PRODUCTION MANAGEMENT II (PRODUCTION LOT SIZE MODEL)

ILLUSTRATION

Suppose a firm has an annual demand for goods produce at 6,500 units.  The set up cost for each production run is assumed to be N200.  Inventory carrying cost per unit per year is N3.20k, the production rate is 12,500 units per year.

Assume 250 operating days per year:

i.             Calculate the optimal production lot size

ii.            The length in days between the start of each production

iii.           The optimal numbers of production run 

SOLUTION:

PRODUCTION MANAGEMENT II (NON INSTANTANEOUS MODEL)

Q = Number of Pieces per order

Cc=Carrying Cost

P=Daily Production Rate

D=Daily Demand Rate

T=Length of The Production in days

Co=Order Cost

Please, kindly memorize the above.

Below is the formula for this topic:

Formula 1.           TC = Co  . P + Cc   . Q (1-d)

                                             Q              2      p

TC means Total Cost:  The dot, means multiplication.

Formula2: Q = √2CoD

                       Cc (1-d)

                                  P

Illustration:

Assume the values for the model parameters are as follows:

1.       Ordering cost per order = 0.50k

2.       Carrying cost per unit, inventory per year N100

3.       Annual demand = N4,900

4.       Annual production rate = N9,800 unit

MANPOWER PLANNING IN MANUFACTURING INDUSTRY (A CASE STUDY OF SEVEN UP BOTTLING COMPANY IDU YARD ABUJA.)

CHAPTER ONE

1.0        INTRODUCTION

1.1     Background of the problem

It is good to say that manpower is the power – house of any organization, because the effective success or failure of any organization lies on the hands of manpower, it is wise to asses all those things that will cause low productivity by manpower in the organization. Because, it is when these problems are noted that solution to them are provided that one can easily say that there is industrial harmony or peace in such industry. Even, it will equally extinguish strike, and other ways workers normally use to show – case their grievance which is also detrimental to an organization.

To spot- out those problems that act stumbling block to manpower in manufacturing industries on their ways to increase the level of productivity, and providing solution to those problems unveiled, can be said to be the main aim of embanking on this research work.

A good manager will plan for the welfare of the workers, for him to make good achievement for the organization without being partial. This research work must surely help organizations that are having problems with its manpower. It will equally guide and help any person, investors, and entrepreneurs that establish business.

The research work is basically on manufacturing industries

THE IMPACTS OF TOTAL QUALITY MANAGEMENT ON THE ORGANIZATIONAL PERFORMANCE: (A CASE STUDY OF FIRST BANK OF NIGERIA PLC, ABUJA)

                     

                             
 
                                                   CHAPTER ONE

INTRODUCTION

1.1BACKGROUND OF THE STUDY

Embarking on the total quality management (TQM) phenomenon is a call for organizational excellence. The phenomenon which started spreading like wild fire across the Globe in early 1980 has been spurred on by the fierce competitions raging between companies of Japan, North America and Europe.  Japan which occupies only 0.3 percent of the world’s land surface and has only 2.7 percent of the world’s population with no natural resources, recorded in early 1980 overall percent of the world’s gross national product. That was the period the Japanese were like to the American’s and Europeans by lending and selling quality products at prices lower than what it  was costing the Americans and Europeans to produce them.

THE ROLE OF FINANCIAL INSTITUTION IN ENHANCING BUSINESS ACTIVITIES (A CASE STUDY OF FIRST BANK OF NIG PLC, ABUJA)

   

CHAPTER ONE

INTRODUCTION

1.2     BACKGROUND OF THE STUDY

The stand of economic development is a total sum of all the effective and efficient business activities of the country either home or abroad.

There are vital roles, which the financial institutions have to play in this development.  The survival and future of a given nation is hooked on the volume of business activities of that nation, also the availability of fund for financing the activities is necessary.

The main purpose of financial institution is to aid private individuals and government to finance their business projects.  Financial institution could be seen as the pillar that causes business activities to progress.

There are financial institutions that deal with physical cash transaction, these institutions are known as banking system - for example First Bank Nigeria Plc and there are non-banking financial institutions that complement the activities of the financial institution of business activities.  

THE IMPACTS OF TOTAL QUALITY MANAGEMENT ON THE ORGANIZATIONAL PERFORMANCE: A CASE STUDY OF FIRST BANK OF NIGERIA PLC

                                              CHAPTER ONE

INTRODUCTION

1.1Background of the Study

Banks play their significant role in any economic system. They are intermediaries involved in transfer of funds within and outside the country. The banking sector is getting more competitive everyday, quality speed efficiency, innovation are the main joints on which quality programs are designed. All banks are engage in the same basic banking activities but it is the way of delivery of service that distinguishes one bank from another. All banks worldwide are considering quality in the strategic management.

