Critical Thinking

The global marketplace has witnessed an increased pressure from customers and competitors in manufacturing as well as service sector (Basu, 2001; George, 2002). Due to the rapidly changing global marketplace only those companies will be able to survive that will deliver products of good quality at cheaper rate and to achieve their goal companies try to improve performance by focusing on cost cutting, increasing productivity levels, quality and guaranteeing deliveries in order to satisfy customers (Raouf, 1994).

Increased global competition leads the industry to increasing efficiency by means of economies of scale and internal specialization so as to meet market conditions in terms of flexibility, delivery performance and quality (Yamashina, 1995). The changes in the present competitive business environment are characterized by profound competition on the supply side and keen indecisive in customer requirements on the demand side. These changes have left their distinctive marks on the different aspect of the manufacturing organizations (Gomes et al., 2006). With this increasing global economy, cost effective manufacturing has become a requirement to remain competitive.

To meet all the challenges organizations try to introduce different manufacturing and supply techniques. Management of organizations devotes its efforts to reduce the manufacturing costs and to improve the quality of product. To achieve this goal, different manufacturing and supply techniques have been employed. The last quarter of the 20th century witnessed the adoption of world-class, lean and integrated manufacturing strategies that have drastically changed the way manufacturing firm’s leads to improvement of manufacturing performance (Fullerton and McWatters, 2002).

secondary available data on internet and answer the following questions.

Question:

1. Why Companies adopted Lean Thinking and JIT model?

2. Discuss major types of Waste, companies has to keep in mind during production.

3. Assess the reasons for using lean thinking (suitable examples), what are the benefits from Suppliers to end users?

4. Due to COVID 19 emergency do you think agile supply chain is the right concept in this kind of situation? Give reason with example.

The Answer should be within 4- 5 pages.

The Answer must follow the outline points below:

• Lean Thinking and JIT Concept

• Agile Supply chain

• Their Main functions

• Reasons with suitable Examples

• Reference  

course: MGT322 Logistics management

Critical Thinking

The global marketplace has witnessed an increased pressure from customers and competitors in manufacturing as well as service sector (Basu, 2001; George, 2002). Due to the rapidly changing global marketplace only those companies will be able to survive that will deliver products of good quality at cheaper rate and to achieve their goal companies try to improve performance by focusing on cost cutting, increasing productivity levels, quality and guaranteeing deliveries in order to satisfy customers (Raouf, 1994).  

Increased global competition leads the industry to increasing efficiency by means of economies of scale and internal specialization so as to meet market conditions in terms of flexibility, delivery performance and quality (Yamashina, 1995). The changes in the present competitive business environment are characterized by profound competition on the supply side and keen indecisive in customer requirements on the demand side. These changes have left their distinctive marks on the different aspect of the manufacturing organizations (Gomes et al., 2006). With this increasing global economy, cost effective manufacturing has become a requirement to remain competitive.

To meet all the challenges organizations try to introduce different manufacturing and supply techniques. Management of organizations devotes its efforts to reduce the manufacturing costs and to improve the quality of product. To achieve this goal, different manufacturing and supply techniques have been employed. The last quarter of the 20th century witnessed the adoption of world-class, lean and integrated manufacturing strategies that have drastically changed the way manufacturing firm’s leads to improvement of manufacturing performance (Fullerton and McWatters, 2002).

Consult chapter 7 of your text book or secondary available data on internet and answer the following questions.

Question:

1. Why Companies adopted Lean Thinking and JIT model?  

2. Discuss major types of Waste, companies has to keep in mind during production.  

3. Assess the reasons for using lean thinking (suitable examples), what are the benefits from Suppliers to end users?  

4. Due to COVID 19 emergency do you think agile supply chain is the right concept in this kind of situation? Give reason with example.

The Answer should be within 4- 5 pages.  

The Answer must follow the outline points below:

• Lean Thinking and JIT Concept

• Agile Supply chain  

• Their Main functions

• Reasons with suitable Examples

• Reference

Barely nine months since its inception, contact lens brand Aleo Vision is already eyeing for an expansion to increase its market reach and product awareness. The brand, known for its flagship product, daily disposable soft contact lenses Aleo Vello, is actively gearing up to introduce new product lines and penetrate into new promising markets. The brand’s aggressive expansion strategy is driven by the strong support from its customers.

While Aleo Vello was only launched in April 2018, the product’s premium quality and affordable price have attracted many customers in such a short span of time. There are several thousand of registered individual customers and the list is growing. Aleo Vision is expanding very quickly, where the brand is Malaysia’s first direct-to-consumer contact lens brand. Within the next few months, Aleo Vision expects to unveil its new product offering – daily disposable contact lenses for users with astigmatism. Geographical expansion-wise, the brand is targeting new markets that are predominantly those with a high percentage of contact lens users

Apart from Aleo Vision’s current markets – the United States and Malaysia – the brand looks to establish its presence in Europe as well as in major Asian markets. The Aleo Vision contact lens brand is manufactured by Malaysia’s first homegrown contact lens maker. San Francisco based Aleo Vision strives to make a difference. Selling at a discount of over 50% than the average market rate, the Aleo Vello daily disposable contact lenses are affordable and within the reach of active contact lens wearers. With the products of Aleo Vision, our customers no longer have to choose between their bank account and their eye health.

