PRODUCTION MANAGEMENT II (QUANTITY DISCOUNT MODEL) ILLUSTRATION

 

Emma and the rest of the class reps are considering organizing a dinner/award night for CDL business Administration Students for the year 2015 set.

The demand from the students is 10,000 units of awards, the quantity Emma is considering producing  is unknown, but the ordering cost by the students is N200.  The cost for producing one award is N50,000, due to the high cost of the ticket of 10% discount. 

As a potential manager, you are required to calculate:

i.                    Total Cost that will take to organize

ii.                  The optimum quantity of award each student is expected to go home  

FINANCIAL ACCOUNTING (ACC 311)

Topic:  ISSUE OF SHARES

Types of Shares

(1) Ordinary Share – these are the risk takers

(2)                Preference Shares – to be paid first because they are co-owners of the company and also take part in management

We have four types of preference shareholders:

a.   Redeemable – the company are obliged to pay

b.   Unredeemable – the company is not obliged to pay

c.    Accumulative preference shareholder –  this, the company will pay even if they did not pay in the current year.  Thereby it will accumulate and carried over to the next year where they will pay the accruals.

d.   Non accumulative preference shareholder –

TYPE OF ISSUES

1.    Public Issues – this is the type that is made public to everyone and subscribers can verify the prospectus to know if the company is strong enough. There is always 5 years financial statement

2.   Private placement – this is to selected persons

3.   Right issue – this is an issue of shares to shareholder of the company.  Those that are already have shares with the company.

4.   Bonus issue – this is like jara – compensating the existing share holders with more shares.

Shares could be sold at:

i.             At Par – this is the original price in the memo of association

ii.           At Premium – selling above At Per

COST ACCOUNTING-MATERIAL COSTING: TOPICS: - FIFO - LIFO - SIMPLE AVERAGE - WEIGHTED AVERAGE

We are going into practical directly-you can read theory on the following topics on your own:

TOPICS:

-      FIFO

-      LIFO

-      SIMPLE AVERAGE

-      WEIGHTED AVERAGE

QUESTION:

Onoriode Limited has the following transactions during April:

Opening Stock		40units	@N10 each
April 4	Bought	140 units	@N11 each
April 10	Used	90 units
April 12	Bought	60 units	@N12 each
April 13	Used	100 units
April 16	Bought	200 units	@N10 each
April 21	Used	70 units
April 23	Used	80 units
April 26	Bought	50 units	@N12 each
April 29	Used	60 units

Note: We you see bought, that means we have purchase goods.  Be it raw materials or finished goods.  Likewise, when you see used, it means we have sold or we have given out goods to customers.

FINANCIAL ACCOUNTING (ACC 311) Topic: ISSUE OF SHARES

Types of Shares

(1) Ordinary Share – these are the risk takers 

(2)                Preference Shares – to be paid first because they are co-owners of the company and also take part in management

We have four types of preference shareholders:

a.   Redeemable – the company are obliged to pay

b.   Unredeemable – the company is not obliged to pay 

c.    Accumulative preference shareholder –  this, the company will pay even if they did not pay in the current year.  Thereby it will accumulate and carried over to the next year where they will pay the accruals.

d.   Non accumulative preference shareholder –

BUSINESS COMMUNICATION - QUESTIONS AND ANSWERS

1.                  Business letter is an old method of sending message to those outside the organization.  Does it still have a place in the conduct of Business today?

Answer:

The relevance of Business letter to an organization today’s business world still be overemphasized.  In spite of the ever-growing use of telephone and other electronic media for business communication, the letter continues to play an important role in the conduct of business.  For example, letters provide the most personal, contact an organization has with its public, as well as other business organization or governmental agencies. 

Business letters are classified into the following:

(1)   Information letters

(2)   Problem letters

(3)   Goodwill letters

(4)   Sales letters

2.                  Design an effective communication strategy for the promotion of any industrial product of your choice.

MANAGERIAL ECONOMICS (THEORIES) QUESTIONS AND ANSWERS

1.                  Question: Briefly discuss the focus of Managerial economics to the best of your understanding.

Answer:    Define Managerial Economics: Managerial economics is best defined as applied microeconomics.  That is, managerial economics can be thought of as an application of that part of microeconomics focusing on those topics of greatest interest and importance to managers.  These topics include demand, production, cost pricing, market  structure and government regulation.

                  The Scope of Managerial Economics

                  Economics has two major branches (1) Microeconomics. Both micro and macro economics are applied to business analysis and decision-making directly or indirectly.  Managerial economics comprises, therefore both micro and micro-economic theories.

                  The areas of business issues to which economic theories can be directly applied may be broadly divided into two categories (a) operational or internal issues, and (b) environment or external issues.

MICRO ECONOMICS (THEORIES) QUESTIONS AND ANSWERS

Note: Answers are in Capitals and Bold.

