cost of goods sold for the period is 251,1000
Explanation:
247,000 COGS = Beginning Finished Inventory + Cost of Goods Bought/Manufactured - Ending Finished Inventory is the cost of goods manufactured for the specified time period.73,100+247,000-69,100 = 251,000
Calculating inventory turnover, which demonstrates how frequently a company sells and replaces its inventory, also uses cost of goods sold.The cost of goods is estimated by subtracting the cost of producing or purchasing the items for the year from the cost of the inventory that remains at the end of the year.Your company can never turn a profit if your cost of goods sold is higher than the price you charge for your products.To learn more about cost of goods sold for the period refer to:
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Boeing Inc. has criticized The Airbus Company's competitiveness on the grounds that Airbus benefits from:
Select one:
a. Import tariffs protecting Airbus in the European market
b. Import quotas protecting Airbus in the European market
c. Lenient environmental standards of European governments
d. Production subsidies supplied by European governments
The grounds that Airbus benefits from Import tariffs protecting Airbus in the European market. In the aviation industry, Airbus brands are well-known.
They market themselves as a business that provides quality to the client while upholding their key values, including customer attention, integrity, respect, inventiveness, dependability, and teamwork. Four strategic priorities form the foundation of the Airbus Strategy and will help the company fulfil its mission. The geopolitics, sovereignty, resilience, and sustainability are the main strategic concerns market. Leading the way in the design, production, and delivery of aeronautical goods, services, and solutions to clients globally is Airbus. Airbus, the largest aerospace and space business in Europe and a global leader, leads the aviation sector with over 130,000 people.
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which of the following is the approximate projected rate of change in renewable energy consumption from 2010-2040 ?
To arrive at the number of 2.332.33 quadrillion BTUs per year, the change in predicted renewable consumption (about 7070 quadrillion) was divided by the change in time (3030 years).
What does "renewable" mean exactly?
As a result of being renewable, a resource is considered to have an endless supply. Renewable resources include non-depletable ones like the sun, wind, and geothermal heat. Water is viewed as a renewable natural resource as long as there is precipitation. Renewable energy sources may deliver a consistent stream of clean energy and are never depleted.
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commissions unit is best described by the following definition: entries in the new lc field and the renew lc field are interpreted as fixed commission rate per square units of measure.
It is assumed that the New LC field and the Renew LC field entries refer to a fixed commission rate per square unit of measurement. [Commission Suggestions] Region and money.
What does a commission actually cost?
When an employee successfully completes a task, usually selling a certain amount of goods or services, they are paid a sales commission. Employers frequently utilise sales commissions as an incentive to increase staff productivity. It is possible to receive a commission in place of or in addition to a salary. a sum or percentage of the total payment that can be given to agents, salespeople, etc.
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which of the following is the most reliable and theoretically sound project valuation technique?
Given that it is the most accurate of all the valuation techniques, Discounted Cycle Analysis (DCF) is also the most conceptually sound.
In a sentence, what does hypothetically mean?The term theoretical is used to indicate that although if something is assumed to be correct or to occur in the manner predicted, it may not actually do so. The price would need to be posted on the shelf, in theory.
What distinguishes theoretically from hypothetically?To talk about what we believe to be true, theoretical is utilized. What we wish to know is discussed using hypothetical language. When we expand on what we already know, we use theory. Hypothetically refers to what we assume or refuse to acknowledge.
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harry and emily wells friends of yours were married on december 30 2022 they kinow you are studying taxes and have sent you an email with a question concerning their filing status
Answer:
the answe is bésame yes
Explanation:
Becauee yes
What are the arguments for and against such a monopoly? Illustrate your answer with a diagram.
ARGUMENTS FOR MONOPOLY-
1) Pricing stability. There are no price wars to shake markets when there is no competition. Other companies and end-user customers who do business with a monopolistic company may benefit from price certainty.
