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Supply Chain Management Topics: EDI ,RFID and Supply chain uncertainty

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EDI, RFID,Supply chain uncertainty Sample Paper

Topics:EDI, RFID,Supply chain uncertainty Sample Paper

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EDI

EDI refers to electronic data interchange commonly applied in supply chain management. Electronic data interchange is important in supply chain management since it provides a platform for inter-organizational information exchange among various supply chain firms. Firms that are involved in a supply chain normally communicate on frequent basis. In supply chain management, there is need for close coordination of logistic activities between suppliers and customers. The application of EDI enhances the coordination of various inter-organizational activities as well as promoting integration between various supply chain members. The key of EDI technology is to aid the transfer of information and electronic documents seamlessly across various users in the supply chain (Cheng & Choi, 2010).

RFID

RFID is an acronym for ‘radio frequency identification’, a technology that enables real time tracking of inventory in an accurate and cost efficient manner (Sabbaghi & Vaidyanathan, 2008). The technology involves the use of a transponder that can be tracked using special readers. Whenever an item is passed over the reader, a signal is automatically emitted giving various details about the product. RFDI technology gives organizations the ability to tracking and securing products in the supply chain as they move to customers. Through the application of this technology, an organization is able to transpose items to the virtual world – and thus shared data by using the internet. RFID systems can also be used in sharing information across various organizations. Another important use of these systems is in reducing theft of products by either the employees or customers.

Supply chain uncertainty

Supply chain uncertainty refers to a situation whereby supply chain managers are unable to correctly make decisions due to a number of reasons which encompass: lack of adequate informational about the supply chain environment, poor information processing, and inability to weight the impact of various actions on the behavior of the supply chain. Supply chain uncertainty is also driven by the ever increasing complexity associated with international supply chain networks. There are four segments that have significant impact on the supply chain uncertainty. These include: supply, manufacturing, control systems in place, and demand. Availability of up-to-date market data and decision support systems can helps supply chain managers to drastically reduce the supply chain uncertainty (Simangunsong, Hendry, & Stevenson, 2011).

 

References

Cheng, T. C. E., & Choi, T.-M. (2010). Innovative quick response programs in logistics and        supply chain management. Berlin: Springer.

Sabbaghi, A., & Vaidyanathan, G. (2008). Effectiveness and efficiency of RFDI technology in     supply chain management: strategic values and challenges. Journal of Theoretical and   Applied Electronic Commerce Research, 3(2): 71-81.

Simangunsong, E., Hendry, L. C., & Stevenson, M. (2011). Supply-chain uncertainty: a review    and theoretical foundation for future research. International Journal of Production       Research, 50(16): 4493-4523.

Unit 7: Supply Chain Management 

Research the following topics related to Supply Chain Management:

  1. Procurement
  2. EDI
  3. Risk Management
  4. RFID
  5. Supply chain uncertainty

Select three of the topics listed and compose three paragraphs describing the topics, one paragraph per selected topic, based on the course material and additional research you conduct online.

 

Supply Chain Management Sample paper

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Supply Chain Management Sample paper

Supply Chain Management Sample paper

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The management of operations of a company determines the success or failure of that particular company. Supply chain management is more concerned with oversight of material, information, and finances as they move from supplier to the manufacturer to wholesaler, to the retailer to the consumer than it is concerned with management. It is the duty and responsibility of a supply chain manager to ensure there is effectiveness and efficiency when it comes to distribution of goods and services from the supplier to the final consumer of that particular product or service.

Question 1

Earlier in my career, I worked as a manager in a fast food organization that was mainly dealing with the burger. Each product and service has its supply chain components depending on the type of the product and services the organization deals with (Christopher, 2016). At the restaurant we used to have a supply chain based on three – legged stool concept of suppliers _ company _ franchises. The supplier of the company had to deliver the different raw materials that are used in making the burger that includes meat, vegetables, and baking floors. The company or the restaurants transform them into finished products which are ready to de delivered to consumers by franchises. The upstream activities include the delivery of raw materials by suppliers while downstream activities include delivery of final product to consumers by franchises.

Question 2

Social and environmental responsibilities are a current issue that might negatively affect a company’s global supply chain. Requesting the sterilization of chemicals emitted from the manufacturing process or abiding by the labor laws of a country may negatively affect the supply of a product (Christopher, 2016). Moreover, supplier social and environmental responsibility is becoming risky as more and more safety laws are passed as laws.

 

References

Christopher, M. (2016). Logistics & supply chain management. Pearson Higher Ed.

 

Supply Chain Management Sample paper Instructions

A supply chain involves all the activities associated with how manufacturing, materials, facilities, personnel, transportation, inventory, and other items flow and a supply chain involves all the activities associated with how manufacturing, materials, facilities, personnel, transportation, inventory, and other items flow and then are transformed into goods and services. Every asset, information, and process is part of the supply chain. For this Discussion, you will be addressing how the supply chain works and possible issues you may encounter.

Within this complex system, operation management responsibilities can be both strategic and tactical.

Examine the place where you currently work, or a prior career, and identify a single service or product produced by your organization.

  1. Identify the different components of the supply chain for that product or service (list them from beginning to end). Be sure to identify which parts of the supply chain are considered “upstream” and “downstream” exchanges.
  2. Based on what you learned from your research, describe a single current issue that might negatively impact a company’s global supply chain.

