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business
production and operations management
Production And Operations Management 5th Edition S N CHARY - Solutions
What is the distinction between accounting profit and economic profit? How is such a distinction linked with the concept of opportunity costs?
I desire to own an apartment. Towards this, I have already made part payment to a housing society. Rs. 5,00,000 is paid and Rs. 8,00,000 remains to be paid. Only after the complete payment, I shall get the title to the apartment. If I do not make the remaining payment, I lose the money which I have
What distinction can be made between long run costs and short run costs? For a company manufacturing consumer products, such as toothpastes and soaps, list the long run and short run costs.
The break-even analysis as presented in this chapter was for a single product. Present your analysis for a company manufacturing a number of different products. Will the analysis be substantially different for a multi-product situation? If so, how?
Why, in some cases, are there multiple break-even points? How should one go about choosing the output volume?
What costs are incurred if a company is shut down temporarily and if it is totally abandoned?
If a company is totally abandoned, will the depreciation of the assets be based on the sales value or on the original cost?
A company enters into a contract with a government department for the supply of its product. The contract is for 1,00,000 ± 10% items of product during this year. The exact number required is not given. The product price is Rs. 10 per unit. Excess units manufactured, if any, can be accepted by the
Take the case of the housekeeping department in a hotel. List all the ‘controllable’ and‘non-controllable’ costs.
In Q. 10, would the costs of laundering linen be direct or indirect? Would it be a variable cost? Explain.
What are the basic assumptions in linear programming?
Why is it called ‘linear’ programming?
If in the graphical approach indicated in this chapter, the line of objective function is parallel to the line corresponding to one of the constraints, what is the effect?
What are the limitations of using the graphical approach to the solution of linear programming problems?
Typical linear programming has one objective function. But, in many practical situations, there could be more than one objective. How can one take care of such a situation? Explain by means of an example.
What is ‘shadow price’? How would you use the information?
Can you solve the following Linear Programming problem?Maximise P = 10q + 9r 5q + 4r 14 4q + 5r 9 7q – 9r 11
In a linear programming problem, is it necessary to have at least as many constraints as the number of decision variables? Explain.
Will ‘topology’ be useful in Linear Programming? How?
Check up on the dynamic programming approach in other literature. Note its basic premises and utility in production and operations Management.
Ten girl students of a post-graduate science college are residing in the same hostel as the other 200 boy students because the college does not provide separate accommodation for girl students. The boys are rather troublesome and the girls, therefore, want to keep them at a safe distance. With this
A hospital’s performance is being judged by the number of patients treated in a month. The facilities in the hospital can basically be divided into five categories:
Choose a business organisation. Select any aspect of its operations and apply Linear Programming. Present your report.
What is the importance of capital budgeting in Operations Management?
Do sunk costs affect the capital budgeting process? Explain.
Does depreciation figure in the capital budgeting process? Explain.
What are the merits and demerits of NPV and IRR?
For mutually exclusive project proposals, what should be the criterion for the selection—NPV or IRR? Why?
What is the meaning of Internal Rate of Return?
How do the two methods of incorporating risk, viz. (a) risk-adjusted discounting rate, and(b) risk equivalence approach differ from each other? What are their similarities, if any?
If Rs. 10,000 invested in a project yields a benefit stream of Rs. 3,000 per annum for 5 years:(a) Compute the payback period.(b) Compute the NPV at 10% discount rate.(c) Compute the IRR.
The following table gives information regarding the two mutually exclusive Projects X and Y.Period Net cash flows from Project X Net cash flows from Project Y 0 – 700 – 7000 1 450 4100 2 450 4100(a) Compute the NPV at 10% discount rate.(b) Compute the IRR.(c) If there is no capital rationing,
Consider the following two mutually exclusive projects. The net cash flows are given in the table below:Year Net cash flows from Project A Net cash flows from Project B 0 – Rs. 1,00,000 – Rs. 100,000 1 + Rs. 30,000 + Rs. 15,000 2 + Rs. 35,000 + Rs. 17,500 3 + Rs. 40,000 + Rs. 20,000 4 + Rs.
Suppose the average cost of maintenance for a piece of equipment is related to its life as follows:6.14 Production and Operations Management Period Cost, Rs. Period Cost, Rs.1 507230 2 708270 3 909340 4 120 10 410 5 150 11 480 6 190 12 560 If the purchase price of the new equipment is Rs. 1,600,
Calculate the IRR of the following:Year Cash Flow 0 – 25,000 1 + 20,000 2 + 10,000 3 – 10,000 4 + 15,000 5 + 10,000
Would IRR criterion be different while evaluating projects in the social sector? Discuss.