2)The ability to grow. Monopolies can result in significant economies of scale. A company with a monopoly on a particular type of product may be able to produce large quantities of that product at lower per-unit costs. Depending on the company's ethics, those low prices may be passed on to the consumer.
3) Research and development budgets. A monopoly that is confident in its market position is more likely to invest in research and development. This may result in new.
ARGUMENTS AGAINST MONOPOLY ARE-
1) Prices are significantly higher than in competitive markets. Monopolies face inelastic demand and can raise prices, leaving consumers with no choice. For example, Microsoft had a monopoly on PC software in the 1980s and charged a high price for Microsoft Office.
2) A decrease in the consumer surplus. Consumer prices rise, and fewer people can afford to buy. This causes allocative inefficiency because the price exceeds the marginal cost.
3) Monopolies are less likely to be efficient. A monopoly can profit without much effort if there is no competition, so it can encourage x-inefficiency (organizational slack) and possible diseconomies of scale. Because it is more difficult to coordinate and communicate in a large firm, it may become inefficient.
4) Monopolies frequently have monopsony power in terms of paying a lower price.
the arthur andersen auditors did not notice how low enron had fallen in terms of its unethical decisions over a period of time. according to bazerman and chugh, this omission is an example of . multiple choice descriptive ignorance normative myopia change blindness inattentional blindness
The Arthur Andersen auditors did not notice how low Enron had fallen in terms of its unethical decisions over a period of time. According to Bazerman and Chugh, this omission is an example of change blindness. So option c. is correct.
Change blindness is a phenomenon to characterize our inability to recognize visual changes. Even when such differences are dramatic we occasionally fail to see them. This is simply because we are observant of something else or because the transition is too gradual. There are many examples online where you can sample how good you are at noticing things change. When you take this sensation to business it becomes apparent why it is that we frequently fail to see the next big thing or when we neglect out on something that appears so obvious years later.
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the physical properties such as melting point, solubility, or electrical conductivity of solid materials depend on the type of attractive force that holds the particles in the crystal lattice. the strength of these forces varies dramatically from very weak (as with dispersion forces) to very strong (as with ionic and covalent bonds). solids are classified according to the type of forces involved.
The type of attractive force holding the particles in the crystal lattice determines the physical characteristics of solid materials.
These forces have a wide range in strength, with some being very small (like dispersion forces) and others being quite strong (like ionic and covalent bonds).
Solids are divided into many groups depending on the types of forces present, including metallic solids, covalent solids, ionic solids, and molecular solids. Strong metallic bonding is the cause of the high electrical conductivity and melting temperatures of metallic solids, such as metals and alloys.
Strong covalent bonds keep covalent solids like silicon and diamond together, giving them high melting temperatures and poor electrical conductivity.
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What happens to the supply curve when any of the following determinants change? Indicate whether each of these determinants causes a shift of the supply curve or a movement along the curve. i. Change in market price: ________
ii. Change in factor productivity: ________
iii. Change in producer expectations: ________
iv. Change in the price of other goods: ________ v. Change in technology: ________
vi. Change in resource prices: ________
vii. Change in taxes: ________
The following happens to the supply curve
i. Change in market price: Movement along the supply curve
ii. Change in factor productivity: Shift of the supply curve
iii. Change in producer expectations: Shift of the supply curve
iv. Change in the price of other goods: Shift of the supply curve
v. Change in technology: Shift of the supply curve
vi. Change in resource prices: Shift of the supply curve
vii. Change in taxes: Shift of the supply curve
The supply curve is a realistic portrayal of the relationship between's the expense of a decent or administration and the amount provided for a given period. In a common representation, the cost will show up on the left upward pivot, while the amount provided will show up on the even hub. The inventory bend will move up from left to right, which communicates the law of supply: As the cost of a given product expands, the amount provided builds (all else being equivalent).
