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Production And Operations Management 3rd Edition Raymond R Mayer - Solutions
annually, to provide for these expenditures?
6-12 A program for the replacement of production equipment has been developed which calls for an expenditure of $200,000 five years from now, $150,000 eight years from now, and $375,000 eleven years from now. What single sum would have to be invested now, at an interest rate of 12 percent compounded
6-11 A university wants to establish a fund which will enable it to rehabilitate some of its laboratories in five years. If a deposit of $60,000 is made now, a second deposit of $70,000 one year from now, a third deposit of $80,000 two years from now, and a fourth deposit of $90,000 three years
6-10 Suppose that municipal bonds have been available which yield a rate of return of 5 percent compounded annually. During a 10-year period, an individual has made the following purchases of these securities: $20,000 at the beginning of the first year, $15,000 at the end of the third year, $30,000
6-9 How much must a land development company invest now, at an annual interest rate of 6 percent, to provide for promotional expenses of $400,000 in two years, of an additional $200,000 in four years, and of a final $100,000 in six years? (Ans. $584,920)
6-8 It is estimated that $75,000 will be required in five years to revise an advertising firm's office layouts. Management wants to provide for this expenditure by investing a single sum of money at the present time. If 8 percent compounded annually can be earned on such an investment, how much
6-7 A warehousing firm borrows $50,000 to finance an investment in materials handling equipment. This amount and all accumulated interest is to be repaid at the end of a three-year period. If interest is 10 percent compounded annually, how much is owed at the time payment is due? Determine this,
6-6 The proprietor of a medical laboratory borrows $10,000 at an annual compound interest rate of 7 percent. The terms of the loan call for his returning the principal and earned interest in a single sum at the end of the fourth year. What is the interest charge for the fourth year?
6-5 The owner of an automobile service station borrows $25,000 with the understanding that he is to repay the lending institution $28,750 at the end of one year. What is the interest charge? The interest rate?
6-4 A company is considering replacing an old piece of production equipment with a new machine. The price of the new equipment is $80,000, but there will be a $300 delivery charge and a $700 installation expense.The old machine was purchased with borrowed funds at a cost of $50,000, of which
6-3 A building was purchased by a railroad for $750,000. Ten years later, it was sold for $525,000. What was the total depreciation cost? The average annual depreciation cost? The average weekly depreciation cost?At the time of its purchase, the building was expected to have a 40-year life and a
6-2 An item of a particular design is expected to generate average annual revenues of $150,000 and average annual costs of $120,000. A simpler design would have an adverse effect on sales, in the sense that annual revenues would be 10 percent less. What percentage decrease in. annual costs would
6-1 The demand for an accounting firm's services is a highly fluctuating one.If the firm operates in accordance with this demand pattern, it will experience average annual costs of approximately $870,000, while revenues will be about $960,000. The costs can be reduced to $750,000 a year if the
6-11 Under what conditions is each of the following employed: (a ) single-payment compound amount factor, (b) single-payment present worth factor, (c) capital recovery factor, and (d) series present worth factor?
6-10 What is compound interest?
6-9 Why must interest be considered as a cost to be associated with an investment alternative?
6-8 What would represent the present investment in an asset the firm already owns? Explain.
6-7 What would represent the required investment in an asset whose procurement the firm is considering?
6-6 What must be known about an investment alternative before its annual depreciation cost can be computed?
6-5 What are the two elements of capital cost? Define each.
6-4 Under what conditions would the investment alternative that minimizes costs also maximize profits?
6-3 Why must revenues be considered in any comparison of investment alternatives?
6-2 Why is it necessary to evaluate an investment alternative in terms of whether it maximizes profits rather than whether it minimizes costs?
6-1 Define capital costs and operating costs. Give examples of each.
