Quality and Lean are two concepts that are closely related. Quality refers to the standard or level of something, while Lean refers to the process of eliminating waste and improving efficiency.
The relationship between quality and Lean is that Lean focuses on improving the quality of processes, products, and services. Lean is a methodology that can help organizations improve their quality and eliminate waste in their processes. It is a philosophy that seeks to create value for customers by reducing waste and maximizing efficiency. Quality and Lean are both essential to the success of any organization.
If given the opportunity, I would pursue quality first before Lean. This is because quality is the foundation of any successful business, and without it, Lean efforts will not be effective. Quality is essential to ensuring customer satisfaction and building a reputation for excellence. If an organization has a reputation for delivering high-quality products and services, customers are more likely to return and recommend the organization to others.
Training in operations is required for each initiative to be effective. For quality, training is needed in quality management systems, statistical process control, problem-solving, and root cause analysis. Quality management systems are a set of procedures and processes that are used to ensure that products and services meet customer requirements. Statistical process control involves using statistical tools and techniques to monitor and control the quality of processes. Problem-solving and root cause analysis are methods that are used to identify the root cause of problems and implement solutions to prevent them from occurring again.
For Lean, training is needed in Lean principles, value stream mapping, and Kaizen. Lean principles are a set of principles that are used to eliminate waste and improve efficiency. Value stream mapping is a method that is used to analyze and improve the flow of materials and information through a process. Kaizen is a method that is used to continuously improve processes and eliminate waste.
In conclusion, Quality and Lean are both essential to the success of any organization. Quality is the foundation of any successful business, and without it, Lean efforts will not be effective. Training in operations is required for each initiative to be effective. For quality, training is needed in quality management systems, statistical process control, problem-solving, and root cause analysis. For Lean, training is needed in Lean principles, value stream mapping, and Kaizen.
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Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of rice—Fragrant, White, and Loonzain. Budgeted sales by product and in total for the coming month are shown below:
Product White Fragrant Loonzain Total
Percentage of total sales 48% 20% 32% 100% Sales $ 355,200 100% $ 148,000 100% $ 236,800 100% $ 740,000 100%
Variable expenses 106,560 30% 118,400 80% 130,240 55% 355,200 48%
Contribution margin $ 248,640 70% $ 29,600 20% $ 106,560 45% 384,800 52%
Fixed expenses 227,240 Net operating income $ 157,560 Dollar sales to break even = Fixed expenses
= $227,240
= $437,000
Unit CM $0.52
As shown by these data, net operating income is budgeted at $157,560 for the month and break even sales at $437,000.
Assume that actual sales for the month total $740,000 as planned. Actual sales by product are: White, $236,800; Fragrant, $296,000; and Loonzain, $207,200.
Required:
1. Prepare a contribution format income statement for the month based on actual sales data.
Gold Star Rice, Ltd.Contribution Income StatementProduct
Product
White
Fragrant
Loonzain
Total
Percentage of total sales
2. Compute the break-even point in dollar sales for the month based on your actual data. (Round your final answer to the nearest whole dollar.)
Break-even point in sales dollars
1. Contribution format income statement for the month based on actual sales data are as follows: Gold Star Rice, Ltd. Contribution Income Statement Product White Fragrant Loonzain Total Percentage of total sales48%40%28%100%Sales$236,800$296,000$207,200$740,000Variable expenses$106,560$118,400$130,240$355,200Contribution margin$130,240$177,600$76,960$384,800Fixed expenses$227,240Net operating income$157,5602. Compute the break-even point in dollar sales for the month based on the actual data:
The break-even point in sales dollars for the month based on the actual data is $437,000.How to compute the break-even point in sales dollars? The break-even point is the point where total revenues are equal to total expenses. It is the level of sales at which a company doesn't make any profit or loss. The break-even point can be calculated using the following formula: Break-even point (units) = Fixed expenses / Unit contribution marginFor Gold Star Rice, Ltd., Fixed expenses = $227,240Unit contribution margin = $0.52The break-even point in unit sales= Fixed expenses / Unit contribution margin= $227,240 / $0.52= 437692.31UnitsThus, the break-even point in dollar sales = 437,692.31 × $1.00= $437,000.
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What two factors influence an economic school of thought?(1 point)
Answer:
Free-market, or laissez-faire, economics and Keynesian theory.
Explanation:
The economic school of thought can largely be influenced by prevailing societal values and the historical context in which the theory is developed.
There are many factors that might influence an economic school of thought, but the two key elements are often prevailing societal values and historical context. Prevailing societal values can drastically influence an economic philosophy.