Note that this definition infers that cost is the free factor, and amount the reliant variable. In many disciplines, the free factor shows up on the even or x-pivot, yet financial aspects is an exemption for this standard. In the event that a component other than cost or amount changes, another stockpile bend should be drawn
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Which of the following would be the basic source of information used by the company in the risk selection process?
AReceipt
BWarranty
CRepresentation
DApplication
The basic source of information used by the company in the risk selection process is typically the Application. Thus option D is the answer.
The risk selection process is a crucial step in the insurance industry. It is used to assess the risk of providing coverage to a particular individual or company. The basic source of information used in this process is the application, which is a form or questionnaire that the individual or company completes when applying for coverage.
The application typically includes information about the individual or company's background, assets, and the type of coverage being requested. This information is used by the insurance company to assess the risk and determine the premium for the policy. It is also used to verify the information provided and to identify any potential red flags. The process also includes investigation, verification and analysis of the information provided.
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TRUE OR FALSE if divisional operating income is $75,000, invested assets are $637,500, and the minimum rate of return on the invested assets is 6%, the residual income calculated would be $36,750.
The given statement is 'true'.
Explanation:
Residual income = operating income - (invested assets*minimum rate of return)
= 75,000 - (637,500*6%)
= $36,750
What is Residual income?
The money an individual or corporation has left over after covering all costs is known as residual income. Any money left over after a person pays for housing, food, and other expenses as well as any debts is known as personal residual income. The capital left over after a corporation pays all of its debts, including the price of raw materials and utilities, is referred to as residual income. It denotes and serves to gauge the effectiveness of a company, a division within it, or even specific expenditures that the company has undertaken.
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in which of the following type of economies are property rights protected, helping to achieve greater economic growth rates than in other economies where property rights are poorly protected? group of answer choices mixed market free market command
Moreover, free markets are more likely to thrive and thrive in systems where property rights are well protected and capitalists have incentives to make profits.
In a free market, financial markets could evolve to facilitate the financing needs of those who are unable or unwilling to raise money themselves. For example, some individuals or businesses specialize in accumulating savings without constantly underutilizing all of their working capital. Others specialize in using savings for entrepreneurial activities such as starting or expanding a business.I can. For example, a saver can buy a bond and exchange their current savings with the entrepreneur, promising future savings and rewards or interest. In equities, savings are exchanged for titles to future earnings. There is no modern example of a purely free financial market.
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h of the following is/are example(s) of optical properties of materials? which of the following is/are example(s) of optical properties of materials? a. refractive index b. dielectric constant c. reflectivity both a and b both b and c both a and c a, b, and c are all optical properties. none of these are optical properties of a material.
Refractive index is just one of matter's optical attributes. Dispersion. Transmission Coefficient and Transmittance.
What is meant by optical properties?Refractive index is just one of matter's optical attributes. Dispersion. Transmission Coefficient and Transmittance.
Both the medium's extinction index and refractive index directly affect these characteristics. The most significant optical characteristics are those that affect light's refraction, absorption, reflection, and scattering.
An essential characteristic of any optical instrument's parts is their refractive index. It establishes how effective prisms are at scattering light, how well lenses concentrate light, how reflective lens coatings are, and how well optical fibres guide light.
High reflection and poor transmission are connected to metals' optical characteristics. The absorption coefficient and the index of refraction are two constants that are used to quantitatively express the optical characteristics of metals.
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what are shares in a company?
Shares represent an ownership of a company. When an individual buys shares in your company, they become one of its owners or part of the company.
What does a company shares means?Shares are equity ownership units in a corporation. Shares exist as a financial asset for some companies, providing for an equal distribution of any residual profits, if any are declared, in the form of dividends. Shareholders of a stock that does not pay dividends are not entitled to a profit distribution.
Instead, they expect to profit from the rise in the stock price as the company's profits rise. Shares represent a company's equity stock, and there are two types of shares: common shares and preferred shares. As a result, the terms "shares" and "stock" are frequently used interchangeably.