 

Unit 6: Project Management sample paper

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Project Management sample paper

Unit 6: Project Management sample paper

 

 

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Gantt chart

A Gantt chart is used in project management to give details about a project schedule. Gantt charts enable project managers to easily illustrate project schedule information through itemizing the project activities on one side and the important dates such as the starting and finishing dates on another side and in a calendar format (Taylor, 2008). Gantt charts enable project managers to see the planned and completed work on a project, or the actual progress of the work. In Gantt charts, time is depicted on the horizontal axis while the tasks are illustrated on the vertical axis. The length of each bar corresponds to the duration of the task.

Risk

Risk in project management refers to uncertainties that may occur during the period covered by the project, and if they occur may lead to losses. Risk management involves the continuous analysis of the risk factors in the environment during the entire life of a project. Risks in project management impact one or more of the project objectives. In any project, risk management aims at identifying and managing risks effectively. This is because it is impossible to eliminate risks, as they are part of any project. Risk mitigation thus becomes crucial in project management.

WBS

A work breakdown structure (WBS) indicates a deliverable-oriented fragmentation of a project or work into smaller components that are easy to manage. In a work breakdown structure, the major tasks are broken down into smaller tasks that can be easily managed. WBS shows all the work that ought to be carried out in a particular project, along with the deliverables of the particular project. When complex projects are broken down using the WBS, it becomes easier for the management to estimate costs of the relatively smaller work structures. Additionally, costs can be estimated fairly quickly and accurately. Supervision of these work segments is also made easier (Norman, Brotherton, & Fried, 2008).

References

Norman, E. S., Brotherton, S. A., & Fried, R. T. (2008). Work breakdown structures: The   foundation for project management excellence. Hoboken, N.J: John Wiley & Sons.

Taylor, J. (2008). Project scheduling and cost control: Planning, monitoring and controlling the baseline. Ft. Lauderdale, Fla: J. Ross Pub.

Questions  for Unit 6: Project Management.

Click on the Journal Tab at the top of the page to add your first entry. Begin your post with the label: Unit 6: Project Management.

Research the following topics related to Project Management:

  1. Gantt Chart
  2. Project Controls
  3. Project Planning
  4. Risk
  5. WBS

Select three of the topics listed and compose three paragraphs describing the topics, one paragraph per selected topic, based on the course material and additional research you conduct online.

 

Unit 6 MT435: Human Resource Management and Project Management Paper

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buy essay onlineOperation Management

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The Society for Human Resource Management (SHRM) is considered the largest HR membership organization that is concerned with human resource management. SHRM outlines a number of human resource management principles which concerned organizations and individuals are expected to observe. On the other hand, operations management is a field of management that is concerned with achieving efficiency and effectiveness in the production process through the redesigning of the various business operations. The core objective in operations management is to ensure that resources are utilized efficiently in meeting customer needs.

The first human resource management principle is professional responsibility. This principle advocates for all HR professionals to act in a professional manner. For example, HR professionals should avoid conflicts of interest, prioritize the interest of clients, and act in accordance with the law. Additionally, they should always partake in organizational activities that promote its value. The second principle is professional development. Professional development entails the need for HR professionals to continuously improve their knowledge and skills in relation to the profession as well as the organization. Ethical leadership is another important principle. This requires that HR professionals should act in an ethical manner. Their individual behavior should act as the standard for which other individuals in the organization can compare their behavior to and emulate (“SHRM,” 2014).

The fourth human resource management principle is fairness and justice. All HR professionals are expected to accord respect to every individual working in their organization. In addition, they are expected to treat others with dignity and to accord equal opportunity and treatment to all employees. The fifth principle is conflicts of interest. This principle prevents HR professionals from using their position for personal gain. The last principle is the use of information. This principle guides HR professionals in the way they are supposed to handle information in their organizations. Dissemination of information should be conducted ethically and through outlined channels of communication (“SHRM,” 2014).

There are a number of operations management principles which compare with the aforementioned human resource management principles. The principle of fundamentals in operations management requires that the management and employees stick to the routine procedures of the organization such as keeping accurate records and maintaining discipline. This is similar to principle of professional development in HR management. The principle of accountability in operations management requires that managers and employees take responsibility of their actions (Russell & Taylor, 2014). This principle is similar to the principle of ethical leadership in HR management. The principle of managed passion is also important in operations management. This principle requires that top management implement measures to motivate or create drive for work among employees. This can be achieved through employees being accorded the opportunity to grow their careers through promotions or learning. This relates to the principle of professional development in HR management. The principle of humility in operations management is similar to fairness and justice principle in HR management. This principle calls for equal treatment of employees (“Project Management Certificate Program,” 2015).

The Project Management Institute is mainly concerned in program, project and portfolio management. The first project management principle is the project management impact. This principle seeks to maximize the benefits of a particular project to the society. This principle is similar to the principle of success in operations management. However, in operations management the focus is delighting customers while in project management the focus is giving maximum benefits to society. The second principle is professionalism. This entails acting in accountable and ethical manner. Accountability relates to being responsible for one’s actions. In operations management, the principle of accountability is also significant to managers and employees. This principle enhances ethical conduct. The third principle in project management is volunteerism. This principle is critical in project management because it often involves charitable activities to the community and the disadvantaged. Volunteering enables the Project Management Institute to achieve its goals and objectives. In operations management, volunteerism can be compared to corporate social responsibility (“PMI,” 2015).