Would considerations of ‘Risk’ differ in the case of projects in the social sector? Discuss.ASSIGNMENT QUESTION
Apply ‘Capital Budgeting’ principles to the management of the environment and sustainability. Present your arguments and observations.
What are waiting times ‘in the system’ and ‘in the line’?
What is a ‘transient’ solution to a queueing problem? What kinds of solutions are tabulated in this chapter? Give an example of a ‘transient’ behaviour.
What are finite queueing tables?
How would different Queueing Disciplines affect waiting line characteristics? Explain by giving examples.
What is the relation between the server utilisation and average waiting time for customers? What is the practical significance of this relation.
In an airline hangar, jet-engines arrive at a rate of 2 per week. A jet engine costs nearly Rs. 1 crore. There are 30 aircraft, each with 4 engines. When an engine breaks down, it is sent for reconditioning, and the engine is immediately replaced by one from the spare engines’ bank of the
Tax-payers are lining up, on June 29th, in order to file their income-tax returns. The arrival of the tax-payers is Poisson, at a mean rate of 5 per minute. The I.T. Officer wishes that no tax-payer should suffer for more than 10 minutes in the queueing system. If only one clerk is serving, what
For the above two cases plot the server utilisation vs. length of the queue.
IIM faculty members (Prof. Chary’s team) are interviewing the applicants for admission.The interviews start at 9.00 a.m. and each applicant has been asked to come at 15 minutes interval starting from 9.00 a.m. (each applicant is given a specific time).In spite of the apparent constancy of the
How can simulation be used for incorporating ‘risk’ into the capital budgeting decision under uncertainty?
Observe a busy traffic junction. Present a report on easing traffic jams by means of the application of Queuing principles.
Are the moving averages method and the exponential smoothing method of forecasting related? How and why?
Does exponential smoothing track a trend in the demand satisfactorily? What is the reason?
(a) What is the purpose behind the computations of demand ratios in taking care of seasonalities in demand?(b) Are base series always computed over the calendar year? Give reasons for your answer.
What are the criteria on the basis of which you assess the different forecasting methods?Would root mean square error be the criterion? Would ‘error’, whichever way measured, be the only criterion?
What are the limitations of: (a) Trend extrapolation, (b) Use of input-output tables, and (c)Delphi technique?
Read through the literature and find out what ‘Technology Assessment’ is? How is it useful to operations management?
What are the levels of aggregation in forecasting for a manufacturing organisation? How should this hierarchy of forecasts be linked and used?
Data on Product X’s price and the number of units sold is furnished below:Price Rs./unit Sales units Price Rs.Sales units 9.90 1143 16.50 410 19.60 361 13.70 605 14.50 532 11.20 910 10.80 997 18.70 360 17.40 390 10.20 1094 15.30 475 12.00 806 12.70 722 19.20 355(a) Use regression analysis to
The history of the load on a work centre is furnished :(a) Use appropriate value of the smoothing constant ( ) and forecast for February 2009.Do not consider seasonality.(b) Forecast for the load during April 2009. Explain the procedure.(c) In this chapter we used “smoothing” twice: once for
How would forecasting be useful for operations in a BPO (Business Processes Outsourcing) unit? What factors may be important for this industry? Discuss.
What is the role of statistics in quality control? Give examples of the situations where statistics is applicable and where it is not applicable.
How would you control quality in a job-shop situation (where one customer’s order may be different from another’s). How would you control quality in a bank ? In a restaurant ?Discuss.
How would you perceive the role of the Quality Control Manager in an organisation? In a manufacturing organisation Should the quality control function be separate from the line function of manufacturing? If yes, why? If no, why not? (Give an example as to where it need not be separate.)
What is the difference between the specification limits and the control limits?
What is the implicit assumption when we say ‘the control limits fall within the range of specification limits’? When is this possible and when is it not?
For what kind of industries and products do you feel that statistical process control may not be quite applicable? Describe the different situations.
We have introduced a sampling procedure in order to simplify the statistical computations.Is it always possible to adopt such a sampling procedure in all industries?
