SAMUEL ADEGBOYEGA UNIVERSITY DEPARTMENT OF ECONOMICS AND BUSINESS STUDIES COLLEGE OF MANAGEMENT AND SOCIAL SCIENCES SECOND SEMESTER EXAMINATION 2013/2014 SESSION Course Title: Production Management Course Code: BUS 325 Time: 21/2 hour Instruction: Choose the one alternative that best completes the statement or answers the question. 1) Production/Operations Management is A) responsible for producing goods B) responsible for providing services C) system that create goods or services
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11-1 Inventory Management 11-2 Inventory Management CHAPTER Operations Management 11 William J. Stevenson Inventory Management 8th edition McGraw-Hill/Irwin Operations Management, Eighth Edition, by William J. Stevenson Copyright © 2005 by The McGraw-Hill Companies, Inc. All rights reserved. 11-3 Inventory Management 11-4 Inventory Management Types of Inventories Inventory: a stock or store of goods Independent Demand A Dependent Demand Raw
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1. Provide the operational cash flow for company ABC knowing: BALANCE SHEET |ELEMENT |N+1 |N | |Cash |22 |42 | |Accounts receivable |93 |80 | |Interest receivable |3 |1 | |Inventory |135 |138 | |Prepaid expenses |8 |7 | |Notes
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Inventory Management Meaning, concept and definition of Inventory: Inventory is stores of goods and stocks. In manufacturing, items in inventory are called stock keeping items, held at a stock [storage] point. Stock keeping items usually are raw materials, work-in progress, finished products and supplies. It is the stock of any item or resource used in an organization. Inventory control is activities that maintain stock keeping items at desired levels. In manufacturing, since the focus is on a physical
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QUESTIONS 1. Calculate a few ratios and compare Reed's results with industry averages. (Some industry averages are shown in Exhibit 4.) What do these ratios indicate? 2. Why does Holmes want Reed's to have an inventory reduction sale, and what does he think will be accomplished by it? 3. XXXXX XXXXX had adopted a very loose working capital policy with higher current assets than industry averages. If he merely tightens his working capital policy to the averages, should this affect his sales?
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the company to manage inventory and supplies more profitably. These recommendations will assist in changing the current financial situation they are experiencing of a negative return on sales of -1.39% (net loss/total sales = $17,174/$1,238,674). Inventory Management Inventory control is vital to an institution and its financial well being. To be effective, management must have the following systems in place to ensure efficiency. A system to keep track of the inventory on hand and on order
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customers don’t buy the products, there will be no income to the company. The responsibilities in the process expand further to the control of inventory in order to have enough goods to sell to the customers. The purchasing department employee cannot allow any shortage. In contrast, the goods must also be able to sell and not stay for a long time in the inventory. Chapter 3 Supply organization Kind Power use Decentralized for organization in the Top Management because there are supports and helps among
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averages, the entire planning and design process will be flawed. That is why it is so important to go to the extra step to derive these profile distributions. As you start to look at the profiles of customer orders, purchase orders, item activity, inventory levels, and so on, the creative juices begin to flow for everyone on the project team. Everyone on the project team starts making good decisions and generating new ideas. In profiling, we are trying to capture the activity of the warehouse in pictorial
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CHAPTER 6 MASTER BUDGET AND RESPONSIBILITY ACCOUNTING 6-1 The budgeting cycle includes the following elements: a. Planning the performance of the company as a whole as well as planning the performance of its subunits. Management agrees on what is expected. b. Providing a frame of reference, a set of specific expectations against which actual results can be compared. c. Investigating variations from plans. If necessary, corrective action follows investigation. d. Planning again, in light of
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TEN WAYS TO IMPROVE INVENTORY MANAGEMENT CFOs and other senior executives already know the importance of inventory management. And yet even the most attentive managers often find it difficult to get it right. In our work with clients, we've found that decision makers often rely on external benchmarks that seldom deliver expected insights. And they make operating assumptions that send them down the wrong path. Two of the classic misconceptions: improving the accuracy of sales forecasts is the best
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