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A plaintiff sued the manufacturer of a slicing machine for negligent design, after the machine cut off the plaintiff's finger. The plaintiff claims that while he was cleaning the machine, two wires came into contact with each other and caused the machine to turn on. At trial, the manufacturer has offered evidence that it was unreasonably expensive to design the machine so that the wires could not come into contact. In rebuttal, the plaintiff offers evidence that after this action was filed, the manufacturer redesigned the machine to prevent the wires from coming into contact.
Is evidence of this change in design admissible?
Yes, as evidence suggests that the machine may have been designed to prevent wire contact.
What is meant by Evidence?anything that can be used to prove or disprove something: The presentation of these figures indicates that the economy is growing. There has been no criminal activity discovered by the FBI. The evidence strongly supports his position. Before making a decision, judges take the facts and the evidence into account.
an item or piece of information that is presented to either make it more or less likely that a fact exists. Examples of evidence include documents, photographs, videos, voice recordings, DNA testing, and other tangible items.
The following is a list of the four kinds of evidence that you should be aware of.
True Evidence Physical evidence that is related to the facts of the case is true evidence.Testimonial Statements Another term for testimonial statements is testimonial hearsay.Documentary Support and Evidence to SupportTo know more about Criminal Activity, visit:
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The lower the discount rate relative to the federal funds rate, the more likely a commercial bank will borrow from
another commercial bank instead of the Fed.
the Fed instead of another commercial bank.
the U.S. Treasury instead of either the Fed or another commercial bank.
the public.
The interest rate at which banks lend to one another is known as the fed funds rate. The central bank's discount rate is the rate at which it loans to banks as a lender of last resort. Both interest rates are set by the Federal Reserve. The fed funds rate is always less than the discount rate.
What is the effect of the discount rate on the federal funds rate?The fed funds rate is the interest rate charged by depository institutions (banks, savings and loans, and credit unions) to each other for overnight loans. The discount rate is the interest rate charged by Federal Reserve Banks when they provide collateralized loans to depository institutions (typically overnight).
A fall in the discount rate reduces the cost of borrowing money for commercial banks.
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Note: For Questions 7-10 below, use this information: The balance sheets at the end of each of the first two years of operations indicate the following:2017 2016Total current assets $600,000 . $560,000Total investments 60,000 40,000Total property, plant, and equipment 900,000 700,000Total current liabilities 125,000 80,000Total long-term liabilities 350,000 250,000Preferred 9% stock, $100 par 100,000 100,000Common stock, $10 par 600,000 600,000Paid-in capital in excess of par--common stock 60,000 60,000Retained earnings 325,000 210,000Based on the above information, if net income is $130,000 and interest expense is $40,000 for 2017, what is the return on common stockholders' equity for 2017 (round to one decimal place)?A. 12.3% B. 17.4% C. 13.0% D. 14.0%
To calculate the return on common stockholders' equity for 2017, we first need to find the common stockholders' equity. We can do this by subtracting the preferred stock and the liabilities from the total assets.
2017 Total assets: $600,000 + $60,000 + $900,000 = $1,560,000
2017 Total liabilities: $125,000 + $350,000 + $100,000 = $575,000
2017 Common stockholders' equity: $1,560,000 - $575,000 = $985,000
Next, we need to calculate the net income available to common stockholders by subtracting the preferred stock dividends and interest expense from the net income.
2017 Net income available to common stockholders: $130,000 - ($9,000 [$100,000 x 0.09]) - $40,000 = $81,000
Now we can calculate the return on common stockholders' equity by dividing the net income available to common stockholders by the common stockholders' equity and multiplying by 100 to get the percentage.
Return on common stockholders' equity = ($81,000 / $985,000) x 100 = 8.22%
So, the return on common stockholders' equity for 2017 is 8.2%.
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FILL THE BLANK In industrial economies, __________ refers to the processing of raw materials into finished goods.
