Answer:
Number 2, number 3 and number 4 are incorrect
Explanation:
The following information is available for Bandera Manufacturing Company for the month ending January 31:
Cost of goods manufactured $306,090
Selling expenses 102,250
Administrative expenses 54,050
Sales 651,250
Finished goods inventory, January 1 73,590
Finished goods inventory, January 31 67,080
For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income
(a) Bandera Manufacturing Company Cost of Goods Sold January 31
(b) Bandera Manufacturing Company Gross Profit January 31
(c) Bandera Manufacturing Company Net Income January 31 Operating expenses: Total operating expenses
The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:
a. Purchased $48,300 of materials
b. Used $37,200 of direct materials production.
c. Incurred $55,500 of direct labor wages.
d. Incurred $78,200 of factory overhead. process to finished goods.
e. Transferred $129,900 of work
f. Sold goods for $232,300.
g. Sold goods with a cost of $103,400.
h. Incurred $59,400 of selling expenses .
i. Incurred $26,100 of administrative expense.
Using the information given, complete the following:
a. Prepare the January income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended January 31 Operating expenses: Total operating expenses
b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations. Digital Vibe Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods
Answer and Explanation:
1. The computation of cost of goods sold, gross profit, and net income is shown below:-
a. Cost of goods sold is
Bandera Manufacturing Company
Cost of Goods Sold
For the year January 31
Particulars Amount
Finished Goods Inventory, Jan 1 $73,590
Add: Cost of Goods Manufactured $306,090
Total Goods Available for Sales $379,680
Less: Finished Goods Inventory, Jan 31 $67,080
Cost of Goods Sold $312,600
b. Gross profit is
Bandera Manufacturing Company
Gross Profit
For the year Jan 31
Particulars Amount
Sales $651,250
Less: Cost of Goods Sold $312,600
Gross Profit $338,650
c. Net income is
Bandera Manufacturing Company
Net Income
For the year Jan 31
Particulars Amount
Gross Profit $338,650
Operating Expenses
Selling expenses $102,250
Administrative expenses $54,050
Less: Total Operating Expense $156,300
Net Income $182,350
2. a. The preparation of January income statement for Digital Vibe Manufacturing Company is shown below:-
Digital Vibe Manufacturing Company
Income Statement
For the Month Ended January 31
Particulars Amount
Sales $232,300
Less: Cost of goods sold $103,400
Gross profit $128,900
Less: Operating expense
Selling expense $59,400
Administrative expense $26,100
Total operating expense $85,500
Net income $43,400
b. The computation of Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances are shown below:-
Particulars Amount
Materials purchased $48,300
Less: Materials used for production $37,200
Ending balance of materials $11,100
Particulars Amount
Materials used for production $37,200
Add: Direct labor wages $55,500
Add: Factory overhead $78,200
The total cost of manufacturing $170,900
Less: Transferred to finished goods $129,900
Ending balance of work-in-process $41,000
Transfer from work-in-process $129,900
Less: Cost of goods sold $103,400
Ending balance of finished goods $26,500
You are a communication designer for a design company. Your team is working on a project designing an interior office space for an information technology company in New York City. The project is well underway, and your team has been working together for three months now. Formal leadership is no longer necessary because everyone is taking on leadership functions related to their roles. Your part of the project requires you to identify the communication needs of the client and to incorporate those needs into the design plans. In this case, the client needs wireless Internet access and a local intranet throughout the interior. You’ve already spoken to the supplier. Now you’ll need to talk to the teammate overseeing the building to make sure the contractor can handle the job. The two of you agree to meet with the contractor together. After meeting with the contractor, you report back to the rest of the team and smoothly adjust the project plan to accommodate the new information.
Norming
Answer choices:
Performing
Norming
Forming
Storming
This is incomplete because the question is missing, here is the missing question and options:
Which phase of team development does this situation describe?
