What is revenue management? Provide examples of industries where revenue management is popular.
> What is a decision tree?
> Discuss the differences between decision making under certainty, under risk, and under uncertainty.
> What is the equally likely decision model?
> Give an example of a good decision you made that resulted in a bad outcome. Also give an example of a bad decision you made that had a good outcome. Why was each decision good or bad?
> Why is a decision tree appropriate for making decisions under risk?
> Describe a case where a decision tree will not be the optimal model for decisions.
> Why are the maximax and maximin strategies considered to be optimistic and pessimistic, respectively?
> Identify the six steps in the decision process.
> During an argument as to the merits of preventive maintenance at Windsor Printers, the company owner asked, “Why fix it before it breaks?” How would you, as the director of maintenance, respond?
> When the Amway Centre opened in Orlando in 2011, it became the first Leadership in Energy and Environmental Design (LEED) gold-certified professional basketball arena in the country. It took 10 years for Orlando Magic’s management to develop a plan for t
> What roles can computerize maintenance management systems play in the maintenance function?
> How does machine design contribute to either increasing or alleviating the maintenance problem?
> How can a manager evaluate the effectiveness of the maintenance function?
> What is the trade-off between operator-performed maintenance versus supplier-performed maintenance?
> How could simulation be a useful technique for maintenance problems?
> Explain the notion of “infant mortality” in the context of product reliability.
> How does one identify a candidate for preventive maintenance?
> Will preventive maintenance eliminate all breakdowns?
> What is the objective of maintenance and reliability?
> Discuss how the Japanese word for card has application in the study of JIT.
> Cruising is a growth industry, expanding by 6% to 7% annually for the past 30 years. Recognizing this growth opportunity, Celebrity Cruises, Inc., has enlarged its offerings in the premium “upscale experience at an intelligent price” segment of the indus
> What are the characteristics of supplier partnerships with respect to suppliers?
> What is kaizen, and what is a kaizen event?
> What are three ways in which Lean and quality are related?
> JIT attempts to remove delays, which do not add value. How, then, does JIT cope with weather and its impact on crop harvest and transportation times?
> What is level scheduling?
> What is TPS?
> What is JIT?
> Which Lean techniques work in both the manufacturing and service sectors?
> Does Lean production work in the service sector? Provide an example.
> Standardized, reusable containers have obvious benefits for shipping. What is the purpose of these devices within the plant?
> With hundreds of competitors in the boat business, Regal Marine must work to differentiate itself from the flock. As we saw in the Global Company Profile that opened this chapter, Regal continuously introduces innovative, high-quality new boats. Its diff
> What is a Lean producer?
> When is Johnson’s rule best applied in job-shop scheduling?
> Which shop-floor scheduling rule would you prefer to apply if you were the leader of the only team of experts charged with defusing several time bombs scattered throughout your building? You can see the bombs; they are of different types. You can tell ho
> Explain the terms flow time and lateness.
> What is a due date?
> What are the advantages and disadvantages of the shortest processing time (SPT) rule?
> Name five priority sequencing rules. Explain how each works to assign jobs.
> Describe what is meant by “loading” work centres. What are the two ways work centres can be loaded? What are two techniques used in loading?
> List the four criteria for determining the effectiveness of a scheduling decision. How do these criteria relate to the four criteria for sequencing decisions?
> What is input–output control?
> In the fast food industry, standardization has always been a key to success—products that taste and look the same, no matter which location you visit, builds recognition and brand loyalty. But when a brand decides to go global, standardization is not eno
> What are the advantages to finite capacity scheduling?
> What are the steps of the assignment method of linear programming?
> State the four effectiveness measures for dispatching rules.
> What is the overall objective of scheduling?
> Identify the two categories of aggregate planning strategies and explain the difference between them.
> Explain what the term disaggregation means when applied in a manufacturing environment. What is the output of this process?