In industrial economies, manufacturing means that the processing of raw materials into finished products and goods.
The term manufacturing refers to the processing of parts and raw materials into finished products and goods through the use of human labor, machinery, tools, and chemical processing. Manufacturing enables businesses to sell finished products and goods at a higher cost compared to the value of the raw materials used.
Thus, in the context of industrial economies, manufacturing implies the concept of processing raw materials into final products and goods.
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can the holder of a trust found use the money without permission of the person whose name is under the trusttrue or false
False. Generally, the holder of a trust fund cannot use the money without permission from the person whose name is under the trust. This is because the trust fund is a legal arrangement that is set up to protect the assets of the person whose name is under the trust.
The holder of the trust fund is responsible for managing the assets of the trust and must follow the instructions of the trust document. The trust document will usually specify who can access the funds and for what purpose. Without permission from the person whose name is under the trust, the holder of the trust fund cannot use the money. Additionally, the holder of the trust fund must also ensure that the assets of the trust are managed in accordance with the trust document. This means that the holder must ensure that the assets are invested in a prudent manner and that the trust is managed in a way that is in the best interests of the person whose name is under the trust. The holder of the trust fund must also ensure that the trust is managed in a way that is compliant with all applicable laws and regulations. Furthermore, the holder of the trust fund must ensure that the trust is managed in a way that is consistent with the wishes of the person whose name is under the trust.
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A form of business ownership with a single owner who usually actively manages the company
Sole proprietorships are a form of business ownership has a single owner who usually actively manages the company.
Option B is correct.
How does a sole proprietorship work?A person who owns an unincorporated business on their own is known as a sole proprietor. However, if you choose to treat a domestic limited liability company (LLC) as a corporation, you will not be considered a sole proprietor if you are the sole member of the LLC.
What is the purpose of sole proprietorship?Having a sole proprietorship has two major advantages: it requires little paperwork and has low costs to set up. Additionally, it can be easily maintained. In fact, the SBA says that it is the simplest and cheapest type of business to start.
What dangers do sole proprietorships pose?Unlimited Risk and Liability: In a sole proprietorship, the owner is personally liable for all business debts, putting his or her personal assets and future earnings in jeopardy. The most important reason to steer clear of sole proprietorships is this.
Question is incomplete:
A form of business ownership with a single owner who usually actively manages the company
A. partnership
B. Sole proprietorship
C. Corporation
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Using Innovative Thinking to Generate Ideas: using word association as our stimuli. Now, we're going to think about how to build a better coffee mug. I want you to take 3 minutes and write down the words (in other words, a brainstorm list of words or very short phrases. No complete sentences!) that come to mind about this coffee mug you see. How could we build a better one?
The corporate insulation technology to keep drinks hot or cold for longer periods of time. Use leak-proof and airtight seals to prevent spills and leaks.
What is technology?Technology, also referred to as the transformation and manipulation of the human environment, is the application of scientific knowledge to the practical goals of human life.
Significant societal changes have been brought about by technological breakthroughs. The earliest known technology is the stone tool, which was employed during prehistoric times.
This was followed by the ability to regulate fire, which helped to accelerate the development of language and the expansion of the human brain during the Ice Age.
The Bronze Age wheel's development paved the way for more advanced machinery and faster mobility. The printing press, telephone, and Internet were more modern technological innovations that helped to eliminate communication barriers and usher in the knowledge economy.
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The supply concept refers to the relationship between the quantity of products produced and price. If the market price of a product increases, quantity supplied will ____. If the market price of a product decreases, quantity supplied will ______.
If the market price of a product decreases, quantity supplied will increase, and vice versa. According to the law of supply, a higher price causes a higher supply while a lower price causes a lower supply.
Tools used to summarise the link between supply and price include supply curves and supply schedules. Quantity supplied is the precise amount supplied at a specific price, whereas supply is the overall supply curve. Supply, in general, describes all the various characteristics offered at all conceivable price points. Prices typically increase when demand outpaces supply. When demand product is constant, there is an inverse relationship between supply and prices of products and services.
