Cellular Manufacturing (CM) refers to a manufacturing system wherein the equipment and workstations are arranged in an efficient sequence that allows a continuous and smooth movement of inventories and materials to produce products from start to finish in a single process flow, while incurring minimal transport or waiting time, or any delay for that matter. CM is an important ingredient of lean manufacturing. (1) What is Lean? Running an operation lean means: Removal of waste of all kinds (e...
Borealis is a chemical industry company, which belongs to the leading producers of polyolefins. The company was founded in 1994 through a merger of the petrochemical divisions of two Scandinavian companies. Characteristic attributes of the petrochemical industry are the high technology dependency and therefore also a high importance of allocation of resources. Besides the petrochemical industry is a very cyclical business, e.g. the input prices are highly volatile. In the following sections w...
The report is to prepare a functional budget of D Limit organisation for the year to 31 December 1994 including sales budget, production budget, material usage budget and production cost budget. The sales are often considered to be the principal budget factor of an organisation, D limited has to understand the principal budget factor and the sales forecast statistical techniques and the use of microcomputer. Functional Budgets Calculation of Budgets (Appendix) Sensitivity Analysis Principal B...
One of the major components in Malaysian Financial Reporting Standard 101 is financial statements. The financial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statement is to provide information about the financial position, financial performance and cash flow of an entity that is useful to a wide range of users in making economical decisions. Financial statements also show the result of the management's...
Earned value management is a project management tool used to measure the success of a given project at a certain point of time with the use of criteria such as scope, schedule and budget. It takes a critical look at factors such as whether the project is ahead or behind budget, whether the project is ahead or behind schedule or whether the actual work is getting done. Founded in the 1960's, earned value management has become a standard for US government departments when projects are undertake...
The LSC Corporation is considering investing in a new piece of machinery that will cost the firm £100,000. It will remain operational for eight years, and will be scrapped at the end of the eighth year. It will generate annual revenues of £70,000 over that period, and will incur annual costs of £50,000 over the same period. Its salvage value at the end of the eight years is £5,000. The company's cost of capital is 10 per cent and the firm has a tax rate of 36 per cent ...
IFRS has been developed to facilitate the integration of capital markets. The benefits arising from IFRS adoption, including reduced costs of capital and more liquid market, can only be obtained by "serious" adopters. Other than these two benefits, the convergence to IFRS provides more accurate analyst forecast, especially for mandatory adopters. In the process of implementation, IFRS is unlikely to improve the quality of a country's financial reporting if there are strong political influence...
Our company, Riordan Manufacturing is a global plastics manufacturer employing 550 people with projected annual earnings of $46 million. The company is wholly owned by Riordan Industries, a Fortune 1000 enterprise with revenues in excess of $1 billion. While the introduction of ethics into the curriculum is laudable, it really is not what corporate compliance is about. In a sense compliance is beyond ethics--not because compliance is a higher form of ethical behavior, but because compliance i...
According to the Robert Camp definition on benchmarking, its the search for company best practices which will lead to superior performance. The article has highlighted the importance of benchmarking practice which leads to continuous improvement in the organization performance. Moreover the authors mentioned the important of five steps in benchmarking such as: What to benchmark Select benchmarking partner Collect data and analyze it Goals for improvement Implement and monitor Benchmarking pra...
Introduction : Premier Inn is the UK's largest hotel brand, with over 40,500 rooms and more than 650 hotels. Originally opening under the "Travel Inn" brand name in 1987, it has been owned by Whitbread during its entire operation and was set up to compete with the Travelodge brand which was at the time owned by Forte. The company provides 70% of the total earnings of Whitbread. Premier Inn operates hotels at a variety of locations including city centers, suburbs and airports. The Premi...
