The impact of induction on coep
what goods and services should be produced? economics Help Asapp
The goods and services should be produced according to the economics, "it depends upon allocation of resources, which involve uses of scarce resources".
In the economics, this decision is usually made by market forces through the interaction of supply and demand.
Businesses and individuals produce goods and services that they believe will be in demand in the marketplace.
If the demand curve for the product or services increase in the marketplace on the based goods and services which involves the uses of resources and consumers choose which goods and services to purchase based on their needs and preferences.
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1. The correct order of steps in controlling is:
a. establish standards, take corrective action, measure performance
b. establish standards, measure performance, take corrective action
c. measure performance, establish standards, take correction action
d. none of the above
2. Which of the following are activities in controlling?
a. forecasting, setting objectives, action planning, administering policies, establishing procedure
b. setting performance standards, evaluating/documenting/correcting performance
c. selecting organizational structure, delegating, establishing working relationship
d. deciding, communicating, motivating, selecting/developing people
1. The correct sequence of control actions is b. set standards, measure performance, and take remedial action.
Answers to the aforementioned questions1. This is due to the fact that, in order to regulate performance, standards must first be created, then performance must be tested against those criteria, and finally corrective action can be performed if the performance does not reach the established standards.
2. The right answer is b. Controlling activities include setting performance standards and evaluating/documenting/correcting performance.
Controlling entails monitoring and analyzing performance against predefined standards, as well as taking corrective action as needed.
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What method should you use to come up with a stretch goal?
Select an answer:
a) 80/20
b) one-third two-third
c) one to one
d) 50/50
The method that should be used to come up with a stretch goal is a) 80/20.
What is the 80/20 method?The problem-solving technique, commonly known as the Pareto principle or 80/20 method, implies that 20% of the causes are responsible for 80% of the effects. To attain a challenging yet feasible target, this philosophy emphasizes concentrating on those 20 percent activities that trigger substantial results in goal-setting.
The 80/20 approach enables you to pinpoint the key areas that exert the biggest impact and prioritize them while striving towards your objectives. By emphasizing the most pertinent elements, one can optimize their resources and increase odds of success. This way, a tussle can be created that remains achievable through calculated focusing on the vital aspects capable of generating the best outcome.
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Tesar Chemicals is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable. The CEO believes the IRR is the best selection criterion, while the CFO advocates the NPV. If the decision is made by choosing the project with the higher IRR rather than the one with the higher NPV, how much, if any, value will be forgone, i.e., what's the chosen NPV versus the maximum possible NPV? Note that (1) "true value" is measured by NPV, and (2) under some conditions the choice of IRR vs. NPV will have no effect on the value gained or lost. WACC: 6.75% 0 1 2 3 4 CFS -$1,100 $550 $600 $100 $100 CFL -$2,700 $650 $725 $800 $1,400
Project L has higher NPV
Value foregone=224.3065039-86.20358424=138.1029197
How to find the IRR of the ProjectIRR of Project S=IRR({-1100;550;600;100;100})=12.2416%
IRR of Project L=IRR({-2700;650;725;800;1400})=10.7118%
Project S has a higher IRR
NPV of Project S=NPV(7.5%,{-1100;550;600;100;100})*(1+7.5%)=86.20358424
NPV of Project L=NPV(7.5%,{-2700;650;725;800;1400})*(1+7.5%)=224.3065039
Project L has higher NPV
Value foregone=224.3065039-86.20358424=138.1029197
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You are looking for ways to save money when it comes to feeding your family. What is the MOST helpful way to cut back on food expenses? A. Order restaurant food to be delivered to your home. B. Go to a sit-down restaurant for most meals. C. Prepare foods from scratch at home. D. Buy ready-to-eat, pre-made meals.
Answer:
C: Prepare foods from scratch at home
Explanation:
I just took the test on edmentum and it was correct:)
Prepare foods from scratch at home: most helpful way to cut back on food expenses. Thus, option C is the correct option.
Almost every food you prepare from scratch will be cheaper and healthier than its processed, canned, or frozen counterpart. In fact, it will surpass the majority of restaurant fare. Homemade food is more affordable, tastier, healthier, and environmentally friendly.
The flavorful texture of home-cooked dry beans, the scent of baked bread, and the delight of licking the beater after making chocolate frosting are just a few of the pleasures that come with cooking at home while saving expenses.
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What did Corrie mean when she observed that "life in Ravensbruck took place on two separate levels"? Write a 5-8 sentence paragraph describing these levels. Give examples from the story of at least three events or things from each level. You should have six total examples.