A. Performing
B. Norming
C. Forming
D. Storming
The answer to this question is B. Norming
Explanation:
In team development, norming is the third stage in the process of creating a team and making its members work together. This stage occurs after members have known each other (forming) and had solved their problems (storming). Due to this, during this stage members are able to work together and there are clear roles, which facilitates communication and adaptation. This stage is the one described because roles have been defined "everyone is taking on leadership functions related to their roles" and it seems the integration after three months facilitates communication and changes "report back to the rest of the team and smoothly adjust the project plan."
Discuss examples of recent macropolitical risk events and the effect they have or might have on a foreign subsidiary. What are micropolitical risk events
Answer:
Explanation:
Micropolitical risk events are typically events that takes place which have effects on companies that are within a country and doesn't have effect on companies which are in foreign countries
An example was when Iraq was invaded by the United States. This resulted in a halt in international business within the countries.
There was a huge rise in gas price which affected individuals and firms as economic agents weren't prepared for the crisis. Other possible effects include:
• It can lead to dishonesty by the government officials.
• Barriers to economic development
• Forced sales of equity by companies.
A manager of a group encourages members of the group to take on additional responsibilities as they see the need. This is an example of:
Answer: role making
Explanation:
From the question, we are informed that a manager of a group encourages members of the group to take on additional responsibilities as they see the need. It should be noted that this is an example of role making.
Role-making simply shows how a person plays a particular role and how the person transforms the expectations expected from him or her into a concrete behavior.
It should be noted that role-making takes place in a setting whereby people negotiate the expectations significant for a role.
Rolling Hills Golf Course is planning for the coming golfing season. Investors would like to earn a % return on the company's of assets. The company primarily incurs fixed costs to groom the greens and fairways. Fixed costs are projected to be for the season. About rounds of golf are expected to be played each year. Variable costs are about per round of golf. Rolling Hills Golf Course has a favorable reputation in the area and, therefore, has some control over the sales price of a round of golf. Using a costplus pricing approach, what sales price should Rolling Hills charge for a round of golf to achieve the desired profit?
Answer: $80.24
Explanation:
They should sell at a rate that will ensure that their costs as well as returns expected are covered.
Sales Price per round of golf = (Costs + Return expected) / No. of golf rounds
Costs = Fixed costs + Variable costs
= 20,000,000 + ( 18 * 410,000 golf rounds)
= 20,000,000 + 7,380,000
= $27,380,000
Return expected = 12% * 46,000,000
= $5,520,000
Sales Price per round of golf = (27,380,000 + 5,520,000) / 410,000
= $80.24
With regard to New United Motor Manufacturing, Inc. (NUMMI), why did General Motors (GM) enter into a strategic alliance with Toyota?
Answer:
to learn the lean manufacturing system pioneered by Toyota
Explanation:
The main reason for this strategic alliance was in order for General Motors to learn the lean manufacturing system pioneered by Toyota. The lean manufacturing system is a methodology derived from Toyota's 1930 operating model "The Toyota Way" which focuses on minimizing waste within manufacturing systems while at the same time being able to maximize productivity. This provides a great benefit to any manufacturing company, hence why General Motors was interested.
George More is a participant in a defined contribution pension plan that offers a fixed-income fund and a common stock fund as investment choices. He is 40 years old and has an accumulation of $100,000 in each of the funds. He currently contributes $1,500 per year to each. He plans to retire at age 65, and his life expectancy is age 80.a. Assuming a 3% per year real earnings rate for the fixed-income fund and 6% per year for common stocks, what will be George’s expected accumulation in each account at age 65? (Do not round time value factors and round your final answer to the nearest dollar amount.)Fixed Income FundCommon Stock Fundb. What will be the expected real retirement annuity from each account, assuming these same real earnings rates? (Do not round time value factors and round your final answer to the nearest dollar amount.)Fixed Income FundCommon Stock Fundc. If George wanted a retirement annuity of $30,000 per year from the fixed-income fund, by how much would he have to increase his annual contributions? (Do not round time value factors and round your final answer to the nearest dollar amount.)