The brand contact lenses are significantly cheaper than the other daily disposable contact lens brands because the products are sold directly to customers entirely via e-commerce. This allows us to avoid the potential price mark-ups by the distributors, wholesalers and retailers, keeping the price of Aleo Vello lenses low and affordable. The contact lens can be purchased via Aleo Vision’s online store, with free shipping on delivery. Three different packages are offered – one-month supply (RM60), six-month supply (RM300) and 12-month supply (RM550) for 30 lenses in a box. Prospective buyers will be required to upload the prescriptions from their ophthalmologists prior to placing the orders online. Otherwise, they could also visit Aleo Vision’s frequent roadshows in the Klang Valley to get their eyes checked and identify the most suitable contact lens for their eyes.

Aleo Vision’s flagship daily disposable aspheric soft contact lenses, Aleo Vello, are biocompatible lenses that hydrate and protect the eyes of the users. The lenses, which are 58% water-based, are made with premium omafilcon A. Aleo Vision contact lenses use the AquaLock technology that mimics a water-loving molecule found naturally in eye cells, attracting and retaining water to the lens for a refreshing cushion of all-day hydration. The unique BlissEdge design is a dual-tapered edge that lets more water and oxygen circulate around the eye. It keeps the lens centred right where it belongs, and reduces irritation and friction. With the built-in Class II UV blocker, consumers can spend time outside and know you’re protected from at least 97% of UVB and 87% of UVA radiation. RM100mil has been invested in the state- International Marketing MKT60704 Dr. Hong Kay Tze 202003FE 7 of-the-art production facilities and extensive R&D initiatives. The manufacturing of Aleo Vision contact lenses are fully-automated, giving them high precision. Only flawless, defectfree lenses are shipped to customers.

Question:

One of the challenges is to develop an effective global marketing communications program and strategy. Design THREE (3) communication programs that you think may be suitable for Aleo Vision. Illustrate with examples on what kind of communication programs can be run by Aleo Vision to create effective communication to consumers.

Hrubec Products, Inc., operates a Pulp Division that manufactures wood pulp for use in the production of various paper goods. Revenue and costs associated with a ton of pulp follow:

Hrubec Products has just acquired a small company that manufactures paper cartons. This company will be treated as a division of Hrubec with full profit responsibility. The newly formed Carton Division is currently purchasing 32,000 tons of pulp per year from a supplier at a cost of $24 per ton, less a 10% purchase discount. Hrubec’s president is anxious for the Carton Division to begin purchasing its pulp from the Pulp Division if an acceptable transfer price can be worked out.

Required:

For (1) and (2) below, assume the Pulp Division can sell all of its pulp to outside customers for $24 per ton.

1. What is the lowest acceptable transfer price from the perspective of the Pulp Division? What is the highest acceptable transfer price from the perspective of the Carton Division? What is the range of acceptable transfer prices (if any) between the two divisions? Are the managers of the Carton and Pulp Divisions likely to voluntarily agree to a transfer price for 32,000 tons of pulp next year?

2. If the Pulp Division meets the price that the Carton Division is currently paying to its supplier and sells 32,000 tons of pulp to the Carton Division each year, what will be the effect on the profits of the Pulp Division, the Carton Division, and the company as a whole?

For (3)–(5) below, assume that the Pulp Division is currently selling only 58,000 tons of pulp each year to outside customers at the stated $24 price.

3. What is the lowest acceptable transfer price from the perspective of the Pulp Division? What is the highest acceptable transfer price from the perspective of the Carton Division? What is the range of acceptable transfer prices (if any) between the two divisions? Are the managers of the Carton and Pulp Divisions likely to voluntarily agree to a transfer price for 32,000 tons of pulp next year?

4. If the Pulp Division does not meet the $20 price, what will be the effect on the profits of the company as a whole?

5. Refer to (4) above. Assume that due to inflexible management policies, the Carton Division is required to purchase 32,000 tons of pulp each year from the Pulp Division at $24 per ton. What will be the effect on the profits of the company as a whole?

When Brenda’s Pastry employs three workers, total output is 6 dozen pastries per hour.  After Brenda hires a fourth worker, the number of pastries produced increases to 7 dozen per hour.  Which of the following is true about the marginal product (MP) and average product (AP) of labor for Brenda’s Pastry?

a.Because the MP of the fourth worker is greater than the AP of three workers, AP must fall when the fourth worker is hired

b.Because the MP of the fourth worker is less than the AP of three workers, AP must rise when the fourth worker is hired

c.Because the MP of the fourth worker is greater than the AP of three workers, AP must rise when the fourth worker is hired

d.Because the MP of the fourth worker is less than the AP of three workers, AP must fall when the fourth worker is hired

