Part A : Answer All Questions.
1. A strategy which aims to produce a perfect product which will suit everybody is called:
d. Perfection orientation.
2. Someone who has responsibility for marketing decisions concerning a group of products is:
a. A marketing manager
3. In transportation model analysis the stepping-stone method is used to
c. evaluate empty cells for potential solution improvements
4. A transportation problem has a feasible solution when
e. all demand and supply constraints are satisfied
5. When the number of shipments in a feasible solution is less than the number of rows plus the number of columns minus one
b. there is degeneracy, and an artificial allocation must be created
6. The total cost of the optimal solution to a transportation problem
e. can be calculated based only on the entries in the filled cells of the solution.
7. The stepping-stone method
c. is used to evaluate the cost-effectiveness of shipping goods via transportation routes not currently in the solution
8. In a minimization problem, a negative improvement index in a cell indicates that the
c. total cost will decrease if units are reallocated to that cell
9. Inputs come from and outputs are transferred to the ______ of a system.
Sub-system
10. Two systems are described as ______ if a change in the outputs of one causes a substantial change in the state of the other.
b) Highly coupled
11. Which of the following would not generally be a motive for a firm to hold inventories? To
b. minimize holding costs
12. Which of the following statements about ABC analysis is false?
a. ABC analysis is based on the presumption that controlling the few most important items produces the vast majority of inventory savings.
d. In ABC analysis, “C” Items have minimal records, periodic review, and simple controls
13. ABC analysis divides on-hand inventory into three classes, generally based upon
d. annual dollar volume
114. Among the advantages of cycle, counting is that it
a. makes the annual physical inventory more acceptable to management
b. allows more rapid identification of errors and consequent remedial action than is possible with annual physical inventory
14. Among the advantages of cycle counting is that it
b. allows more rapid identification of errors and consequent remedial action than is possible with annual physical inventory
15. The two most basic inventory questions answered by the typical inventory model are
b. quantity and cost of orders
16. Which of the following statements about the basic EOQ model is true?
a. If the ordering cost were to double, the EOQ would rise.
b. If annual demand were to double, the EOQ would increase.
c. If the carrying cost were to increase, the EOQ would fall.
17. An inventory decision rule states that “when the inventory level goes down to 14 gearboxes, 100 gearboxes will be ordered.” Which of the following statements is true?
d. 14 is the reorder point, and 100 is the order quantity.
18. The Production Order Quantity model
e. is appropriate when units are sold/used as they are produced
19. Which of the following statements regarding the Production Order Quantity model is true?
d. It relaxes the assumption that all the order quantity is received at one time.
Part B (Answer 4 question)
60 marks
60 marks
(a) Explain in detail the corporate strategies and functional strategies with an illustration.
(6 marks)
(b) Briefly explain the primary inputs, outputs, and conversion subsystems.
(9 marks)
Ans.
Corporate strategies
Corporate Strategy adopts a strategic decision-making portfolio strategy by examining each of the companies and determining how most value is created. Corporate strategy expands on the corporate strategy which deals with strategic decision-making for a company.
Components are listed below-
- Visioning
The overarching objective of the visual component is to define the high-level orientation of the company – the vision, mission, and potential corporate values. Visioning for the future of your firm has become a growing component of company management.
- The setting of the target
A firm can measure its progress with its strategic goals. Communicate these aims to employees helps that everyone concentrates on the most important duties and is working on the future of the firm according to the same assumptions.
- Allocation of resources
This component of business strategy relates to decisions that relate to the most efficient assignment of people and capital resources within the defined objectives. The allocation of resources consists of planning, management, and allocation of resources in a way that allows a firm to achieve its strategic objectives.
Functional strategies
Strategic management functional strategies often form part of the broader corporate strategy for different functional areas inside the company’s organization (i.e. production, marketing, sales). It helps managers focus their businesses on their main operational fields (so-called: key success factors). Management’s most typical functional strategies include financial strategy, marketing strategy, production strategy, staff strategy, and research and development strategy.
Advantages:
- Usually, they are a complex of multiple operational plan levels.
- By concentrating on one functional field, the most knowledgeable and experienced personnel and resources may be assigned efficiently to the duties.
- Staff feels that their skills are properly utilized.
Disadvantages:
- In small enterprises, because they demand more money and personnel, are not effective.
- Overall corporate plans might collide with numerous distinct functional strategies,
- The core goal of the company might be ignored by functional management.
B
Primary inputs
The contribution of corporate management is management resources. It is made up of staff, assets, investments, and information. The outcome of corporate management is sales, profit, market share, etc. They are the metrics that we assess the performance of the management and their derivatives.
These are inputs that support the creation and supply of outputs directly. Materials and supplies such as water, gas and coal, electricity, steam, and compressed air, and so on, staff, capital, and capital, and utilities.
