What is the Five S's approach? List and discuss the five S's.
What will be an ideal response?
Many lean firms have adopted the five S's in an effort to improve operations. The five S's are a sequential process that companies follow to literally "clean up their acts." The S's are:
1. Seiri: Organizing by getting rid of the unnecessary. Items may include old files, forms, tools, or other materials that have not been used within the past two or three years.
2. Seiton: Neatness that is achieved by straightening offices and work areas.
3. Seiso: Cleaning plant and equipment to eliminate dirtiness that can hide or obscure problems.
4. Seiketsu: Standardizing locations for tools, files, equipment, and all other materials. This step often involves color coding and labeling areas so that materials are always found in a standard location. An example of seiketsu is a tool drawer where each tool is located in a fixed location and cutouts make it easy to see if tools are missing.
5. Shetsuke: Discipline in maintaining the prior four S's.
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Which of the following situations is not a segregation of duties violation?
a. The treasurer has the authority to sign checks but gives the signature block to the assistant treasurer to run the check-signing machine. b. The warehouse clerk, who has the custodial responsibility over inventory in the warehouse, selects the vendor and authorizes purchases when inventories are low. c. The sales manager has the responsibility to approve credit and the authority to write off accounts. d. The department time clerk is given the undistributed payroll checks to mail to absent employees. e. The accounting clerk who shares the record keeping responsibility for the accounts receivable subsidiary ledger performs the monthly reconciliation of the subsidiary ledger and the control account.
New value creation is a major engine for economic growth and is the main focus of ________ strategy.
A. business-level B. entrepreneurial C. portfolio D. corporate-level
Self-managed teams are expected to coordinate their work with ongoing direction from a supervisor or manager.
Answer the following statement true (T) or false (F)
According to SEC rules, 8-K reports must be filed:
a. annually b. weekly c. monthly d. quarterly e. whenever significant financial developments occur