Furthermore, the historical context in which an economic thought emerges is crucial. Economists develop their theories in response to the economic challenges and realities of their time. The Great Depression deeply influenced Keynesian economics, and the stagflation of the 1970s prompted a shift towards monetarism.
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What account is unrecorded revenue?
Unrecorded revenue is an account that falls under the category of "accrued revenue."
What is Accrued Revenue?
Accrued revenue is revenue that has been earned but has not yet been recorded in the accounting records. This can occur when a company provides goods or services to a customer but has not yet received payment for those goods or services.
In this case, the revenue is considered "unrecorded" until it is actually recorded in the accounting records. Once the payment is received and recorded, the unrecorded revenue account is closed and the revenue is recognized in the accounting records.
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. For each action, write YES or NO for whether it will likely decrease your credit score:
a. You request a copy of your credit report
b. You open 5 new credit cards in one month
c. You are 3 months late paying your student loan bill
d. You lose your job, & it takes 4 months to find a new one
If Japan has a comparative advantage in the production of microchips,how would that affect their international trade?
Answer: countries would purchase microchips from japan because they are cheaper
Explanation:
Answer:
C countries with purchase microchips from Japan because they are cheaper.
Explanation: USATestprep
slader Each month Leo must make copies of a budget report. When he uses both the large and the small copier, the job takes 30 min. If the small copier is broken, the job takes him 50 min. How long will the job take if the large copier is broken
Based on the time it takes Leo when he uses two machines, the length of time it will take if the large copier is broken is 75 minutes.
How long will it take if the large copier is broken?This can be found by the formula:
= 1 / ( (1 / time taken with both copiers) - (1 / time taken with large copier) )
Solving gives:
= 1 / ( ( 1 / 30) - (1 / 50))
= 1 / (1 / 75)
= 75 minutes
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Which level of government are Planning workers most likely to work for?
A) state
B) federal
C) local
D) international
The level of government is Planning workers most likely to work for local. Thus, the correct option is (C).
A single sovereign state's lowest levels of public administration are collectively referred to as "local government" in the United States.
When the word "government" is used in this context, it explicitly alludes to a level of bureaucracy that is geographically confined and has a set of responsibilities.
A variety of essential services for residents and companies in certain areas are handled by the local government.
Therefore, the correct option is "C".
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Explain Jodi's self esteem throughout Tall Girl? Movie
Answer:
Poor
Explanation:
Jodi is very self-concious about her height. She thinks that it makes her different than other "normal" people among her peers, or even inferior to more feminine, smaller girls.
Answer:
Explanation:
'Tall Girl' Review: A Ridiculous Take on the Teenage Self-Love Narrative ... This week, we gave our group of interns a challenge: pick a movie from ... narrates Jodi (Ava Michelle) as she towers over a high school hallway in Tall Girl. ... Pain is relative, but Tall Girl treats Jodi's height as if it were the end-all,
Which tasks are commonly done by employees in the Energy cluster?
The tasks which are commonly done by employees in the Energy cluster include designing system, installing equipment, and gathering information.
Energy cluster is considered to be a concept which is said to be implemented by the Ministry of Energy. So, the formation of energy clusters tend to provide the opportunity to the group local.
However, it should be noted that the tasks which are said to be commonly done by the employees in the energy cluster tend to include installing equipment, designing the system, and also gathering certain information.
Hence, these are the number of tasks which are commonly done by employees in the Energy cluster.
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Which of the following is NOT a responsibility of the Finance department?
A.Obtaining needed funds B.Managing the use of company funds
C.Establishing external relations
D.Creating a financial plan
The statement "developing the external relations" is correct.
The following information related to the responsibility of the Finance department is:
Receiving the funds that are needed.Managing the fund of the company that is used.Developing the financial plan of the organization.Therefore we can conclude that The statement "developing the external relations" is correct.
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20 POINTS AND WILL GIVE BRAINLY
PLS ANSWER
mention two ways of using money wisely
please mark Brainliest <3
What industries were the members of the national negro business league you reviewed involved in?
Ally, a minor, purchases a car from a used-car dealer. The law allows minors the right to cancel a contract until the time the minor turns 18. The contract between Ally and the dealer is Multiple Choice an unenforceable contract. a valid contract. a voidable contract. a void contract.
