...Albany Georgia, Pontiac Michigan, Hangzhou China, and the company headquarters in San Jose. Riordan is seeking a solution to improve the tracking and management of its raw materials and finished product inventory across all its plants. The receiving, manufacturing, and shipping process throughout all Riordan plants is predominantly manual and batch oriented. These manual processes are slow, prone to error, labor intensive, and the information transfer is slow. In addition, the annual physical inventory process is very costly across all of Riordan's facilities. The annual process of inventory is not reflective of inventory on a quarterly or monthly basis. Losses to inventory of finished product, raw materials, and supplies cannot be adequately explained on an annual basis. The company’s internal stakeholders are the receiving, shipping, and sales departments, inventory clerks, and technical staff. The external stakeholders are manufacturers, suppliers, and clients. Riordan strives to continue to be an industry leader in polymer materials manufacturing and distribution. While we are only addresses some of these stakeholders with our system, the company’s overall objective is to have an ERP that wraps around their ERP, CRM, and Accounting information systems. The improvement of raw materials and manufacturing inventory management will help Riordan to achieve its goal of establishing long-term customer and business relationships by implementing rigorous quality controls and ensuring...
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...departments and finally assembled in assembly area. Secondly, Spartan has multiple vendors for raw material supply and the materials department is using approximately 350 vendors. Thirdly, in the existing strategy, Spartan is using unique skilled workers. Finally, poor inventory management which reflects Spartan manufacturing operations are facing material shortage and stock outs. In order to opt for new strategy, Spartan has to make many changes and this process will certainly require time and efforts. For example, Spartan has to shift the manufacturing from batch process to assembly process. This will eventually require process reengineering; the reengineering will modify the existing department structure of manufacturing process. On the other side, Spartan has to reduce the number of suppliers; selection of the suppliers would be tedious task. In the assembly line manufacturing, Spartan will need skilled employees and hence, spend on the training on existing employees. Finally, the Spartan will have to improve their inventory management in order to avoid stock out or material shortage. 2. The job shop is more suitable to specialized equipment as each order specific requirement changes individually. In the case study, Spartan is planning to manufacture standardized equipment, reducing the variety in the product line; for such type of production, flow operation is a more suitable approach. The change from job shop to flow operation...
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...company’s products and services from their suppliers to their consumers (Zuckerman, 2002). Generally, it spans all movement and storage of raw materials, work-in-progress goods, finished goods from the production point to the consumption point. A supply chain does not only include the manufactures and the suppliers, but it also includes and not limited to retailers, customers, warehouses, and transporters. However, the supply chain has three main links that enables proper flow of products, services, and information (Zuckerman, 2002). First, materials flow from suppliers and their ‘upstream’ suppliers at all levels is one of the main links in the supply chain. In this case, there are the suppliers of information and raw materials to the manufacturers and they play an important role in this link since they ensure that manufacturers do not lack raw materials and information to develop the needed products to customers (Ivanov, & Sokolov, 2010). For information suppliers, the company can hire external researchers who will carry out research of the market and gather information of the tastes and preferences of consumers. A company can also have an internal team who can also gather information that will help the production department design a product that will meet consumer’s needs. On the other hand, there are also the suppliers of raw materials the manufactures thus through their help the basic quality of the finished products can be significantly improved. Finally, there are also...
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...Market Structures Allan Williams ECO/GM561 July 26, 2013 Steve Fritch The MRP for the manufacturing of the Riordan electric fans. Materials Requirement Planning (MRP) is a scheduling procedure for production processes that have several levels of production. Given information describing the production requirements of the several finished goods of the system, the structure of the production system, the current inventories for each operation and the lot sizing procedure for each operation, MRP determines a schedule for the operations and raw material purchases. This add-in provides all the features necessary to formulate and solve small examples (www.me.utexas.edu). The material requirement planning of Riordan manufacturing is designed to supply the required material for creating the parts of electric fan in order to produce the components at each phase of assembly line production. The receiving department collects the raw material, which is processed in the molding department to make it suitable for generating parts of the fan after being polished and trimmed in the trimming department. These parts are further processed in the assembly department to make larger components such as fan blades or fan housings. The packaging departments puts each parts of the fan in right package with adequate labeling so that it can be delivered to distribution center through shipping department (University of Phoenix, 2004). Factors that might affect choosing the Hangzhou, China...
