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MATERIAL CONTROL
It is said that "any fool can sell"—it is buying at the right price that is more critical to the achievement of a satisfactory return on capital employed. Buying price is important of course, but buying the right materials, is equally important if production targets are to be achieved and investment in inventories to be minimized.What to order:
This is governed by product specifications, but an efficient buyer will always have his ear to the ground to discover new and substitute materials and components of advantageous quality and price. Other economies can be realized by reducing the variety of materials purchased by standardization, e.g. reducing the variety of colors of paint stocked, or by introducing value analysis into the decision process.
Stock-out costs These are the opportunity costs of running out of stock. They comprise: 1) The costs of lost customer sales, and therefore lost contribution to fixed costs.
What are the objectives of excellence teams and minicompanies? Did the companies achieve these objectives?estion #Minimum 100 words accepted#
In the earlier unit, we have studied how firms determine their requirements for current assets and manage their holdings in cash and marketable securities. Inside a classical manuf
Risk seeking: A risk seeker is a decision maker who is concerned in the best likely outcome no matter how small the chance that they might take place i.e. he takes high risks
Disadvantages of participatory budgets They consume more time and therefore are more expensive The advantage of management participation may be negated by failure t
Explain about Office and administrative expenses These expenses are not related to factory but they pertain to the management and administration of the business. Such expenses
Compute the equ units of production?
advantages of vertical balance sheet \
Differnetial cost analysis uses
You are charged with describing the important considerations in the decision-making process to upper management. In your response, be sure to include the following: • A descript
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