Operational Management Jit - 820 Words

Question One - Prime Bank of Massachusetts Part 1 The operations function is important in implementing the strategy of an organisation because the business strategy only defines the long term plans for the company, whereas the operations function focuses on specific competitive priorities in order to meet the organisations long term plan. Prime Bank of Massachusetts had decided on a long term plan for the bank focusing on customer services and they needed the operations function to implement this long term plan through planning control systems, workers and quality. Problems such as not having enough phone lines for the 24 hours customer service could cause customers to become irritated if they cannot get through on the phone and†¦show more content†¦Part 3 If the banks strategy was cost cutting instead of supporting customer service the banks whole strategy would be very different. The bank would try to cut cost everywhere such as the tellers in the drive through lanes may be replaced with automatic machines. Customers would be encouraged to use banking on line as again the bank could reduce the number of workers which would cut the staffing costs. When competing on cost organisations my invest in automation to reduce unit costs, use lower skill labour and limit product range and offer little customisation. (Class Notes – Chapter 2, Operations Management) Question Two Part 1 Total Costs D=15600 Q=1300 S=40 H=13.75 = = = Total annual costs of the present ordering policy for part no 650810/ss/R9/0 is â‚ ¬9417.50 Part 2 Economic Order Quantity (EOQ) EOQ = D=15600 S=40 H=13.75 = = = = 301.27 EOQ = 300 Part 3 Total Costs using EOQ D=15600Show MoreRelatedKey Term : Just For Time Productions Or Systems1198 Words   |  5 PagesKey Term: â€Å"Just-in-time productions or systems† Operational efficiency it s significant across all levels of manufacturing goods. Making a profit is the fundamental principle for any business to succeed. Reducing overhead cost and eliminating waste are key factors in driving down cost and maximizing profits. The challenge lies in the ability to reduce product costs while simultaneously adding value, maintaining quality, and ensuring adequate availability of the production system. The idea of manufacturingRead MoreChapter 1 Assignment Acc 6041011 Words   |  5 Pagescustomer value proposition. Three customers value propositions: * Customer Intimacy: Company stays close to its customers and satisfy customers’ needs better than that of the other competitors. * Operational excellence: Company provides values to its customers by excelling in operational activities such as: delivering, pricing, customer services. * Product leadership: Company adds value to its customers by providing high quality products than those of its competitors. 3. DistinguishRead MoreThe Gold Mine By Freedy And Michael Balle1296 Words   |  6 Pagesthe effective application of the lean production system in their operational activities. Toyota has added their name in the application of the lean thinking in their production process first in the global competitive market. The book â€Å"the Gold mine† written by Freedy and Michael Balle is a definite attempt to highlight the challenges that the leaders are facing in the perfect transformation of the lean thinking in their operational activities. This essay has discusses the direct connection betweenRead MoreCase Study Of Toyota Motor Corporation ( Or Toyota )1220 Words   |  5 Pagesthat the company can achieve its organizational goals. However, the interaction of these factors needs a framework based on the operational capability of the organization. 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Which of the following statements about learning curves is generally TRUE? a. management can dictate achievement of a certain rate of learning. b. learning curves were first quantified by Frank Lillian Gilbreth. c. using the â€Å"doubling† model, a learning curve of 70% means the 20th unit takes 70% of the time that the 10th unit will take. d. learning curves are a recognition of the concept that the cost of each produced unit usually decreases with experience. 2. Which of the followingRead MoreAutoliv1082 Words   |  5 Pagesdefects, etc (Krajewski, Ritzman, Malhotra, 2013). The four main items that will be discussed regarding Autoliv is as follows: †¢ Why visual management is a big part of Autoliv’s lean system. †¢ How the just in time (JIT) considerations are related to Autoliv. †¢ Method of work flow †¢ Operational and Implementation issues Visual Management Visual management is when a visual aid/device promotes more efficient and less wasteful processes. 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An Age Of Creativity And Innovation - 1834 Words

