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MATERIAL CONTROL
It is said that "any fool can sell"—it is buying at the right price that is more critical to the achievement of a satisfactory return on capital employed. Buying price is important of course, but buying the right materials, is equally important if production targets are to be achieved and investment in inventories to be minimized.What to order:
This is governed by product specifications, but an efficient buyer will always have his ear to the ground to discover new and substitute materials and components of advantageous quality and price. Other economies can be realized by reducing the variety of materials purchased by standardization, e.g. reducing the variety of colors of paint stocked, or by introducing value analysis into the decision process.
Queuing problems There are two main approaches to queuing problems: • simulation • queuing theory formula Where simple situations apply, queuing theory should be used
Account analysis (Inspection of accounts) method: This method requires that departmental managers and the accountant inspect each item of expenditure within the accounts for s
1) FUTURE CASH FLOWS: Prepare a three (3) year forecast of estimated future cash flows for starbucks and give valid economic/business reasons for your projections. This means you w
Decision Making Some managers appear to have an intuitive sense of good decision making. The reality is that good decision making is hardly ever done by intuition. Consist
Lila Battle has determined that the annual demand for number 6 screws is 100,000 screws. Lila, who works in her brother's hardware shop, is in charge of purchasing. She estimates t
Directing There are number of good plans which are never realized. To realize a plan it requires the initiation and direction of the number of actions. Often, thes
Queue discipline 1) It refers to the manner in which customers behave in a queue, and to the order in which they are served up. For illustration; A customer may arrive at a que
Transition probabilities These are the probabilities of moving from one state to another in the next time period. Usually they are written in the form of a probability matrix.
Transfer pricing sometimes entails using different transfer pricing systems: one for tax purposes, and one for internal decision making, even though maintaining two systems can be
what is the topic about? what are the practical implications? what are the practical criticisms?
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