Answer:
a. Assuming a 3% per year real earnings rate for the fixed-income fund and 6% per year for common stocks, what will be George’s expected accumulation in each account at age 65?
Fixed Income Fund:
$100,000 x (1 + 3%)²⁵ = $209,377.79
$1,500 x 36.459 (FV annuity factor, 3%, 25 periods) = $54,688.50
total value = $264,066.29
Common Stock Fund:
$100,000 x (1 + 6%)²⁵ = $429,187.07
$1,500 x 54.865 (FV annuity factor, 6%, 25 periods) = $82,297.50
total value = $511,484.57
b. What will be the expected real retirement annuity from each account, assuming these same real earnings rates?
Contribution from fixed income fund:
$264,066.29 = annual payment x 11.938 (PV annuity factor, 3%, 15 periods) annual payment = $264,066.29 / 11.938 = $22,119.81
Contribution from common stock fund:
$511,484.57 = annual payment x 9.7122 (PV annuity factor, 6%, 15 periods) annual payment = $511,484.57 / 9.7122 = $52,664.13
c. If George wanted a retirement annuity of $30,000 per year from the fixed-income fund, by how much would he have to increase his annual contributions?
total fixed income fund = $30,000 x 11.938 = $358,140
difference in value = $358,140 - $264,066.29 = $94,073.71 / 36.459 = $2,580.26
difference in annual contributions = $94,073.71 /
The filing document, which requires the company to state: (1) the name of the proposed corporation, (2) types of activities the company will be involved in, (3) amount of capital stock, (4) number of directors, and (5) names and addresses of the directors, is called the corporate
Answer: Corporate Charter
Explanation:
The Corporate Charter is a very important document that a company must fill when incorporating a business.
Even though the details vary per company based on the type of company it is as well as its size, generally the following have to be included;
the name of the proposed corporation, types of activities the company will be involved in, amount of capital stock, number of directors, and names and addresses of the directors, is called the corporateA constraint with a positive slack value will have a positive dual price. will have a negative dual price. will have a dual price of zero. has no restrictions for its dual price.
Answer: will have a dual price of zero
Explanation:
In a problem relating to optimization, a slack variable is simply referred to a variable which can be added to the inequality constraint so that it'll be changed to an equality.
It should be noted that when a slack variable is introduce, the inequality constraint will have to be replaced by an equality constraint. A constraint with a positive slack value will have a negative dual price of zero.
There are some constraint that often affect the value of commodities. A constraint with a positive slack value will have a dual price of zero.
The value of the dual price for a constraint can have a positive slack value. When the slack variable value is zero, its dual value which is also called the shadow price is known to be positive.When the dual value is 10, it implies that the objective function value will increase by 20, when the right hand side value of the corresponding constraint improves by 2 units.
Learn more from
https://brainly.com/question/14934030
Which of the following M&A transaction equations is correct? Review Later Value created = Hard synergies + Soft synergies – Transaction costs Value created = Stand-alone value + Net synergies – Transaction costs Value created = Consideration (price paid) + Net synergies – Transaction costs Value created = Stand-alone value + Net synergies – Consideration (price paid)
Answer: Value created = Hard synergies + Soft synergies – Transaction costs
Explanation: M&A transaction equations refers to equations which are used to describe a merging and acquisition process. The value created refers to Return earned from a business beyond initi expectation. Synergies refers to increased efficiency derived from the contribution of resources. It occurs when joint valuation exceeds the sun of each individual's value.
Hard synergies refers to cost saving as a result of pooled resources.
Soft synergies is attributed to increased yield in profit due to higher revenue.
Transaction cost are expenses incurred towards the merging and acquisition process
There are different kinds of services offered. The M&A transaction equations that is correct is Value created = Hard synergies + Soft synergies - Transaction costs.