Outputs:
The outputs are categorized as: I output direct and (ii) output indirect.
The results are typically physical or immaterial. Tangible commodities are production system outputs, whereas intangible services are service system outputs. In both production and service systems, however, certain indirect outputs exist. These include taxes, earnings, and salaries, technical progress, waste, pollution, and influence on the health and safety of employees and society, and the community.
Conversion system:
The subsystem for conversion: is the basic system of manufacturing. It consists of personnel, materials, and machinery utilized inputs to be converted into outputs. All organizations have some sort of conversion or transformation and vary considerably amongst organizations.
- Discuss the overview of CRP and ERP.
CRP
Significant project implementation method, the conference pilot room (CRP) examines regular business case situations in the proposed system, to discover people, processes, and system problems, create resolutions, and specify actions necessary to complete the implementation.
The pilot usually uses a test database of representative data following the first seller or in-house training.
Its main promise is to provide the company with a core archive of all client data and to monitor all customer interactions. With this information and analytical solutions, companies may choose to seek more sales, the performance of sales teams, how to effectively and adequately serve consumers, and more.
In a centralized CRM system, for example, sales reps know whether they have good customer service tickets for their customers and may respond accordingly. In the alternative, the customer service may quickly check if the caller is a high-value client or a high-value prospective customer and send it to the appropriate service level.
ERP
Enterprise resource plan (ERP), which was the basis for the manufacturer’s understanding and management of all the resources required to manage a successful business, was developed employing material requirement planning (MRP). ERP is used by all areas of a company to be a common database. In essence, this means money, such as GL, accounts payable, accounts for receivable, payroll, and financial reporting.
The advantage of an ERP system is that all financial and operational data originate from a single shared data source. This has a significant effect on reporting—both static monthly reports and ad hoc reports that leadership requires. A single source of financial and operating data also implies that workers can do reports to detect financial insights without having to perform analysis and reporting by IT or finance teams. This helps companies to make faster, data-based choices that may affect anything from profitability to new prospects for growth to efficiency creation across the company. A speedier financial closure is another advantage of shifting to an ERP system company. Typically, financial teams account for all revenue and costs and report the results at the end of the month and quarter. To close books utilizing tablets or accounting entry-level systems, considerable manual effort, data entry, and contact for financial information are usually required.
While ERP and CRM are the main differences between ERP and CRM, ERP is mostly used to provide financial and finance information, while CRM is utilized by the sales and customer services departments. The former is usually called the backroom, whereas the latter is the front room.
Some ERP systems have a component of CRM, others do not, however, ERP components do not exist in CRM software systems. For instance, due to not handling transactional data, Salesforce.com is not an ERP system. It can access the order history or invoices, but the data is integrated with the ERP system.
ERP and CRM systems must be able to share data, which may be done better through technological integration compared with two data sets that are independently managed.
For example, while attempting to upsell or cross-sell campaigns, a sales representative would wish to check a customer’s order history, credit status, or pending payments. To compute sales Commissions for payroll or bulk purchase discounts, the financial service may require access to the CRM system. A CRM system based on an ERP platform also gives company leaders advantages, who could need a consolidated means of examining and maintaining price structures such as customer acquisition and customer service life.
ERP and CRM systems must be able to share data, which may be done better through technological integration compared with two data sets that are independently managed.
For example, while attempting to upsell or cross-sell campaigns, a sales representative would wish to check a customer’s order history, credit status, or pending payments. To compute sales Commissions for payroll or bulk purchase discounts, the financial service may require access to the CRM system. A CRM system based on an ERP platform also gives company leaders advantages, who could need a consolidated means of examining and maintaining price structures such as customer acquisition and customer service life.
- (a) What are the methods to measure and improve productivity? Explain in detail.
Methods to measure productivity are in the following ways-
- Focused on profits
One approach to assess profitability is to monitor the organization’s profitability and sales. In plain terms, for instance, if one year your company has gained $1 million and the coming year it has gained $2 million, there’s a sign that there is an increase in productivity, although the profit and loss sheets of your firm need to be analyzed in detail to see what caused the profitability increase.
- Make the work done
Another method focuses on the workforce’s number of tasks. Management is less concerned with the time required to accomplish activities in this productivity assessment technique. The focus is instead on finishing the final product.
- Managing time
Another method to measure productivity is to monitor your time to do a job. Use software or internet applications for productivity measurement.
A typical time management system demands that employees input their time on a tablet. Over time, managers may then analyze the outcomes and determine if productivity increases, decreases, or stays stable.
- Feedback and evaluation by peers
If a small staff team or group interacts periodically, you may use peer assessment and feedback to create metrics of productivity. In such a system, you evaluate the productivity of each employee depending on their comments on their performance from others.
- Comparison of working time with generated products
A typical technique of assessing productivity in a plant is to compare total working hours, often known as inputs, with the number of items produced or outputs. This allows firms to generate a ratio showing their staff how effectively they work.
