Examination Paper of Production and Operations Management
IIBM Institute of Business Management
Examination Paper
Production and Operations Management
Subject Code-B107
MM.100
Section A: Objective Type & Short Questions (30 marks)
This section consists of multiple choice & Short Notes type questions.
Answer all the questions.
Part one questions carry 1 mark each & Part two questions carry 5 marks each.
Part One:
Multiple choices:
1. Production and Operations Management concerns itself with the conversion of:
a. Outputs in to inputs
b. Inputs in to outputs
c. Outputs in to outputs
d. None of the above
2. Continuous Production is
a. The last operation to the finished product
b. The first operation to the
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It was estimated that 40 percent of the requested files were these “no hit” files requiring a search. Often these “no hit” files were eventually found stacked in the requester‟s office. The primary “customers” of the file clerks were underwriters and claims attorneys.
Underwriting
Company management and operations analysts were consistently told that the greatest problem in the company was the inability of file clerks to supply files in a speedy fashion. The entire company from top to bottom viewed the productivity and effectiveness of the department as unacceptable. An underwriter used
20-50 files per day. Because of their distrust of the files department, underwriters tended to hoard often used files. A count by operations analysts found that each underwriter kept from 100-200 files in his or her office at any one time. An underwriter would request a file by computer and work on other business until the file was received. Benson employed 25 underwriters.
Management Information System
Upper management was deeply concerned about this problem. The MIS department had suggested using video disks as a possible solution. A video disk system was found that would be sufficient for the companies needs at a cost of about $12 million. It was estimated that the system would take two years to install and make compatible with existing information systems. Another, less attractive was using microfilm. A microfilm system would require underwriters to go to a single
Historically, accounting was performed in columned ledger books and required hours to record relevant information. Each transaction was recorded in
Transactions include Existence or Occurrence, Valuation and Allocation and Presentation and Disclosure. For this purpose, Arthur Young should have inspected the records and documents, inquired, recalculated, reperformed and used analytical procedures. The types of evidence that should have been collected includes Client’s shipping documents, client prepared accounts receivable aging schedule, vendor invoices, comparisons of current year amounts with those from the prior year and management prepared financial statements and
Gioe Melaney is the general director of Southern Toro – a subsidiary company included in the distribution system of Toron Coporation in Galveston, Taxas.
I agree with your comments. You brought up a great point in your discussion. I only focused on the numbers, but you also talked about accountants keeping a record of nonfinancial information. After I read through the book, I learned that the nonfinancial information included “work schedules, store hours, and customer service policies” (Edmonds, Olds, & Tsay, 2008, pg. 4).
In the course of finding a respondent financially liable, a minimum of six memorandums are created and distributed. These documents
Financial records and files will be maintained in accordance with AT-FIN-P03 Accounting Records Retention and
For 37 (13.2%) of 279 manually-processed court documents to customer records reviewed the following errors occurred:
With Chase Home Finance, I was part of the Records Management and Document Control teams. I was responsible for receiving, tracking, imaging, and shipping of various types of loan documents. Documents were scanned and indexed by type for access through the ICON image retrieval system. For post-closing loan documents, I was used an AS/400 based application for document and file tracking purposes. I processed internal requests for documents, while ensuring that all non-public personal information was kept confidential.
(1) Clients.TheylooktotheFamilyOfficetoprovideappropriateinvestmentand/orfinancialreporting, tax and administrative services. They are concerned about return on investment, timeliness, accuracy, compliance, privacy, and risk management. Clients want to make sure that the cost of delivering these services is reasonable and fairly allocated among the various
Files will be assigned to modification staff for review and evaluation of all loss mitigation options according to and current active status.
and financial statements. This is alongside the cost of legal suits that may arise from time to
Each customer should have a file which includes their credit application and all correspondence that you send to the customer about anything. This, added to the invoices and payment history in the accounting system, will give you a comprehensive picture of the customer, their payment history, and creditworthiness.
•Part one questions carry 1 mark each & Part two questions carry 5 marks each.
To put it simply, our team aimed to start strong, investing in training and high benefits, with goals of continuing a strong initial quarter by reacting to each week as a new “start”. This turned out to be counterproductive, as our relatively massive spending in the first quarter of the first year had an adverse effect on our budget, effectively hamstringing us for the rest of the fiscal year. The business results were initially positive. Morale and productivity were high after the first quarter of year one, and we placed among the top three groups. This was the result of having put high focus and the majority of our funds towards benefits and training in the beginning. We were emboldened by these results and focused on mitigating future consequences of having to cut back on spending. As such, we decided to strategically under-hire, not realizing this would adversely affect absenteeism and product quality, as well as grievances. Since there were never enough workers to cover all the shifts workers became overworked which contributed to missing days of work, and also explains why they would be putting in less effort to ensure or double check the quality of all products (Steen, Noe, Hollenbeck, Gerhart, & Wright, 2016). We believed that our initial massive boost in benefits would compensate for not being able to afford a raise in wages. Our
3.1 For each hotel, what is the role of technology and the role of operations