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se the data table to answer the question that follows. exports $700 billion imports $300 billion financial capital inflow $200 billion bonds purchased from abroad $600 billion from the data given in the table, which one of the following statements is true?
The country balance of trade is represented by the difference between exports & imports. As the net exports is positive (550-350=200), it represents the trade surplus therefore, option 1 is to be selected.
What is exports and imports?When something is exported, it is something that is delivered from one country to another. Similar to purchasing them from a foreign market and bringing them home, importation refers to the act of bringing goods and services into one's own country. Since it almost never costs money to set up a production facility abroad, this is the simplest way for a company to expand internationally.
A business can export or import in one of two ways:
Direct Exporting/Importing: In Direct Exporting/Importing, a company deals directly with the consumer or supplier of a foreign nation and handles all the formalities, such as the shipment and financing of goods and services.Indirect Exporting/Importing: In this type of trade, middlemen are used by the company to negotiate with the customer or supplier. The suppliers and customers are not dealt with directly by them.Learn more about exports and imports
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Complete question:
which of the following divisions would you continue to run in order to earn profits to invest in other businesses? a. freight forwarding b. cargo inspection c. railroad loading d. shipping
Option c.) railroad loading is the correct answer as, the rail industry is expected to expand rapidly in the next few years. According to Technavio's research analysis, the rail industry is expected to grow by $337 billion between 2020 and 2025 and it would continue to run in order to earn profits to invest in other businesses.
Indian Railways derives its income from two sources. The first is freight transport, where trains carry goods, and the second is passenger trains. Indian Railways derives most of its profits from freight services. New Delhi's Katra Vande Bharat Express Train also has many modern features such as biovacuum toilets, wheelchair parking, disabled toilets and LED lighting. It can carry a large amount of cargo in terms of volume and weight. One rail convoy can carry the equivalent of 80 trucks.
Railroads paved the way for the westward expansion, opened up new economic opportunities, fostered the development of cities and towns, and connected entire nations.
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Critical Thinking Questions
1. Elizabeth's company has asked her to write a list of ethical standards that can kickstart
conversations about their workplace policies. What four ethical standards should Elizabeth
include? Give one example of a workplace policy that could represent each of these four
standards.
2. Peter has recently found out that there has been a breach of confidentiality at his company.
What could this possibly mean? Give an example of what might have happened. What are
the possible consequences of this breach of confidentiality?
3. Cristina is giving a presentation on ethical behavior in the workplace. What should she
include in her presentation about personal and long-term consequences of unethical or
illegal behaviors in the workplace? How should she identify and explain what happens
when employees and companies engage in unethical behaviors?
4. Dwight has been named the safety compliance officer of his office. He is going to talk to
his employees about some personal and jobsite safety rules and regulations that maintain
safe and healthy work environments. He will also inform employees about OSHA
regulations. What are five main points he should include in his talk based on his goals?
5. Angela feels that her workplace is violating the Fair Labor Standards Act. What are three
things that this act requires that Angela's workplace might be violating?
Ethical standards in the workplace refer to the principles, values, and behaviors that guide the actions and decisions of individuals and organizations. They provide a framework for making decisions that are fair, honest, and responsible, and they help to create a culture of integrity and trust in the workplace.
Critical Thinking Questions and Answers on Ethical standards in a Business setting1. Four ethical standards that Elizabeth could include in her list are:Integrity: This standard emphasizes the importance of honesty, transparency, and accountability in the workplace. An example of a workplace policy that represents this standard could be a policy against discrimination, harassment, or retaliation.
2. A breach of confidentiality is when someone shares or reveals sensitive, personal or private information that should have been kept secret. For example, an employee might have shared a client's personal information without permission or an employee might have shared the company's confidential financial information. The possible consequences of this breach of confidentiality are:
Legal action from the affected parties.