The fourth principle is community. In project management, it is important for all members of the project management community to come together so as to enhance mutual growth. This principle is not common in operations management. The fifth principle is engagement which involves seeking diverse viewpoints before engaging in particular projects. This is with the aim of maximizing the benefits to be derived from a particular project. The sixth principle involves honesty and responsibility. This involves conducting operations in a transparent way. Lastly, respect and fairness is important in project management. This principle is also found in operations management (“PMI,” 2015).

Professional service organizations play a major role in standardizing professions. They are responsible for developing the code of conduct in organizations which guide the entire professional fraternity. They are also important in guiding the behavior of the various professionals in the industry. The main focus of these organizations is to ensure that members in a particular profession adhere to established ethical codes and to take corrective action in case members go against the established industry standards. During implementation of projects, professional service organizations play a critical role in ensuring that all established standards are adhered.

 

References

Project Management Certificate Program. (2015). Retrieved from: http://www.kaplanfinancial.com/pdc/certificate-programs/project-management

Project Management Institute (PMI). (2015). Core Values. Retrieved from: http://www.pmi.org/About-Us/About-Us-Core-Values.aspx

Russell, R., & Taylor, B. (2014). Operations and supply chain management (Eighth ed.). Hoboken, NJ: John Wiley & Sons.

Society for Human Resource Management (SHRM). (2014). Code of ethical and professional      standards in human resource. Retrieved from: http://schrpup.shrm.org/schrp-code-         ethical-and-professional-standards-human-resource

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Questions for Unit 6 MT435: Human Resource Management and Project Management Paper

Page 1 of 2
Assignment:
Human Resource Management and Project Management Paper
Professional service organizations help professionals maintain their careers via continuous learning, provide
social and business networking opportunities, promote leadership and mentorship within the field of the
profession, and provide standardization for the profession. Additionally, the code of ethics for a professional
service organization is a major component of what defines a profession.
Human Resource Management and Project Management both have well-established professional service
organizations. They are as follows:
Human Resource Management Professional Service Organization
Society for Human Resource Management: http://www.shrm.org/
Project Management Professional Service Organization
Project Management Institute: http://www.pmi.org/
Additionally, Kaplan University School of Professional and Continuing Education (KU PACE) has a certificate
program for Project Management, recognized by the PMI. Here is the link:
http://www.kupace.com/certificate-programs/project-management/program-information/
Review these provided resources. Now, compare human resource management and project principles to those
of operations management as follows:
– Human Resource Management principles compared to Operations Management principles
– Project Management principles compared to Operations Management principles
Also, close your paper with the following observations from your research:
– The importance of professional service organizations in standardizing a profession, to include their
established code of ethics
Complete your work in an APA style paper including:
● APA Cover Page
● APA Content with Indented Paragraphs (3 Full Pages)
● APA Reference Page
● APA Formatted Citations (3 References Minimum)
Directions for Submitting Your Paper
Write your paper in a Microsoft Word document and save it in a location that includes your name and the title.
Submit your paper to the Unit 6: Assignment Dropbox.
Unit 6 [MT435: Operations Management]
Page 2 of 2
MT435 Unit 6 Assignment: Human Resource Management and Project Management Paper
Content (50%) 30 pts. (3 Full Pages of Content) Points
Possible
Points
Earned
Human Resource Management principles compared to Operations
Management principles. 10
Project Management principles compared to Operations Management
principles. 10
The importance of professional service organizations in standardizing a
profession, to include their established code of ethics. 10
Analysis (30%) 18 pts.
Work demonstrates synthesis of concepts, research, and experience. 6
Work demonstrates the student’s ability to tie relevant information to real life
applications. 6
Analysis exceeds basic comprehension to demonstrate higher order
thinking. 6
Writing (20%) 12 pts.
Correct use of APA 6th edition format, all sources used to support the paper
are referenced, 3 references minimum.
4
Sentences are clear, concise, and direct; tone is appropriate. 4
Spelling, grammar, and punctuation are correct. 4
Total 60

Leadership Activity and Self-Assessment Sample paper

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Leadership Activity

Human Resource Management – Leadership Activity and Self-Assessment

An operations manager manages processes and procedures.

An operations manager must also be a strong and confident leader. In this Discussion, consider what the leader side of the operations manager looks like and to consider what leadership attributes the operations manager must have to be effective. Also, assess your current leadership skills on the same criteria.

To find this out, view the videos listed for this activity and/or conduct research in the KU virtual library on this topic. Review and synthesize the information provided with the information that you find on this topic. Your answers must demonstrate your understanding of the concepts and principles identified within the textbook, course information and activities, but also from independent academic quality research to solve these challenges. Remember to cite each source that you use!

  1. Daniel Goleman Leadership and Rapport Building- http://www.youtube.com/watch?v=IGKkeXf5y8E&feature=related
  2. Jack Welch on Leadership and the state of corporate America- http://www.youtube.com/watch?v=l1D8vDpPbG0

As a professional you should have the ability to discern if information/knowledge is authentic and credible. You should be able to decide if information/knowledge has relevance or has resonance. Discuss what attributes/qualities/skills that an operations manager has to have in this role (operations manager) to be effective and successful in the organization.