Corrie meant when she observed that "life in Ravensbruck took place on two separate levels that the two places are the observable and the spiritual.
The "observable, external life" was characterised by unimaginable cruelty, hardship, and daily humiliation, and it got progressively worse every day. For the inmates, it was a level of hardship, pain, and mortality that was all too real. In the second level, which was spiritual, inmates may discover joy despite suffering, bravery, and even hope.
Because of their faith in God's love and mercy, Corrie and her sister Betsy managed to forge a little community of support and faith among their fellow prisoners. The difference between the camp's physical reality and the spiritual world that inmates can build for themselves is brought out in Corrie's statement.
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In a market economy, decisions about which goods are produced are based
on:
OA. what businesses believe will generate the most profits.
B. what the local community has made for generations.
C. what the government decides is important for society.
O
D. what health care organizations suggest will be best for citizens.
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The form below shows the amounts that appear in the Earnings to Date column of the employees' earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the cumulative earnings for each worker as of October 4, the company's last payday. The form also gives the gross amount of earnings to be paid each worker on the next payday, October 11.
In the state where Unger Company is located, the tax rates and bases are as follows:
Tax on Employees:
FICA—OASDI 6.2% on first $137,700
FICA—HI 1.45% on total earnings
SUTA 0.5% on first $8,000
Tax on Employer:
FICA—OASDI 6.2% on first $137,700
FICA—HI 1.45% on total earnings
FUTA 0.6% on first $7,000
SUTA 1.8% on first $8,000
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Open spreadsheet
In the appropriate columns of the form shown below, do the following:
1. Compute the amount to be withheld from each employee's earnings on October 11 for (a) FICA—OASDI, (b) FICA—HI, and (c) SUTA, and determine the total employee taxes.
2. Record the portion of each employee's earnings that is taxable under FICA, FUTA, and SUTA, and calculate the total employer's payroll taxes on the October 11 payroll.
If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Enter the tax rates as decimals, carried out to four decimal places when required.
UNGER COMPANY
Gross Taxes to Be Withheld from
Employees' Earnings Under Employer Taxes: Portion of Employees'
Earnings Taxable Under
Earnings to Earnings FICA FICA
Employee Date Oct. 11 OASDI HI SUTA OASDI HI FUTA SUTA
1. Weiser, Robert A. $137,915 $2,070 $fill in the blank 2
$fill in the blank 3
$fill in the blank 4
$fill in the blank 5
$fill in the blank 6
$fill in the blank 7
$fill in the blank 8
2. Stankard, Laurie C. 14,765 270 fill in the blank 9
fill in the blank 10
fill in the blank 11
fill in the blank 12
fill in the blank 13
fill in the blank 14
fill in the blank 15
3. Grow, Joan L. 4,075 270 fill in the blank 16
fill in the blank 17
fill in the blank 18
fill in the blank 19
fill in the blank 20
fill in the blank 21
fill in the blank 22
4. Rowe, Paul C. 8,190 215 fill in the blank 23
fill in the blank 24
fill in the blank 25
fill in the blank 26
fill in the blank 27
fill in the blank 28
fill in the blank 29
5. McNamara, Joyce M. 7,480 190 fill in the blank 30
fill in the blank 31
fill in the blank 32
fill in the blank 33
fill in the blank 34
fill in the blank 35
fill in the blank 36
6. O'Connor, Roger T. 137,650 1,760 fill in the blank 37
fill in the blank 38
fill in the blank 39
fill in the blank 40
fill in the blank 41
fill in the blank 42
fill in the blank 43
7. Carson, Ronald B. 8,875 280 fill in the blank 44
fill in the blank 45
fill in the blank 46
fill in the blank 47
fill in the blank 48
fill in the blank 49
fill in the blank 50
8. Kenny, Ginni C. 4,290 150 fill in the blank 51
fill in the blank 52
fill in the blank 53
fill in the blank 54
fill in the blank 55
fill in the blank 56
fill in the blank 57
9. Devery, Virginia S. 57,075 650 fill in the blank 58
fill in the blank 59
fill in the blank 60
fill in the blank 61
fill in the blank 62
fill in the blank 63
fill in the blank 64
10. Wilson, Joe W. 3,635 235 fill in the blank 65
fill in the blank 66
fill in the blank 67
fill in the blank 68
fill in the blank 69
fill in the blank 70
fill in the blank 71
Total employee taxes
To compute the total employee taxes for each employee, we need to calculate the amount to be withheld from each employee's earnings on October 11 for FICA-OASDI, FICA-HI, and SUTA. We also need to determine the portion of the employee's earnings that is taxable under FICA, FUTA, and SUTA.
