Podcast
Questions and Answers
What is the total labor cost per day after the increase in labor-hours?
What is the total labor cost per day after the increase in labor-hours?
The material costs increase after switching to the new system.
The material costs increase after switching to the new system.
False
What is the total cost of the current system?
What is the total cost of the current system?
P4,500
The multifactor productivity increase after the changes is ____%.
The multifactor productivity increase after the changes is ____%.
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Match the following components with their respective costs:
Match the following components with their respective costs:
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What is the labor productivity before hiring a professional buyer?
What is the labor productivity before hiring a professional buyer?
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Multifactor productivity increased from 0.0077 to 0.0097.
Multifactor productivity increased from 0.0077 to 0.0097.
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What is the increase in labor productivity after hiring the professional buyer?
What is the increase in labor productivity after hiring the professional buyer?
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The new overhead expenses are P______ per day.
The new overhead expenses are P______ per day.
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Match the following productivity types with their definitions:
Match the following productivity types with their definitions:
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Which of the following best defines goods?
Which of the following best defines goods?
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How many titles are closed per day in the new system?
How many titles are closed per day in the new system?
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Production management is solely concerned with managing service production.
Production management is solely concerned with managing service production.
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The number of staff remained unchanged in both the old and new systems.
The number of staff remained unchanged in both the old and new systems.
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What is the primary focus of production control in operations management?
What is the primary focus of production control in operations management?
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What was the payroll cost for both the old and new systems?
What was the payroll cost for both the old and new systems?
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Operations management involves three main types of decisions: production planning, production control, and ______.
Operations management involves three main types of decisions: production planning, production control, and ______.
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What type of decision occurs at the production planning stage?
What type of decision occurs at the production planning stage?
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Match the following individuals with their definitions of production management:
Match the following individuals with their definitions of production management:
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Collins Title Company's new system allows for processing more titles per day than previously possible.
Collins Title Company's new system allows for processing more titles per day than previously possible.
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What is included in the inputs for production management?
What is included in the inputs for production management?
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Study Notes
Production and Services
- Goods: Tangible products that can be seen, touched, or consumed.
- Services: Intangible activities that may complement goods but do not produce physical products directly.
Production Management
- Focuses on decision-making concerning production processes.
- Aims to produce goods/services according to specifications, in quantity, schedule, and at minimum cost.
- Involves planning and regulating operations to transform materials into finished products.
Operations Management
- Encompasses three main types of decisions:
- Production Planning: Determines the "where," "when," and "how" of production; involves site selection and resource acquisition.
- Production Control: Focuses on quality control, cost management, scheduling, and daily operations of production facilities.
- Improving Production and Operations: Develops more efficient methods for producing goods/services.
Productivity Measurement
- Can be assessed using various metrics including labor, capital, energy, and material usage.
- Examples illustrate the calculation of productivity changes with new systems or processes.
Example Cases
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Collins Title Company: Shift from processing 8 titles to 14 titles per day resulted in labor productivity increase from 0.25 to 0.4375 and multifactor productivity increase from 0.0077 to 0.0097.
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Modern Lumber, Inc.: Plans to hire a professional buyer to improve log quality, potentially raising production from 240 crates per 100 logs to 260 crates, increasing labor productivity from 0.8 to 0.844 crates/labor-hour (5.5% increase).
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Multifactor Productivity Analysis:
- Current total daily costs before improvement = P4,500, after hiring a buyer = P4,580.
- Overall multifactor productivity increased by 6.6% from 0.0533 to 0.0568.
Reinforcement Tasks
- Describe contributions of four key individuals in operations management theory and techniques.
- Outline organizational functions in operations, finance/accounting, and marketing for specified establishments (newspaper, drugstore, college library, school) using an organizational chart format.
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Description
Explore the fundamental concepts of production management, focusing on the differences between goods and services. Understand how decision making influences the production processes to meet specifications and required quantities. This quiz will help reinforce key terminology and principles in production management.