Answer:
Her contract is C) A VOIDABLE CONTRACT
Explanation:
hope this helps :)
Two firms compete by choosing price. Their demand functions are
Q1 = 20 - P1 + P2
and
Q2 = 20 + P1 - P2
where P1 and P2 are the prices charged by each firm, respectively, and Q1 and Q2 are the resulting demands. Note that the demand for each good depends only on the difference in prices; if the two firms colluded and set the same price, they could make that price as high as they wanted, and earn infinite profits. Marginal costs are zero.
Suppose the two firms set their prices at the same time. Find the resulting Nash equilibrium. What price will each firm charge, how much will it sell, and what will its profit be? (Hint: Maximize the profit of each firm with respect to its price.)
Suppose Firm 1 sets its price first and then Firm 2 sets its price. What price will each firm charge, how much will it sell, and what will its profit be?
Suppose you are one of these firms and that there are three ways you could play the game: (i) Both firms set price at the same time; (ii) You set price first; or (iii) Your competitor sets price first. If you could choose among these options, which would you prefer? Explain why.
Each firm will produce 20 units at $20. The profit for each firm will be $400.
Firm 1 will charge $30 and sell 15 units; firm 2 will charge $25 and sell 25 units. The profit from firm 1 will be $450, and for firm 2 will be $625.
Option (iii) will be the best choice as it gives a higher profit.
Nash equilibrium: Both firms will charge $25, sell 15 units each, and earn a profit of $250 each.
In the Nash equilibrium, both firms will choose the price that maximizes their profit given the other firm's price. By setting the price at $25, both firms can maximize their profits.
If Firm 1 charges a higher price, Firm 2 will gain a competitive advantage and attract more customers, resulting in lower profits for Firm 1. Conversely, if Firm 1 charges a lower price, it risks losing customers to Firm 2, resulting in lower profits as well. Therefore, both firms have an incentive to set the price at $25, which is the point of equilibrium.
At this price, both firms will sell 15 units each. This quantity is determined by substituting $25 into the demand functions: Q1 = 20 - 25 + 25 = 15 and Q2 = 20 + 25 - 25 = 15.
As for the profits, each firm's profit can be calculated by multiplying the price by the quantity sold and subtracting the zero marginal cost. In this case, both firms will earn a profit of $250 each (Profit = ($25 * 15) - $0 = $375 - $0 = $250).
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Now, consider the equilibrium in the money market. 3. Real income Y changed. Because of the change, the equilibrium interest rate fell. Answer how the real income Y changed: Decreased or Increased, and answer how the real money demand changed in the equilibrium: Decreased, Increased or No change. Hint: Consider the equilibrium condition in the money market model carefully. Change in Y : Change in Equilibrium real money demand:
The change in real income Y in the money market model would depend on the specific circumstances of the change. However, given that the equilibrium interest rate fell, it suggests that real income Y likely increased.
When the equilibrium interest rate falls, it implies that the supply of money exceeds the demand for money. This can occur due to an increase in real income, which leads to a higher demand for goods and services and, consequently, an increased demand for money to conduct transactions. As a result, the equilibrium real money demand would increase.
In summary, the real income Y would have increased, and the equilibrium real money demand would have also increased in response to the decrease in the equilibrium interest rate in the money market model.
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State a reason to justify that marketing is a beneficial concept.
Answer: marketing is beneficial to customers because they can receive lower price they can receive new and improved products and it is also beneficial to the business because it allows businesses to maintain long-lasting and ever-present relationships with their audience
What are some reasons to use positive politics?
When you participate in positive office politics, you are collaborating with others for the greater good. You are not only advancing your own goals, but you are also helping someone else by empathizing with them.
The truth is, if you want to be successful in a business environment, then it's a good idea to develop some political savvy. Developing office politics skills can help prevent someone from taking advantage of you and will also help you advance in your career. Positive politics are behaviors that are designed to influence others with the goal of helping both the organization and the person playing the policy. Examples of positive politics include displaying a professional image, publicizing one's accomplishments, volunteering, and congratulating others.
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Fatima works in a bakery and earns $120 per week. Fatima’s grandfather has given her $5,000. Fatima is going to use this money to start her own business. She is going to make cakes for special occasions such as birthdays, weddings, and religious
festivals.
1. Give an example for each of the four factors of production Fatima will use in her new business.
2. What is the ‘opportunity cost’ to Fatima of her decision to start her own business?
3. Is Fatima’s business meeting consumer ‘needs’ or consumer ‘wants’? Justify your answer.
1). The four factors that would be involved in Fatima's bakery business would be:
Land or the place where she would prepare and pack the cakes. Labor who would be involved in the production of the cakes. Capital that would be invested to incur the costs of the production. Entrepreneurship is the 'art of employing innovation and risk-taking in the business for making profits.'2). The opportunity cost of Fatima's decision to run her own bakery business would be her weekly earning of $120 per week as it is the cost of the most valuable forgone opportunity.