For FICA-OASDI, we multiply the employee's taxable earnings by 6.2% up to the annual limit of $137,700. For FICA-HI, we multiply the employee's total earnings by 1.45%. For SUTA, we multiply the employee's taxable earnings by 0.5% up to the state limit of $8,000.
The portion of the employee's earnings that is taxable under FICA, FUTA, and SUTA is as follows: FICA-OASDI and FICA-HI apply to all of the employee's earnings, while FUTA and SUTA apply only to the first $7,000 and $8,000 of earnings, respectively.
To calculate the total employee taxes, we add up the amounts withheld from the employee's earnings for FICA-OASDI, FICA-HI, and SUTA.
After performing these calculations for each employee, we can record the results in the appropriate columns of the form shown above FICA-OASDI,. The total employee taxes for all 10 employees can then be calculated by adding up the individual employee taxes.
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Why is interest, expense ignored when computing return on net operating assets (RNOA)?
Answer:
Interest expense is excluded from the Return on Net Operating Assets (RNOA) calculation as it is seen as a financing activity, not an operating activity. RNOA measures a company's operating assets' ability to generate profits without taking into account financing decisions like interest expense. This exclusion ensures a more accurate view of a company's ability to make profits from its core business. Additionally, this allows for better comparisons between companies with different financing structures or interest rates. In summary, RNOA is a valuable measure of a company's profitability from operating activities, and the exclusion of interest expense ensures that the measure reflects the company's core business performance.
1
In addition to their criminal activities, what is another way in which street gangs MOST often pose a threat to society?
OA. making crime look glamorous on television shows
OB.
hurting bystanders during conflicts with rival gangs
O c.
causing accidents on the road with other bikers
OD. committing drug-related crimes around the world
Answer:
In addition to their criminal activities, the way in which street gangs MOST often pose a threat to society is by hurting bystanders during conflicts with rival gangs. Gang violence can result in innocent bystanders being injured or killed, causing fear and instability in affected communities. While gang-related media can glorify and romanticize gang culture, it is not the most common way in which street gangs pose a threat to society. Street gangs may also be involved in drug-related crimes and other illicit activities that can have harmful effects on individuals and communities, both locally and globally. However, direct violence towards innocent bystanders is the most pressing concern.
What is the term used to describe the levels of bureaucracy and hierarchical organizational structures
Answer:
Below
Explanation:
The term used to describe levels of bureaucracy and hierarchical organizational structures is "hierarchy" or "hierarchical structure". This refers to a system of organizing people and tasks in which each person or group is ranked above or below others based on their relative authority, status, or power. In a hierarchical structure, there are usually multiple levels of authority, with each level having its own set of responsibilities, duties, and decision-making powers. The highest level is typically occupied by top executives or managers, while the lower levels are filled by employees with progressively less authority and responsibility.
In March 2022, Samsung was the market leader with 48.12% of the market share mobile device vendors in South Africa. Evaluate whether such a high market share for one company is in the consumers' interest. Use appropriate diagrammatic analysis to support your answer.
Samsung's high market share in the mobile device vendor market in South Africa, at 48.12%, may not necessarily be in the consumers' interest.
What is Samsung?Samsung is a multinational electronics company based in South Korea. It produces a wide range of products including smartphones, televisions, home appliances, and semiconductors.
A high market share for one company can lead to reduced competition, which can result in higher prices and less innovation. It can also limit consumers' choices by reducing the number of options available to them. Moreover, a high market share can also lead to a monopolistic situation where a company can dictate terms to consumers.
Therefore, Samsung's high market share in the mobile device vendor market in South Africa, at 48.12%, may not necessarily be in the consumers' interest.
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Controlling is required in ____________ level of management.
a. higher
b. middle
c. lower
d. all
You are a media liaison officer for the sporting brand Hi-Tech. You have been tasked with
developing a social media campaign to promote and create awareness for Hi-Tech’s ‘One’
campaign. Based on the information provided in the article, choose a social media platform
(only one) that you feel will be most suited for achieving success. Your discussion must
include the following:
2.1 Outline a mission and vision statement that you will use to guide your social media
campaign. (10)
2.2 Outline the main objectives that you feel need implementing for a successful social media
campaign. (5)
2.3 Motivate and discuss why your chosen social media platform is the most appropriate
means of communicating the main objectives outlined in the article about Hi-Tech’s ‘One’
campaign. (15
The social media platform that has been chosen is Ins tag ram here
How to to write the mission2.1 Mission and Vision Statement:
Our mission is to generate awareness of Hi-Tech's 'One' initiative by conveying its devotion to sustainability and social responsibility via alluring, instructional social media facets. We aspire for Hi-Tech to be viewed as a pioneer in responsible sporting label and provoke our patrons to make eco-memorable choices when purchasing products.