The 1920’s and 30’s were an age of creativity and innovation. New improvements were especially common in the art of film-making. Animation in film was introduced. Walt Disney, through his innovations in color, realistic designs, and use of sound, revolutionized the motion picture animation industry. Walter Disney was born December 5, 1901, in Chicago, Illinois, to Elias and Flora Disney. He had four older brothers, Herbert, Raymond and Roy, and a younger sister, Ruth. The Disney family moved to a farm near the small town of Marceline, Missouri, when Walt was four years old. Walt started drawing as a very young boy, often getting him into some kind of trouble. His family was on the move again, and made their new home in Kansas City in†¦show more content†¦The war ended before he could get to France, but Walt was still sent overseas to aid in the occupation. While in France, Walt continued drawing on any surface he could. He returned to Chicago October 11, 1919. (Gabbler 9-11, 29-39; Barrier 9, 17-23) Walt’s father, Elias had lived a hardworking life, entailing much physical labor. Walt wanted no part of it. Soon, Walt returned to Chicago, and moved in with his brothers in Kansas City. He applied for a job at the Star, the local newspaper that he had delivered for as a boy, but was rejected. Walt then tried for an apprenticeship with Pesmen-Rubin Commercial Art Studio and was hired. The job lasted for only a month. After getting laid off, Walt went into business with Ub Iwerks, who had also worked for Pesmen-Rubin. Their small firm made around $135 the first month, working out of a garage full of drawing boards and airbrushes. Later, Walt accepted a job for Kansas City Film Ad while Iwerks stayed with Iwerks-Disney. However, Iwerks-Disney quickly fizzled, as Iwerks was unable to run the business by himself. â€Å"†¦the equivalent of today’s television commercials. Disney dated the start of his career in motion pictures t o February 1920, the month he became a Film Ad employee.† (Barrier 25) Film Ad’s animation style used cut-out figures that had manipulative joints and series of pictures would be taken, the cut-out moving a little bit each time. This method was obviously different

Why Philosophy, Sociology, and Psychology of Education...

Education is a form of learning in which the knowledge, skills, and habits of a group of people are transferred from one generation to the next through teaching, training, or research. Moreover, education can develop human being to gain the ability, knowledge, and personality. Thus, the study in foundation of education context provides three significant roles such as philosophy, sociology, and psychology of education. The philosophy of education studies the aims, forms, methods, and results of acquiring knowledge. Beside these, philosophy of education applies to the process and a field of study. The sociology of education is the study of educational structures, processes, and practices from a sociological perspective. It has illustrated the conception of enter-relation between education and society. Hence, Educational psychology in turn notifies of specialty within educational studies, including instructional design, educational technology, curriculum development, organizational lear ning, special education and classroom management. All of the three elements of education contribute each benefit for young’s abilities, knowledge, and personality. At First, people need to take knowledge of educational philosophy especially young people. And philosophy of education is important for young people for it provides the basis of education such as values, aims, and objectives. As human being, before we are going to do something, we have to set up a plan or make a clear goal in order toShow MoreRelatedStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesPearson Education, Inc., publishing as Prentice Hall. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc