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... 13 pertains to salaries deposited to same account but different employee numbers; 2 records show double deposit (2x deposited to same employee b. Question No. 4 MEMORANDUM Date : November 13, 2013 To : From : Fraser, Leung, and Gill Re : Audit of Production As requested at our meeting last Wednesday, I have identified key areas to be reviewed, general audit criteria, and a general audit approach for this audit. Once you have reviewed these points, I will prepare a formal audit program. Key areas to be reviewed In reviewing the production activities, the audit should assess the adequacy of systems and practices used for the following activities: • Strategic positioning and evaluation Assessing overall production strategy on the importance of production in terms of total product costs and potential contributions to profitability of individual product lines. Analyzing the corporate environment for economic conditions, market, and products evolution, higher potential volumes, rapidly emerging technologies, and competition. Systems and practices in collaborating with marketing, sales, purchasing, suppliers, and customers to challenge the relevance of current production...
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...Annals of the „Constantin Brâncuşi” University of Târgu Jiu, Economy Series, Issue 2/2013 IMPROVING MANAGEMENT ACCOUNTING AND COST CALCULATION IN DAIRY INDUSTRY USING STANDARD COST METHOD Bogdănoiu, Cristiana-Luminiţa Assistant, Ph.D. Student Spiru Haret University, Faculty of Financial Accounting Management Craiova and University of Craiova, Faculty of Economics and Business Administration, Craiova e-mail: cristiana.bogdanoiu@yahoo.com Abstract This paper aims to discuss issues related to the improvement of management accounting in the dairy industry by implementing standard cost method. The methods used today do not provide informational satisfaction to managers in order to conduct effectively production activities, which is why we attempted the standard cost method, it responding to the managers needs to obtain the efficiency of production, and all economic entities. The method allows an operative control of how they consume manpower and material resources by pursuing distinct, permanent and complete deviations during the activity and not at the end of the reporting period. Successful implementation of the standard method depends on the accuracy by which standards are developed and promotes consistently anticipated calculation of production costs as well as determination, tracking and controlling deviations from them, leads to increased practical value of accounting information and business improvement. Key words: standard cost method, calculation, deviations, effective costs...
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..................................................................... 3 Departmental Structural Chart ........................................................................... 4 Technical Services ............................................................................................. 5 Supply Chain ..................................................................................................... 6 Quality Control (QC) ......................................................................................... 7 Quality Assurance (QA)..................................................................................... 8 Quality Compliance ........................................................................................... 8 Production ......................................................................................................... 9 Regulatory Affairs ........................................................................................... 11 Engineering & HSE ......................................................................................... 11 Administration ................................................................................................. 11 Common Terminologies used in PharmEvo ........................................................
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...CHAPTER 1 INTRODUCTION INTRODUCTION TO THE STUDY Organization is viewed as a group of persons for achieving its goals. The study about organization is termed as organization study. Organization affects the quality of human life in modern society. The study of organization is thus very essential for understanding the behaviour of human being. Organization can be studied in two perspectives that are micro and macro. In micro perspective, the focus of study is on individuals. It concerns itself with each individual’s psychological makeup, his interaction with other individuals and groups. The micro view of individuals in organization is recognized as a discipline called organizational behaviour. The macro view considers organization as the unit of analysis in place of an individual. It is concerned with organization as the unit of analysis in place of an individual. It is concerned with organizational goals, organizational structure, technologies used in organization and how organization interact with the environment. The macro perspective is recognized as a discipline called organizational theory. Both these aspects taken together to present a complete picture of organizational study. The organization study is a relevant part of our MBA program; this would enable to meet and attain a practical and real time feed of various aspects concern and to relate it to be concept and theory studies in the classroom. This exercise would help the future managers to meet the challenges lying...
