1. Complete Problem 14.1 on page 290 of the course text. Next,


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1. Complete Problem 14.1 on page 290 of the course text. Next, work the problem again using the following variables: project yield annual net cash inflows are $10,500 for the next five years; interest rate of 16.5%, and the initial investment of $33,000. Calculate the net present value of the cash flows and the IRR for the project using the Excel spreadsheet formula. Explain the concept of Net Present Value. 2. Complete Problem 16.4 on page 329-330 of the course text . Next work the problem again using the following variables: The selling price is expected to be £350 per tonne for the first three months and £360 per tonne thereafter. Variable costs per tonne are predicted as £100 in the first quarter, £120 in the second quarter, and £130 in the last two quarters; and salary and wages do not increase in the last two quarters. The rest of the assumptions are as listed on problem 16.4. What is the cumulative cash flow at the end of Quarter 4? Be prepared to paste your worksheet for this problem into the OAES. 3. Read the entire article “Framework for TQM to Achieve Business Excellence” and answer these questions: 1. List the 18 elements of TQM. 2. Identify the enabler area for each item on Figure 2, page 1218 of the article. 3. Using Table 3, describe the largest gap between theory and practice in the organizational systems area. What do you think about this gap? 4. Based on the study of 10 notable authors, what must be present so that TQM initiatives can be regarded as successful? A Framework for TQM to Achieve Business Excellence.pdf Total Quality Management Vol. 17, No. 9, 1213 –1229, November 2006 A Framework for TQM to Achieve Business Excellence K. HAFEEZ,Ã N. MALAKÃÃ & H. ABDELMEGUID† Ã Bradford University School of Management, Bradford, UK; Ã Ã Enterprise Centre, Sheffield Hallam University, Sheffield, UK; yMechanical Engineering Department, Al-Azhar University, Nasr City, Cairo, Egypt ABSTRACT This paper provides an analysis of the essential characteristics of the TQM philosophy by comparing the work of ten notable authors in the field. A framework is produced which clusters the identified TQM enablers under the well-known operations management dimensions of technology, organisation and people. These enablers are linked with business performance via balance scorecard type financial and non-financial measures. In order to capture a snapshot of European Company’s efforts to implement the TQM, a questionnaire survey is designed and implemented. Results of the survey are presented showing the main differentiating factors between the sample companies, and a way of assessing the difference between the theoretical underpinning and the practitioners’ undertakings. Survey results indicate that organisations are experiencing much difficulty in translating total quality management theory into practice. Only a few organisations have successfully adopted a holistic approach to total quality management philosophy, and most of these put relatively high emphasis on technology elements compared with soft issues of TQM. However, where companies can realise the financial outputs, non-financial benefits such as workflow management, skills development and team learning are not realised. In addition, overall, non-financial measures have secured low weightings compared with the financial measures. We believe that the framework presented in this paper can help an organisation to concentrate its TQM implementation efforts in terms of technology, organisational and people management dimensions. KEY WORDS : TQM, balance scorecard, operation management, soft issues, EFQM excellence model, radar plots Introduction Quality management started with simple inspection-based systems where workers would check the finished products visually. Any poor-quality product found was to be scrapped, reworked or sold cheaply. During the Second World War, quality began to be verified by full-time inspectors, and quality control evolved tha

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