Whether lean production works in the service sector. Introduction: A “Lean producer” is a company that has the following traits The company has a philosophy of reducing and minimizing waste in all its operations. The company strives for perfection through continuous improvement. The company encourages continuous learning among its employees. The company expects employees to contribute to innovation and creativity in their work. Teamwork among employees is rewarded by the company. The productivity standards, quality standards, costs and so on are continuously improved. The customer gets the best value for money from the company.

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Answer 1

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 16, Problem 11DQ

Summary Introduction

To determine: Whether lean production works in the service sector.

Introduction:

A “Lean producer” is a company that has the following traits

The company has a philosophy of reducing and minimizing waste in all its operations.

The company strives for perfection through continuous improvement.

The company encourages continuous learning among its employees.

The company expects employees to contribute to innovation and creativity in their work.

Teamwork among employees is rewarded by the company.

The productivity standards, quality standards, costs and so on are continuously improved.

The customer gets the best value for money from the company.

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IM.82 A distributor of industrial equipment purchases specialized compressors for use in air conditioners. The regular price is $50, however, the manufacturer of this compressor offers quantity discounts per the following discount schedule: Option Plan Quantity Discount A 1 - 299 0% B 300 - 1,199 0.50% C 1,200+ 1.50% The distributor pays $56 each time it places an order with the manufacturer. Holding costs are negligible (none) but they do earn 10% annual interest on all cash balances (meaning there will be a financial opportunity cost when they put cash into inventory). Annual demand is expected to be 10,750 units. When there is no quantity discount (Option Plan A, the first row of the schedule listed above), what is the adjusted order quantity? (Display your answer to the nearest whole number.) 491 Based on your answer to the previous question, and based on the annual demand as stated above, what will be the annual ordering costs? (Display your answer to the…

Answer 2

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 16, Problem 11DQ

Summary Introduction

To determine: Whether lean production works in the service sector.

Introduction:

A “Lean producer” is a company that has the following traits

The company has a philosophy of reducing and minimizing waste in all its operations.

The company strives for perfection through continuous improvement.

The company encourages continuous learning among its employees.

The company expects employees to contribute to innovation and creativity in their work.

Teamwork among employees is rewarded by the company.

The productivity standards, quality standards, costs and so on are continuously improved.

The customer gets the best value for money from the company.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

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Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 16, Problem 11DQ

Summary Introduction

To determine: Whether lean production works in the service sector.

Introduction:

A “Lean producer” is a company that has the following traits

The company has a philosophy of reducing and minimizing waste in all its operations.

The company strives for perfection through continuous improvement.

The company encourages continuous learning among its employees.

The company expects employees to contribute to innovation and creativity in their work.

Teamwork among employees is rewarded by the company.

The productivity standards, quality standards, costs and so on are continuously improved.

The customer gets the best value for money from the company.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 16, Problem 11DQ

Summary Introduction