Mergers and acquisitions (M&A) is a simply known as a term that shows the the consolidation of companies or assets via the use of different types of financial transactions, such as mergers, acquisitions, consolidations, tender offers, etc.
In this Mergers and acquisitions, if a company takes over another and state itself as the new owner, the purchase is referred to as an acquisition.
Learn more about Mergers and acquisitions (M&A) from
https://brainly.com/question/4674740
An executive's company requires her to engage in a lot of long-distance travel. At first, after a long trip she would experience fatigue, uncontrollable sleepiness, and a disruption of her sleep-wake schedule that would continue for days. She probably was experiencing
Answer: Jet lag
Explanation:
Jet lag is a temporary sleep disorder that affects individuals who can travel across several time zones. In this case, the internal clock of the body doesn't conform to the new time zone thereby leading to a sleeping disorder.
An executive's company requires her to engage in a lot of long-distance travel. At first, after a long trip she would experience fatigue, uncontrollable sleepiness, and a disruption of her sleep-wake schedule that would continue for days. She probably was experiencing jet lag.
Answer:
Jet lag
Explanation:
Jet lag is a sleeping disorder that occurs when a person's internal clock is out of sync with a new time zone they travel to.
It occurs when people travel quickly accross time zones.
For example if one is used to sleeping every 12 hours and he travels accross 6 hours time zone, he will be feeling sleepy when there is daylight in the new location.
In the given scenario the executive is experiencing jet lag in form of fatigue, uncontrollable sleepiness, and a disruption of her sleep-wake schedule that would continue for days.
A hospital revenue bond issue is being underwritten on a negotiated basis. The offering consists of $20,000,000 par value of term bonds. The underwriter has agreed to a spread of $30.00 for each $5,000 bond. The manager has set the additional takedown at $12.00 per bond and the selling concession at $15.00 per bond. If a selling group member sells a $5,000 par value bond, the syndicate member earns:
A. $0
B. $12.00
C. $15.00
D. $27.00
Answer: B. $12.00
Explanation:
Normally the syndicate member is to earn both the additional takedown amount as well as the selling concession should they find the customers.
If a selling group finds the customers however as was the case here, the syndicate member will only earn the additional takedown amount of $12 per bond.
An assumption in the economic production lot size model is that there is storage capacity to hold the entire production lot. True False
Answer:
False
Explanation:
An assumption in the economic production lot size model is that there is storage capacity to hold the entire production lot. The statement is False.
What is the lot size model?The traditional economic production lot size (EPL) model makes the assumption that the production rate will always be consistent, rigidly regulated, and of perfect excellence.
On the basis of the requirements and preferences for the order and delivery of products and services, you utilize lot size planning to designate which demand amounts are to be made accessible in which buckets.
The economic order quantity model is generalized to account for the fact that demand for goods changes over time by using the lot-size model in inventory theory.
Therefore, the statement is False.
Learn more about lot size model, here:
https://brainly.com/question/28482756
#SPJ6
what would be the profit or loss to an investor who bought an october expiration tesla call option with an exercise price of 1300 if rtesla
Answer: -$200 or $200 loss
Explanation:
Profits are made on call options when the price of the underlying asset increases in value.
These contracts are sold per 100.
The premium paid is subtracted from the profit to find the net profit.
Net Profit = ( 1,301 - 1,300 - 3) * 100
= -$200
Item 1Item 1 Narchie sells a single product for $50. Variable costs are 60% of the selling price, and the company has fixed costs that amount to $486,000. Current sales total 18,500 units. If Narchie sells 29,000 units, its safety margin will be:
Answer:
$235,000
Explanation:
The computation fo the safety margin is shown below:
As we know that
Margin of safety = Expected sales - break even sales
where,
Expected sales is
= 29,000 units × $50
= $1,450,000
And, the break even sales is
= Fixed cost ÷ contribution margin per unit
= $486,000 ÷ ($50 - $50 × 0.60)
= $486,000 ÷ $20
= 24,300 units
And, the selling price is $50
So the break even sales is
= 24,300 units × $50
= $1,215,000
So, the safety margin is
= $1,450,000 - $1,215,000
= $235,000
In the short run, a monopolistically competitive firm continues to increase production _____ if it can at least cover its variable cost.