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...Food and Beverage Operations Management Student’s Name: Institutional Affiliation: Table of contents Table of contents 2 Food and Beverage Operations Management 3 LO 1 Food and beverage production and service systems: 3 1.0 Introduction 3 1.1 The characteristics of food production and food and beverage service systems 3 1.2 Factors affecting menus and recipes for specific systems 5 1.3. Comparison of the cost and staffing implications for different systems. 6 1.4. Justification of the systems' suitability for specific food and beverage outlets 7 LO2, The financial controls employed in food and beverage operations 8 2.1 The use of financial statements in food and beverage operations. 8 2.2 Demonstration of the cost and pricing progress 9 2.3 Analyze the purchasing process 10 The demand of equipment and supplies 11 LO3 Devising menus for hospitality events 12 3.1 Compiling food and beverage menus for hospitality event 12 3.2 Justification of the selection and suitability of recipes for menus 13 LO 4 Being capable of providing food and beverage services for hospitality events. 14 4.1 Planning food and beverage service for a hospitality event having a budget 14 4.2 Implementation of the planned service standards of quality and health, safety and security 15 4.3 Evaluation of the factors determining the success of the service and recommendations for improvement...
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...COMPANY PROFILE CORPORATE OVERVIEW Pepsi co was incorporated in the year 1919 and was re-incorporated in North Carolina in 1986. Pepsi is engaged in beverage and snack food business. PepsiCo is a multinational company and it is most successful consumer product company in the world with annual revenue of $ 20 billion and about 1, 43,000 employees. Some of PepsiCo’s brand names are nearly 100 years old. PepsiCo has achieved a leadership position in each of the two major packaged good business i.e. beverage and snack chips. PepsiCo the conglomerate king of soft drink has its wide range of soft drinks products available in every book & corner of the world. THE INDIAN STORY Pepsi & Co came to India as food processing unit, Punjab during the year 1986-87 head office Pepsi food unit situated in Delhi, employees are more than 2500 people. Pepsi co today is the leader in the cola and orange segments of beverages in India and enjoys leadership in soft drinks in many parts of the country. It focuses on execution excellence, strengthen, bottle network, reach and penetration in rural and semi-urban areas and customer focused marketing areas. PEPSI INDIA FOODS BEVERAGES EMU WOMU NOMU SOMU 1. PEPSI FOODS Pepsi manufacture the food product like LAYS, KURE KURE etc. 2. PEPSI BEVERAGES Pepsi beverages manufacturing the soft drinks with concentrates flavor. PEPSI INDIA MARKETING: Distribute soft...
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...budgetary control is also essential tool of management to control cost and maximizes profits. Meaning of budget: A budget is a detail plan of operations for a specific period of time. In the present era everyone is with the term budget because it essential in life. A budget is prepared for the effective utilization of resources, which will help in achieving the set objectives. Budgets are also very important in individual life, as it is important in business firms. The following are the essential of budget: (a) It is prepared in advance and is based on future plan of action. (b) It relates to a future period and is based on objectives to be attained. (c) It is a statement expressed in monetary or physical unit prepared for the formulation of policy. Types of budgets. 1. Functional basis of budgets. a. Sales budget: Sales budget is the primary budget. It is the most important budget to prepare and the other budgets are prepared on the basis of sales budget. In this budget the in charge or expert forecast the future expected sales of the firm. The sales manager is responsible for the accuracy of the budget. The sales budgets may prepare on basis of product, type of customers, salesman, locality etc. for the preparation of sales budget the following things should be take under care like past sales, sales man estimates, plant capacity, raw material, orders in hand, seasonal fluctuations, competition etc. b. Production...