3). Fatima's business would assist the customers in meeting their 'wants' as she assists them in fulfilling their special and personalized demands for cakes for their various occasions like weddings, festivals, or birthdays and not for regular meals.
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wilson electric reports income tax expense of $151,000. income tax payable at the beginning and end of the year are $20,200 and $25,300, respectively. what is the cash paid for income taxes during the year?
according to the question $104,700 is the cash paid for income taxes during the year.
Why is there an income tax?An individual must pay the individual income tax, sometimes known as the personal income tax, on all of their annual income, including wages, wages, dividends, interests, and other types of income. The state where the income is derived often levies the tax.
How is income tax such a big deal?Taxes are used by the government to pay for a range of social welfare, including measures to create jobs. The government is responsible for covering the administrative expenses for the different departments' thousands of employees.
Briefing:cash paid = income tax expense - (income tax payable at the beginning + end of the year)
= $151,000 - ($20,200 + $25,300)
= $105,500
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What effects did zaha have on guggenheim new york?
The effects that Zaha had on Guggenheim New York is that her current retrospective at the Solomon R. Guggenheim Museum in New York gives ample evidence of her genius. She has been busy and produced a staggeringly impressive body of work that is without equal for its inventiveness. This saved urban space and merges the elements of its surroundings. It also projects a brand new artificial landscape outweighted by funnel-shaped cones. The Solomon R. Guggenheim Museum, often referred to as The Guggenheim, is an art museum at 1071 Fifth Avenue on the corner of East 89th Street on the Upper East Side of Manhattan in New York City.
Who is Zaha Hadid?Dame Zaha Mohammad Hadid DBE RA was a British-Iraqi architect, artist and designer, recognised as a major figure in architecture of the late 20th and early 21st centuries.
Therefore, the correct answer is as given above
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Compare these costs.
48 paper plates for $2.99
75 paper plates for $3.99
Answer:
the $3.99 one cost less per unit
Explanation:
the $2.99 = $0.06 per unit
the $3.99 = $0.05 per unit
Which of the following is not a step in the decision making process
a.Identify Choices
b. MAKE a decision
c.Consult a career coach
d. DEFINE your needs and wants
Career Coach is wrong (Pretty sure)
(14%) Let A[1..n] be an array of n positive numbers. Entry A[i] represents the trading price of a stock X on the i-th day (and hence the numbers are ordered chronologically). Write an algorithm max-profit that returns a pair (a, b) such that if one buys stock X on the a-th day and sells it on the b-th day, the maximum profit is made. Give the time complexity of your algorithm in Big-O. Show the derivation of the complexity result.
To solve this problem, we can use a simple algorithm that iterates through the array and keeps track of the minimum price seen so far and the maximum profit.
The algorithm works as follows: Initialize variables: min_price = A[1], max_profit = 0, buy_day = 1, sell_day = 1. Iterate through the array A from the second element to the last: If A[i] < min_price, update min_price = A[i]. If A[i] - min_price > max_profit, update max_profit = A[i] - min_price, buy_day = index of min_price, sell_day = i. Return the pair (buy_day, sell_day). The time complexity of this algorithm is O(n), where n is the size of the array A. This is because we perform a single pass through the array, comparing and updating values in constant time for each element. Therefore, the algorithm has a linear time complexity.
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Suppose that the price a stock is bought for is $125. Based on the one-period valuation model of stock prices, if the stock is sold a year later at the price $135 and the required rate of return on the equity investments is 10%, then the dividend paid out for the stock is $ (Round your response to the nearest penny.) Suppose that the price a stock was bought for was higher than the one above. Holding every other variable the same, this implies that the dividend paid out for the stock is
The dividend paid out for the stock is $9.09.when the stock price is higher, the dividend paid out for the stock would be lower.
Based on the one-period valuation model of stock prices, the dividend paid out for a stock can be determined using the formula: Dividend = (Ending Stock Price - Beginning Stock Price) / (1 + Required Rate of Return). In this case, the beginning stock price is $125, the ending stock price is $135, and the required rate of return is 10%.
Using the formula, we can calculate the dividend as follows:
Dividend = ($135 - $125) / (1 + 0.10)
= $10 / 1.10
= $9.09 (rounded to the nearest penny)
Therefore, the dividend paid out for the stock is $9.09.
