Identify some of the benefits and risks of a lean production and just-in-time (JIT) environment
Benefits:
· Greater efficiency in the time it takes to make a product
· Reduced inventory storage and holding costs
· Higher quality products (reduction in product defects)
· Increased customer satisfaction
· Increased employee motivation
· A reduction of waste and scrap
· Lower overall production costs
· Lower labor costs
· Increased manufacturing flexibility
Risks:
· Increased raw materials cost (sometimes)
· Disruption in raw material or direct labor supply can halt the production process leading to lost sales.
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Answer the following statements true (T) or false (F)
1. It’s not necessary to enter the interview with some level of trust because it can be established later in the interview process. 2. The length of time an interviewee talks in response to a question can show the interviewer how educated the person is. 3. Questions that only have two possible answers such as yes or no are called loaded questions. 4. Questions that are prepared before the interview even begins are called primary questions. 5. The opening phase of an interview contains two important aspects: establishing rapport and building credibility.
Which of the following would not be considered a limitation of simulation modeling?
A) Models are typically unstructured. B) Validation of simulation models can be difficult. C) The cost of building simulation can be prohibitive. D) Simulation allows flexibility in analyzing systems.
A business pays the social security tax at the same rate and on the same taxable wages as its employees.
Answer the following statement true (T) or false (F)
The proprietor of a boutique in New York wanted to determine the average age of his customers. A random sample of 25 customers revealed an average age of 28 years with a standard deviation of 10 years. Determine a 95% confidence interval estimate for the average age of all his customers. Assume the population of customer ages is normally distributed