> List and briefly discuss the four techniques used to control labour as part of aggregate planning in the service industry.
> Even if we have substantial uncertainty in the parameters in the EOQ model, it is still quite a useful model. Discuss.
> What are the advantages of cycle counting?
> With the growth of Hard Rock Cafe—from one pub in London in 1971 to more than 163 restaurants in 68 countries today— came a corporate wide demand for better forecasting. Hard Rock uses long-range forecasting in setting
> Explain why it is not necessary to include product cost (price or price times quantity) in the EOQ model, but the quantity discount model requires this information.
> Which part of the cost in the EOQ is a linear function of the order quantity?
> Explain the major assumptions of the basic EOQ model.
> Identify and explain the types of costs that are involved in an inventory system.
> What is the implication of the Pareto principle?
> With the advent of low-cost computing, do you see alternatives to the popular ABC classifications?
> Why would it be advantageous to supply a regional warehouse from the central warehouse using a fixed period system?
> How are inventory levels monitored in retail stores?
> When demand is not constant, the reorder point is a function of what four parameters?
> What is “safety stock”? What does safety stock provide safety against?
> For its first two decades of existence, the NBA’s Orlando Magic basketball team set seat prices for its 41-game home schedule the same for each game. If a lower-deck seat sold for $150, that was the price charged, regardless of the oppo
> Explain what is meant by the expression “robust model.” Specifically, what would you tell a manager who exclaimed, “Uh-oh, we’re in trouble! The calculated EOQ is wrong; actual demand is 10% greater than estimated.”
> Suggest how we can set the time between deliveries in a fixed period system.
> Explain the following: All things being equal, the production order quantity will be larger than the economic order quantity.
> What is meant by “service level”?
> What should be considered if the order quantity is to be increased from the optimal to a discount point?
> Describe the four types of inventory.
> Describe some disadvantages of using a slow shipping method.
> Describe some potential pitfalls in relying solely on the results of a factor-weighting analysis for supplier selection.
> Describe some potentially useful categories to include in a factor-weighting analysis for supplier selection.
> Describe how the bullwhip measure can be used to analyse supply chains.
> South-western University (SWU), a large state college in Stephenville, Texas, enrols close to 20,000 students. The school is a dominant force in the small city, with more students during fall and spring than permanent residents. Always a football powerho
> It isn’t unusual for Western companies in the textile industry to outsource manufacturing to South Asia and Southeast Asia. Countries like China and India are manufacturing hubs for fashion products, supplying a large chunk of the world’s apparel. Howeve
> Jun records nonrefundable Federal income tax credits of $65,000 for the year. Her regular tax liability before credits is $190,000, and her TMT is $150,000. a. What is Jun’s AMT? b. What is Jun’s regular tax liability after credits?
> Calculate the exemption amount for the following cases in 2021 for a married taxpayer filing jointly and for a married taxpayer filing separately. In addition, use Microsoft Excel to express your solutions for the taxpayer who is married filing jointly.
> Ichiro, age 93, has accumulated substantial assets during his life. Among his many assets are the following, which he is considering giving to Koji, his grandson. Ichiro has been in ill health for the past five years. His physician has informed him that
> On December 28, 2021, Kramer sells 150 shares of Lavender, Inc. stock for $77,000. On January 10, 2022, he purchases 100 shares of the same stock for $82,000. a. Assuming that Kramer’s adjusted basis for the stock sold is $65,000, what is his recognized
> Thania inherited 1,000 shares of Aqua, Inc. stock from Joe. Joe’s basis in the stock was $35,000, and the fair market value of the stock on July 1, 2021 (the date of Joe’s death) was $45,000. The shares were distributed to Thania on July 15, 2021. Thania
> Ella and Emma are twin sisters who live in Louisiana and Mississippi, respectively. Ella is married to Frank, and Emma is married to Richard. Frank and Richard are killed in an auto accident in 2021 while returning from a sporting event. Ella and Frank j
> Dan bought a hotel for $2,600,000 in January 2017. In May 2021, he died and left the hotel to Ed. While Dan owned the hotel, he deducted $289,000 of cost recovery. The fair market value in May 2021 was $2,800,000. The fair market value six months later w
> Tyler Meade is planning to make a charitable contribution to the Girl Scouts. He will contribute Crystal, Inc. stock worth $20,000. The stock has an adjusted basis of $15,000. A friend has suggested that Tyler sell the stock and contribute the $20,000 in
> On September 18, 2021, Gerald received land and a building from Lei as a gift. No gift tax was paid on the transfer. Lei’s records show the following. a. Determine Gerald’s adjusted basis for the land and building. b.