5-6 Visit a manufacturing concern and obtain, for one or more of its departments, information with regard to the existing layout and materials handling system.Review this layout and system, and develop what you believe to be a more appropriate combination.In your report, describe the original
5-5 Castings loaded on skids are to be moved continuously from one department to another by means of a platform truck. The departments are separated by a distance of 660 feet. Each casting weighs 10 pounds, and 20 such castings can be loaded on one skid.The trucks used for this activity can carry
5-4 A construction contractor must move earth from one location to another.The amount to be transported is such that dump trucks will be assigned solely to this task for an extended period of time.The two locations are separated by a distance of 3.75 miles. The type of truck that will be used for
5-3 Select a nonmanufacturing activity which is to be carried out at a single work station. Then do everything called for in problem 5-2.
5-2 Select a manufacturing operation which is to be performed at a single work station. Describe the elements of the operation and state your assumptions with regard to equipment requirements, storage requirements, materials handling methods, and the like. After having done this, lay out the work
5-1 We know that work stations in a production line can be arranged so as to yield straight-line, serpentine, U-shaped, or circular flow patterns. Assume that a given production line consists of 12 work stations. By means of sketches on which the path of travel of materials is indicated, show how
5-10 What are some examples of activities, other than manufacturing, in which consideration must be given to the layout of facilities and the handling of materials?
5-9 How can automatic data processing equipment be used in plant layout and materials handling analyses?
5-8 It has been stated that the development of a satisfactory plant layout and materials handling system calls for the cooperative efforts of representatives of the plant engineering, maintenance, personnel, production planning, and other departments. Explain.
5-7 How do the following factors affect the firm's choice of materials handling equipment: (a) required path of travel, (b) nature of materials, (c) building characteristics, (d) equipment space requirements, (e) required handling capacity, and if) cost considerations?
5-6 What are some of the more common types of (a) conveyors, (b) industrial trucks, and (c) cranes and hoists?
5-5 At what point in the plant layout analysis might the firm conclude definitely that the existing building capacity will be inadequate to satisfy future requirements?
5-4 What factors are taken into consideration when locating work stations in a department? How can operation process charts and flow diagrams be used in this activity?
5-3 How does the analyst go about laying out work stations in a given department?How can a flow diagram be used in this activity?
5-2 What are the advantages and disadvantages of using templates when preparing the detailed layout? Of using models?
5-1 What are the more common things for which space must be provided in a work station?
4-9 Ten departments are to be located in a plant which is to be laid out on a process basis. It has been estimated that the floor-space requirements for each of these departments are as follows:Department Space requirements, Department Space requirements, number sq ft number sq ft 1 40,000 6 35,000
4-8 Eight parts are to be produced intermittently on equipment which can be identified by the number of the department in which it is located. The parts and the order in which the equipment is used to process them are as follows:Part A B C D E F G H Dept. #1 #3 #1 #4 #2 #1 #4 #4 3 1 3 2 1 3 2 2 2 4
4-7 Select a nonmanufacturing activity which you are able to observe and then describe it by means of an operation process chart.
4-6 Select a manufacturing activity which you are able to observe and then describe it by means of an operation process chart.
4-5 In an existing arrangement, the facilities located in a restaurant occupy 30 percent of the total floor space. However, the restaurant appears to be overcrowded, and it is decided that it would be better if the total floor space were increased by 20 percent. If this could be accomplished, what
4-4 All the typists in a governmental agency are to be located in a single area.The equipment to be contained in the area will require 850 square feet of floor space. An analysis of the existing layout in areas in which similar activities are conducted reveals that these areas occupy a total of
4-3 Four operations must be performed in the course of processing a part. The actual time requirements for these activities are as follows:Operation number Required time per unit, min 1 6 2 15 3 14 4 16 Approximately 30 units of the item are to be produced per day for an extended period of time. If
4-2 The production schedule for a certain part calls for manufacturing approximately 220 units per week. While there is some fluctuation in this requirement, it is extremely small. The operation sheet reveals that production of the part calls for five operations to be performed on five different
4-1 A company has taken its sales forecasts and translated them into production schedules with a view toward manufacturing in economic lot sizes and minimizing fluctuations in demand schedules for factors of production. The result is that the theoretical number of machines of a certain kind that
4-16 What is a flow diagram? How is it used in the development of a departmental arrangement?
