Lean Business Model: Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs. The three key principles of lean business model

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Answer 1

Question

Chapter C, Problem 1DQ

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

The three key principles of lean business model

Expert Solution & Answer

Answer to Problem 1DQ

The three key principles of lean business model are identification and addition of value, creating the value stream and eliminate waste.

Explanation of Solution

Lean business model is a business strategy where the focus is on meeting the needs of the customers while reducing the waste to the most minimum level. The model focuses on reducing the waste by continually improving the processes, improving the quality and reducing the inventory levels to minimize waste and damage. The three main principles of the model are:

Identification and addition of value − Here, the business strives to identify which process creates the value for the customers. What is the customer expectation in terms of price, delivery, features etc. must be understood to analyze what is the value in the product/service provided by the company
Creating the Value Stream − Once the value has been identified, the next key thing is to create or align the processes to achieve the value from the product. This alignment must be in each stage starting from raw material to final material delivery to the consumers. A flow diagram or map of the entire value chain is the objective here.
Eliminating Waste − This is the last and the most important principle, which strives on reducing waste at each level of production process by continually improving the processes and quality.

All these together helps the company achieves quality products which are valuable to the consumers with minimum level of waste in the environment.

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Oriole Company sells product 2005WSC for $55 per unit and uses the LIFO method. The cost of one unit of 2005WSC is $52, and the replacement cost is $51. The estimated cost to dispose of a unit is $6, and the normal profit is 40% of selling price. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-market?

Answer 2

Question

Chapter C, Problem 1DQ

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

The three key principles of lean business model

Expert Solution & Answer

Answer to Problem 1DQ

The three key principles of lean business model are identification and addition of value, creating the value stream and eliminate waste.

Explanation of Solution

Lean business model is a business strategy where the focus is on meeting the needs of the customers while reducing the waste to the most minimum level. The model focuses on reducing the waste by continually improving the processes, improving the quality and reducing the inventory levels to minimize waste and damage. The three main principles of the model are:

Identification and addition of value − Here, the business strives to identify which process creates the value for the customers. What is the customer expectation in terms of price, delivery, features etc. must be understood to analyze what is the value in the product/service provided by the company
Creating the Value Stream − Once the value has been identified, the next key thing is to create or align the processes to achieve the value from the product. This alignment must be in each stage starting from raw material to final material delivery to the consumers. A flow diagram or map of the entire value chain is the objective here.
Eliminating Waste − This is the last and the most important principle, which strives on reducing waste at each level of production process by continually improving the processes and quality.

All these together helps the company achieves quality products which are valuable to the consumers with minimum level of waste in the environment.

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Answer 3

Question

Chapter C, Problem 1DQ

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

The three key principles of lean business model

Expert Solution & Answer

Answer to Problem 1DQ

The three key principles of lean business model are identification and addition of value, creating the value stream and eliminate waste.

Explanation of Solution

Lean business model is a business strategy where the focus is on meeting the needs of the customers while reducing the waste to the most minimum level. The model focuses on reducing the waste by continually improving the processes, improving the quality and reducing the inventory levels to minimize waste and damage. The three main principles of the model are:

Identification and addition of value − Here, the business strives to identify which process creates the value for the customers. What is the customer expectation in terms of price, delivery, features etc. must be understood to analyze what is the value in the product/service provided by the company
Creating the Value Stream − Once the value has been identified, the next key thing is to create or align the processes to achieve the value from the product. This alignment must be in each stage starting from raw material to final material delivery to the consumers. A flow diagram or map of the entire value chain is the objective here.
Eliminating Waste − This is the last and the most important principle, which strives on reducing waste at each level of production process by continually improving the processes and quality.

All these together helps the company achieves quality products which are valuable to the consumers with minimum level of waste in the environment.

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Answer 4

Question

Chapter C, Problem 1DQ

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

The three key principles of lean business model

Expert Solution & Answer

Answer to Problem 1DQ

The three key principles of lean business model are identification and addition of value, creating the value stream and eliminate waste.

Explanation of Solution

Lean business model is a business strategy where the focus is on meeting the needs of the customers while reducing the waste to the most minimum level. The model focuses on reducing the waste by continually improving the processes, improving the quality and reducing the inventory levels to minimize waste and damage. The three main principles of the model are:

Identification and addition of value − Here, the business strives to identify which process creates the value for the customers. What is the customer expectation in terms of price, delivery, features etc. must be understood to analyze what is the value in the product/service provided by the company
Creating the Value Stream − Once the value has been identified, the next key thing is to create or align the processes to achieve the value from the product. This alignment must be in each stage starting from raw material to final material delivery to the consumers. A flow diagram or map of the entire value chain is the objective here.
Eliminating Waste − This is the last and the most important principle, which strives on reducing waste at each level of production process by continually improving the processes and quality.