Quality Management (QM), which is about total customer service and continuous customer satisfaction, is capable not only in the manufacturing industry but in service industry as well, where the customer is just as important. In fact, customers in the service industry are more sensitive to service quality and service delivery than in manufacturing industry because they are always in contact with the front-line service personnel, which is not the case with factory workers. These points of purchase contact or moments of truth” decide whether the customer will come back or shift to the next door competitors.

THE IMPACT OF TRADE LIBERALIZATION ON THE GROWTH OF NIGERIAN SMALL AND MEDIUM ENTERPRISES

ABSTRACT

This study reviews the impact of trade liberalization on the growth of Nigerian small and medium enterprises. The aim of the liberalized trade policy was to encourage competition and improve efficiency in the use of local resources; yet most Nigerian SMEs still find it difficult to compete and merely struggle to survive the liberalized economic environment in Nigeria.The objective of this study was to discuss whether trade liberalization has any impact on the growth of small and medium enterprises in Nigeria and to assess the significance of the impact of trade on the growth of SMEs in Nigeria.The study consists of various small and medium enterprises in Nigeria which were selected from the city of Abuja, covering different forms of business such as; Sole Proprietorship, Partnership, Private and Public Limited Companies and various kinds of businesses which include; Services, Manufacturing, Processing, etc.Some of the findings of this research are that; SMEs have played and continue to play significant roles in the growth, development and industrialization of many economies the world over, although in the case of Nigeria, SMEs have performed below expectation due to a combination of problems which ranges from attitude and habits of SMEs themselves through environmental related factors, instability of governments and frequent government policy changes.Based on these finding, the study recommends that all trade liberalization policies should be properly scrutinized to ensure that they favor the Nigerian SMEs and also the rules and control policies should be properly implemented to ensure checks and balances in Nigeria.

QUANTITATIVE ANALYSIS FOR MANAGEMENT DECISIONS - ONE OF THE COMMONE QUESTION

QUESTIONS:

Assume that Mr. X has already evaluated the potential profits associated with the various outcomes.  With a favorable market, 'X' thinks a large facility would result in a net of N200,000 to the firm. If the market is unfavorable, it would result to a net loss of N180,000. A small plant would result in a net profit of N100,000 in a favorable market, but a net loss of N20,000 would occur if the market was unfavorable. Finally, do nothing would result in a zero profit in either market. What alternative decision should Mr. 'X' adopt if each state of nature has a 0.50 chance?

ASSIGNMENT MODEL IN QUANTITATIVE ANALYSIS FOR MANAGEMENT DECISIONS

 

There are three steps in the assignment method:

Step 1. Find the opportunity cost table by;

   a. Subtracting the smallest number in each row of the original cost table        or matrix from every number in the that row; and 

b. then subtracting the smallest number in each column of the table obtained in part (a) from every number in that column 

Step 2. Test the table resulting from step 1 to see whether an optimal assignment can be made.  The procedure is to draw the minimum number  of vertical and horizontal straight lines necessary to cover all zeros in the table.  If the number of lines equals either the number of rows or columns in the table, then an optimal assignment can be made.  If the number of lines is less than the number of rows or columns, proceed to step 3.

Step 3. revise the present opportunity cost table.  This is done by subtracting the smallest number not covered by line from every other uncovered number. This same smallest number is also added to any number(s) lying at the intersection of horizontal and vertical lines. We then return to step 2 and continue with cycle until an optimal assignment is possible.

                                                               BUSINESS LAW

Question 1:

What is a contract and what are its essential element?

Answer:

A contract is an agreement made between two or more persons which the law will enforce, in other words, a contract is set of promises between two or more persons, which the law will enforce.  What distinguishes a contract  from other forms of agreement is the element enforceability. This means that if a party fails to honour or discharge his promise, the other party may take action to enforce it in the law court.

The elements of a contract are offer, acceptance, consideration and the intention to create legal relations, unless all the elements are present, there is no contract in law.  The elements will be considered one after the other.

Offer: - An offer is a proposition made by one part (Offeror) to another (Offeree) indicating his willingness to be contractual bound on certain terms provided that those terms are accented by that other party. An offer may be made expressly or implied from the conduct of a party, it may also be made to a particular person or to the public at large.  An offer was made to the public at large in Carlill v. Cabolic Smoke Ball Co.

Acceptance:  For a contact to exist, the offeree must accept all the terms of the offer without equivocation, qualification or addition.  An acceptance is the final expression of assent to the terms of an offer. Any qualification, modification or addition to the terms of the offer will amount to counter offer which destroys the original offer.  In Hyde v. Wrench, the defendant offered to sell an estate to the plaintiff for $1000 and the plaintiff  accepted to pay $950.  It was held that the plaintiff had rejected the original offer and that there was no longer any offer for him to accept. 

CORPORATE AND STRATEGIC MANAGEMENT – (500L BUSINESS ADMIN PAST QUESTIONS AND ANSWERS)

QUESTION NO. 3 BUS 418 2008/2009 SESSION

a.    What is a Business Environment?

b.    Discuss in detail the major characteristics of the environment.