Leadership Activity and Self-Assessment  Sample Paper

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Each and every investor and entrepreneur risks his money in hope to make a profit. To generate profit, a company needs to increase its sales while reducing the cost of production. The only way to lower the cost of production and operations is by improving the effectiveness and efficiency of its employees. This duty falls under the docket and Department of operation management (Asano, 2007). Operation management is the administration of business practices to create the highest level of efficiency and effectiveness in an organization. However, not everyone is qualified to become an operation manager considering that they need special skills. The following are some of the attributes necessary for an operation manager to become effective and successful.

  • Realistic – an operation manager needs to actualize the real situation of an organization and realize and understand that employees are valuable assets of an organization. He should treat all employees with respect and communicate with operation staffs to actualize their plans. Listening to his staffs is one of the key factors that make an operation manager successful.
  • Commitment – a good operation manager should be committed to his work should work towards the improvement of the operations of a company. He should ensure that the shipment and cargos are on schedule and should be in constant research to establish ways and methods to make operations more efficient(Burke, 2013).
  • Quality focused – most of the customers and clients are putting more emphasis on the quality of the products delivered to them. It is the duty of an operation manager to ensure the final product of the company is of the needed quality so that they can beat off competition.
  • Be a leader – a good operation manager should be a leader rather than a manager. Operation managers should be in a position to maintain a close eye on the operations of an organization.

 

References

Asano, M. S. (2007). U.S. Patent No. 7,191,198. Washington, DC: U.S. Patent and Trademark Office.

Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA.

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Unit 5: Human Resource Management.

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Begin your post with the label: Unit 5: Human Resource Management.

Research the following topics related to Human Resource Management:

  1. Contemporary trends in Human Resources
  2. Empowerment
  3. Compensation
  4. Diversity
  5. Job Design

Select three of the topics listed and compose three paragraphs describing the topics, one paragraph per selected topic, based on the course material and additional research you conduct online.

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Human Resource Management Sample Paper

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Unit 5: Human resource management

Empowerment

Human resource has become one of the most valuable assets that a company can ever own. As a result, human resource management has become paramount to the most organization. Empowerment of employees constitutes the delegation of power and authority to various individuals in a group and all levels.  Equipping the human resource department with more skills at the strategic levels ensures that individual employees are empowered to conduct various duties and responsibility without close supervision from the management (Storey, 2007). Human resource empowerment can only be achieved when an organization earns credibility as a unit rather than individual staffs.

Compensation

Each and every employee has personal reasons and interest that make him work in a particular organization. One of the most common interests is monetary compensation. Compensation in human resource refers to something or a reward that an employee expects at the end after offering his service to the organization. Money payment is one but not the only reward that an organization can use to motivate its staffs. Each employee should be adequately compensated on the basis of his work and service to the organization.

Diversity

Having different people from different backgrounds, race, ethnicity and location can either be a strength or a weakness to the team. Diversity in the workplace and human resource constitutes of having staffs with varying characteristics ranging from political beliefs, gender, sexual orientation and religious beliefs. However, diversity should be used as a strength where by the human resource should exploit the strengths of various employees for the greater good of the company (Boxall, 2011). Diversity can also be used as a cover up of other staff weakness since people have different strengths and weaknesses.

 

References

Boxall, P. &. (2011). Strategy and human resource management. . Palgrave Macmillan.

Storey, J. (2007). Human resource management: A critical text. Cengage Learning EMEA.

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MT435:Quality Management and Lean Systems Sample Paper

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MT435:Quality Management and Lean Systems Sample Paper

Topic : Quality Management and Lean Systems

Name

Instructor

Course name and number

Date

Dimensions of quality

There are a total of eight dimensions of quality which are employed in quality management. The first dimension of quality is performance. Performance concerns the primary operating characteristics of a particular product. The second dimension is features. This refers to the extra characteristics of a product that add to its appeal. The third dimension is known as reliability which refers to dependability of the product in terms of performance. Conformance is the fourth dimension of quality. This refers to the degree to which the product meets outlined standards. The fifth dimension durability which relates to the product life. Serviceability is the next dimension which refers to several aspects of product maintenance. The seventh dimension is aesthetics which refers to the kind of feelings the product evokes upon users. The last dimension of quality is perceived quality which refers to attributable quality of a product by consumers (Griffin, 2015).

Lean Systems

JIT

Just-in-time (JIT) manufacturing system is a management philosophy that originated from the Japan. The management philosophy advocates for six key aspects to consider in the manufacturing process which are crucial in improving production efficiency and effectiveness. The six include: having the right items, and having them at the right quality, quantity, place and time (Cheng, Podolsky, & Jarvis, 1996). The application of the JIT management philosophy is attributed to improved production process. Key areas of improvement include: high quality products; improved communication; efficiency in the production process; productivity; and reduction in costs and wastes. JIT management philosophy was first implemented by the Japanese in manufacturing in the 1970s before spreading to other parts of the world. The philosophy was first implemented by Toyota Manufacturing Company with an aim of eliminating delays to consumers. The development of the JIT management philosophy in Japan is related to the strong work ethics of the Japanese people. For instance, the Japanese are highly motivated, hardworking, loyal to their companies, and are good at team work.