Cases and Materials in Company Law

Question: Discuss about the Cases and Materials in Company Law. Answer: Introduction: The doctrine of separate legal identity of the company is a basic principle of the law and that is applicable in most parts of the world. In accordance with this principle, the law treats a corporation as a distinct entity that is separate from its members. The rule of the separate identity of a company can be found throughout the company law and there are widespread practical and theoretical implications of this doctrine of company law. In the present assignment, the concept of separate legal identity will be evaluated and at the same time, the decision given Salomon's case will also be examined. However this examination will be made in view of the statement according to which the doctrine of corporate entity is like a boomerang and it can also give back the person who is trying to use it. Therefore, with the above applicable case law, the principle of separate legal identity of company has been evaluated and at the same time, the limits that have been placed on corporate entity hav e also been examined. Generally it is said that the doctrine of corporate entity is a double-edged sword. The court had illustrated the doctrine of separate entity in the case titled R v Arnaud (1846). The brief facts of this case are that a registering authority had refused to register a ship due to the reason that some foreigners were among the owners of the ship. The owner of the ship was a British chartered company but its members included some foreigners. In this case, the court made in order that they registering authority should register the ship on the grounds that owner of the ship was the British company instead of members (Farrar, 1998). However the landmark decision related with the principle of separate entity is considered as decision given Salomon v Salomon Co Ltd (1896). In this case, the separate identity of the company was confirmed and a company has to be treated as having a distinct legal personality. The very facts of this case are that the Salomon had sold his shoe business to the company that was created by him under the Companies Act. The company was registered under the Act and the members of the company were Mr. Salomon and the members of his family. Particularly, fully paid shares and debentures were received by Mr. Salomon up to the value of à ¯Ã‚ ¿Ã‚ ¡10,000 and later on, he assigned them to another party. After some time, the business of the company declined and the company went into insolvency. The liquidators tried to hold Mr. Salomon responsible for the debts of the company and it was argued by them that the transaction was a fraud committed on the creditors of the company and therefore, Mr. Salomon should not be allowed by the law to benefit from the transaction. At the same time, it was also argued by the liquidator that the compa ny was merely an agent of Mr. Salomon and therefore, Mr. Salomon is required to indemnify the company as well as its creditors. However while deciding the case, the House of Lords arrived at the decision that the Salomon did not have any liability towards the company nor to its creditors. But in this regard, it needs to be noted that in this case, the House of Lords has not really only decided that Salomon Co. was a company that has been duly incorporated according to the Companies Act, 1862 (UK) although the seven shareholders of the company were not truly independent. However all the statutory requirements mentioned in this regard have been satisfied as the company had seven shareholders. In view of the decision given by the House of Lords in this case, the following four points follow from the proposition that the companies that have been duly incorporated, enjoyed a separate legal identity. These are that the property of the company is company's property and similarly the debt of the company is also the debt of the company. Similarly, the company can enter into a contract with its members and outsiders and torts and crimes can be committed by the companies. The above-mentioned four points have been reasserted in a number of cases. Similarly, arguments can be given in favor of as well as against the decision given in Salmon's case. It also needs to be noted that by applying the principle of separate entity, only beneficial effects have been produced for the shareholders however, the application of this principle may result in a disadvantage for the third parties, particularly the creditors of the company (Sealy, 1996). Therefore, in several situations, the courts and the legislature have intervened where the application of the principle of separate entity can be abused or where the application of this principle may result in unjust consequences. This is called the lifting of the corporate veil. The application of this principle does not mean that suddenly the company is considered as not being incorporated but the meaning of this principle is that the fact of the incorporation of a company will be ignored by the court in order to decide in certain circumstances that in case of a particular transaction, it has been decided by the court or the legislature that the will not be considered as having a distinct identity (Pennington, 1995). The decision is always difficult for the courts whether to lift the corporate veil in a particular case or not. In such a case, the court has to decide where the loss should lie. As discussed above in Salmon's case and also in Lee v Lee's Air Farming Ltd (1961), if by simply applying the principle of separate entity, may cause extreme results. With the passage of time, the courts have moved away from the strict application of the principle provided in Salmon's case in order to deal with the difficult situations so that they can adopt a more int erventionist approach while trying to achieve justice under certain circumstances. On the basis of the above mentioned the decision, it can be said that the courts may decide to pierce the veil of incorporation under the following circumstances. For example in case of a fraud or sham, the court may decide to guess the corporate veil (Adams v Cape Industries Plc., (1990). Such a situation takes place when the principle of separate legal entity has been used by the individuals for doing something which they have personally bound to do. In the same way, the court may decide to pierce the veil if the Court has recognized an agency relationship. When the subsidiary has been treated as an agent of the holding company, the court may be as the veil and in this way, say that the holding company is liable for the debts of the subsidiary. Apart from the two main circumstances that have been mentioned above, the court may also decide to pierce the corporate veil in cases like the evasion of legal obligations or paramount public interest (Gilford Motor Company Ltd v Horne, 1933 ). Therefore it can be said that the corporate veil can be lifted by the courts and the principle of separate legal entity can be ignored by the records and justice requires the court to do so. In the end, it can be said that the principal that has been established by the court in Salmon's case can be considered as a double-edged sword. Numerous debates have been going on regarding this principle and therefore the question is also often raised if the positive effects of this principle overweigh the negative effects, has not been answered yet due to the reason that it is far too broad (Jones v Lipman, 1962). However despite facing criticism, it can be said regarding the principle of separate entity that this principle has played an important role in developing modern capitalism and at the same time, this principle has also helped in generating social and economic wealth. At the same time, it can also be said that the principle of separate entity enjoys a very significant position under the company law and this situation should never be changed. In certain cases, the circumstances can be quite complex and as a result, if the principle of separate entity is applied strictly, it may result in apparently unfair results. However with a view to defend justice in some cases, the legislature is required to forge a sledgehammer that can crack open the corporate shell. It has also been stated that without a statutory assistance generally the courts have shown their readiness to lift the corporate veil and impose liability on the members and the directors of the corporation. Therefore, the principle of separate legal identity has been ignored by the courts in the number of cases, for example when it is of paramount significance to protect the interests of the public or where the company has been formed only with a view to evade legal obligations. References Farrar John H, 1998, Farrar's company law, 4th ed., London: Butterworth. Pennington Robert R., 1995, Company Law, 7th ed., Butterworths. Sealy LS, 1996 Cases and Materials in Company Law, 6th ed., Butterworths. Adams v Cape Industries Plc (1990) Ch 443. Gilford Motor Company Ltd v Horne [1933] Ch 935. Jones v Lipman [1962] 1 WLR 832. Lee v Lee's Air Farming Ltd [1960] UKPC 33. R v Arnaud (1846) 9 QB 806. Salomon v Salomon Co Ltd [1896] UKHL 1.