An inventory management technique designed to minimize inventory investment by having materials arrive at the time they are needed for use is known as
A just-in-time (JIT) inventory management system limits the output of each manufacturing operation to the demand of the next operation. Shipment of raw materials from vendors are scheduled to arrive ''just in time'' to be used in the production process. Inventory storage is considered a nonvalue-adding activity, and raw materials on hand are thus kept to a minimum.
Which of the following statements regarding budgets is false?
Budget formulation is a planning function; however, budgets are also useful control devices. Budget provide a basis for control of performance through comparisons of actual with budgeted data. They permit analysis of variations from plans and signal the need for corrective managerial action.
The manufacturing concept that relates demand forecasts to specific dates for completion is?
The yearly/quarterly/monthly numbers and styles of finished goods called for in the demand forecasts included in the operational plans must turned into specific for completion and availity for shipment to the customer.this is the task of the master production schedule(MPS)
The human tendency to judge positively-presented information favorably and negativelypresented information unfavorably is known as
Three problems that arise in decision making are framing error, escalation, and overconfidence. Framing error is the human tendency to judge positively-presented information favorably and negatively-presented information unfavorably.
The Herb Salter Corporation is considering a plant expansion that will increase its sales and net income. The following data represent management's estimate of the impact the proposal will have on the company:
The effect of the plant expansion on Salter's networking capital will be a (n)
Net working capital is defined as current assets minus current liabilities; Net working capital is calculated as follows:
Networking capital decreases by $10,000 from the current $540,000 to $530,000 under the proposal.
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