There are a number of cultural characteristics embedded within the JIT management philosophy. First, the philosophy enables organizations to fulfill customer demands or orders irrespective of their numbers. This is possible since JIT philosophy encourages the use of pull system in production. This means that production is based purely on consumer demands. The philosophy ensures the least possible time lapse between the arrival of materials, production, and moving the final product to consumers. JIT emphasizes on efficiency and speed in the production process. JIT ensures that the inventory levels of raw materials, work-in-progress and finished products is kept minimum. Another unique characteristic is that it encourages the use of containers in the production process for holding items. This enables easy monitoring of stock levels. JIT emphasizes that production plants should be kept clean and tidy always. Lastly, the management philosophy encourages the use of clear signals or labels that inform about the equipment status (Cheng, Podolsky, & Jarvis, 1996).

Deming’s research is of immeasurable value to the foundation of quality. His transformative ideas saw the emergence of total quality management Japan. Following World War II, Deming moved to Japan where he helped many companies become globally competitive. Deming’s idea was simple; by improving on quality, he believed that companies would be able to reduce costs and improve their productivity as well as the market share they controlled. The firms that implemented Deming’s ideas such as Fuji, Sony, and Toyota became highly successful globally. These firms produced highly quality products and at low costs compared to their competitors. Studies conducted indicate that the introduction of the quality concept greatly helped firms improve their position. It is important to note that Deming’s ideas applied not only to large businesses but also to small businesses. His ideas also touch on service companies which must provide quality services in order to improve their performance in the competitive business world (Deming, 2013).

The concepts I selected can be very important to my own life and work. The dimensions of quality can enable me provide products or services which are of high quality and that satisfy various attributes that are required by consumers. Businesses that align their production processes to the quality dimensions are more likely to produce products or services that are of high quality and thus gain a large market share. The JIT management philosophy advocates for hard work, high motivation and teamwork in the production process. These can be important values in helping me achieve my dreams which include obtaining good grades and starting my own business. The JIT philosophy can greatly help improve the performance of a business when used. For instance, it can help reduce costs while improving on quality. These are important aspects when it comes to business success.

References

Cheng, T. C. E., Podolsky, S., & Jarvis, P. (1996). Just-in-time manufacturing: An introduction. London, Angleterre: Chapman and Hall.

Deming, W. E. (2013). The essential Deming: Leadership principles from the father of quality.    New York: McGraw-Hill.

Griffin, R. (2015). Fundamentals of Management. Boston: Cengage Learning.

Assignment: Quality Management and Lean Systems Paper

In the modern world, businesses and individuals need to optimize their efforts to gain
effectiveness and efficiency. Also, concepts of sustainability, continuous improvement, and
processes that ensure increased value are considered to track operations management towards
success.
Many of the terms of quality management and lean systems come from Japanese culture and
language, due to Dr. W. Edwards Deming’s research occurring in Japan. Deming is often
referred to as The Father of Quality due to his foundational role in the establishment of Quality
Management.
Examine the business concepts of quality management and lean systems:
Quality Management
1. Dimensions of Quality
2. Cost of Quality
3. Six Sigma
4. ISO
5. Quality tools
Lean Systems
1. JIT
2. Lean Production
3. Kanban
4. Kaizen
5. Poka-yoke
Then, select one concept from each of the lists above and compose your paper to include:
● One aspect of quality management
● One aspect of lean systems
Also, close your paper with the following observations from your research:
 The importance of Deming’s research to the foundation of quality, and what you could do
now, to implement the concepts you selected, to your own life and work.
Complete your work in an APA style paper including:
● APA Cover Page
● APA Content with Indented Paragraphs (3 Full Pages)
● APA Reference Page
● APA Formatted Citations (3 References Minimum)
Directions for Submitting Your Paper
Write your paper in a Microsoft Word document and save it in a location that includes your name and
the title. Submit your paper to the Unit 2: Assignment Dropbox.
Unit 2 [MT435: Operations Management]
Page 2 of 2
MT435 Unit 2 Assignment: Quality Management and Lean Systems Paper
Content (50%) 30 pts. (3 Full Pages of Content)
Points
Possible
Points
Earned
Select one Quality Management concept (select 1 of the 5 items listed) and
discuss its implications to include the findings of your study and research.
10
Select one Lean Systems concept (select 1 of the 5 items listed) and discuss
its implications to include the findings of your study and research.
10
Make observations related to the importance of Deming’s research to the
foundation of quality, and what you could do now, to implement the concepts
you selected, to your own life and work.
10
Analysis (30%) 18 pts.
Work demonstrates synthesis of concepts, research, and experience. 6
Work demonstrates the student’s ability to tie relevant information to real life
applications.
6
Analysis exceeds basic comprehension to demonstrate higher order thinking. 6
Writing (20%) 12 pts.
Correct use of APA 6th edition format, all sources used to support the paper are
referenced, 3 references minimum
4
Sentences are clear, concise, and direct; tone is appropriate 4
Spelling, grammar, and punctuation are correct 4
Total 60

 

Operation Managment

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Order Instructions:

1.Dimensions of Quality

2.Cost of Quality

3.Six Sigma

4.ISO

5.Quality tools

 

Select three of the topics listed above and compose three paragraphs describing the topics, one paragraph per selected topic, based on the course material and additional research you conduct online.

