Podcast
Questions and Answers
What are differential costs?
What are differential costs?
Opportunity costs represent the potential benefits given up when choosing one alternative over another.
Opportunity costs represent the potential benefits given up when choosing one alternative over another.
True
Which of the following is a question related to controlling in supply chain management?
Which of the following is a question related to controlling in supply chain management?
What are the two types of costs that differential costs can be classified into?
What are the two types of costs that differential costs can be classified into?
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Decision making in human resource management includes evaluating if an employee's retention rate exceeds goals.
Decision making in human resource management includes evaluating if an employee's retention rate exceeds goals.
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The difference in revenue between two alternatives is called __________ revenue.
The difference in revenue between two alternatives is called __________ revenue.
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What is one question a manager might ask regarding planning in human resource management?
What is one question a manager might ask regarding planning in human resource management?
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Match the cost concepts with their definitions:
Match the cost concepts with their definitions:
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Decision making in supply chain management may involve whether to transfer production to an __________ supplier.
Decision making in supply chain management may involve whether to transfer production to an __________ supplier.
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Match the following management activities with their respective majors:
Match the following management activities with their respective majors:
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Study Notes
Cost Classifications for Decision Making
- Key objective in decision-making: Identify relevant versus irrelevant costs.
- Important concepts: Differential costs and revenues, opportunity costs, sunk costs.
Differential Cost and Revenue
- Differential costs (incremental costs): Differences in cost between two alternatives.
- Differential revenue: Difference in revenue between two alternatives.
- Both differential costs and revenues are relevant to decision-making.
- Can classify differential costs as fixed or variable.
Opportunity Cost
- Represents potential benefits forgone when selecting one alternative over another.
Supply Chain Management: Controlling
- Focus on budget management: Did spending match expectations for produced units?
- Measure effectiveness: Are goals to reduce defective units being met?
Supply Chain Management: Decision Making
- Strategic decisions include potential transfer of production overseas and redesigning processes to lower inventory levels.
Human Resource Management: Planning
- Budget considerations for occupational safety training and employee recruitment advertising are crucial for effective HR planning.
Human Resource Management: Controlling
- Monitor employee retention rates against established goals.
- Assessment of timely completion of performance appraisals.
Human Resource Management: Decision Making
- Considerations on hiring on-site medical staff to reduce healthcare costs.
- Decision on employing temporary versus full-time workers.
IMA Guidelines: Confidentiality
- Do not disclose confidential information unless legally required.
- Avoid using confidential information for unethical advantage.
IMA Guidelines: Integrity
- Avoid conflicts of interest and notify others of potential conflicts.
- Maintain ethical conduct to support positive organizational culture.
IMA Guidelines: Credibility
- Ensure fair and objective communication.
- Disclose any delays or deficiencies in information processing.
Business Process Management
- A business process consists of a sequence of steps to achieve a specific task.
- Functions in the value chain include R&D, manufacturing, marketing, and distribution.
Lean Production
- Lean production, or Just-In-Time (JIT) production: Goods produced in response to customer orders.
- Goods delivered when needed, minimizing unnecessary inventory.
Lean Production: Traditional Manufacturing
- Traditional approach: Produce goods in anticipation of sales and store in inventory until sold.
Lean Production: Benefits
- Lean production aligns produced units with units sold, reducing waste.
- Results in fewer defects, less wasted effort, and faster customer response times.
Leadership in Organizations
- Leaders unify employee behavior towards strategic goals and optimal decision-making.
- Influencing factors: Intrinsic motivation, extrinsic incentives, cognitive bias.
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Description
This quiz explores the concepts of reproduction and distribution in various contexts. Test your knowledge on the principles and practices associated with these topics, and understand their importance in different fields. Ideal for students and enthusiasts interested in the biological and ecological aspects of reproduction.
