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The firm can afford to hire more workers.
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How much is 30 percent off?
30% off means there is a reduction in rate of items by 30% For Ex: If there is a 30% off sale in JC Penny and you see a Jean for $100 MRP on its price tag, then you can buy it @ $70 because JCP is giving you a 30% discount which means for a $100 item, you need to pay $30 less than the MRP which equals to $70
A Career as an Inventory Control Clerk?
What does an inventory control clerk do? What are their main functions and what are the necessary attributes and education needed to succeed in this career? An inventory control clerk manages the distribution of parts and materials out to a company’s manufacturing or distribution channels. Their main function is to ensure that the materials and parts specified in a given bill of materials, work order and shipping document, are properly allocated. They must coordinate between incoming and outgoing shipments to ensure inventory levels are properly counted for and addressed. While not necessarily directly involved in purchasing decision making, they still require the ability to work within the framework of an inventory and procurement department. As such, they must be adept at working with inventory control systems, MRP (Materials Resource Planning) software packages and have a solid understanding of inventory management approaches. Inventory clerks must take part in quarterly inventory counts to ensure the amount of parts and materials within inventory matches the company’s stated inventory levels within its MRP system.Education and training required for inventory clerksMost companies are quite lenient on the education required to be an inventory clerk. In most cases a high school degree is an absolute minimum. A post secondary education is always a plus. Many candidates take additional night courses at local community colleges to get a certificate or designation in inventory practices and management. However, most companies simply require the individual be meticulous, detail oriented and able to immediately capture mistakes.Salary and career opportunitiesWhile the salary is on the low end, it’s important to remember that the education required is quite minimal. Candidates aren’t required to spend large amount of money on their education and therefore don’t enter the position with large student debts. Typically salaries for entry level inventory clerks start anywhere from $25,000.00 to $30,000.00 per year. Over time, and with the proper experience and education, inventory clerks can easily expect to advance to higher paying positions in purchasing and inventory management.For anyone interested in starting off their career in inventory or procurement, becoming an inventory clerk is the perfect stepping stone. It provides individuals with in-depth knowledge of inventory practices and the importance of proper inventory counting practices.
What are related subject in business mathematics?
Probability & Statistics - for Business Development, Analytics, Planning, Purchasing and SalesProbability & Statistics for Engineering and Sciences- same as above but the Calculus and Differential Equations are prereq's---subcategories: Risk Mgmt/Analysis, Actuarial Science, Quantum TheoryMIS - Mgmt Information systems---subcats: CompSci, Critical Thinking, Logic and Switching Circuits, Abstract Data Types (OOD), Algorithms, Algorithm Analysis, Enterprise lvl Software Engineering, QA/QC, Accounting, Finance, BPE Law, Tax Law, Business Administraion (MBA or OTJ equivalency in education & exp.) and Six Sigma Process Improvement.***note: there is a an OS/application technology prerequisite for all of these, including UNIX (and other cmd line OS), VI, MRP/ERP systems, object routing software (Sharepoint), Compilers, Excel, Access, dB and system architecture (file systems and an organized theory) and OOD programming languages such as C++/Java, VB (for Excel), Quickbooks or something similar, knowledge of client/server systems and distributed computing, Visio, Calculator or equivalency of a TI-85 and some sort of Word/Powerpointskills to present research to mgmt who don't have this background knowledge. HTML, Javascript and .NET programming a HUGE plus.
What is business essentials?
