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Chapter 14 NEVES Final USE
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Terms in this set (18)
All of the following are inputs to the aggregate production planning process except
sales plans
Adjusting available capacity by hiring and firing workers to match demand is an example of a(n) ________ strategy.
chase demand
The primary cost associated with the level production strategy is the cost of
holding inventory
Problems associated with using a part-time workers strategy for adjusting capacity include all of the following except
high retirement costs
Strategies for proactive demand management would not include
using subcontracting to meet the unexpected high level demands
The most effective aggregate planning strategy depends on
the demand distribution
the competitive position
the firm's cost structure
all of the above
An optimizing technique originally developed for aggregate planning in the paint factory is the
linear decision rule
The search decision rule (SDR) is an algorithm that
finds the minimum cost for combinations of different workforce levels and production rates.
The process of breaking an aggregate plan into more detailed plans is referred to as
collaborative planning
The difference between planned production and customer orders is known as
available-to-promise
Which of the following is not a characteristic of aggregate planning for services?
demand for services is easy to predict
Yield management can be used to address all of the following problems except
backorders
A company is developing a linear programming model for its aggregate production plan. If It = units in inventory at the end of period t, Pt = units produced in period t, and Dt = demand in period t, then the company's demand constraint to ensure that demand is met in quarter 3 is
D3 = I2 - I3 + P3
A company is developing a linear programming model for its aggregate production plan. If Wt = workforce size for period t, Ht = number of workers hired for period t, and Ft = number of workers fired for period t, then the company's workforce constraint for period 2 is
W2 = W1 + H2 - F2
A company is developing a linear programming model for its aggregate production plan. If It = units in inventory at the end of period t, Pt = units produced in period t, and Dt = demand in period t, then the company's demand constraint to ensure that demand is met in quarter 2 is
D2 = I1 + P2 - I2
A company is developing a linear programming model for its aggregate production plan. If Wt = workforce size for period t, Ht = number of workers hired for period t, and Ft = number of workers fired for period t, then the company's workforce constraint for period 4 is
W4 = W3 + H4 - F4
A company is developing a linear programming model for its aggregate production plan. Each worker can produce 500 units per quarter. If Wt = workforce size in period t and Pt = number of units produced in period t, then the production constraint for period 3 is
P3 = 500W3
In capacity planning, the feasibility of the sales and operations production plan is verified by a
resource requirements plan
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Verified questions
ACCOUNTING
Peak Performance received a bank statement dated August 27. The following information is obtained from the bank statement and from the records of the business. Prepare a bank statement reconciliation. Use August 29 as the date. $$ \begin{matrix} \text{Bank statement balance} & \text{\$ 13,325.00}\\ \text{Bank service charge} & \text{25.00}\\ \text{Outstanding deposit, August 28} & \text{600.00}\\ \text{Outstanding checks:} & \text{}\\ \text{No. 14} & \text{35.00}\\ \text{No. 15} & \text{35.00}\\ \text{No. 16} & \text{220.00}\\ \text{Checkbook balance on Check} & \text{\$ 13,610.00}\\ \text{Stub No.17}\\ \end{matrix} $$
ACCOUNTING
On July 1, 2017, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company’s first month. $$ \begin{matrix} \text{July 1} & \text{Plume invested \$30,000 cash and buildings worth \$150,000 in the company in exchange for common stock.}\\ \text{2} & \text{The company rented equipment by paying \$2,000 cash for the first month’s (July) rent.}\\ \text{5} & \text{The company purchased \$2,400 of office supplies for cash.}\\ \text{10} & \text{The company paid \$7,200 cash for the premium on a 12-month insurance policy. Coverage begins on July 11.}\\ \text{14} & \text{The company paid an employee \$1,000 cash for two weeks’ salary earned.}\\ \text{24} & \text{The company collected \$9,800 cash for storage fees from customers.}\\ \text{28} & \text{The company paid \$1,000 cash for two weeks’ salary earned by an employee.}\\ \text{29} & \text{The company paid \$950 cash for minor repairs to a leaking roof.}\\ \text{30} & \text{The company paid \$400 cash for this month’s telephone bill.}\\ \text{31} & \text{The company paid \$2,000 cash in dividends.}\\ \end{matrix} $$ The company’s chart of accounts follows: $$ \begin{matrix} \text{101 } & \text{Cash} & \text{401} & \text{Storage Fees Earned}\\ \text{106} & \text{Accounts Receivable} & \text{606} & \text{Depreciation Expense—Buildings}\\ \text{124} & \text{Office Supplies} & \text{622} & \text{Salaries Expense}\\ \text{128} & \text{Prepaid Insurance} & \text{637} & \text{Insurance Expense}\\ \text{173} & \text{Buildings} & \text{640} & \text{Rent Expense}\\ \text{174} & \text{Accumulated Depreciation—Buildings} & \text{650} & \text{Office Supplies Expense}\\ \text{209 } & \text{Salaries Payable} & \text{684} & \text{Repairs Expense}\\ \text{307} & \text{Common Stock} & \text{688} & \text{Telephone Expense}\\ \text{318} & \text{Retained Earnings} & \text{901} & \text{Income Summary}\\ \text{319} & \text{Dividends}\\ \end{matrix} $$ 1. Use the balance column format to set up each ledger account listed in its chart of accounts. 2. Prepare journal entries to record the transactions for July and post them to the ledger accounts. Record prepaid and unearned items in balance sheet accounts. 3. Prepare an unadjusted trial balance as of July 31. 4. Use the following information to journalize and post adjusting entries for the month: a. Two-thirds of one month’s insurance coverage has expired. b. At the end of the month, $1,525 of office supplies are still available. c. This month’s depreciation on the buildings is$1,500. d. An employee earned $100 of unpaid and unrecorded salary as of month-end. e. The company earned$1,150 of storage fees that are not yet billed at month-end. 5. Prepare the adjusted trial balance as of July 31. Prepare the income statement and the statement of retained earnings for the month of July and the balance sheet at July 31, 2017. 6. Prepare journal entries to close the temporary accounts and post these entries to the ledger. 7. Prepare a post-closing trial balance.
ACCOUNTING
For each of the following promissory notes, calculate (a) the interest on the note, (b) the maturity date of the note, and (c) the maturity value of the note. $$ \begin{matrix}\text{Date} & \text{Principal} & \text{Interest Rate} & \text{Time}\\\text{June 8} & \mathrm{$20,000.00} & \text{8\\%} & \text{180 days}\\\text{June 12} & \mathrm{$10,000.00} & \text{6\\%} & \text{90 days}\\ \end{matrix} $$
ACCOUNTING
Cougar's Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $19,000; Liabilities =$15,000; Revenues = $28,000; Expenses =$33,000. Required: 1. Calculate net loss. 2. Calculate stockholders' equity at the end of the period.
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