What are the merits and demerits of ‘narrow’ band of control limits and of ‘wider’ band of control limits? Is it always necessary to use ± 3s limits for the control charts? (Why not ±2s or just ± s ?)
Besides the examples given in this chapter, give examples of a few more situations where the p-chart and the c-chart can be used.
Under what conditions are the assumptions of a Poisson distribution valid for the cchart?
Give an example of how quality planning is a part of the corporate planning process. Give an example from the service industry.
A particular equipment is quite old and gives wide fluctuations in quality. What can you do and not do to control quality in such circumstances?
In Vayuputra aircraft’s landing gear assembly the defects are found as given in the table below.If the weightages given for the different classes of defects are:A 10 B 5 C 1 Construct appropriate stabilised control chart/charts for quality.
Following is the record of the defectives observed during the inspection process of an automatic machine producing small bolts of standard size.Sample Number Sample Size Number of Defective Bolts 1 25 3 2 50 5 3 45 1 4 55 2 5 35 –Sample Number Sample Size Number of Defective Bolts 6 40 1 7 50 9 8
The specifications for a product characteristic are: 0.3027 ± 0.008. The values given below are the last two figures of the dimension reading, that is, 23 means 0.3023. Sample Size n is 5.Sample No. x R 1—————— 24—————7 2——————19—————5
Bonnie Baby brand of baby powder is being packed in 400 g containers by an automatic filler. In order not to pack less powder into the container, the Bonnie Baby Powder Company sets a lower specification limit of 405 g. During the beginning of a packing run of 10,000 containers, the filling machine
What is the difference, if any, between quality assurance and quality control as they are generally understood?
What could be the contribution of behavioural sciences to the management of quality?
What kind of an organisational structure for the purpose of quality management might you suggest for a manufacturing company having a number of divisions at different locations with different divisional managers heading the divisions?
How is organisational structure important in the management of quality?
Is the quality management job that of a policeman or that of an adviser? Explain. Is it one of these or both of these? If the latter is true, where will it be advisory and where will it be policing in your opinion?
What are the limitations of statistical quality can it be applied in service industry?
What information does the OC curve provide?
In this chapter an acceptance sampling procedure for attributes (defective/non-defective)was discussed. What could be the acceptance sampling procedure for variables (where you could measure the characteristics)?
What is the idea behind AOQL? Why is it required?
Do you think that the zero defects programme can be successful for an agricultural machinery manufacturing concern, where most of the parts are procured from outside? How can a ZD programme be implemented in a service organisation?
What are the interactions between quality control and purchasing?
Is it sufficient to mention AOQL and producer’s risk for a sampling plan for quality control?Explain.
Do sequential or double sampling plans always produce cost economies in quality control as opposed to single sampling plans?
How are reliability and quality control related?
How might the quality management department delegate some of its responsibility to Manufacturing and yet retain the overall control?
What is the meaning of AQL, LTPD and the corresponding probabilities of acceptance?
What is the effect of increasing the sampling size; what is the effect of decreasing the sampling size on the OC curve? If the sampling size is the same, what is the effect of increasing or decreasing the acceptance number?
Following is a diagram showing different OC curves. The OC curves and the three different sampling plans are separately indicated. Link a relevant sampling plan to each of these OC curves.Sampling Plans:(i) n = 100, c= 2 : Is it curve (a), (b) or (c)?(ii) n = 300, c= 6 : Is it curve (a), (b) or
Explain the utility of the Dodge-Romig tables.
When a product is being produced continuously, accumulating a batch of the products for acceptance or rejection later may not be a very good idea. For such a continuous production process, what kind of an acceptance sampling procedure do you suggest? Explain your rationale.
An ordnance factory gets brass tubings in lots of 15,000 units from a supplier whose performance in the past has been satisfactory, to the extent of finding 1 in 200 items to be defective on an average. The sampling plan had been n = 70 and c = 2, which was quite adequate, Of late, the supplies
Lele Engineering Pvt. Ltd. has been a supplier to Hindustan Machinery Manufacturers Ltd.(HMML), a public sector Company. Lele supplies fasteners, mainly, and has been telling HMML that in spite of good quality being sent, HMML has been rejecting a number of good consignments causing much
What is ‘quality’? How is it an organisation-wide activity? Discuss.
What is the difference between the Six Sigma and TQM initiatives? Discuss.
Why is an ISO 9000 certification important to a firm? What are the advantages to the firm?Explain.
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