4-15 Describe the following flow patterns: (a) straight-line, {b) serpentine, (c)U-shaped, and (d) circular. Under what conditions would each be adopted?
4-14 What are some of the specific guides to which the analyst will adhere when locating production and service departments?
4-13 What information is contained in an operation process chart? How is it used in the development of a departmental arrangement?
4-12 What information is contained in data on existing buildings and layout?Of what significance is this in the development of a departmental arrangement?
4-11 How are space requirements estimated for the following service departments:(a) shipping and receiving, (b) inspection, (c) maintenance, (d) toolroom,(e) tool crib, (f) stockrooms, (g) shop offices, and (h) employee facilities?
4-10 What are the advantages and disadvantages to be associated with decentralized as compared with centralized maintenance, storage, and employee facilities?
4-9 What is the difference between centralized and decentralized inspection?Under what conditions would the one arrangement be preferred over the other?
4-8 How is an estimate made of total space requirements for the respective production departments?
4-7 How is a determination made of the kinds and number of production departments to be established in the plant?
4-6 What is the difference between a product layout and a process layout? Under what conditions would each be adopted? Why?
4-5 What are the differences between intermittent and continuous manufactur-ing?
4-4 How does the firm ascertain the kind and amount of equipment for which space must be provided in the plant?
4-3 What are some of the occasions on which it becomes necessary to engage in the plant layout activity?
4-2 How are the plant layout activity and the selection of materials handling equipment interrelated?
4-1 What is the purpose of the plant layout activity?
3-9 A monthly production schedule, suggested by the expected demand for a product, is as follows:Month Units to be produced January 2,200 February 3,400 March 2,400 April 2,200 May 3,200 June 1,800 July 2,000 August 2,800 September 2,000 October 2,000 November 1,800 December 2,200 The firm decides
3-8 A bank provides its customers with a number of special services which involve activities of a nonstandard nature. A study of the bank's records reveals that, in the past, the number of man-hours expended on these activities were as follows:Year Required man-hours 1 2,100 2 2,700 3 3,100 4 3,600
3-7 A proposed production schedule stipulates that 420 good units of a specific part are to be manufactured in a certain week. The routing sheet for the part indicates that one of the operations calls for a power hacksaw and that the normal time for the operation is 0.072 hour per unit.Calculate
3-6 An analyst finds that, in a particular month, a special fixture will be required to process 1,390 units of a part and that the actual time per unit of output will probably be 30 minutes. If the plant were to operate on a single shift, each fixture of this type would be available for 173 hours
3-5 The average actual time for keypunching cards used in a data processing installation is 1.05 minutes per card. Average labor efficiency on this job has been 115 percent, and 25 percent of the total time has been spent on unavoidable delays. What is the standard time for the activity? The normal
3-4 The normal time for processing orders in a warehouse is given as 35.120 hours per 100 orders. It is estimated that unavoidable delays will account for 20 percent of the total time and that labor efficiency will be 90 percent. What will be the standard time per order? The actual time? (Ans.
3-3 Two thousand good copies of a report are needed. The printing process requires three successive operations. The output at the end of each processing stage is inspected and any unsatisfactory work discarded. It is expected that 4 percent of the output will be scrapped after the first operation,
3-2 An estimate has been made of the number of manufactured assemblies of a certain type that will be demanded during a given week. From the bill of materials for this product, the firm determines the number of good component parts that must be manufactured to satisfy this demand. Further, on the
3-1 A sales forecast for an assembly indicates that 800 units can be expected to be sold in a particular month. The bill of materials for this product indicates that it consists of two component parts, A and B. Further, part A is manufactured, and part B is purchased. Finally, 2 units of part A and
3-11 Give some examples of activities, other than manufacturing, which require the planning of future operations.
