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Questions and Answers of Management Leadership

What are the assumptions of the EOQ model?
What are the two major costs considered in the EOQ model? Why is the total purchase price not a factor affecting the order quantity?
Discuss whether the EOQ model is still useful if a small error was made while estimating one of the cost parameters used in the EOQ computation.
Assume that you used the EOQ model to compute the order quantity for an item, and the answer was twenty units. Unfortunately, the minimum lot size for the item is twenty-four units. Discuss how this
Explain whether the continuous review or periodic review inventory system is likely to result in higher safety stock. Which is likely to require more time and effort to administer? Why?
What is the order quantity when the annual order or setup cost equals the annual holding cost in the (a) EOQ model(b) Quantity discount model(c) EMQ model?
Why is inventory management important to SCM?
Given the following information, compute the economic order quantity, annual holding cost, annual order cost and annual total inventory cost.Annual requirements (R) = 50,000 unitsOrder cost (S) =
The annual requirement of a part is 360,000 units. The order cost is $120 per order, the holding rate is 12 percent and the part cost is $2,500 per unit. What are the (a) EOQ(b) Annual holding
The weekly requirement of a part is 950 units. The order cost is $85 per order, the holding cost is $5 per unit per year and the part cost is $250 per unit. The firm operates fifty-two weeks per
The monthly demand for a part is 1,500 units. The order cost is $285 per order, the holding cost is $56 per unit per year and the part cost is $850 per unit. The firm operates twelve months per year.
Icy Snowmobile, Inc., has an annual demand for 1,200 snowmobiles. Their purchase cost for each snowmobile is $2,500. It costs about $250 to place an order, and the holding rate is 35 percent of the
Steamy Speedboats has an annual demand for 1,500 speedboats. Its supplier offers quantity discounts to promote larger order quantities. The cost to place an order is $300, and the holding rate is 32
Using the Steamy Speedboats problem above, assume that the order cost has dropped from $300 to $50. What are the (a) Optimal order quantity(b) Annual purchase cost(c) Annual holding cost(d) Annual
Using the Steamy Speedboats problem above, assume that the holding rate has dropped from 32 percent to 15 percent. What are the (a) Optimal order quantity(b) Annual purchase cost (c) Annual holding
Frankfurt Electronics produces a component internally using a state-of-the-art technology. The operations manager wants to determine the optimal lot size to ensure that the total annual inventory
Given the following inventory information, perform an ABCanalysis.
Given the following inventory information, construct an(a) ABC analysis by annual dollar usage,(b) ABC analysis by current inventory value, and(c) An ABC inventory matrix. Is the firm stocking the
Given the following inventory information, construct an(a) ABC analysis by annual dollar usage,(b) ABC analysis by current inventory value(c) An ABC inventory matrix. Is the firm stocking the
Given the following information for an important purchased part, compute the(a) EOQ,(b) Total purchase cost(c) Annual holding cost(d) Annual order cost(e) Annual total cost(f) Reorder point(g) Number
Given the following information for an important purchased part, compute the(a) EOQ(b) Total purchase cost(c) Annual holding cost(d) Annual order cost(e) Annual total cost(f) Reorder point(g) Number
Explain why lean production and Six Sigma are so important to successful supply chain management.
Briefly explain the primary concerns and objectives of lean production.
How is lean production associated with JIT?
What does the Toyota Production System have to do with JIT and lean production?
What person or people at Toyota is (are) most responsible for the development of the JIT concept?
How is lean thinking associated with supply chain management?
Use an example to show how you could use lean thinking with a supplier and a customer.
What are the seven wastes? Can you discuss them in terms of a business you are familiar with?
Apply the Five-Ss to improve how you could complete your daily homework or study assignments.
What are the advantages and disadvantages of making small, frequent purchases from just a few suppliers? How do we overcome the disadvantages?
Why should lean layouts be “visual”?
What are manufacturing cells, and why are they important in lean production?
What are kanbans and why are they used in lean systems?
What is kaizen, and why is it so important for successful lean production?
Discuss the linkage between lean systems and environmental sustainability.
Describe Six Sigma’s origins and the main parties involved. Why do you think the concept is called “Six Sigma”?
Describe the lean Six Sigma approach.
Describe Deming’s Theory of Management, and how it can be used to improve quality.
What are the two most widely used ISO standards, and why are they so popular?
What are critical-to-quality characteristics, and how are they used in Six Sigma?
Construct a flow diagram of the registration process at your university. What areas would you investigate further to identify problems?
Construct a cause-and-effect diagram for the following problem: The university course registration process is too long. Brainstorm some potential causes.