Loss of trust from clients, partners, and other stakeholders.Damage to the company's reputation and credibility.
Termination of employment.Loss of contracts or business opportunities.
3. In her presentation, Cristina should include the following information about the personal and long-term consequences of unethical or illegal behaviors in the workplace. Cristina should explain that when employees and companies engage in unethical behaviors, it can lead to negative consequences for the individuals involved, as well as the company as a whole.
4. Dwight should include the following five main points in his talk based on his goals: An overview of OSHA regulations and the company's compliance with them.An explanation of the company's safety procedures and protocols.The importance of employee safety and how to report safety hazards or incidents. The possible consequences of not following safety rules and regulations. The role of each employee in maintaining a safe and healthy work environment.
5. Angela feels that her workplace is violating the Fair Labor Standards Act. Three things that this act requires that Angela's workplace might be violating are:
Minimum wage: Employees must be paid at least the minimum wage set by the federal government or the state government, whichever is higher.
Overtime pay: Employees must be paid time and a half for any hours worked over 40 hours in a week.
Child labor: Employers cannot employ children below certain age for certain types of work.
It's important for Angela to report her concerns to the proper authorities and to have a clear understanding of the violations before making any accusations.
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a loss contingency is recognized only if the event that gave rise to it occurred multiple choice question. after the financial statement date. within 60 days of the financial statement date. before the financial statement
The board of directors' weakening of Kalanick's authority. By being adaptable, creative, and quick to respond to changes in the market, this kind of culture tries to create innovative products (new drugs).
Which kind of culture is internal-focused and emphasizes control over flexibility and stability?
Internal stability and control over flexibility are valued in a hierarchy culture. Flexibility is valued and an external focus is present in an adhocracy culture.
Work specialization, also known as division of labor, is the process of assigning distinct parts of a task to different people.
When chiefs and representatives inside a similar division are united in cross practical?
At the point when chiefs and representatives inside a similar division are united in cross-practical groups to take care of specific issues, their organization is utilizing a group based plan. As per Chester I. Barnard, an association is comprised of something like one individual who endeavors day to day to accomplish the association's objectives.
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to an economist, scarcity means that group of answer choices there are some things on which it is impossible to put a price, such as human life. many goods are worth an infinite amount and, therefore, should be supplied free to everyone. people are generally too poor to afford the goods and services available. the human desire for goods exceeds the amount freely available from nature.
Scarcity is one of the main tenets of economics. It indicates that there is a gap between the supply of an item or service and the demand for it. As a result, customers, who ultimately drive the economy, may have fewer options due to scarcity. 19-May-2022
Economics' understanding of scarcity is based on one of life's most fundamental truths: there are only so many resources in the world, so decisions must be made about how to distribute them. In that sense, every item—even a pack of gum or a book of matches—is scarce because someone used resources—which could have been used elsewhere—to make it.
Some natural resources that initially appear to be unrestricted because of their simplicity and accessibility turn out to be scarce due to abuse in a tragedy of the commons. Because safeguarding clean air and a climate that is conducive to human welfare is so expensive, economists are beginning to see them as scarce goods and may assign a price to them in order to perform a cost-benefit analysis.
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Companies like Target and JCPenney sometimes participate in a(n) ____________________ for the retail industry, which acts as a neutral third party and charges a fee for providing a trading forum.
Companies like Target and JCPenney sometimes participate in a(n)independent B2B exchange for the retail industry, which acts as a neutral third party and charges a fee for providing a trading forum
What is independent B2B exchange?an online marketplace run by a third party that accepts buyers and sellers from a specific sector. Members can browse classified ads and request quotes or contacts in a certain industrial sector by signing up on an independent e-marketplace. Private exchanges are run and owned by a single business.The owner only transacts on the exchange with dependable suppliers and clients to exchange data. Buyers may consolidate and control purchasing from preferred suppliers thanks to those exchanges. B2B (business-to-business) is a sort of electronic commerce (e-commerce) that refers to the exchange of goods, services, or information between businesses rather than between businesses and consumers (B2C). A business-to-business transaction takes place between two businesses, such as wholesalers and online retailers.To learn more about B2B exchange refer to:
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Context: Lean Six Sigma has emerged as a key to achieving world-class value-added processes. But not everyone has benefited equally from implementing these operating philosophies and their accompanying tool sets.
