisms Improving Production and Quality through Self-Directed Teams at the Corpus Christi Plant Sullivan University MGT 510 Jermaine Paul Enhancing production through team-building mechanisms Executive Summary This proposal highlights the benefits which can be achieved using selfdirected teams (SDT's) at RL Wolfe's, Corpus Christi Plant. Increases in productivity of 13% to boost productivity beyond the 95% production margin can be achieved if the following issues are resolved at the plant. At present, the company is struggling with the issue of inequality amongst workers. Line operators feel inferior to technicians and are therefore unwilling to give full support in team based efforts. This has filtered into the creation of a new company culture where distinctions amongst employees titles suggests their hierarchy. Continuous occurrence of these issues will lead to a reduction in production as evident with the present target of the third shift not being met. The present morale of the line operators is low and unless boosted will result in a continuous erosion of the company culture. To address the following issues management needs to reduce the concept of distinction between employees. Working as a team, no employees should feel less valuable than the other. The culture of a team as a component needs to be emphasized within the company with performance appraisals apportioned first on a team basis and then on an individual...
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...Case: GONZO Digimation (A) Case Summary In an attractive Animation Production Industry, as the Digital Animation market was booming, two anime production companies – GONZO and Digimation decide to go for a merger in September 1999, hoping to make a better anime production company. After reaching a final agreement through consultations and negotiations, the two companies establish GONZO Digimation Holding (GDH) as the holding company in February 2000. GONZO, founded in 1992, had Shoji Murahama as the CEO, who was a skilled producer and coordinator in anime production. GONZO had anime program, game anime and anime movie productions as its core businesses and had already established its brand name due to its high quality work. On the other hand, Digimation, founded in May 1996, had Shinichiro Ishikawa as the President, who was a BCG consultant. Digimation pioneered the introduction of digital technologies into anime production processes, which was very labour intensive. It worked on subcontracted productions and accumulated expertise with the digital technologies in anime production. With the highly recognized GONZO brand and the advanced digital animation technology of Digimation, backed up by the creative and talented employees of both companies, the merger was expected to go well and produce good results. However the merger did not seem to work well and internal tensions begin to build in the organization. In December 2000, Ishikawa, then CEO of the holding company...
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...Communication • As a team, the production line works VERY well together. They all know each other very well and know how to work well together. Besides communicating with each other about who is working on what operation at what time, they communicate very effectively within the group. Problems in communication mainly exist between the production line and the rest of the organization. The team also has a lot of trust for each other as exemplified by their passiveness in times of urgency to meet quotas or the broken glass incident on page 15. • It is not clear WHO is working on WHAT at any given moment o On page 5, it notes “It was not uncommon for several team members, each at different times, and occasionally at the same time, to perform the same operations.” • There is a loss of efficiency in this process. It IS a good thing that each worker has the ability to do nearly any other operation. This should be promoted and supported. • Problem: Workers might be working on the same operation at the same time therefore losing time that could be spent doing something else. Look at page 13. There is a conversation between the casewriter and Betty. Betty explains that she cannot fit a lid to a container because the machine shop did not match the sizes. She not only decides to just go work another job, but she has NO IDEA who machined the lids and containers in the machine shop because jobs are interchangeable. If she knew who did it, she could go straight to the person...
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...Learning Team Deliverable: Week 2 Emily Gumataotao, Pamela Hernandez, Mark Sanschargrin, Terra Stefan ECO/561 February 10, 2014 Peter Oburu Cost Concepts – Pure Competition; Demand for Resources; Identify Production Level to Maximize Profits (Chapters 9, 12) Topics comfortable Team member Terra felt comfortable with the purely competitive concepts. She felt they came natural for her because she has been in the retail business for over 20 years. Team member Mark felt comfortable with learning the topic of the Four Basic Market Models consisting of the Pure Competition, Monopolistic Competition, Oligopoly, and Pure Monopoly structures. Team member Pamela felt comfortable with the definition of purely competitive concepts and how they relate to a certain type of industry for example agriculture. Team member Emily felt comfortable with the idea of pure competition and the fact that each market no matter how big or small is purely competitive. Topics struggled Team member Mark struggled with the two methods to determine the level of profit maximization, the Total Revenue Total Cost approach as well as the Marginal Revenue Marginal Cost approach. The MR=MC rule seemed unclear in that the more marginal revenue should overcome the costs in all ranges of production. The topic became a little clearer with the cost and revenue curve simulation. Team member Pamela struggled with the charts and few real life examples to better understand the concepts...
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