3-10 What specific functions can be performed with the use of automatic data processing equipment in the area of sales forecasting? In the determination of demand schedules for factors of production?
3-9 Describe the methods by means of which it may be economically feasible for the firm to minimize fluctuations in the demand schedules for factors of production.
3-8 What disadvantages are to be associated with wide fluctuations in the demand schedule for equipment? For manpower? For materials?
3-7 Define actual time. Normal time. Standard time.
3-6 What methods can be employed to forecast the demand for factors of production generated by the sale of nonstandard products?
3-5 What is an operation schedule? How does it enter into the production planning process?
3-4 How is the sales forecast for an assembly translated into the demand it generates for various factors of production?
3-3 How is the sales forecast for a manufactured part translated into the demand it generates for various factors of production?
3-2 Describe a bill of materials in terms of the information it contains.
3-1 Describe an operation, or routing, sheet in terms of the information it contains.
2-9 On the basis of a forecast, sales for a group of three products are expected to be $2,500,000 during the coming year. An analysis of past annual sales reveals that, on the average, the first product accounts for 20 percent of the annual dollar sales of this group, the second for 50 percent, and
2-8 An organization that services, among other things, television sets has estimated that it will sell about 750 replacement picture tubes during the coming year. Insofar as a specific type of tube is concerned, a study of the organization's records for the last six years reveals that this tube's
2-7 With the collective opinion approach, a consulting firm has forecast its revenues for the first quarter of the coming year. These are expected to be $140,-000. However, for operations planning purposes, the firm must break down this forecast by months.An analysis of past revenues for the first
2-6 A manufacturer's semiannual sales of one of his products during the past four years have been as follows:Semiannual Sales Year period (100,000 units)1 1 4.5 2 3.2 2 1 4.1 2 2.9 3 1 3.8 2 2.5 4 1 3.4 2 2.2 Perform a time series analysis of these data to obtain a seasonally adjusted forecast for
2-5 A department store decides to forecast the demand for an item it sells by means of a time series analysis. Quarterly sales for the past three years were as follows:Sales Year Quarter ($1,000)1 1 20 2 30 3 50 4 70 2 1 30 2 40 3 60 4 80 3 1 40 2 60 3 80 4 90 In spite of the limited amount of data
2-4 A manufacturer compares the annual sales of one of his products with the values of three different economic indexes for the same years. The values of the sales and these indexes are as follows:Sales Year ($10,000) Index 1 Index 2 Index 3 1 8 101 98 110 2 18 103 107 116 3 22 103 112 104 4 14 112
2-3 A wholesale distributor of automobile supplies finds that the number of batteries of a given type he has sold per year during the past seven years and the corresponding values of a certain economic index are as follows:Sales Economic Year (1,000 units) index 1 13.1 87 2 17.4 122 3 15.3 119 4
2-2 Soon after the forecast mentioned in the preceding problem has been made, it is decided to raise the unit selling price by 10 percent. However, this is expected to increase total dollar sales of the item by only 5 percent. What would be the revised unit sales forecast? (Ans. 33,218)
2-1 On the basis of collective opinion, it has been estimated that, during a future time period, the sales of an item stocked by a retail food market will total$43,500. If the unit selling price will be $1.25, how many units of the item are expected to be sold?
2-14 If future sales are estimated for, say, the entire coming year, how can the result be broken down into, say, expected quarterly sales?
2-13 What is the length of the future time period for which a sales forecast must be prepared for production planning purposes?
2-12 Under what conditions would the firm make an initial sales forecast in terms of dollars rather than physical units?
2-11 By what means can the expected unit sales for a product group be converted to expected unit sales for the individual products involved?
2-10 How can the expected dollar sales for a product group be converted to expected unit sales for the individual products involved?
2-9 When a dollar sales forecast has been made for an individual product, how can the equivalent physical units be obtained?
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