What are the two types of process variation, and which one does statistical process control seek to eliminate? What can be done with the other one?
Describe “variable data” and explain why two control charts are needed to assure that these types of processes are under control.
Eakins Enterprises makes model boats, and it is switching to a lean manufacturing process. At one assembly area, Eakins is using one part container that holds 250 parts, and it wants the output to be
Jim Corner, owner of Corner Bike Rentals, wants to start analyzing his company’s quality. For each bike rental, there are four types of customer complaints: (a) Bike not working properly, (b) Bike
The following sample information was obtained by taking four doughnuts per hour for twelve hours from Fawcett Bakery’s doughnut process and weighing them:For the data shown abovea. Find the x and R
Through process measuring a number of pizza delivery times, Mary Jane’s Pizzeria finds the mean of all samples to be 27.4 minutes, with an average sample range of 5.2 minutes. They tracked four
Ten customers per hour were asked by the cashier at Stanley’s Deli if they liked their meal, and the fraction that said “no” are shown below, for a twelve-hour period.For the data shown above,
Roberto’s Steakhouse tracks customer complaints every day and then follows up with their customers to resolve problems. For the past 30 days, they received a total of 22 complaints from unhappy
Why are logistics issues important to business success?
What are the important activities or elements in logistics?
List the legal forms and modes of transportation. Which mode is the least expensive? Which mode carries the most freight? Which mode is growing the fastest? Shrinking the fastest?
What are some intermodal transportation alternatives?
Why is it that the fastest trains are found outside the U.S.? Is this a problem for the U.S?
When would you want to use value-of-service pricing instead of cost-of-service pricing?
What is FOB destination pricing and when would you want to use it?
What does transportation security refer to, and which mode of transportation is most affected by security concerns?
Is government regulation of transportation good or bad? Why?
Describe three different types of warehouses and the advantages of each.
If storing goods in a warehouse is bad, since it increases inventory carrying costs, why are the number and size of warehouses increasing in the U.S.?
What is the difference between a distribution center and a warehouse?
Define risk pooling and the advantages and disadvantages of centralized warehousing. What assumption does risk pooling make?
For the following warehouse system information, determine the average inventory levels for three warehouses and then one warehouse, using the square root rule: Current warehouse system—six
What are the advantages and disadvantages of centralized and decentralized warehousing systems? Which type do you think Wal-Mart should have?
What is a lean warehouse? When are they used?
Why is logistics so important for successful supply chain management?
What are 3PLs and why are they used? Why is their use growing so rapidly? What are 4PLs and why are they used?
Can 3PLs be effective supply chain partners? Why?
What are the impacts of logistics on environmental sustainability? How can these impacts be minimized?
What are the most common logistics management software applications and why are they beneficial to users?
What do you think the most pressing global logistics problem is? Why?
Describe several global logistics intermediaries. Could they also be considered 3PLs?
What are foreign trade zones? What benefits do they provide?
How has NAFTA affected trade among the U.S., Canada and Mexico? Is NAFTA good for domestic U.S. and Mexican producers?
What is reverse logistics? How does it impact supply chain management?
How can reverse logistics have a positive impact on the environment? On profits? On customer service? On repeat purchases?
Define the term “customer relationship management”. What has caused this definition to change over the past twenty years?
How does the actual practice of CRM differ from the use of CRM software?
Why have so many CRM efforts failed? Can you cite a personal example of a CRM effort?
Describe why CRM is so important in managing supply chains. Use an example in your discussion.
What is segmenting customers, and why is it perhaps the most important activity in CRM?
Define these terms: permission marketing, cross-selling and churn reduction.
How would an analysis of customer defections help the firm become more competitive?
Why is the determination of customer lifetime value important?
From the information given, rank the customers in terms of their lifetime value.Use a discount rate of 6 percent and treat the average annual sales figures as annuities. Should any of these
How does your definition of customer service compare to the Seven Rs Rule?
Describe the types of customer service that come before, during and after the sale. Why are they important to CRM?
Are call centers good for CRM? Explain.
Do you think call center outsourcing negatively affects customer service? Explain.
Could self-service websites be used in place of call centers?
How should customer satisfaction be measured at a bank? A restaurant? A manufacturing firm? A retailer?
Describe the steps necessary for designing and implementing a successful CRM program.
What is the most common mistake made when designing and implementing a CRM program?
How do you think CRM performance should be measured? Suggest several performance measures.
What sort of problems generally occur with a firm’s existing CRM applications?
How can firms help to assure the privacy and security of their customers’ information and data?
How do various social media impact an organization’s CRM methods? Should firms use social media for attracting new customers?
What is cloud computing and what are its advantages for CRM?

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