SOLUTION TO QUESTION NO. 3a BUS 418 2008/2009 SESSION

BUSINESS ENVIRONMENT DEFINED

Business environment is the sum total of all external and internal factors that influence a business. You should keep in mind that external factors can influence each other and work together to affect a business. For example, a health and safety regulation is an external factor that influences the internal environment of business operations. Additionally, some external factors are beyond your control. These factors are often called EXTERNAL CONSTRAINTS. Let’s take a look at some key environmental factors.

CAPITAL BUDGETING DECISON IN BUSINESS FINANCE

Topic: Capital Budgeting Decision

1.                  The Sikah Company is considering two mutually exclusive projects.  For each project the depreciable value is equal to net investment straight line, depreciation (no salvage value) over a five year life is used in each case.  The firm has 10 percent cost of capital.

                 Project A                              Project B

Net Investment                   (N60,000)                                (N80,000)

1.                                       16,000                                     22,400

2.                                       16,000                                     24,000

3.                                       16,000                                     26,000

4.                                       16,000                                     20,000

5.                                       16,000                                     15,000

Required:

a.                  Calculate the average rate of return for each project:

b.                  Calculate the average and the actual payback period for each project

c.                   Calculate the net present value of each project

d.                  Calculate the profit ratio for each project

e.                  Calculate the Internal Rate of Return (to the nearest 1 per cent for each project)

f.                    Indicates which project you would recommend, and why.

AFRICAN POLITICS

1. Discuss fully the impact of colonialism on Africa

Answer:

Colonialism is the direct and overall domination of one country by another on the basis of state power being in the hands of a foreign power.  For example, the direct and overall domination of Nigeria by Britain between 1900-160.

Impact of Colonialism in Africa

The Major impact of colonialism in African is that it brought about the under-development of African territories in many different ways.  The colonial education was not rooted in African culture and therefore could not foster any meaningful development within the African environment because it had no organic linkage.   Colonial education essentially aimed at training clerks, interpreters, produce inspectors, artisans etc. which would help them in the exploitation of the Africa’s rich resources.  It did not aim at industrialization of African territories nor at stimulating technological development within the African environment.

Another impact of colonialism in African is the disarticulation of their economy.  Colonialism distorted African pattern of economic development in many different ways. 

COURSE OUTLINE FOR SOME COURSES IN BUSINESS ADMINISTRATION (200L)

BUSINESS FINANCE - BUS 217

- The function Of finance & Scope of financial management 

- Analyzing financial performance 

- Sources and uses of funds

- Ratio analysis 

- Budgeting 

- Working Capital management 

- management of cash & marketable securities 

- management of account receivable 

- inventory management

- cash budgeting 

Financial forecasting 

Proforma statement 

 

TOTAL QUALITY MANAGEMENT (TQM) IN PRODUCTION MANAGEMENT II 500L

Question:

Discuss the basic concepts of Total Quality Management?

Solution:

Concept Of Total Quality Management 

The concept of total quality management (TQM) is an approach to management that focuses on improvement in the quality of goods and services supplied to customers as the key to business success. 

It is defined as a continuous improvement process involving all employees.  From the management level to the workshop level in a total integrated effort dedicated to improving the performance at every level in the company. 

These improvements are performance directed to satisfy perceived cross-functional goals such as quality, cost, technical performance, schedules and human resource development.

A considerable body of empirical study suggests that the benefits of TQM include higher quality products, produced more efficiently, resulting in improved business performance.

CORPORATE & STRATEGIC MANAGEMENT-PAST QUESTIONS AND ANSWERS

For: Questions and answers email: theotherwomaninmarriage@gmail.com, you can also follow the blog on face book at israelugbo@gmail.com

Question:

Identify 3 (three) core areas of Corporate Strategy

Solution:

Corporate Strategy is concerned with complexity arising out of ambiguous and non-routine situation with organization-wide rather than operation-specific implications.  The strategic manager must develop a capacity to take an overview (hostility approach) of the situation facing the organization.  Not only must the strategic manager be capable of taking decisions about major issues facing the organization, he/she must also ensure that the strategy is implemented.  Corporate Strategy has three main elements within it as shown below:

COURSES FOR 2ND SEMESTER 500L BUSINESS ADMIN STUDENTS

For: Questions and answers email: theotherwomaninmarriage@gmail.com, you can also follow the blog on face book at israelugbo@gmail.com

Below are the courses for second semester – Business Administration Students 500L:

S/N	COURSE CODE	COURSE	CREDIT UNIT
1.	Bus 414	Organizational Behaviour	3
2.	Bus 416	Production Management II	2
3.	Bus 418	Corporate Planning & Strategy	3
4.	Bus 422	Management Information System	3
5.	Bus 420	Research Project	6

Warmest Regards.

ISRAEL O. UGBO

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