OPERATION MANAGEMENT
2nd Edition
ISBN: 9781260242423
Author: CACHON
Publisher: MCG
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Chapter 1, Problem 14PA
Summary Introduction
To determine: The option that is an inefficiency in the operations of bank due to variability.
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“As soon as the customer places an Order, it is received by the Sales department and a Sales Order is created. The Sales Order is sent to the Finance Department to check if the customer has any outstanding balance for more than 60 days. The AR Clerk at the Finance Department checks and sends the results back to the Sales Department. If there is an outstanding balance for more than 60 days, the Sales Department puts the Order on hold and notifies the customer. Otherwise, the Order Entry Clerk creates an Order Confirmation and sends it to the customer. Simultaneously a Picking List is generated and sent to the Order Fulfilment Department who picks up the next set of process steps. The Order Fulfilment Department receives the Picking List and determines which Warehouse is closest to the Customer location. The Picking List is sent to that Warehouse location. There, the items from the Picking List are picked. An Invoice is generated and printed. The items are packed along with the printed…
Which of the following situations would reduce inherent risk in relation to purchases?
Select one:
a. Hedging foreign currency exposure for purchases
b. No material errors were discovered last year in the audit of the purchases cycle
c. Conversion of the purchases accounting system to the latest version of the accounting package
d. The entity has very good controls over its purchases of raw materials.
Which of the following would be a transaction file?
customers
Sales invoices.
inventory
suppliers
Chapter 1 Solutions
OPERATION MANAGEMENT
Ch. 1 - Prob. 1CQCh. 1 - Prob. 2CQCh. 1 - Prob. 3CQCh. 1 - Prob. 4CQCh. 1 - Prob. 5CQCh. 1 - Prob. 6CQCh. 1 - Prob. 7CQCh. 1 - Prob. 8CQCh. 1 - Prob. 9CQCh. 1 - Prob. 1PA
Ch. 1 - Prob. 2PACh. 1 - Prob. 3PACh. 1 - Prob. 4PACh. 1 - Prob. 5PACh. 1 - Prob. 6PACh. 1 - Four regional less-than-truckload (LTL) carriers...Ch. 1 - Prob. 8PACh. 1 - Prob. 9PACh. 1 - Prob. 10PACh. 1 - Prob. 11PACh. 1 - Prob. 12PACh. 1 - Prob. 13PACh. 1 - Prob. 14PACh. 1 - Prob. 15PACh. 1 - Prob. 16PACh. 1 - Prob. 17PA
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- Services differ from products because Cannot be forecast Are subject to labor rates Are dependent on labor They cannot be weighed and usually require interaction with a companyarrow_forwardWhat are 3 important reasons to reconcile bank and credit card accounts at set dates?(Select all that apply) A. To verify transactions have the correct date assigned to them B. To verify that an account balance is within its credit limit C. To verify that all transactions have been recorded for the period D. To verify that previously reconciled transactions have not been changed since the last reconciliation E. To verify that the bank has not lost its connection to QuickBooks Onlinearrow_forwardConsidering the component of insurance, the traditional approach to demand works very well for health-care services. f O a. False O b. True tion aarrow_forward
- 31- Which one of the statements is relevant to the services? a. Services are perishable b. Services can be measured c. Services can be stored d. Services can be warehousedarrow_forwardWhich of the following statements about the just-in-time (JIT) system is true? a. When using the JIT system, a firm should protect itself against uncertainty by maintaining a reserve inventory at production and stocking points. b. The JIT system is used in situations where demand and forecasting are reliable. c. The JIT system is used in situations where inventory will be stored over significant periods of time. d. The JIT system raises inventory costs. Next page Desktop mpt3D113524&cmid%3D941798&page=D7 F10 F9arrow_forwardThis document is used primarily by owners/investors to verify the financial health of the organization. Uniform System of Accounts Balance Sheet Production Control Sheet Income Statementarrow_forward
- Which 3 of the following are benefits of electronic data interchange (EDI)? Saves money by eliminating need for paper-based transactions Creates a longer claims processing time frame Reduces risk of errors due to manual processes Saves time in the revenue cycle Requires additional clerical staff to process claimsarrow_forwardIdeally, you should take inventory of the consumer debt you have outstanding once a year. Group of answer choices a. True b. Falsearrow_forwardMr Smith is working as the director of credit collection department at SISHGC Building Supplies Limited. The credit collection department recently shifted from the legacy system to a new system that was installed four months ago. Mr Smith is not happy with this newly installed system. His complaint is that the data flow from the billing and account receivable departments is not occurring in the manner originally requested. Further, the updates to the database files are not occurring as frequently as he had envisioned. Thus, the hope that the new system would provide more current and timely information has not materialised. Mr Smith claims that the systems analysts spent three days interviewing him and other workers in his department. During that time, he and the other workers thought they had clearly conveyed their needs. At this stage, Mr Smith feels as if their needs were ignored, and their time was wasted. Required: Identify the issues in the system design process. How can these…arrow_forward
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