How are lean operations and the Toyota Production System (TPS) alike? How are they different?
What will be an ideal response?
Lean operations and TPS are basically synonymous, and the two terms are often used interchangeably. Lean operations places more emphasis on understanding the customer; TPS places more emphasis on employee learning and empowerment in an assembly-line environment.
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Middle managers should possess technical, interpersonal, and decision-making skills; however, ______.
a. technical skills are usually more important b. interpersonal skills are usually more important c. decision-making skills are usually more important d. the mix required varies from organization to organization
Warranty claims are an example of internal failure costs of nonconformance to customer standards
Indicate whether the statement is true or false
What are the cost-flow assumptions used in inventory measurement?
A retailer with a less-than-average profit margin could seek to increase its profit margin by _____
a. reducing its operating expenses b. increasing its asset turnover c. increasing its financial leverage d. increasing its inventory turnover