Sample paper

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Operation Management

Name

Instructor

Course name and number

Date

Dimensions of quality

There are a total of eight dimensions of quality which are employed in quality management. The first dimension of quality is performance. Performance concerns the primary operating characteristics of a particular product. The second dimension is features. This refers to the extra characteristics of a product that add to its appeal. The third dimension is known as reliability which refers to dependability of the product in terms of performance. Conformance is the fourth dimension of quality. This refers to the degree to which the product meets outlined standards. The fifth dimension durability which relates to the product life. Serviceability is the next dimension which refers to several aspects of product maintenance. The seventh dimension is aesthetics which refers to the kind of feelings the product evokes upon users. The last dimension of quality is perceived quality which refers to attributable quality of a product by consumers (Griffin, 2015).

Six Sigma

Six Sigma refers to process improvement that aims for near perfection of products in the manufacturing process. This approach aims at eliminating defects through a structured problem-solving methodology that is data driven. The Six Sigma approach aims at achieving six standard deviations between the closest specification limit and the mean. This means that there should be no more than 3.4 defects per million opportunities in a process. Six Sigma improvement uses five phases of product improvement known as DMAIC (George, 2005). This product improvement system refers to: define, measure, analyze, improve, and control. In development of new products, the Six Sigma DMADV process is employed. This refers to: define, measure, analyze, design, and verify.

ISO

ISO is an acronym for international Organizational for Standardization, the body responsible for developing and publishing international standards. The standards developed by ISO ensure that various products are not only safe for consumption by the public but also to ensure they meet the minimum outlined quality threshold. ISO standards are important in business since they help in cost reduction through cutting on waste and errors, and by generally improving productivity.

References

George, M. L. (2005). The Lean Six Sigma pocket toolbook: A quick reference guide to nearly     100 tools for improving process quality, speed, and complexity. New York, N.Y:            McGraw-Hill.

Griffin, R. (2015). Fundamentals of Management. Boston: Cengage Learning.

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Auditor’s opinion letter for Major Medical Center and Hospital Support, Inc Paper

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Auditor’s opinion letter for Major Medical Center and Hospital Support, Inc PaperPUBLIC FINANCIAL MANAGEMENT

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Institution Affiliation

 

Public Financial Management

Introduction

The paper examines the auditor’s opinion letter for Major Medical Center and Hospital Support, Inc. The report of the independent auditors seeks to instill confident on the various stakeholders. This paper also analyzes the financial statements and review notes and any concerns. Lastly, the paper will evaluate the financial statement of Major Medical Center and Hospital Support, Inc.

Auditor’s Opinion Letter

Auditing is an independent examination that is used to test the precision and completeness of information presented in a firm’s financial statement. The test enables the independent auditor or Certified Public Accountant (CPA) to give an opinion. According to Finkler, Steven A. et al. (2012), the opinion should check on whether the corporation financial statements denote its true pecuniary position and whether it has complied with the Generally Accepted Accounting Principles. The aim of auditing is to ensure that it offers an assurance to stakeholders on the true and fair view of the company as at a particular period.

To form an opinion, the auditor will request data from persons and institutions to confirm their bank balances, contractual obligations, amount contributed, and money owed to and by the firm. Also, the auditor needs sufficient disclosure in the financial statements through a review of the journal and ledgers, physical assets, and board minutes. In this case, the independent auditors have selected a model of the financial dealings to conclude whether there is appropriate documentation and whether there was correct posting of the transactions in the books. Further, they have interviewed key personnel to ascertain if there is adequate internal control system (ICS).

The auditor has offered unqualified opinion. This means that the firm’s financial records are fairly and suitably presented in accordance with GAAP. The financial statement examined includes changes in net assets, cash flows, and balance sheet. The statement of the Major Medical Statement is free from any material misstatements. There is no disclosure of any material object that would make the auditor offer unqualified report.

Reviewing the Financial Statements

There are unusual items in the statement of financial position. First, the asset limited as to use is an unusual item.  They are assets that their use is limited by agreements or contracts with outside parties other than grantors and donors. An example of such unusual items includes funds that are deposited by a trustee. Second, the pledge is unqualified aptitudes to offer cash and other assets as stated at their NPV at the date of receiving the promise. The gifts are classified as either permanent or temporary depending on the restrictions of the donors.

Thirdly, there is use of estimates in the preparation of financial statements in conformism with GAAP. It necessitates the management to make estimates and assumptions that affect the reported amount of liabilities and assets (Finkler, Steven A. et al. 2012). The estimate affects the reported figures of revenue and expenses during a specified reporting period. Further, the management believes that the figures are based on assumptions and estimates are reasonable and actual figure should not have material impact on the financial position of the hospital.

Fourthly, there is the capitation fee in the preparation of healthcare accounting statements. The figure represents a fixed dollar amount of fees per person that is paid periodically by a third-party regardless of the type of services provided. Also there is a contractual adjustment, which is the variance between the gross patient service returns and the discussed payment by third party payers in arriving at net patient service proceeds.

