the firm Product liability: Global implications: Cost of Quality: The cost of doing things wrong – that is, the price of nonconformance Prevention costs: Anticipated, proactive measures Appraisal costs: Evaluation, reactive measures Internal failure: External costs: Prize Awards: Malcom Baldrige: USA Deming Prize: ASIA International Quality Standards: ISO 9000: A set of quality standards develop by the International Organization for Standardization (ISO)
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Organization Overview or Profile of the Organization Beximco Pharmaceutical Ltd. is a leading edge pharmaceutical company based in Dhaka, Bangladesh and is a member of the Beximco Group. The history of pharmaceutical business of the company dates back to the early 70s, when it started to import market and distribute medicines from world renowned companies like Upjohn Inc. of USA and Bayer AG of Germany. Since the very beginning, the company was highly successful in generating increased demand for
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Final exam will cover the sources of capital and working capital and cash flow management. Sources of capital (XEROX copy) Working capital and cash flow management Working capital- is a portion of the firm’s capital continuously converted into cash fund, from its inventories, to account receivables to cash. It may include: firm’s safe cash, checks for encashment; bank accounts balances; marketable securities; notes and accounts receivables; supplies; inventories; prepaid expenses; and deferred
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(beyond a standard output, there is no increase in wage rate). 3. Monotony - Due to excessive specialization the workers are not able to take initiative on their own. Their status is reduced to being mere cogs in wheel. Jobs become dull. Workers loose interest in jobs and derive little pleasure from work. 4. Weakening of Trade Union - To everything is fixed & predetermined by management. So it leaves no room for trade unions to bargain as everything is standardized, standard output, standard working
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produces two cello models. One is a standard acoustic cello that sells for $600 and is constructed from medium-grade materials. The other model is a custom-made amplified cello with pearl inlays and a body constructed from special woods. The custom cello sells for $900. Both cellos require 10 hours of direct labor to produce, but the custom cello is manufactured by more experienced workers who are paid at a higher rate. Most of Holly’s sales come from the standard cello, but sales of the custom
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mill’s retrenchment. Product lines had been dropped, customer service staff had been reduced and specialty products were eliminated. The second trend included the implementation of a “just-in-time” inventory management system. Metal users reduced costs by restricting inventory levels of raw materials. As a result, order quantities were smaller which necessitated more frequent deliveries. The third trend combined improvement in productivity with quality enhancement. Placing a priority on the “branding”
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Chapter 11 Standard Costs and Operating Performance Measures Solutions to Questions 11-1 A quantity standard indicates how much of an input should be used to make a unit of output. A price standard indicates how much the input should cost. 11-2 Ideal standards assume perfection and do not allow for any inefficiency. Ideal standards are rarely, if ever, attained. Practical standards can be attained by employees working at a reasonable, though efficient pace and allow for normal breaks
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Shannon Carl ACC 310 Cost Accounting 1 Analysis of Cost Accounting Jess Stern 5/28/2012 “Cost accounting is a type of accounting process that aims to capture a company’s costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment.”( Cost Accounting, 2012). By analyzing the importance of cost accounting to the success of a firm, we will get a better understanding as to why companies use this type of accounting
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than being fixed in amount. Purpose:--The purpose of a flexible budget is to develop an estimate or estimates of cost for one or more levels of activity. Activity levels are typically measured in terms of activity inputs, levels, or outputs. Such a budget is flexible in the sense that it depends upon a specified level of activity volume. Acquisition budgets focus on the costs to be incurred to acquire actual or planned levels of resources. Labor budgets, purchasing plans, and similar budgets
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who has earned it is another predetermined ability as a servant leader. An example of how servant leadership and the style of servant leadership; Starbucks and how Howard Behar the organizations president believed that providing a service and expensive coffee is worth the challenges and loss at the time. The organization was serving coffee that was too expensive for the public however; Behar was confident worth the organizations product. Behar supported high standards of the product and quality.
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