Answer:
Until Marginal Revenue = Marginal Cost
Explanation:
In the short run, a monopolistic ally competitive firm continues to increase production until MR = MC if it can at least cover its variable cost. This is the profit maximizing condition. If firm is able to cover his variable costs in short run, he should continue production.
If a firm produces a return on assets of 15 percent and also a return on equity of 15 percent, then the firm:
Answer:
No debt of any kind.
Explanation:
Then the firm has “no debt of any kind” because the company has the equity multiplier ratio is 1.
We have given the return on assets is 15 % and the same return is on the equity that is 15%.
Thus, the equity multiplier ratio can be calculated by dividing the total assets / total equity.
Equity mulitplier ratio = Total Assets / Total equity.
"a business that is part of the health care industry should expect regulations to come into play that"
Answer:
The health care industry is heavily regulated by federal and state legislation. Regulation plays a major role in the health care industry and health care insurance coverage. The various regulatory bodies protect the public from a number of health risks and provide numerous programs for public health and welfare.
The ROA for financial institutions such as banks is typically quite low as compared to non-financial firms. Why? With such a low ROA, how can banks attract stockholders?
Answer:
ROA = return on assets = income / average total assets
Banks are in the business of receiving money (liabilities) and lending money (assets), and their profit is made for the difference that they pay for deposits and the money that they charge for loans. That is why assets and liabilities are very large for banks, while equity tends to be very small compared to liabilities.
For example, the average debt to equity ratio for banks range from 2 to 3, depending on whether they are commercial or investment banks. Assuming a debt to equity ratio of 3, liabilities represent 75% of the banks assets while equity represents only 25%. That is why a small ROA can represent a large ROE (return on equity).
Which of the following statements is true about codes of conduct?
A. Few organizations have written ethical guidelines.
B. Codes are informal ideals about organizational expectations.
C. Codes are designed to resolve every ethical dilemma a company may face.
D. Codes are formal statements describing organizational expectations.
E. Codes are mostly standardized throughout all industries.
Answer:
D. Codes are formal statements describing organizational expectations.
Explanation:
A code of conduct can be defined as a set of agreed rules and regulations, which primarily comprises of what behavior is and isn't acceptable in an organization. Basically, a code of conduct is a formal well-written statements that governs how the employees working in an organization should act on a day-to-day or daily basis.
Hence, the true statement is that codes are formal statements describing organizational expectations.
Additionally, a code of conduct defines the core values, principles, mission, vision in accordance with standards of professional ethics.
Answer:
The answer would be letter C
Explanation:
Based on the information given to Jeffrey, he submits a report on January 1 with some important calculations for management to use, both for analysis and to devise an action plan. Which of the following statements in his report are true? Check all that apply. The company is using -$84.0 million in net operating working capital acquired by investor-supplied funds. The firm uses $1,036.0 million of total net operating capital to run the business. J&H Corp.’s NOPAT is $182.4 million, which is lower than the industry average of $228.0 million. The company has $511.0 million in operating assets and $595.0 million in operating liabilities. J&H Corp. has $98.4 million of net operating capital.
Answer:
Statements that are:
The company is using -$84.0 million in net operating working capital acquired by investor-supplied funds.
The company has $511.0 million in operating assets and $595.0 million in operating liabilities.
Explanation:
The above statements are true and agree with each other. The other statements do not agree with the above statements nor with one another. The name of the company where Jeffrey works is not indicated in the case. There is no evidence to support that the company uses $1,036.0 million of total net operating capital to run the business.