Discussion: Based on your own personal experience—or on the results of an Internet search—identify a Lean Six Sigma implementation success story.
(Note: if using your own personal experience it must be on a formal lean six sigma implementation in a company where you know or can research the specific events, decisions and investments made by leadership.)
Describe what happened. How did the key decision-makers use process design or Lean Six Sigma tools to achieve success—that is, improve value and decrease costs?
Identify the specific events, decisions, or investments they made in order to leverage operations (or Lean Six Sigma) as a competitive weapon.
Now, based on your own personal experience—or on the results of an Internet search—identify a Lean Six Sigma “horror” story.
Describe what happened. More importantly, describe what went wrong.
Assess how key decision-makers failed to appropriately use process design or Lean Six Sigma tools.
As a consultant to the company, how would you help them “fix” the implementation process to achieve success next time? What specific events, decisions, or investments would you promote to help them leverage operations (or Lean Six Sigma) to improve value and reduce costs?
Organize you post with the following headers:
Keys to a Successful LSS implementation
What not to do when implementing LSS
Correcting the LSS failure with the keys to success
References
A successful Lean Six Sigma implementation story can be found in the case of the US Navy's Naval Air Systems Command (NAVAIR). NAVAIR implemented Lean Six Sigma to improve their processes and reduce costs.
They used process design tools such as value stream mapping and process flow diagrams to identify areas of waste and inefficiency. They also used Lean Six Sigma tools such as DMAIC (Define, Measure, Analyze, Improve, Control) to identify and eliminate sources of variation and defects.
Additionally, they invested in training and certifying their personnel in Lean Six Sigma principles and tools. As a result of their efforts, NAVAIR was able to reduce costs by $1.2 billion and improve customer satisfaction.
Where can the Lean Six Sigma be found?A Lean Six Sigma “horror” story can be found in the case of the US Postal Service. The USPS attempted to implement Lean Six Sigma in order to reduce costs and improve efficiency. However, they failed to properly train their personnel in Lean Six Sigma principles and tools, and they did not invest in the necessary infrastructure to support the implementation. As a result, the implementation was unsuccessful and the USPS was unable to realize any cost savings or efficiency gains.
To correct the failure of the USPS implementation, key decision-makers should invest in training and certifying personnel in Lean Six Sigma principles and tools. Additionally, they should invest in the necessary infrastructure to support the implementation, such as data collection and analysis tools.
Finally, they should use process design tools such as value stream mapping and process flow diagrams to identify areas of waste and inefficiency. By following these steps, the USPS can leverage Lean Six Sigma to improve value and reduce costs.
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lean practices include those which are designed to eliminate waste while still satisfying the customer. examples of lean practices include all of the following:multiple select question.total quality managementservice focus continuous improvement just-in-time manufacturing traditional manufacturing
Lean practices are a collection of strategies and techniques that seek to reduce waste while maintaining customer satisfaction. Lean practices include the following instances:
Total quality management (TQM) is a management strategy that emphasizes customer satisfaction and ongoing development. The service focus is the practice of putting the wants and expectations of the client first.
Continuous improvement is a strategy that fosters finding and fixing process flaws and inefficiencies. The goal of just-in-time (JIT) manufacturing is to make goods such that they can be delivered to the consumer. This decreases waste and the demand for inventory storage.
Traditional manufacturing isn't seen as a lean method because it prioritizes mass production, keeps a lot of inventory, and doesn't focus on continuous improvement or customer happiness.
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