2.2 Main Objectives:
The overall goal here focuses on increasing recognition of the 'One' campaign where possible while targeting a vast audience of Inst agram users resulting in potentially gaining new customers. Besides, we plan to teach buyers on how environment-friendly products are beneficial, and how Hi-Tech's 'One' business aids this movement. Finally, appealing to customers to create user-generated content relating to the given message with the aid of hashtags will help us increase engagement.
2.3 Choice of Social Media Platform:Considering the objectives at hand, we discern Ins tagram as being especially significant. It brews a perfect platform to present Hi-Tech's sustainable goods through illustrative posts that are going to fascinate and engage buyers. With more than 1 billion active users, this will grant us access to an even larger demographic to execute these strategies smoothly.
Moreover, features such as Inst agram Live and Stories shall be deployed for users to learn about environmental advantages through captivating interactive content matching Hi-Tech's funding to sustainability. Above all, it enables us to influence consumer's habits through inviting contributions to the 'One' motto with hashtags deliberately presented. Cumulatively, Inst agram proves to be best suitable online stage to eventually accomplish the set objectives attached to Hi-Tech's 'One' initiative.
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On September 30, 2024, the company paid its landlord $12,400 representing rent for the period September 30, 2024, to September 30, 2025. Digital Controls debited prepaid rent at the time the rent was paid.
The journal entries to record rent and prepaid rent at September 30, 2024 are:
Direct Debit: Prepaid Rent $12,400
Credit: $12,400 cash
This journal shows that the company paid $12,400 in cash, which is a current asset, and prepaid rent, which is an asset. Prepaid rent indicates that the organization has paid rent in advance for the next year from September 30, 2024 to September 30, 2025.
Over time, the prepaid rent account is increased each month by recording an adjustment representing the amount of rent "used" for that month. At the end of the year, the prepaid rent account has a balance of $0 and rent expense is recorded for the entire year.
March/2023/1 Receive a cheque from Guria Ltd K700.
requirement do double entry
Assuming Cheque received from a customer
1-Mar-2023
DR Bank
CR Accounts Receivable (Guria Ltd K700)
(Recoded receipt of cheque from customer)
What is Double Entry?Double entry is the initial entry that is recorded to record the daily transactions of a company, these transacttions are accumulated at the end of a month or a period and are converted into a trial balance, this trial balance eventually help in the preparation of an Income statement and Balance Sheet.
The cheque is received from Guria Ltd that needs to be deposited into bank and the above entry is to be recorded.
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Drag each label to the correct location on the image.
Match the financial certifications to their specializations.
insurance planning
retirement planning
investment analysis
financial management
Certified Financial
Planner (CFP)
estate planning
accounting
Chartered Financial
Analyst (CFA)
public accounting audit
Certified Public
Accountant (CPA)
The correct certifications have been dragged to their specializations
How to classify the certifications and specializationsinsurance planning - Certified Financial Planner (CFP)
retirement planning - Certified Financial Planner (CFP)
investment analysis - Chartered Financial Analyst (CFA)
financial management - Certified Financial Planner (CFP)
estate planning - Certified Financial Planner (CFP)
accounting - Certified Public Accountant (CPA)
public accounting audit - Certified Public Accountant (CPA)
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on 14 ed out of 2 9 on Mike is the CEO of of Safety Xpress, a company specialising in road safety equipment. As part of the top management team at Safety Xpress, Mike is focusing on increasing his .....skills as this is the most important skill needed at top level management. O a technical O b. behavioural Oc. conceptual Od. interpersonal
As part of the top management team at Safety Xpress, Mike is focusing on increasing his conceptual skills as this is the most important skill needed at top level management. The Option C.
Why is conceptual skill important for top-level management?This refers to ability to think strategically and understand how different parts of an organization work together to achieve its goals. The skill involves analyzing complex situations, identifying pattern and developing solutions to achieve long-term objectives.