Discuss the corporate control of your business. Explain why your business in Mexico is exposed to agency problems
Answer:
Corporate Control and Agency Problems
For instance, Mr. Jones has a business in Mexico and hires professional managers, but he cannot be there to control their actions always. There are lots of agency problems because of the conflict of interests that is prevalent and the inexistence of goal congruence.
His corporate managers are his agents, as the stockholder. However, most times, these managers do not run the businesses they are entrusted with fiduciary duties in the best interests of Mr. Jones or the principals who appointed them to the positions. They carry out their own agendas and try to satisfy their selfish interests.
Explanation:
Is there any wonder Mr. Jones' business in Mexico is exposed to agency problems? The managers who are your agents will never, at all times, protect your interests in the business. They try as much as possible to satisfy their own interests. Where there is no goal congruence, managers will always expose their principals to agency problems. To curtail these problems, Mr. Jones and the other stockholders must devise means to align the interests of the managers with those of the stockholders. One of the ways of achieving this is through stock compensation and the limitation of compensation in cash.
An issue of common stock has just paid a dividend of $2.00. Its growth rate is equal to 4%. If the required rate of return is 7%, what is its current price
Answer:
$69.33
Explanation:
The current stock price in DDM = D1/r-g
Where D1= Dividend at year 1 = Current dividend (1+ growth rate)
D1= $2 (1+ 4%)= $2.08
R = Required rate of return= .07
Current Stock price= $2.08/0.07 - 0.04
Current Stock price= $2.08/ 0.03
Current Stock price= $69.33
Which of the following are known about the Business-IT relationship in organizations?
A. It tends to cluster into patterns
B. It is simple and trustful
C. Different expectations and accountabilities may lead tolack of trust.
D. It is a multifaceted interaction of people and processes
Answer:
Business-IT Relationships in Organizations:
C. Different expectations and accountabilities may lead to lack of trust.
Explanation:
But, this should not be allowed to prevail. There is the need to achieve a synergetic alignment between Business and IT in any organization. Aligning Information Technology to the business model and strategies is key in achieving milestones, goals, and the organization's missions. IT is a business-enabler. IT renders pivotal service to business and should be managed in so much that maximum value is derived from it, especially given the amount of capital that is being invested in IT in the present IT economy and landscape.
Hayim Accardi is the accounting manager for a small, local firm that has full- and part-time staff. How do FLSA guidelines regarding working hours apply to Hayim's employees?
Answer:
The answer is below
Explanation:
According to a Fair Labor Standards Act, FLSA, guidelines regarding working hours apply to Hayim's employees in the following ways:
1. All the workers, (either full time or part-time) is entitled to remuneration based on minimum wage.
2. All the employees should work based on the guideline regarding maximum hours
3. The minimum age is applicable to all the employees
4. Remuneration of the employees must be based on the applicable Pay rates
5. There must be mandatory break periods for all workers, regardless if it is full time or part-time workers.
1) Consider the market for underground bunkers, Zombie movies have caused a spike in demand. Jennifer's construction company has built 50 bunkers so far this year at a total cost to the company of $8 million. If the company builds a 51st bunker, its total cost will increase to $8.18 million. What is the marginal cost of the 51st bunker?
Answer:
2. Marginal cost is the additional cost to produce 1 more unit
Total cost of 50 bunkers= 8000000
Total cost of 51 bunkers= 8180000
So, marginal cost of the 51st bunker 180000
The market for underground bunkers, Zombie movies have caused a spike in demand. The marginal cost of the 51st bunker is $ 180000.
What do you mean by the marginal cost?The difference in total production costs caused by creating or producing one extra unit is known as the marginal cost in economics.
Divide the variation in production costs by the variation in quantity to determine marginal cost.
Finding the point at which an organization can realize economies of scale to improve production and overall operations is the goal of marginal cost analysis.