- Monitoring progress of employees
The monitoring of employee growth is a frequent part of many productivity assessment techniques. These techniques allow you to keep up with the work being done and, if required, alter or create new targets.
One way is to check in every day or to meet a team. This means meeting your team every day to talk about workflow, concerns that have been raised, or new advancements in your process.
- Satisfaction of Clients
A typical approach to measuring productivity is to use client feedback in a firm delivering consumers’ services. For example, clients who phone a service center might be requested to complete a short fulfillment survey once the call has ended. You will explain if the staff has addressed your inquiry and if you feel courteous.
The data collected from customer surveys may then be coupled with the number of clients handled during a set period by the service center.
Methods to improve productivity are in the following ways-
- Effectiveness
Consider how your company works at the moment and be able to change the way you operate. Recall that making short- and long-term lists is just as essential as prioritizing tasks, particularly for small companies.
- Delegate
There is an element of danger for delegates, but greater responsibility is essential for increasing your employees’ morale and job happiness. Give the responsibility and confidence of qualified personnel with a demonstrated record of accomplishment in a certain sector.
– Reduce divisions
Social media may be a big killer of productivity, but no phone policy is realistic. Try to focus and engage staff while allowing them to breathe.
- Have the Right Tools and Equipment
Providing employees with the right tools and equipment is important so they can perform their duties efficiently and on time. There’s nothing more counterproductive than spending time waiting for paperwork to print because you haven’t got a fast printing device.
- Improve workplace conditions.
A comfortable working temperature is between 68 and 70 degrees F (20-21 C). An environment that’s too hot or too cold distracts from concentration, as employees will spend more time walking around to get their coats or an electric fan.
- Ensure Employees Are Happy
There are no results in a hectic workplace. Workers that work continually under high stress are less productive and have more disengagement and absenteeism.
- B- Discuss international buying and import purchasing procedures in terms of need, procedures, and problems.
Procedures are listed below-
- Commercial Investigation:
As with any other purchase and sell transaction, the initial step in an import transaction concerns trade inquiries. A request for information on the prices and the conditions under which the exporter may deliver the products is made in writing by the intended buyer or his representative.
- Import License and Quota procurement:
The trade-in imports in India are subject to the import and control law of 1947. The trade is regulated in India. Without a valid import license, a person or company cannot import goods into India. A general license or a particular license may be an import license. Goods may be imported from any nation under the general license, whereas a specific license may only be imported from particular countries.
- Foreign Exchange Achievement:
The importer must prepare for the appropriate foreign exchange to be obtained after acquiring a license (or a quota, for the established importer), as the importer must pay for the importations in the currency of the exporter nation.
- Inventory or order placement:
The next stage in importing the products is to place the order after initial procedures and the importer has acquired the license quota and the required foreign exchange money. This command is called Indent. An indent is an order placed for the supply of specific products by an importer with an exporter.
It includes the importer’s instructions on the amount and quality of the products requested, manner of delivery of them, type of packaging, payment method, and price, among other things. Tin is generally duplicated or thrice. The indent may be open, closed, and confirmative. The indent may be of many sorts.
-Provision of required documents:
The importer does not have to do anything after sending a letter of credit. The exporter arranges for products to be delivered and provides the advice Note soon after the delivery of goods upon the receipt of the letter of credit. A notice is a document given to a goods buyer to tell him that items have been shipped. The date on which the vessel is anticipated to reach the target port may also be indicated.
- Customs and customs formalities:
The importer’s main concern is to take receipt of the products after it has received the title paperwork when the ship reaches the port and to move them to its business location.
- Payment is made:
Terms and conditions as negotiated before between the importer and the exporter shall decide the method and timing for payment. In the event of a D/P bill, the title papers are only disclosed to the importer when the bill is fully paid. When the bill is a D/A bill, the title documentation of the items should, upon receipt of the bill, be delivered to the importer.
- Explain the functions of project planning, scheduling, and control.
Project planning
Project planning is at the core of the life cycle of the project and tells everybody concerned about how and where you are heading. The planning phase consists of documenting the project plans, defining the project achievements and requirements, and establishing the project plan. It entails establishing a set of plans to assist your team in implementing and closing the project. During this phase, your plans will enable you to manage time, money, quality, change, risk, and associated problems. They will also assist you to monitor employees and external providers to make sure that the project is delivered on time, on budget, and in good time.
The project planning phase has the following aims:
- Set requirements for business
- Set costs, timetable, supply list, and date of delivery
- Set up resource plans
- Approve management and advance to the next stage
Project planning fundamental procedures are:
Scope Planning — establishing the project scope criteria to ease the task breakdown.
Preparation of the work disintegration – describing the project’s disintegration into tasks and tasks.
Plan development of the project – Listing the complete program and describing its execution sequence.
