Operations Strategy at Woodbest Limited

Until recently, Woodbest Limited has been the leading producer of wood furniture in Malona city. Following the arrival of a major competitor in the city, Woodbest is seeking to explore innovative ways of maintaining its position in the market. In the meantime, it is relying on its competencies in the acquisition of materials, production, transportation of finished products and installations. The perfect coordination of these activities and its five-year maintenance-free policy for customers have so far kept the company in competition but it has to use strong strategic initiatives to stay ahead of the new competitor.

As a consultant in Operations Management, you are to:

1. Describe, with an example each, any three (3) competitive operations strategies that can be used by Woodbest to stay ahead of the competition.

2. Describe any two (2) growth strategies that can be used by the company to increase its capacity of operations.

3. Draw a value chain to illustrate the activities of Woodbest Limited.

Conduct each hypothesis test below using both the critical value/rejection region and p-value methods (separate and label each method) and showing each of the 5 steps explicitly. Do not round any table values. Round test statistics to the nearest hundredth, critical values to 3 decimal places, and p-values to 4 decimal values.

Many computer buyers have discovered that they can save a considerable amount by purchasing a personal computer from a mail-order company - an average of $900 by their estimates. In a test of this claim, a random sample of 19 customers who recently purchased a PC though a mail-order company were contacted and asked to estimate the amount that they had saved by purchasing by mail. The mean and standard deviation of these 19 estimates were $865 and $50 respectively. Is there sufficient evidence to indicate that the average savings differs from the $900 claimed by mail-order PC buyers at alpha = .05?

Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2018, the company had accounts receivable of $880,000. Lonergan needs approximately $540,000 to capitalize on a unique investment opportunity. On July 1, 2018, a local bank offers Lonergan the following two alternatives:

1. Borrow $540,000, sign a note payable, and assign the entire receivable balance as collateral. At the end of each month, a remittance will be made to the bank that equals the amount of receivables collected plus 9% interest on the unpaid balance of the note at the beginning of the period.
2. Transfer $600,000 of specific receivables to the bank without recourse. The bank will charge a 3% factoring fee on the amount of receivables transferred. The bank will collect the receivables directly from customers. The sale criteria are met.

Required:

2. Assuming that 90% of all June 30 receivables are collected during July, prepare the necessary journal entries to record the collection and the remittance to the bank for:
    a. alternative a.
    b. alternative b.

INFO: Company A does not accept credit cards and does not charge interest on receivables and uses the direct write-off method to record any bad debt expense; Currently, Company A Days Sales In A/R is 62 days. The industry average last year was 33 days for organizations in similar industries with comparable sales

1) What is the difference between Accounts Receivable, Notes Receivable and accepting Credit Cards

2) What are the pros and cons of each method

3) How could a mix of allowing different payment methods by customers can benefit the organization

Be the Manager

How to Build Flat-Screen Displays You are an operations management consultant who has been called in by the management team of a start-up company that will produce flat-screen displays for PC makers like Apple and HP. The flat-screen display market is highly competitive, so there is considerable pressure to reduce costs. Also, PC makers are demanding everhigher quality and better features to please customers. In addition, they demand that delivery of your product meet their production schedule needs. Management wants your advice on how best to meet these requirements. The company is in the process of recruiting new workers and building a production facility. Questions 1. What kinds of techniques discussed in the chapter can help these managers to increase efficiency? 2. In what ways can these managers go about developing a program to increase quality? 3. What critical lessons can these managers learn from operations management?

For Problems 1–4, using the STORES Database, formulate SQL queries, Hand in a listing of each query and its output.

1. (10 Points) For each customer, list each stock item ordered, the manufacturer, the quantity ordered, and the total price paid. Include the following columns in the order given below:

From Customer Table:              Company

From Stock Table:                      Description

From the Manufact Table:        Manu_Name

From the Items Table:                                Quantity, Total Price

Order the output by Company and Description.

2. (10 Points) List all orders with a shipping date between December 25, 1999 and January 5, 2000. List the Order Number, Order Date, Customer company name, and Shipping Date. Order by Customer Company Name and Order Number.

3. (10 Points) Count the number of customers who do not have any orders placed.

4. (10 Points) List all customers who are ordering equipment whose description begins with ‘tennis’ or ‘volleyball’. List the Customer number, Stock number, and Description. Do not repeat any rows.

5. (15 Points) Use the following SQL CREATE commands to CREATE the following tables in your

User ID:

                                CREATE TABLE Professor

                                (Prof_ID                NUMBER(3) Constraint pk_Professor Primary Key,

                                Prof_Lname         VARCHAR2(15)                 NOT NULL,

                                Prof_Hiredate      DATE,

                                Prof_Sal                NUMBER(8,2),

                                Prof_Dept             CHAR(6)

                                );

                                CREATE TABLE Student

                                (Stu_ID                  NUMBER(4) Constraint pk_Student Primary Key,

                                Stu_Lname           VARCHAR2(15)                 NOT NULL,

                                Stu_Major            CHAR(6),

Stu_CredHrs         NUMBER(4),

                                Stu_GradePts       NUMBER(5),

                                Prof_ID                 NUMBER(3),

                                CONSTRAINT fk_Student_Prof_ID FOREIGN KEY(Prof_ID)

                                                REFERENCES Professor

                                );

Hand in: Print out of the Create commands, the system response and a DESCRIBE of the tables.

6. (15 Points) Insert the following data into the tables created above using SQL INSERT commands.

Professor Table:

Student Table:

Suppose an unrelated 82-year-old man, 72-year-old woman and 77-year-old man are selected from a community.

What is the probability that exactly one of the three people has Alzheimer's disease?