Now, let's consider the situation where the stock was bought at a higher price than $125, while holding every other variable the same. In this case, if the ending stock price and the required rate of return remain unchanged, the dividend paid out for the stock would be lower.
This can be understood by considering that the dividend is calculated as the difference between the ending and beginning stock prices, divided by (1 + Required Rate of Return). If the beginning stock price is higher, the difference between the ending and beginning stock prices would be smaller, resulting in a lower dividend.
In conclusion, when the stock price is higher, the dividend paid out for the stock would be lower. This relationship is based on the one-period valuation model of stock prices, which takes into account the ending and beginning stock prices, as well as the required rate of return.
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here is 20 points cause you earned it king/queen
What effect has the twenty-four-hour news cycle had on journalism in America? O Stories may not be as heavily researched and vetted. O Higher levels of political news are reported. O There is an increase news aggregation. O Journalists often face conflicts of interest.
The twenty-four-hour news cycle has had a significant impact on journalism in America. On the positive side, it has led to higher levels of political news being reported and a greater focus on breaking news.
However, this constant need to produce content quickly has also had some negative consequences. Stories may not be as heavily researched and vetted as they were in the past, leading to inaccuracies and errors in reporting.
Furthermore, there is an increase in news aggregation, with news outlets often repeating the same stories over and over again. This can result in a lack of diversity in news coverage and a failure to cover important issues that may not generate as much immediate interest.
Finally, journalists often face conflicts of interest as they try to balance the need to report news quickly with the need to maintain their credibility and impartiality. They may be tempted to report sensational stories or to prioritize stories that will generate more clicks or views, even if those stories are not as important or accurate.
Overall, while the twenty-four-hour news cycle has brought some benefits to journalism, it has also created some challenges that journalists and news organizations must navigate carefully.
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1. Investment grade bonds carry a higher rate of growth than junk bonds.
True or False?
2. When making bond purchase decisions, the primary decision-making factor is to review the YTM. You should always choose the bond that has the higher YTM.
True or False?
The statement that investment grade bonds carry a higher rate of growth than junk bonds is not accurate. When it comes to bonds, the rate of growth is typically determined by the interest rate or yield, rather than the bond's credit rating. While investment grade bonds are generally considered to have lower default risk compared to junk bonds, they also tend to have lower yields. On the other hand, junk bonds, also known as high-yield bonds, offer higher yields to compensate for their higher default risk. Therefore, junk bonds may have a higher rate of growth (yield) compared to investment grade bonds.
When making bond purchase decisions, the primary decision-making factor is to review the YTM. You should always choose the bond that has the higher YTM. False.
While the yield to maturity (YTM) is an important factor to consider when making bond purchase decisions, it should not be the sole criterion. YTM represents the total return an investor can expect to receive if they hold the bond until maturity, taking into account the bond's current price, coupon payments, and the time remaining until maturity. However, there are other factors that should be considered as well.
For instance, an investor should also assess the creditworthiness of the issuer, the bond's duration or sensitivity to interest rate changes, and their own investment objectives and risk tolerance. A bond with a higher YTM may indicate a higher level of risk, such as a higher likelihood of default, longer maturity, or more volatile interest rate sensitivity. Therefore, it is important to evaluate these factors holistically and consider the trade-offs between risk and return when choosing a bond investment.
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Which of the following is an internal factor?
A. Interest rates
B. Employment laws.
C. Employee turnover.
D. Economic recession.
Answer:
Your answer is: C) Employee turnover
Explanation:
Happy Trails, Inc. manufactures railway coaches and uses the FIFO method of process costing to record costs. The WorkminusinminusProcess Inventory of the Heating Department on October 1 was 73% complete for materials and 23% complete for conversion costs. On October 31, its ending WorkminusinminusProcess Inventory was 80% complete for materials and 43% complete for conversion costs. This means that for the ending inventory, ________% of the materials and ________% of the conversion costs were added during October.
Answer:
80 % of materials ; 43 % of conversion costs
Explanation:
The FIFO method traces equivalent units for materials and conversion costs for the following categories :
Opening Work in Process unitsUnits started and completedEnding Work in Process unitsSo the units not completed from last months are the first to be completed during the month (hence To finish Opening Work in Process). During the year there are units started and completed (hence Units Started and Completed) and units started that never gets completed (hence Ending Work in Process units).
All these physical units need to be expressed to the percentage of work done on them - equivalent units.
The question is focusing on Number 3 - Ending Work in Process units. So 80 % of materials and 43 % of conversion costs were added during October for these units.