Fifthly, there is an item termed as contingencies. It refers to a legal action that arises out of the usual course of its procedures. The final outcome of the process cannot be determined in exactness. The figure stated is material to the economic position of the Medical Center. The position of the healthcare is of the opinion that ultimate liability does not have a material effect on its financial position.

Review Notes and analyze any Concern

Note No. 9 (Professional Liability Insurance) – The Medical Center has collaborated with other facilities for insurance of professional liability. Captive insurance companies draw $2,000,000 from The Medical Center as deposits.  In 2014, this deposit was replaced with an amount of $1,000,000 each. The deposit made by the healthcare is included in other current assets in the accompanying statement of financial statement in the year 2013. The management is accused of malpractices in excess of insurance coverage by numerous claimants. There are additional incidents that have occurred through December 31, 2014 that may lead to assertion of additional claims. The amount of $2,000,000 is material in the financial statement of the company. In case the graft claims are true, it may alter the opinion of the auditor due to its high level of materiality.

Evaluate Major Medical Center’s Financial Status.

The total operating revenue for 2014 is in excess of 2013 by $ 34,730 and there is increase in unrestricted net assets from $ 897 to $ 2,568. In the statement of financial position, the total current asset for the year 2014 has increased from $ 66,315 to $ 72,448. The property, plant, and equipment have also increased from $ 89,777 to $ 98,555. The result shows a significant improvement in the performance of the company. However, the total liabilities have increased from $ 129,509 in the year 2013 to $ 146,263 in the year 2014. In the cash flow system, the cash and cash equivalents at the beginning of the year 2013 is $ 8,201 but the health center closed the year at $ 9,005. Nevertheless, the cash and cash equivalents in the year 2014 has reduced from $ 9,005 to $ 8,065. This may imply that there is a financial misappropriation or simply the financial period was marred with difficulties.

Conclusion

The paper has examined the auditor’s opinion letter for Major Medical Center and Hospital Support, Inc. The report of the independent auditors seeks to instill confident on the various stakeholders. In the opinion of the auditor, the financial statements have been prepared in accordance with GAAP. There is no material fact that has been misappropriated to render the accounts as being false. Thus, the auditors have provided a clean bill on the reports by giving unqualified report. This paper has also analyzed the financial statements and review notes and any concerns. The notes have highlighted on a claimant about $2,000,000 that is said to have been misappropriated by the management. Lastly, the paper will evaluate the financial statement of Major Medical Center and Hospital Support, Inc.

 

Reference

Finkler, Steven A., Thad Calabrese, Robert Purtell, Daniel Smith (2012). Financial Management for Public, Health, and Not-for-Profit Organizations, 4th Edition. Pearson Learning Solutions. VitalBook file.

 

2014 2013
Common Size = Item of Interest =     Inventory 1690 0.0338 2326 0.0498
Reference Items       Total Assets 49976 46665
Current = Current Assets 72448 0.4953 66315 0.512
Current liabilities 146263 129509
Quick = Quick Assets 72448-1690 0.4826 66315-2326 0.4941
Current liabilities 146263 129209
Days of Cash on hands = Cash 8065 7.4334 9005 8.9653
[(Operating Expense – Depreciation Expense)/365] (418556-22541)/365=1084.9726 (385474-18856)/365=1004.4329
Receivable Turnover = Net credit Sales 49719 1.2922 47614 1.1971
Average Account Receivables (27232+49719)/2 = 38475.5 (31934+47614)/2 = 39774
Debt = Total liabilities 196239 3.9267 176174 3.7753
Total Assets 49976 46665
Debt to Equity = Total Debt 146263 2.9267 129509 2.7753
Total Equity 49976 46665
Times-interest-earned = Income before Interest and Taxes 2568 0.5763 897 0.1708
Interest Expense 4456 5253
Operating Margin = Operating Income 420985 1.0448 386225 1.0452
Net Sales 402921 369512
Total Margin = Net Income  * 100 2429*100 0.577 751*100 0.1944
Total Revenue 420985 386225
Net Income =Total Revenue – Total Expense
ROA = Net Income 2429 0.006 751 0.0019
Average Total Sales 403605 403605
Average Total Sales = Beginning + Ending Total Assets/2
(420985+386225)/2
RONA = Net Income 2429 751
Fixed Assets + Net Working Capital [196239+(72448-130178)] [176174+(66315-112495)]
2429 0.0175 751 0.0058
138509 129994

Inventory Management First In, First Out

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Asset-management-First In, First Out

FIFO and LIFO

Student’s Name

Institution Affiliation

Introduction

FIFO is an abbreviation of First In, First Out. It is an asset-management and assessment method that recommends using, disposing or selling of those assets that are acquired or produced first while retaining those bought last. It is can be used by a person or corporation. On the other hand, LIFO is an acronym of Last In, First Out (Finkler, S. A. et al. 2013). It is an asset-management and valuation technique that recommends using, disposing or selling of those assets that are acquired or produced last while retaining those bought first. It is can be used by a person or corporation. This paper examines the advantages and disadvantages of FIFO and LIFO inventory methods and evaluates the best inventory method for this scenario.