For the top-level management, this conceptual skill is crucial as they are responsible for the overall direction of the organization. They also need to have a broad understanding of the organization and its environment to make strategic decisions that will ensure the organization's success.
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Bacardi Company established a $150 petty cash fund with Eminem as the petty cashier. When the fund
balance reached $19 cash, Eminem prepared a petty cash payment report, which follows.
Answer:
Petty Cash Fund at the beginning = $150 Petty cash fund balance reach = $19 Total expenditure (150 – 19) = $131 And Expenditure shown $120 Cash short and over (131 – 120) = $19 Journal Entries Date Accounts title and explanation Debit Credit
Explanation:
80% shur
1. The correct order of steps in controlling is:
a. establish standards, take corrective action, measure performance
b. establish standards, measure performance, take corrective action
c. measure performance, establish standards, take correction action
d. none of the above
2. Which of the following are activities in controlling?
a. forecasting, setting objectives, action planning, administering policies, establishing procedure
b. setting performance standards, evaluating/documenting/correcting performance
c. selecting organizational structure, delegating, establishing working relationship
d. deciding, communicating, motivating, selecting/developing people
Share one important realization about communication for engineers and law enforcers that you got from the Lecture Notes for this Module. Explain in no less than ten sentences.
Answer:
In the Lecture Notes for this Module, I learned an important realization about communication for engineers and law enforcers, which is the importance of clear and concise communication. As engineers and law enforcers often deal with complex and technical information, it is crucial that they are able to communicate this information effectively to others.
One key aspect of clear and concise communication is using appropriate terminology and avoiding jargon. Engineers and law enforcers often use technical terms that may not be familiar to others, and using these terms can lead to confusion and misunderstandings. Therefore, it is important to use language that is clear and easily understandable to the intended audience.
Another important aspect of communication is listening actively and asking questions. Engineers and law enforcers should be able to listen to others' perspectives and concerns, and ask questions to clarify any points that are unclear or confusing. This can help to build trust and improve collaboration, which are crucial for success in both fields.
In addition, it is important to tailor communication to the specific situation and audience. For example, in law enforcement, officers may need to communicate with people from diverse cultural backgrounds or those who have limited English proficiency. In such cases, officers may need to use nonverbal communication, gestures, or other forms of communication to convey their message effectively.
Finally, engineers and law enforcers should also be mindful of their body language, tone of voice, and other nonverbal cues. These can play an important role in conveying emotions, attitudes, and intentions, and can have a significant impact on the effectiveness of communication.
In summary, clear and concise communication is essential for engineers and law enforcers. By using appropriate terminology, listening actively, tailoring communication to the audience, and being mindful of nonverbal cues, these professionals can ensure that their message is conveyed effectively and efficiently, leading to greater success in their respective fields.
Explanation:
if this help, please maek my answer as brainliest
Mr. Vishal does such a business in which almost 10% goods are sold on credit and 90% on cash. On the other hand, Mr. Abhishek is doing such a business in which almost 90% goods are sold on credit and 10% on cash. Identify the both types of business.
Mr. Vishal is doing retail Business whereas Mr. Abhishek is doing Wholesale Business in which almost 90% goods are sold on credit and 10% on cash.
Retail refers to the sale of products or services to final consumers by people or companies. Retailers buy products from wholesalers, producers, or other retailers with the intention of reselling them to customers at a profit. Retail, then, is the act of selling products and services directly to end users.
A business that purchases huge quantities of products directly from producers or distributors and then resells those to other businesses is known as a wholesale operation. Regardless of the quantities supplied, wholesale trading involves buying and selling items, typically to authorities, professional (industrial or commercial) users, or other wholesalers or intermediates.
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An employee asks you what benefit a Roth 401K has over a traditional 401K. What should you tell her?
Answer:
the withdrawals you make in retirement are tax-free.
Explanation:
What is ethical behavior?
Answer: Ethical behaviour includes activities which are in conformity with the values and principles of morality such as honesty, fairness or respect for others. It is about making decisions and doing things in a way which are morally and legally acceptable, considering the consequences of one's actions for society as a whole.
:
Should James
and Ginger rent a place to live or buy a house? Explain your answer.
