What is quality for manufacturing? How is it obtained?

The weighted-average method assumes that:

A. each unit of inventory can be matched with its actual cost.

B. the cost of goods sold consists of a random mixture of all goods available for sale.

C. the first units purchased are the first ones sold.

D. the last units purchased are the first ones sold.

What is a work cell? How does it operate? What conditions are necessary to establish one? What are its advantages?

What is repetitive manufacturing? What are its advantages? What are its limitations?

What is the definition of waste as it is used in this text?

A company carries $10$ items in stock, each with an economic order quantity of $\$ 20,000$. Through a program of component standardization, the $10$ items are reduced to $5$ . The total annual demand is the same, but the annual demand for each item is twice what it was before. In Chapter $10$ , we learned that the economic order quantity varies as the square root of the annual demand. Since the annual demand for each item is now doubled, calculate:
a. The new EOQ.
b. The total average inventory before standardization.
c. The total average inventory after standardization.

Below are amounts (in millions) from three companies' annual reports.

$$\begin{matrix} \text{ } & \text{Beginning Accounts Receivable} & \text{Ending Accounts Receivable} & \text{Net Sales}\\ \hline \text{WalCo} & \text{$\$ 1,815$} & \text{$\$ 2,762$} & \text{$\$ 322,427$}\\ \text{TarMart} & \text{$\$ 6,166$} & \text{$\$ 6,694$} & \text{$\$ 67,878$}\\ \text{CostGet} & \text{$\$ 629$} & \text{$\$ 665$} & \text{$\$ 68,963$}\\ \end{matrix}$$

For each company, calculate the receivables turnover ratio and the average collection period (rounded to one decimal place). Which company appears most efficient in collecting cash from sales?

Metaphorically defined as quality divided by price.

A singer, holding a note of the right frequency, can shatter a glass if the glassware is of high quality. This cannot be done if the glassware quality is low. Explain why.

$\textbf{ Exploring Further}$ Explain how scientists use lichens to monitor air quality and why lichens were chosen by scientists to monitor air quality.

Water at 200 kPa with a quality onS% has its temperature raised $20^{\circ} \mathrm{C}$ in a constant pressure process. What is the new quality and volume?

You have seen how asymmetric information can reduce the average quality of products sold in a market, as low-quality products drive out high-quality products. For those markets in which asymmetric information is prevalent, would you agree or disagree with each of the following? Explain briefly:

a. The government should subsidize Consumer Reports.

b. The government should impose quality standards— e.g., firms should not be allowed to sell low-quality items.

c. The producer of a high-quality good will probably want to offer an extensive warranty.

d. The government should require all firms to offer extensive warranties

a. What government agency monitors air quality? b. How and why has the air quality changed in the United States over the last 30 years?

A consumer group rated the quality of nine brands of bicycle helmets. The quality ratings and the prices for these nine brands are shown below. Construct a scatter plot that uses Price on the horizontal axis and Quality Rating on the vertical axis.