Lot sizing is selecting the _______ size of a batch of products to be manufactured to meet the ________ of the process. a) Smallest/demand b) Largest/supply c) Required/requirements d) Optimal/requirements e) None of the above
Breakeven Analysis
Break Even Analysis is a term used in business, cost accounting and economics. It refers to a point where the total cost incurred becomes equal to the total revenue earned. Break Even Analysis determines the number of units to be sold to earn the revenue required to cover the total costs. Total cost is a sum total of fixed and variable costs.
Process analysis
The term process analysis can be defined as breakdown of production process into different phases that converts inputs into output. A series of routine activities are incorporated using organizational resources with a view to achieve operational excellence.
Multiple choice question
7. Lot sizing is selecting the _______ size of a batch of products to be manufactured to meet the ________ of the process.
a) Smallest/demand
b) Largest/supply
c) Required/requirements
d) Optimal/requirements
e) None of the above
9. Identify the incorrect statement:
a) Capacity is a critical resource
b) Capacity is an infinite resource
c) Capacity is never constant
d) Capacity can be defined as a dimension of time
e) None of the above are incorrect
10. The break-even point is where:
a) Total income = Fixed cost + (variable costs x quantity produced).
b) Total costs = Fixed costs.
c) Variable costs x quantity produced = price per unit x quantity produced
d) None of the above
10. Aggregate planning decisions are __________ decisions defining the parameters within which an organisation will operate.
a) Strategic
b) Tactical
c) Top management
d) Stakeholder
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