Define human resource management, its strategic significance and explain how managers plan for human resources- HRM is the set of organizational activities directed at attracting, developing and maintaining an effective workforce- HRM plays a key strategic role in organizational performance- Managers planning for human resource needs entails several steps- 1) Conduct a job analysis 2) forecasting supply and demand 3) matching HR supply and demandChapter 9Describe the nature and importance of individual differences among employees.- Individual differences are personal attributes that vary from one person to another. Personality is the relatively stable set of psychological attributes that distinguish one person from another.- The big 5 personality traits are agreeableness, conscientiousness, emotionality, extraversion and openness- Emotional intelligence refers to the extent to which people are self aware, can manage their emotions, can motivate themselves, express empathy for others, and possess social skills. Attitudes reflect our beliefs and feelings about specific ideas situations, or other people. Especially important attitudes are job satisfaction and organizational commitmentExplain the meaning and importance of psychological contracts and the person-job fit in the workplace-Psychological contract is the overall set of expectations held by employees and the organization regarding what employees will contribute to the organization and what the organization will provide in return.-A good person-job fit is achieved when the employee's contributions match the inducements the organization offers. Having a good match between people and their jobs can help enhance performance, job satisfaction and motivationChapter 10Explain the meaning of production (or operations) and describe the 4 kinds of utility it provides-Production refers to the processes and activities for transforming resources into finished services and goods for customers. Production creates:Time utility (products are available when customers want them)Place utility (products are available where they're convenient for customersOwnership utility (customers benefit from possessing and using the product)Form utility (products are in a form that is useful to that customer)Describe the factors involved in operations planning and operations controlOperations planning involves forecasting (determining future demand for products)Capacity planning (calculation how much of a product can be produced)Location planning (analyzing proposed facility sites)Layout planning (designing a facility to enhance production efficiency)Quality planning (ensuring that products meet a firms quality standards)Methods planning (identifying specific production steps and methods for performing them)Operations control requires production managers to monitor production performace (by comparing results with detailed plans and schedules) and then take corrective action as needed. Materials management involves the planning, organizing and controlling of the flow of materials. There are several tools for helping managers control operations processes, including worker training programs, JIT production systems, MRP and quality controlChapter 11Describe the 3 basic financial statements and show how they reflect the activity and financial condition of a business-The balance sheet summarizes a company's assets, liabilities and owners equity at a given point in time.-The income statement details revenues and expenses for a given period of time and identifies any profit or loss.-The statement of cash flows reports cash receipts and payment from operating, investing, and financial activitiesChapter 12Explain the concept of marketing.-Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services, to create exchanges that satisfy individuals and organizational goals. It can be used to promote consumer and industrial goodsExplain market segmentation and show how it is used in target marketing-groups of people who have similar wants and needs. Target marketing requires market segmentation, dividing a market into customer segments. 4 important influences are geographic variables, demographic variables, psychographic variables and behavioral variablesExplain the purpose and value of market research-The study of what buyers need and the best ways to meet those needs. 1) studying the current situation 2) selecting a research method 3) collecting and analyzing data 4) prepare report-The 4 most common methods are observation, surveys, focus group and experimentationChapter 13Identify the important obj of promotion and discuss the considerations involved in selecting a promotional mix.- Besides increasing sales, marketers use promotion to accomplish 4 goals. 1) communicating information 2) positioning products 3) adding value 4) controlling sales volumeDescribe the key advertising media.-The combination of media through which a company advertises (tv, radio, newspaper, direct advertising, internet, mobile) differ in their cost and ability to segment marketsChapter 14Identify the various pricing obj that govern pricing decisions and describe the price setting tools used in making decisions.-The 2 main pricing obj are pricing to maximize profits and pricing to achieve market share obj. Price setting tools include cost-oriented pricing (considering the firms desire to make profit and cover production costs) and break even analysisDiscuss pricing strategies and tactic for existing and new products.-Pricing above, below and at the market. Companies pricing new products often choose between price skimming (setting price high price to cover costs and create profit or penetration pricing (setting low price to establish new product in market)-Pricing tactics include price lining (offering all items in certain categories at a limited number of prices), psychological pricing and discountingChapter 15Explain the functions of Bank of Canada and describe the tools it uses to control the money supply.-Bank of Canada manages the Canadian economy, controls money supply and regulates certain aspects of chartered banking operations. To increase money supply it can sell the government securities or increase bank rateChapter 16Explain how risk affects business operations- Businesses face 2 types of risk, Speculative risk and pure risk. Risk management entails conserving earning power and assets by reducing threat of losses due to uncontrollable eventsIdentify the 5 steps in the risk management process- 1) Identify risk and potential losses 2) measure the frequency and severity of losses and their impact 3) evaluate alternatives 4) implement risk management program 5) monitor results
How does a firm know when it can afford to hire more workers?
if the MRP is greater than a firms MC
What can happen if the MRP is greater then a firm's MC?
The firm can afford to hire more workers
Is octroi is included in MRP?
No, MRP includes Excise & VAT only as the Octori is charged on MRP so how it can be included in it?
What is difference between sap and mrp systems in manufacturing?
what is an mrp system in manufactruring
MRP is more than an inventory system.What additional capabilities does MRP possess?
Materials resource planning (MRP) is a system that uses bill-of-material, current inventory levels, expected receipts of inventory, and a master production schedule to determine material requirements. When MRP is used correctly a manufacturing company will have the right inventory on hand at the correct time to ensure the master production schedule will be fulfilled.
What is the difference between EOQ and MRP?
apa perbedaan antara EOQ DAN MRP
What is MRP?
MRP is the "manufacturer's recommended price." that si what the manufacturer thinks the product should sell for on the retail market.
What is the mrp?
MRP is the "manufacturer's recommended price." that si what the manufacturer thinks the product should sell for on the retail market.
What is a mrp system used for?
An MRP or Material Requirements Planning system is system that is used for inventory control and production planning. This is used in the manufacturing process and most of these systems are software based. MRP can also be conducted by hand.
What determines top salarys?
mrp and supply
What is MRP an acronym for?
Maximum Retail Price
What is mrp in purchasing?
Manufacturer's Recommended Price.