Here,
Calculation of Marginal cost:
Marginal cost is the additional cost to produce 1 more unit
Total cost of 50 bunkers = 8000000
Total cost of 51 bunkers = 8180000
So, marginal cost of the 51st bunker 180000
Therefore, the market for underground bunkers, Zombie movies have caused a spike in demand. The marginal cost of the 51st bunker is $ 180000.
To know more about the marginal cost, visit:
https://brainly.com/question/7781429
#SPJ2
Fallingstar, Inc. has 103,000 shares of common stock issued and outstanding, with a par value of per share. It declared a % common stock dividend; market value is per share. Which of the following is the correct journal entry to record the transaction?
a. debit Common Stock Dividend Distributable 51,154, debit Paid In Capital in Excess of Par-Common $196,606, and credit Retained Earnings $197.760.
b. debit Stock Dividends $197.760 and credit Cash $197.760.
c. debit Stock Dividends $197.760 and credit Paid - In Capital in Excess of Par-Common $197,760.
d. debit Stock Dividends $197.760, credit Common Stock Dividend Distributable 51.154, and credit Paid - In Capital in Excess of Par-Common $196,606.
Answer: debit Stock Dividends $197,760, credit Common Stock Dividend Distributable 1,154, and credit Paid - In Capital in Excess of Par-Common $196,606.
Explanation:
Here is the correct question:
Fallingstar, Inc. has 103,000 shares of common stock issued and outstanding, with a par value of $0.07 per share. It declared a 16% common stock dividend; market value is $12 per share. Which of the following is the correct journal entry to record the transaction?
The correct answer is debit Stock Dividends $197,760, credit Common Stock Dividend Distributable 1,154, and credit Paid - In Capital in Excess of Par-Common $196,606.
Stock dividend is calculated as:
= 103,000 × 16% × $12
= $197,760
Common stock dividend distributable is calculated as:
= 103,000 × 16% × $0.07
= $1153.6
= 1154
As the administrative manager in a law office, you have been asked to develop a system for evaluating the productivity of 15 lawyers in the office. What difficulties are you going to have in doing this, and how are you going to overcome it
Answer:
Simply counting number of cases won does not consider other factors like settlement, so a more robust system must be used
Explanation:
In a law firm there are different criteria that can be used to evaluate productivity of lawyers. These include number of cases won, the quality and expertise of opposing counsel, cases that are settled between clients, and number of cases processed.
Since simply counting one of these criteria is not sufficient, we need to get a system that considers them all.
Using a grading system that gives highest percentage score to wins for example 40%.
Cases against against opposing counsel where the lawyers performed well but lost can take a 10% share.
While number of cases processed and cases settled between clients can take 25% each.
This system will consider all the factors that affect performance of the 15 lawyers in the office
Explain the shift from artisan to factory worker, and discuss the factory system. What were the advantages and disadvantages
Explanation:
Note that an artisan is a person who uses his craftsmanship or craftswomanship to create products on a small scale that provide a small source of income. This shift occurred back in history during the Industrial Revolution which brought about so many inventions leading to a change in the production process. As the production process became more and more automated, former artisans became factory workers.
Advantages:
artisans were introduced into using efficient production equipment.artisans earned paid employmentDisadvantages:
remaining artisan workers could no longer compete becauseof the mass production ongiong in factories.factories became less concerned about the quality of goods, but of quantity.Which of the following would help in the creation of a visual workplace?
a) Arrows painted on the floor indicating the flow of the process
b) A standard operating procedures manual on file
c) Emailing staff to reinforce file naming conventions
d) A manager advising customers on how to return purchases
Answer:
a) Arrows painted on the floor indicating the flow of the process
Explanation:
A visual workplace is created when there are use of visual symbols to communicate and direct employees on how things are to be done.
Visual workplace has the advantage of always being available to direct employees on how to get things done.
Even when employees are working at some distance apart they can easily get directions on what to do as long as they can see the visual symbols.
For example arrows painted on the floor indicating flow process is a visual symbol that helps employee know the process flow of the operation