Resource planning – indicates who does what job and if there are particular competencies needed to carry out the project activities.
Budgetary planning – indicates the cost estimated at project completion.
Planning of procurement – focused on suppliers outside your firm and subcontracting
Risk management – risk planning and consideration of potential contingency plans and techniques for reduction
Quality planning – evaluation of quality requirements for the project
Communication planning – the development of the communication strategy with all project parties concerned
Scheduling
The planning of projects requires disrupting the project to clear, basic activities. The work-disruption structure is also recognized. This framework enables team members to grasp a complicated and easy-to-reach project. Time, money, and other resource restrictions must also be allocated to the appropriate individuals. For each task. The work disintegration structure might include, for instance, activities like renting a venue or producing brochures when the project is to arrange a convention. Time, money, and quality restrictions are given to specific persons for each assignment.
- Maximize the use of resources: The inadequate use of all resources constitutes a high-cost area for a factory. This might be because of a bad timetable, which leaves equipment idle for a lengthy time.
- Reduction in production time: if you develop a suitable planning schedule, you should lower your total production time. This is generally because all activities necessary to produce a product are carried out only when required. Thus, the period of beginning to completion is shorter as between different processes you have less time.
- Inventory Reduction: A shorter production time will generally imply that you have fewer WIP stock items waiting for a resource available. Furthermore, you will have less inventory to keep when you begin your manufacturing to be completed shortly before it is sent.
- Optimizing Labor efficiency: a good manufacturing schedule will reduce the amount of time and time on the equipment. Furthermore, employees will be more effective if they know what items are next produced and where the material comes from.
- Improved service level: The effective production schedule helps not only shop workers but also customer service personnel. By glancing at the schedule, you will know when goods are finished and can offer a more precise lead time. In the case of an interruption causing work product late, they may also warn consumers.
Control
Execution of the project includes coping with unforeseen situations. While having a clear plan and schedule procedure eliminates ambiguities, rigorous management has to be taken by the project manager to keep the time, quality, and budget criteria. The establishment and implementation of clearly defined project milestones and the maintenance of clear communication channels include two components of project control. Elements assist monitor progress and communication contributes to supervision and improvement of teamwork.
Control may be described as the management function that assists the subordinates, supervisors, and all levels of a company to obtain intended outcomes. The control function helps to measure progress towards the organization’s goals and brings about any differences and remedies.
- Address changes
The environment must be addressed in every modern company. New goods and technology are being developed; government rules are too often modified or implemented.
- To improve the quality
Total quality management (TQM) follows modern industries which have led to remarkable control improvements. It identifies process defects and cleanses the process of errors. Employees can inspect and improve their job, thereby changing their attitudes and methods towards effective control.
- Make cycles quicker
Control helps speed up cycles in which new goods and services are created, and subsequently provides customers with them. To comply with client demands, speed is crucial. But today’s marketing managers must remember that customization products and services are not just expected from today’s customers.
- Adding Value
A company seeking to survive in the competition should be able to “add value” to its products or services for its consumers to choose from those supplied by its competitors.
- B- Discuss international buying and import purchasing procedures in terms of need, procedures, and problems.
- Commercial Investigation:
As with any other purchase and sell transaction, the initial step in an import transaction concerns trade inquiries. A request for information on the prices and the conditions under which the exporter may deliver the products is made in writing by the intended buyer or his representative.
- Import License and Quota procurement:
- Foreign Exchange Achievement:
The importer must prepare for the appropriate foreign exchange to be obtained after acquiring a license (or a quota, for the established importer), as the importer must pay for the importations in the currency of the exporter nation.
- Inventory or order placement:
The next stage in importing the products is to place the order after initial procedures and the importer has acquired the license quota and the required foreign exchange money. This command is called Indent. An indent is an order placed for the supply of specific products by an importer with an exporter.
It includes the importer’s instructions on the amount and quality of the products requested, manner of delivery of them, type of packaging, payment method, and price, among other things. It is generally duplicated or thrice. The indent may be open, closed, and confirmative. The indent may be of many sorts.
-Provision of required documents:
The importer does not have to do anything after sending a letter of credit. The exporter arranges for products to be delivered and provides the advice Note soon after the delivery of goods upon the receipt of the letter of credit. A notice is a document given to a goods buyer to tell him that items have been shipped. The date on which the vessel is anticipated to reach the target port may also be indicated.
- Customs and customs formalities:
The importer’s main concern is to take receipt of the products after it has received the title paperwork when the ship reaches the port and to move them to its business location.
- Payment is made:
Terms and conditions as negotiated before between the importer and the exporter shall decide the method and timing for payment. In the event of a D/P bill, the title papers are only disclosed to the importer when the bill is fully paid. When the bill is a D/A bill, the title documentation of the items should, upon receipt of the bill, be delivered to the importer.
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