______ refers to the amount of variety in the products an operation produces, which determines whether the products are produced continuously, repetitively, in batches, or individually.
a. Customer involvement
b. Product variation
c. Operations flexibility
d. Automation
c. Operations flexibility
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If tests of controls result in identified control deficiencies, how will the auditor assess those deficiencies?
a. By estimating interest expense based on average interest rates and average debt outstanding. b. By comparing current year account balances with prior year account balances. c. By determining their severity and the impact on the opinion of internal control effectiveness. d. By calculating the long-term debt-to-equity ratio and performing a trend analysis with prior periods.
JIT is philosophy concerned with
a. where to do something. b. how to do something. c. how much of something should be done. d. when to do something.
Six Sigma quality control
A. consists of a disciplined, statistics-based system aimed at fewer than 5.0 complaints per million customer transactions. B. is a powerful tool for companies whose customers are very picky about product quality and product performance and who can't afford for the product they use to break down and require repairs. C. consists of a disciplined, statistics-based system aimed at producing not more than 2.5 defects per million iterations for a manufacturing or assembly process. D. consists of a disciplined, statistics-based system aimed at producing not more than 3.4 defects per million iterations for any business process. E. is a strategy-implementer's best, most reliable tool for simultaneously achieving top-notch product quality and low manufacturing costs.
Assume that Meyer Corporation is 100 percent equity financed, and has the following information: (1) Earnings before taxes = $1,500; (2) Sales = $5,000; (3) Dividend payout ratio = 60%; (4) Total assets turnover = 2.0; (5) Applicable tax rate = 30% The firm's return on equity is:
A. 25%. B. 30%. C. 35%. D. 42%. E. 50%.