ADM 2372 Lecture Notes - Lecture 2: Market Trend, Business Process, Production Planning

13 views6 pages

rosetermite420

16 Dec 2018

School

Department

Course

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Chapter 2 - decisions and processes: value-driven business. Suppose you manage a firm with just-in-time (jit) production. Carry less inventory of parts and finished products. Information in order to produce the right amounts of products with the right specification / features. The more info you process, the better decision you make but info can get overwhelming. You need is in order to make better decisions faster while leveraging large amounts of info, applying sophisticated analysis techniques, without compromising the security and privacy of the info. Categories of is in the organization: tps, support operational managers in keeping track of elementary activities and transactions. Where is my order? : dss, eis, support middle managers in monitoring, controlling, decision-making, and administrative activities. Is answer questions such as: is production running according to plan , what happens if we double our production? : support senior managers in addressing strategic issues.

Related Questions

You have been recently employed as the director of operations of a hotel. The hotel is in a relatively large city with many other comparable hotels in its vicinity. As part of your job, your responsibilities include:

Establishing a sound data and information infrastructure to support ongoing hotel operations.

Determining what data you should collect on an ongoing basis and how you should use that data to make effective decisions aimed at balancing high occupancy with high per-room profitability

Determining what information you will need to be able to effectively market your hotel

Establishing a basic monthly reporting infrastructure that will enable you to keep track of the key performance metrics

Create a Microsoft Word document listing three different operational functions for your hotel. Examples of hotel functions include setting daily room rates, attracting events (meetings, conferences, etc.), managing hotel material, etc. For each function, specify what data you would need to help you manage the function better, how you would analyze the data (using one or more of the descriptive techniques), what type of data individual variables represent (e.g., interval), and how you would tabulate or graph the data you collected for each function. For example, to set daily room prices, you can use historical sales data to compute average daily prices, a measure of dispersion to estimate up-and-down volatility, and histograms to graphically illustrate occupancy rates associated with different price levels.

Your description of each of the three operational functions should include a clear specification of the function (e.g., setting daily room prices), a description of the data source (e.g., historical sales data), the data type, a specific descriptive technique to convert data into information pertinent to each function, and a description of tabular and graphical results, including examples generated using a Microsoft Excel spreadsheet.

cyansardine14

QUESTION 1

Value stream costing eliminates most of the transactions associated with conventional cost accounting because it ...

	A.	makes more extensive use of standard costing.
	B.	gathers and reports financial data in summary form at the value stream level rather than for each production job or product.
	C.	automates financial reporting processes.
	D.	uses more detailed and accurate overhead cost allocations than standard costing.

1 points

QUESTION 2

In value stream costing, the labor costs assigned to a value stream ...

	A.	include the costs of all personnel assigned to the value stream, plus allocations for support staff in all departments that support the value stream.
	B.	include the costs of all personnel assigned to the value stream, but few if any allocations for any support staff outside the value stream.
	C.	include the costs of all direct and indirect labor hours in the value stream, plus allocations of staff outside the value stream providing production support; but exclude any sales, marketing, or administrative personnel in the value stream.
	D.	include the costs of all direct and indirect labor hours in the value stream, but exclude the costs of any sales, marketing or administrative personnel in the value stream.

1 points

QUESTION 3

Value stream costing simplifies accounting in part by ...

	A.	centralizing and consolidating the purchasing function.
	B.	increasing the number of cost centers to more easily expose cost overruns.
	C.	allocating all overhead using actual direct labor hours or machine hours rather than relying on more complex calculations.
	D.	eliminating detailed labor reporting, including the distinction between direct and indirect labor.

1 points

QUESTION 4

When using value stream costing, managers evaluate decisions about product rationalization (keeping or dropping a product) by ...

	A.	examining the effects on overall value stream results of continuing to produce and sell a product versus dropping it.
	B.	comparing the production cost per unit of all products in the value stream.
	C.	disregarding the financial impact, and examining instead the effects on the value stream operating measures shown in the box score of continuing to produce and sell a product versus dropping it.
	D.	comparing the gross profit margins for all products.

1 points

QUESTION 5

Exotic Chocolates had material costs of $24,000 and conversion costs of $18,000 in their most recent month containing 20 working days. At the end of the month, Exotic Chocolates had material on hand equal to six days of production, work-in-process equal to three days of production, and finished goods equal to eight days of production. The value for ending inventory using the âdays of stockâ method is ...

A.

$ 28,950

B.

$ 32,550

C.

$ 35,700

D.

$ 42,000

1 points

QUESTION 6

Which of the following is an example of a good use of the value stream box score?

	A.	Plant and division managers using the box score analyze variances from budgeted standard costs.
	B.	Plant and division managers using the box score to encourage and evaluate the results of competition between their value streams for best overall performance.
	C.	Value stream continuous improvement teams using the box score to design high-impact kaizen events and improvement plans.
	D.	Employees in the production cells using the box score to manage daily performance.

1 points

QUESTION 7

The box score measures three dimensions of performance in the value stream: operational, financial, and ...

A.

quality.

B.

capacity.

C.

flow.

D.

strategic.

1 points

QUESTION 8

Displaying actual value stream results in a box score with a column for each week in a quarter is a good way to use the box score to ...

	A.	show the effects of planned lean improvements.
	B.	track value stream performance and continuous improvement.
	C.	evaluate the effect of tactical decision alternatives, such as accepting a special order.
	D.	evaluate the effect of management decision alternatives, such as adding a product line.

1 points

QUESTION 9

Displaying current state performance and future states based on the expected results of pursuing different strategy alternatives. is a good way to use the box score to ...

	A.	evaluate the effect of strategic decision alternatives, such as adding a product line.
	B.	track value stream performance and continuous improvement.
	C.	show the effects of planned lean improvements.
	D.	show the impact of actual lean improvements.

1 points

QUESTION 10

A good way to use the box score to evaluate the impact of lean improvements is to ...

	A.	display current state performance and a future state based on planned improvements.
	B.	display current state performance and future states based on the expected results of pursuing different strategy alternatives.
	C.	display actual box score results for all the weeks in a quarter to show the trends in performance.
	D.	display current performance for the most current week or month, without reference to expected future states or performance trends.

peachmouse421

ADM 2372 Lecture Notes - Lecture 2: Market Trend, Business Process, Production Planning

Document Summary

Get access

Related Documents

ADM 2372 Chapter Notes - Chapter 2: Management Information System, Business Process Management, Business Process

ADM 2372 Lecture Notes - Lecture 4: Customer Satisfaction, Information Technology Management, Business Intelligence

ADM 2372 Lecture Notes - Lecture 3: Equifax, Business Process

Related Questions

QUESTION 1

QUESTION 2

QUESTION 3

QUESTION 4

QUESTION 5

QUESTION 6

QUESTION 7

QUESTION 8

QUESTION 9

QUESTION 10

	A.	$ 28,950
	B.	$ 32,550
	C.	$ 35,700
	D.	$ 42,000

	A.	quality.
	B.	capacity.
	C.	flow.
	D.	strategic.