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...Functional authority remains confined to functional guidance to different departments. This helps in maintain quality and uniformity of performance of different functions throughout the enterprise. Features * The entire organizational activities are divided into specifications such as Sales, Production, IT, Finance & Administration, etc as shown in above chart. * Complex form of administrative organization * Three authorities exist- Line, Staff and Function * Each functional area is put under the charge of functional specialists and he has got the authority to give all decisions regarding whenever the function is performed throughout the enterprise. * Better division of labour takes place which results in specialization of function and its consequent benefit. * Management control is simplified as the mental functions are separated from manual functions. Checks and balances keep the authority within certain limits. Specialists may be asked to judge the performance of various sections. * Greater efficiency is achieved because of every function performing a limited number of functions. * Specialization compiled with standardization facilitates maximum production and economical costs. * Expert knowledge of functional manager facilitates better control and supervision. Board of Directors Board or the board of directors is the Governing body of an incorporated firm. Its members are elected normally by the stockholders of the firm. The board...
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...Fundamental of Operation Management 1 1 FUNDAMENTAL OF OPERATION MANAGEMENT 2 Operation Management OVERVIEW What you will learn in this unit: what is operations management? operations management heritage. the roles of operation managers. the function of operations within the organisation. service operations management. manufacturing operations management. Fundamental of Operation Management 3 1.0 INTRODUCTION Operations Management is the science of managing and integrating different form of resources and transform it into service delivery or a product. It involves three core functions of an organisation, basically: finance, operation and marketing. Operations Management heritage was developed from the practice of production management and it encompasses the full spectrum of managerial roles and responsibilities. Both manufacturing and service based operations management has two set of distinct characteristics. 4 Operation Management 1.1 WHAT IS OPERATIONS MANAGEMENT? Operations Management is a set of activities that create value in the forms of goods and services by transforming input into outputs. The types of activities carry out would depend on the nature of the organisation and their business focus. For example a manufacturer’s key focus is to generate output of physical goods, which requires the utilisation of raw material, labour, machinery and management capabilities in order to create an economic value. The key word in understanding...
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...Caribbean Maritime Institute School of Academic Studies Associate Applied Science Degree in Industrial System, Operation & Maintenance Production Systems Group Assignment #3 Name and ID Number: Gavin Francis 20146834 Shelair Venair 20147670 Chevaughn Wright 20132043 Tevin Kitson 20146857 Brian White 20132042 Alex Mcfalane 20147378 Stream: II Course Name: Production System Date of Submission: November 16, 2015 Lecturer’s Name: Mr. Wynter 1. Discuss the terms Method Study and Work Study in relation to management control procedures. Answer: Method Study: Systematic recording and critical examination of existing and proposed ways of doing work, as a means of developing and applying easier and more effective methods and reducing cost. Advantages include: * Improvement in use of all inputs * Economy in human effort * Layout improvement * Improvement in design of plant and machinery * Improvement in safety standards and procedures * Better working environment Work Study: The systematic examination of the method of carrying on activities so as to improve the effective use of resources and to set up standards of performance for the activities being carried out. Benefits include: *...
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...language, is the stock of finished goods only. In a manufacturing organization, however, in addition to the stock of finished goods, there will be stock of partly finished goods, raw materials and stores. The collective name of these entire items is ‘inventory’. The term ‘inventory’ refers to the stockpile of production a firm is offering for sale and the components that make up the production. The inventory means aggregate of those items of tangible personal property which are held for sale in ordinary course of business, are in process of production for such sales, they are to be currently consumed in the production of goods or services to be available for sale. Inventories are expandable physical articles held for resale for use in manufacturing a production or for consumption in carrying on business activity such as merchandise, goods purchased by the business which are ready for sale. Management of Inventories Inventories consist of raw materials, stores, spares, packing materials, coal, petroleum products, works-in-progress and finished products in stock either at the factory or deposits. The maintenance of inventory means blocking of funds and so it involves the interest and opportunity cost to the firm. In many countries especially in Japan great emphasis is placed on inventory management. Efforts are made to minimize the stock of inputs and outputs by proper planning and forecasting of demand of various inputs and producing only that much quantity which can be...
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