1.                  The limited amount of time a person can devote to various activates each day and the fixed amount of labour available to an economy at a point in time are both examples of a  TIME AND LABOUR INPUT CONSTRAINT

2.                  In a market economy, the mechanism used to ration scare goods is PRICE

3.                  When the price of a good is above the equilibrium price a SURPLUS develops.  In  this case quantity demanded is LOWER than quantity supplied

4.                  According to the law of supply, the quantity supplied of a goods is POSITIVELY related to its Price

5.                  If we observe that when the price of a good is increased, the total revenue received form the good decreases, we can conclude that demand is ELASTIC

6.                  generally, the amounts of goods and services an individual can purchase, and therefore his benefits from consumption is limited by his INCOME

7.                  The marginal rate of substitution between two goods is measured by THE SLOPE OF THE INDIFFERENCE CURVE

( Marketing & Comparative Management:400L 2ND SEMESTER)

QUESTION:

(a)   What is Market Segmentation?

(b)  Differentiated, Undifferentiated and Concentrated Marketing

SOLUTION:

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them.

METHODS FOR SEGMENTING CONSUMER MARKETS

Geographic Segmentation

Marketers can segment according to geographic criteria, states, regions, , languages, cities, neighborhoods etc. The geo-cluster approach combines demographic data with geographic data to create a more accurate or specific profile.^[1] With respect to region, in rainy regions merchants can sell things like raincoats, umbrellas. In hot regions, one can sell summer clothing.

Demographic Segmentation

PROJECT AND PROJECT SCHEDULING IN PRODUCTION MANAGEMENT II (500L:2ND SEMESTER)

Question:

How can you define Project and Project Scheduling? Discuss briefly the special sources of problems involved in project implementation.

Solution:

A project can be defined as a scientifically evolved work plan, devised to achieve a specific objective within a specified period of time.

Projects differ in shape, nature, objective and complexity.  Every Project must necessarily conform to some three basic attributes of having:

-       

A source of action

-      Having specific objectives

-      Involving a definite time perspective

Hence, a project could best be conceived as a work plan devised through some elements of scientific investigation and analysis designed to achieve a set objective within a certain period. 

A number of techniques and mathematical tools like the Gantt and other Network techniques have been used to attempt a systematic analysis and management of projects with varying degrees of success and failure.

But associated with project management in modern times, are two key techniques adopted.  These are:

INTERNATIONAL BUSINESS (400L: 1ST SEMESTER)

QUESTION NO 1. BUS 419 2005/2006 SESSION

Introducing a new product to a host country requires a strategic approach.

a)      Explain the rationale for new product introduction.

b)       Itemize the developmental processes required for a new product introduction especially at international markets.

SOLUTION TO QUESTION 1. BUS 419 2005/2006 SESSSION

a)      Introducing a new product to a host country

A new product may be described as a different one from an existing product and is seen as new to the host country. Decisions required about the introduction of a new product include; decision about which product to introduce in which country. Decision about timing and sequence of introduction which product to whether to introduce it us it is marketed in the country (in the standardize form or to adapt it to the peculiar requirement of the hole country)

FINANCIAL ACCOUNTING (ACC 311: 400L - 1ST SEMESTER)

Topic:  ISSUE OF SHARES

Types of Shares

(1)   Ordinary Share – these are the risk takers 

(2)   Preference Shares – to be paid first because they are co-owners of the company and also take part in management

We have four types of preference shareholders:

a.      Redeemable – the company are obliged to pay

b.      Unredeemable – the company is not obliged to pay

c.       Accumulative preference shareholder –  this, the company will pay even if they did not pay in the current year.  Thereby it will accumulate and carried over to the next year where they will pay the accruals.

d.      Non accumulative preference shareholder –

TYPE OF ISSUES

1.      Public Issues – this is the type that is made public to everyone and subscribers can verify the prospectus to know if the company is strong enough. There is always 5 years financial statement

ENTREPRENEURSHIP DEVELOPMENT (400L: 1ST SEMESTER)

QUESTION 1:

Evaluate the effort of the government towards the promotion and development of entrepreneurship in Nigeria.

SOLUTION:

Government is a constituted body designed to take care of the general welfare of the people governed.  State of the economy is one of the ways by which a government measures how well his citizens are living.  If the economy is buoyant, this translates to good living habits and vice versa.  Due to slow nature of the rate of economic growth in the greater number of developing countries like Nigeria, the government has been known to assume the role of entrepreneurs by going directly into business enterprise in order to accelerate the slow rate of economic activities.

The Federal, State and Local governments are involved in almost all kinds of enterprise ranging from manufacturing, banking to transportation. 

It is general believed that one of the major reasons for government participation in all kinds of business enterprise is the relative shortage of innovators and risks takers known as entrepreneurs in Nigeria.  In support of this view, the former President of the World Bank once indicated in his speech.  The flow of sound, economically viable projects coming forward form many developing countries, today, is not enough to enable these countries to realize the growth rate within which it is in her capacity to attain.

BUSINESS LAW (400L - 1ST SEMESTER)

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.