Economies of scale exist when:

a.a firm's decision to hire additional inputs does not result in an increase in input prices

b.the long-run average cost of production falls as the output increases

c.the firm is too small and too specialized

d.the firm is too large and too diversified

A firm should __________output whenever MR > MC because ___________:

a.reduce; revenue will rise by more than costs thus increasing the firm’s profit

b.increase; total revenue is less than total cost, thus profits will increase

c.increase; revenues will rise by more than costs thus increasing the firm’s profit

d.leave output unchanged; selling more will cause MR to increase by less than MC

A firm with the ability to affect the price of its product:

a.faces a downward sloping demand curve

b.has no demand curve (i.e., the relationship between price and quantity demanded breaks down)

c.has a perfectly elastic demand curve

d.can sell whatever quantity it products without changing its price

Monopolistically competitive industries differ from perfectly competitive industries in that:

a.there are barriers to entry in the former but not the latter

b.there are few producers in monopolistically competitive industries and many in perfect competition

c.there is product differentiation in monopolistically competitive industries but not in perfect competition

d.monopolistic competition has easy entry

An industry in which one firm can supply the entire market at a lower price than two or more firms can is called a

a.legal monopoly

b.single-price monopoly

c.natural monopoly

d.price-discriminating monopoly

Suppose excellent weather leads to a larger than normal tomato crop. If there is a relatively small change in price compared to the change in quantity resulting from this large crop, what does this imply about the price elasticity of demand for tomatoes?

a.it is relatively elastic

b.it is relatively inelastic

c.it is perfectly elastic

d.it is perfectly inelastic

Let x be a random variable representing percentage change in neighborhood population in the past few years, and let y be a random variable representing crime rate (crimes per 1000 population). A random sample of six Denver neighborhoods gave the following information. x 30 3 11 17 7 6 y 177 33 132 127 69 53 Σx = 74; Σy = 591; Σx2 = 1,404; Σy2 = 73,541; Σxy = 9,821 (a) Find x, y, b, and the equation of the least-squares line. (Round your answers for x and y to two decimal places. Round your least-squares estimates to three decimal places.) x = y = b = ŷ = + x (b) Draw a scatter diagram for the data. Plot the least-squares line on your scatter diagram. WebAssign Plot WebAssign Plot WebAssign Plot WebAssign Plot (c) Find the sample correlation coefficient r and the coefficient of determination. (Round your answers to three decimal places.) r = r2 = What percentage of variation in y is explained by the least-squares model? (Round your answer to one decimal place.) % (d) For a neighborhood with x = 19% change in population in the past few years, predict the change in the crime rate (per 1000 residents). (Round your answer to one decimal place.) crimes per 1000 residents Need Help? Read It

1, The following table contains the number of successes and failures for three categories of a variable. Test whether the proportions are equal for each category at the α=0.01 level of significance.

_ Category_1   Category_2   Category_3
Failures 69 31 33
Successes 81 32 77

What is the​ P-value?

​(Round to three decimal places as​ needed.)

What conclusion can be​ made?

A.The​ P-value is greater than or equal to α​, so reject H0. There is sufficient evidence that the categories of the variable and success and failure are dependent.

B.The​ P-value is less than α​, so reject H0. There is not sufficient evidence that the categories of the variable and success and failure are dependent.

C.The​ P-value is less than α​, so not reject H0. There is sufficient evidence that the proportions are different from each other.Your answer is not correct.

D.The​ P-value is greater than or equal than α​, so do not reject H0. There is not sufficient evidence that the proportions are different from each other.

Calculate the test statistic.

whats the ​P-value

The Business School at State University currently has three parking lots, each containing 155 spaces. Two hundred faculty members have been assigned to each lot. On a peak day, an average of 70% of all lot 1 parking sticker holders show up, an average of 72% of all lot 2 parking sticker holders show up, and an average of 74% of all lot 3 parking sticker holders show up.

a. Given the current situation, estimate the probability that on a peak day, at least one faculty member with a sticker will be unable to find a spot. Assume that the number who show up at each lot is independent of the number who show up at the other two lots. Compare two situations: (1) each person can park only in the lot assigned to him or her, and (2) each person can park in any of the lots (pooling). (Hint: Use the RISKBINOMIAL function.) If needed, round your answer to a whole percentage and if your answer is zero, enter "0".

b. Now suppose the numbers of people who show up at the three lots are highly correlated (correlation 0.9). How are the results different from those in part a? If needed, round your answer to a whole percentage.

Blair Automotive performed mechanic services for two customers. The first customer owed $5,280 for services, so Blair Automotive made them sign a written promise to pay in full after six months with an annual interest rate of 3.5%. The second customer owed $326 for services, so Blair Automotive plans to send them a bill within the next two weeks, due within 30 days of receipt of the bill. What is the difference between these two transactions?

Customers arrive to the checkout counter of a convenience store according to a Poisson process at a rate of two per minute. Find the mean, variance, and the probability density function of the waiting time between the opening of the counter and the following events:

a. The arrival of the second customer.

b. The arrival of the third customer.

c. What is the probability that the third customer arrives within 6 minutes? You can use a computer if you’d like but you need to write down the integral with all of the numbers plugged in.