Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 18, Problem 2CRQ
What are the four areas that need to be managed by the firm if it is going to take advantage of the technology it has and the technology it needs to create?
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Students have asked these similar questions
1. Sales of humanoid robots by a technology company from January 2024 to December 2025
are shown in the table below:
Time
Number sold
Month
Number sold
Time
Number sold
2024.1 51
2024.6 54
2024.11 44
2024.2 35
2024.7 52
2024.12 47
2024.3 28
2024.8 48
2025.1
2024.4 32
2024.9 42
2024.5 48
2024.10 46
(a) What can the above table of time and sales be called in forecasting?
(b) Using Naive approach, develop forecasts for 2025.1.
(c) Using 3-Month Moving Average, develop forecasts for 2025.1.
(d) Using Exponential Smoothing usinga-0.1, a-0.5, -0.9, develop
forecasts for months from 2024.1 to 2025.1. Note: The initial predicted
value is taken as the average of the first three observations.
(e) Analysing the effect of the above three predictions (-0.1, 0.5, -0.9)
by drawing a picture. What is the better value of a to predict by viewing
the picture?
2. (a) Control charts are tools used to monitor the stability of processes over time.
Explain the purpose of the following control charts, with one example for
each chart.
i) Median chart
ii) Standard deviation chart
(b) Assignable variation refers to variations in a process that can be attributed to
identifiable sources.
List two specific methods for identifying assignable variation in a
production process.
(c) A bakery is investigating the weight consistency of its bread loaves. Historically, the
process has had a standard deviation of 0.05 kg. The average weights from 20 samples,
each containing n=10 loaves, are recorded below:
Sample
Mean Weight (kg) Sample
1
0.503
Mean Weight (kg)
11
0.502
2
0.499
12
0.505
3
0.501
13
0.504
4
0.500
14
0.503
5
0.504
15
0.499
6
0.502
16
0.504
I
50,000
The following chart shows the historical spot buy price graph of nickel on the London
Metal Exchange (LME) from 1 May 2021 to 30 Nov 2022.
US$ per tonne
45,000
40,000
2/9/2021
35,000
US$19,365/ton
1/5/2021
US$17,477/ton
30,000
25,000
20,000
15,000
30/04/2021
26/05/2021
21/06/2021
14/07/2021
06/08/2021
01/09/2021
24/09/2021
19/10/2021
11/11/2021
06/12/2021
31/12/2021
26/01/2022
18/02/2022
1/5/2022
-US$32,000/ton
15/03/2022
07/04/2022
05/05/2022
30/05/2022
24/06/2022
19/07/2022
11/08/2022
2/9/2022
US$20,175/ton
06/09/2022
29/09/2022
24/10/2022
16/11/2022
Nick is the non-ferrous metals category manager (in-charge of nickel cathodes) of Better
Battery Co., a battery manufacturer. He has sourced his nickel cathode supplies from two
suppliers: Supplier A and Supplier B.
Throughout 2021, both Suppliers A and B complained of increasing nickel costs and
wanted to raise prices for the cathodes supplied to Nick's company. As Nick had a firm
fixed price contract with Suppliers A and B, he…
Chapter 18 Solutions
Principles of Management
Ch. 18.1 - How do companies benefit from participating in an...Ch. 18.1 - What impact does electronic trading have on the...Ch. 18.1 - How are management of technology and management of...Ch. 18.1 - How can firms create value through good management...Ch. 18.1 - How has Acer managed its technology and innovation...Ch. 18.2 - How do managers develop technology and innovation?Ch. 18.2 - What are the advantages and disadvantages of each...Ch. 18.3 - Look at the Acer case at the beginning of the...Ch. 18.3 - Look at the Acer case at the beginning of the...Ch. 18.4 - How is Guidance Software responding to and helping...
Ch. 18.4 - What other types of forensics software do you...Ch. 18.4 - What are the benefits and risks of Guidance...Ch. 18.4 - Look at the Acer case at the beginning of the...Ch. 18.4 - What goals did they accomplish?Ch. 18.5 - In the beginning, Acer was very entrepreneurial....Ch. 18.6 - What is organizational learning?Ch. 18.6 - What are the differences between leadership and...Ch. 18.6 - What forecasting techniques are used in the...Ch. 18.7 - How do you keep up with a constantly evolving...Ch. 18 - How do we define technology and innovation, and...Ch. 18 - What are the four areas that need to be managed by...Ch. 18 - What are the five Cs of managing innovation, and...Ch. 18 - How does an organization enhance its agility? When...Ch. 18 - Compare and contrast the advantages and...Ch. 18 - What circumstances indicate a firm should consider...Ch. 18 - How does a firm determine the type of external...Ch. 18 - What are the benefits of using internal sources...Ch. 18 - How does an entrepreneurial firm identify and...Ch. 18 - How does knowledge management impact the...Ch. 18 - Followship is critical to MTl—how does the...Ch. 18 - How does the management of technology and...Ch. 18 - What factors contributed to Novartiss invoice...Ch. 18 - How did IT help the company solve that problem?Ch. 18 - What other uses and functions does Input Accel...
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