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Explain the terms - maintenance and improvement
Maintenance; under the maintenance function, the management must first establish policies rules directives and standard operating procedures (SOPs)and then work towards ensuring that everybody follows sop the latter is achieved through a combination of discipline and human resource development measures.
Improvement: under the improvement function management works continuously towards revising the current standers once they have been mastered and establishing higher once improvement cab be broken down between innovation and kaizen. Innovation involves a deasic improvement in the existing process and requires large investments. Kaizen signifies small improvement as a result of coordinated continuous efforts by all employees.
Explain Solvency ratios The term solvency refers of the ability of a concern to meet its long term obligations. The long term indebtedness of a firm include debenture holders,
Minimal Regret Criterion : This method seeks to minimize the maximum regret that would occur from choosing a particular strategy or alternative. The regret is the opportunit
Select the cost driver(s): This might also be termed to as independent, explanatory or predictor variable. A cost driver can be stated as any factor whose change causes a chang
Representation of Simplex method We shall use the example previously stated for the graphical solution. The standard form of the model is given by: Maximize : Z = 3X E + 2
calculate formula
According to the Philadelphia Inquirer, in 2004 the city of Philadelphia planned to spend $14 million to convert the Convention Center into an appropriate venue for the Republican
Bank guarantee is one of the facilities which the commercial banks extend in support of their clients in favour of third parties who will be the beneficiaries of the guarantees. In
Define the Balanced Score Card? 1. Distinguish between standard control and budgetary costing. 2. Define the ‘Balanced Score Card? Explain the steps in implementing ‘Balance
What is meant by the term Open Book Management? How does Open Book Management improve the organizations ability to achieve and improve results?
Barker Company has a single product called a Zet. The company normally produces and sells 80,000 Zets each year at a selling price of $40 per unit. The company’s unit costs at this
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