Advantages of using FIFO for Inventory Management

Reduce Outdated Inventory – the outdated inventory refers to the inventory that is obsolete and outdated. Thus, the inventory is not appropriate for sale or use in creation. Numerous businesses necessitate that outdated stock written off against its bottom line after a scheduled period of time has lapsed subsequently to its last usage (Harris, P. et al. 2014). FIFO aids to prevent obsolete stock by the use of inventory that is received first before using newfangled inventory.

Diminish Influence of Inflation – Inflation refers to the upsurge in price of stock over time. FIFO can aid to reduce the effect inflation in the company. Suppose inflation is constant, the acquisition price of the stock used in the creation or that sold at retail is lesser than the price of stock that is newly purchased (Murdoch, B. et al. 2013). Since direct materials expense is recorded at the purchase price of the used stock or sold, the cost is lower than if the existing market value of the objects is used to record the expenditure.

Current Ending Inventory Value – FIFO guarantees that the termination inventory standards on the balance sheet reflects the current market price of the stocks. The inventory on the books of accounts consists of recently purchased stock. Further, FIFO guarantees that the ending inventory on the balance sheet reflects contemporary market prices.

Disadvantages of using FIFO for Inventory Management

Clerical Errors – in a situation where there is a fluctuation in inventory prices it is cumbersome to appropriately record cost of goods, retailing prices of goods and any incongruity caused from rising and falling prices in the markets.

Inconsistent Prices – FIFO results to inconsistency prices offered to clients. The method is inappropriate particularly when the stock purchased during periods that have diverse prices. Thus, to avoid inconsistency LIFO is preferred generally.

Advantages of using LIFO for Inventory Management

Minimizes write-downs to markets –LIFO minimizes deterioration in prices of goods due to inflation effects. The company sells the goods that it has purchased at a current price first (Murdoch, B. 2013). Thus, there is no expected loss due to inflation.

Tax benefits and improvement in cash flows – LIFO is efficient in reducing the payable tax to the government. The method ensures that the company reports lower profit. The lower profit often results to lower taxation rate.

Disadvantages of using LIFO for Inventory Management

Underestimation of Stock – The LIFO method belittles the inventory figure in the balance sheet as it is grounded on the older costs. Due to the underestimation of stock, the working capital position seems worse than the real situation.

Reduced Incomes in Inflationary Times – The technique diminishes stated earnings during the period of price rises. It will have negative results and scare away potential investors due to lessen prices of firm’s stock during inflation.

LIFO Liquidation Challenges – The LIFO method inflates the reported returns for a specific period resulting to higher tax expenditures for the period. To avoid the expenses, the company can buy goods in large quantities with the intent of matching them against proceeds. Consequently, the adoption of LIFO results to poor purchasing habits among firms.

Conclusion

The paper has examined the advantages and disadvantages of FIFO and LIFO inventory methods and evaluate the best inventory method for this scenario. The FIFO method has a diminishing influence on inflation and reduced outdated inventory. The disadvantage of this method is that it results to clerical errors and inconsistency in prices. Further, the disadvantage of LIFO can be described as liquidation challenges, reduced incomes in inflationary times, and underestimate stocks. The paper recommends the use of FIFO so as to reduce cost resulting from expiration of medication.

 

References

Finkler, S. A., Purtell, R. M., Calabrese, T. D., & Smith, D. L. (2013). Financial management for public, health, and not-for-profit organizations (4th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.

Harris, P., Kinkela, K., Stahlin, W., & Washington, L. (2014, January). The Present and Future Outlook of the Last in First out Inventory Methods. In Global Conference on Business & Finance Proceedings (Vol. 9, No. 1, p. 183). Institute for Business & Finance Research.

Murdoch, B. (2013). Comparing LIFO and FIFO: An Empirical Test of Representational Faithfulness. Conflict Resolution & Negotiation Journal, 2013(1).

Murdoch, B., Dehning, B., & Krause, P. (2013). Further Evidence On The Ability Of FIFO And LIFO Earnings To Predict Operating Cash Flows: An Industry Specific Analysis. Journal of Applied Business Research (JABR), 29(4), 1231-1242.

 

LIFO and FIFO
FIFO
Purchase Issuance Inventory
Unit Total Unit Total Unit Total
Date Unit Cost ($) Cost ($) Unit Cost ($) Cost ($) Unit Cost ($) Cost ($)
1-Jan 1,000 17 17,000 1,000 17 17,000
2-Jan 300 21 6,300 300 21 6,300
3-Jan to 30-June 800 17 13,600 200 17 3,400
300 21 6300
1-Jul 500 23 11,500 500 23 11,500
1-July to 31-Dec 200 17 3,400
200 21 4,200
100 21 2,100
500 23 11,500
Inventory $13,600
Value
LIFO
Purchase Issuance Inventory
Unit Total Unit Total Unit Total
Date Unit Cost ($) Cost ($) Unit Cost ($) Cost ($) Unit Cost ($) Cost ($)
1-Jan 1,000 17 17,000 1,000 17 17,000
2-Jan 300 21 6300 300 21 6,300
3-Jan to June 30 300 21 6,300
500 17 8,500 500 17 8,500
1-Jul 500 23 11,500 500 17 8,500
500 23 11,500
1-July to 31-Dec 400 23 9,200 500 17 8,500
100 23 2,300
Inventory 10,800
Value
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