All these together helps the company achieves quality products which are valuable to the consumers with minimum level of waste in the environment.

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Answer 5

Chapter C, Problem 1DQ

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

The three key principles of lean business model

Expert Solution & Answer

Answer to Problem 1DQ

The three key principles of lean business model are identification and addition of value, creating the value stream and eliminate waste.

Explanation of Solution

Lean business model is a business strategy where the focus is on meeting the needs of the customers while reducing the waste to the most minimum level. The model focuses on reducing the waste by continually improving the processes, improving the quality and reducing the inventory levels to minimize waste and damage. The three main principles of the model are:

Identification and addition of value − Here, the business strives to identify which process creates the value for the customers. What is the customer expectation in terms of price, delivery, features etc. must be understood to analyze what is the value in the product/service provided by the company
Creating the Value Stream − Once the value has been identified, the next key thing is to create or align the processes to achieve the value from the product. This alignment must be in each stage starting from raw material to final material delivery to the consumers. A flow diagram or map of the entire value chain is the objective here.
Eliminating Waste − This is the last and the most important principle, which strives on reducing waste at each level of production process by continually improving the processes and quality.

All these together helps the company achieves quality products which are valuable to the consumers with minimum level of waste in the environment.

Answer 6

Chapter C, Problem 1DQ

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

The three key principles of lean business model

Expert Solution & Answer

Answer to Problem 1DQ

The three key principles of lean business model are identification and addition of value, creating the value stream and eliminate waste.

Explanation of Solution

Lean business model is a business strategy where the focus is on meeting the needs of the customers while reducing the waste to the most minimum level. The model focuses on reducing the waste by continually improving the processes, improving the quality and reducing the inventory levels to minimize waste and damage. The three main principles of the model are:

Identification and addition of value − Here, the business strives to identify which process creates the value for the customers. What is the customer expectation in terms of price, delivery, features etc. must be understood to analyze what is the value in the product/service provided by the company
Creating the Value Stream − Once the value has been identified, the next key thing is to create or align the processes to achieve the value from the product. This alignment must be in each stage starting from raw material to final material delivery to the consumers. A flow diagram or map of the entire value chain is the objective here.
Eliminating Waste − This is the last and the most important principle, which strives on reducing waste at each level of production process by continually improving the processes and quality.

All these together helps the company achieves quality products which are valuable to the consumers with minimum level of waste in the environment.

Answer 7

Chapter C, Problem 1DQ

To determine

Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

The three key principles of lean business model

Answer 8

Expert Solution & Answer

Answer to Problem 1DQ

The three key principles of lean business model are identification and addition of value, creating the value stream and eliminate waste.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Lean business model is a business strategy where the focus is on meeting the needs of the customers while reducing the waste to the most minimum level. The model focuses on reducing the waste by continually improving the processes, improving the quality and reducing the inventory levels to minimize waste and damage. The three main principles of the model are:

Identification and addition of value − Here, the business strives to identify which process creates the value for the customers. What is the customer expectation in terms of price, delivery, features etc. must be understood to analyze what is the value in the product/service provided by the company
Creating the Value Stream − Once the value has been identified, the next key thing is to create or align the processes to achieve the value from the product. This alignment must be in each stage starting from raw material to final material delivery to the consumers. A flow diagram or map of the entire value chain is the objective here.
Eliminating Waste − This is the last and the most important principle, which strives on reducing waste at each level of production process by continually improving the processes and quality.

All these together helps the company achieves quality products which are valuable to the consumers with minimum level of waste in the environment.

Answer 12

Ch. C - Prob. 1DQ Ch. C - How does push production differ from pull...Ch. C - Prob. 3DQ Ch. C - Prob. 4DQ Ch. C - Prob. 5DQ Ch. C - Prob. 6DQ Ch. C - Prob. 7DQ Ch. C - Prob. 8DQ Ch. C - Prob. 9DQ Ch. C - Prob. 10DQ

Lean Business Model: Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs. The three key principles of lean business model

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Lean Business Model:

Lean Business Model is a strategic approach to business where the thrust is on eliminating wastes from the processes and products of the business without compromising on the satisfaction of customer needs.

The three key principles of lean business model

Answer to Problem 1DQ

Explanation of Solution

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Chapter C Solutions