Answer:
It's better they buy a house
Because having landed property and not leased can serve as a form of collateral if one obtains a loan
and it gives a sense of confidence and accomplishment
They'll also have only bills to pay and not bother about rent anymore
Blue Llama Mining Company is analyzing a project that requires an initial investment of $3,225,000. The project’s expected cash flows are: Year Cash Flow Year 1 $300,000 Year 2 –100,000 Year 3 425,000 Year 4 450,000 Blue Llama Mining Company’s WACC is 10%, and the project has the same risk as the firm’s average project. Calculate this project’s modified internal rate of return (MIRR):
Modified Internal Rate of Return (MIRR) = (Future value of positive cash flows / present value of negative cash flows) (1/n) – 1
= ($11,75,000 /-$3,304,400) (1/5) - 1
= -0.35558x -0.8
= 0.28446
MIRR = 28.46.
The modified internal rate of return (MIRR) presupposes that initial investments are funded at the firm's financing cost and that positive cash flows are reinvested at the firm's cost of capital.
The MIRR is calculated as:
Future Value of positive cash flows:
1 $300,000
3 $425,000
4 $450,000
Total $1,175,000
Present value of negative cash flows:
0 -$3,225,000
2 -$79400 )$100,000 x 0.794)
Total -$3,304,400
The Modified Internal Rate of Return for Blue Llama Mining Company is greater than its Weighted Average Cost of Capital. Therefore, the project should be accepted.
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A former client his filed a lawsuit against Bengal, suing for damages of $2,500,000 related to an incident in which the former client was injured while trying to sit down in a chair Bengal had previously worked on. Bengal's attorney believes the case is frivolous and will be thrown out by the judge.
Answer:
It is difficult to predict the outcome of a lawsuit, as it will depend on a variety of factors, including the specific details of the incident, the evidence presented, and the arguments made by both sides. However, if Bengal's attorney believes that the case is frivolous, it is possible that they will be able to convince the judge to dismiss the case early on in the proceedings, either through a motion to dismiss or through a summary judgment motion. If the case does go to trial, Bengal's attorney will need to present evidence and arguments to counter the plaintiff's claims and demonstrate that Bengal was not at fault for the injuries sustained by the former client. Ultimately, the outcome of the case will depend on the strength of the evidence and arguments presented by both sides, as well as the judge's interpretation of the law.
Explanation:
three stage division switch is used to connect 2048 inlet with 2048 outlet. If the number of inlets in each subgroup n=32 and the number of inter-stage switches k=10. Assume that the inlet utilization P=0.1, calculate the overall blocking probability of the system.please expline the solution with steps
The overall blocking probability of the system is 0.0000072 or 0.00072%. This is a very low blocking probability, which means that the system is highly efficient in handling traffic.
To calculate the overall blocking probability of the system, we can use Erlang B formula which is given as follows:
B(n,k) = [((n^k)/k!) / Σ(i=0 to k) ((n^i)/i!)]
where n = number of inlets in each subgroup
k = number of inter-stage switches
Σ = summation symbol, from i=0 to k
i! = factorial of i
In this case, n = 32 and k = 10. We can calculate the value of Σ(i=0 to k) ((n^i)/i!) using a calculator or a spreadsheet program. The value is approximately 0.9999979.
So, applying the Erlang B formula:
B(2048, 10) = [((32^10)/10!) / 0.9999979] = 0.0000072
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Explain major reasons why it is important to keep sufficient inventory? (25 marks)
Answer & Explanation:
1. Meeting customer demand (5 marks): Keeping sufficient inventory ensures that customer demand is met promptly, leading to increased customer satisfaction and repeat business. If a company runs out of stock, customers may turn to competitors, resulting in a loss of market share and revenue.
2. Preventing stockouts (5 marks): Stockouts can hurt a company's reputation and result in lost sales. Sufficient inventory levels help prevent stockouts, ensuring that customers can access the products they want when they want them, and minimizing the likelihood of negative reviews or customer complaints.
3. Buffer against lead time variability (5 marks): Supplier lead times can vary due to production issues, shipping delays, or other unforeseen factors. Maintaining adequate inventory allows a company to absorb these fluctuations and continue to meet customer demand without interruptions, ensuring smooth business operations.
4. Taking advantage of economies of scale (5 marks): Ordering and storing inventory in larger quantities can lead to cost savings through bulk discounts, lower shipping costs, and more efficient use of storage space. Maintaining sufficient inventory levels allows businesses to capitalize on these economies of scale, reducing overall operating costs.
5. Protection against price fluctuations (5 marks): Commodity prices and other input costs can be volatile, impacting the cost of producing or purchasing inventory. By keeping sufficient inventory levels, companies can mitigate the effects of these fluctuations and maintain more stable pricing for their customers, contributing to a consistent brand image and customer experience.