> Roberto has received various gifts over the years and has decided to dispose of several of these assets. What is the recognized gain or loss from each of the following transactions, assuming that no Federal gift tax was paid when the gifts were made? a.
> Tim recently was called into the partner’s office and offered a two-year assignment in his public accounting firm’s Shanghai office. Realizing that Tim will face incremental expenses while in Shanghai, such as foreign income taxes and rent, the firm will
> Donna owns 800 shares of common stock in Macaw Corporation (adjusted basis of $40,000). She receives a 5% stock dividend when the stock is selling for $60 per share. a. How much gross income must Donna recognize because of the stock dividend? b. What is
> Rod Clooney purchases Kayla Mitchell’s sole proprietorship for $990,000 Communications on August 15, 2021. The assets of the business are: a. Calculate Kayla’s realized and recognized gain. b. Determine Rodâ€
> Mahan purchases 1,000 shares of Bluebird Corporation stock on October 3, 2021, for $300,000. On December 12, 2021, Mahan purchases an additional 750 shares of Bluebird stock for $210,000. According to market quotations, Bluebird stock is selling for $285
> Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock. Assuming that Karen is unable to identify the specific lots that are sold with the original purchase, determine the recognized gain or loss on each type
> Brent Morgan is a real estate agent for Coastal Estates, a residential real estate development. Because of his outstanding sales performance, Brent is permitted to buy a lot for $300,000 that normally would sell for $500,000. Brent is the only real estat
> Zoe purchases Tan, Inc. bonds for $108,000 on January 2, 2021. The face value of the bonds is $100,000; the maturity date is December 31, 2025; and the annual interest rate is 5%. Zoe will amortize the premium only if she is required to do so. Zoe sells
> Liam owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,000. Liam’s AGI is $100,000. Calculate the realized and recognized gain or loss if: a. Liam sells the boat for $35,000. b. Liam exchanges the boat for anot
> Nissa owns a building (adjusted basis of $600,000 on January 1, 2021) that she rents to Len, who operates a restaurant in the building. The city closed the restaurant for three months during 2021 because of COVID-19. Under MACRS, the cost recovery deduct
> Kareem bought a rental house in March 2016 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2018, he had a tennis court built in the backyard at a cost of $7,500. Kareem has deducted $30,900 for depreciation
> Anne sold her home for $290,000 in 2021. Selling expenses were $17,400. She purchased it in 2015 for $200,000. During the period of ownership, Anne did the following. • Deducted $50,500 office-in-home expenses, which included $4,500 in depreciation. (Re
> Michaela owns a principal residence in Georgia, a townhouse in San Francisco, and a yacht in Cape Cod. All of the properties have mortgages on which Michaela pays interest. What are the limitations on Michaela’s mortgage interest deduction? What strategy
> a. In 2021, Maria records self-employed earnings of $135,000. Using the format illustrated in the text, compute Maria’s self-employment tax liability and the allowable income tax deduction for the self-employment tax paid. b. Express the calculation of
> Julie, a self-employed individual, is required to make estimated payments of her tax liability for the year. Her tax liability for 2020 was $25,000, and her AGI was less than $150,000. For 2021, Julie ultimately determines that her income tax liability i
