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Q:
What could a founder do to make a succession plan successful? Using the Three-Circle Model of Family Firms, identify issues the founder should discuss with each group.
Q:
Cost cutting in international operations can take place because of:
A) lower taxes and tariffs.
B) lower wage scales.
C) lower indirect costs.
D) less stringent regulations.
E) all of the above.
Q:
Jan and Jill started a business 20 years. Jill recently stepped down; her daughter Jenny has agreed to start managing the company with Jans help; and the eventual goal is for Jenny to run the entire company. This process between Jan and Jenny is called ____.
a. sibling partnership
b. family consortium
c. mentoring
d. Two of the above are true.
Q:
Boeing's new 787 Dreamliner:
A) is assembled in Washington, D.C.
B) uses engines from Japan.
C) has its fuselage sections built in Australia.
D) has increased efficiency from new engine technology.
E) results from a partnership of about a dozen companies.
Q:
Which of the following statements regarding the Dreamliner 787 is true?
A) Boeing has found partners in over a dozen countries.
B) The new aircraft incorporates a wide range of aerospace technologies.
C) The new aircraft uses engines from not one, but two manufacturers.
D) Boeing will add only 20 to 30 percent of the aircraft's value.
E) All of the above are true.
Q:
The socioemotional commitment of family members to a firm occurs along five dimensions; what is the acronym for these dimensions and what do the letters in the acronym stand for?
Q:
In a family business, the interests of the family and the interests of the business are best described as:
a. overlapping.
b. conflicting.
c. coinciding.
d. having no relationship with each other.
Q:
The World Trade Organization helps provide governments and industries around the world with protection from firms that engage in unethical conduct.
Q:
A product will always be in the same stage of its product life cycle regardless of the country.
Q:
Identify the six positives of a family business and explain why these are positives.
Q:
To attract and retain global talent, and to expand a product's life cycle, are both reasons to globalize.
Q:
Sibling rivalry in a family business:
a. rarely affects nonfamily members in the firm.
b. may create disagreements about business policy.
c. is unusual if roles are determined before the siblings join the business.
d. is often good because it spurs business competition within the organization.
Q:
Explain the concept of family and business overlap in a family business.
Q:
One reason to globalize is to learn to improve operations.
Q:
Betsy had always had decisions made for her, first by her parents and then by her husband. So when her father asked her to take over the family business, she was afraid of:
a. failure. b. success.
c. commitment. d. disappointing outsiders.
Q:
One reason for global operations is to gain improvements in the supply chain.
Q:
List and describe the cost components of becoming a franchisee.
Q:
NAFTA seeks to phase out all trade and tariff barriers between the United States and Asia.
Q:
Because the relationship between franchisor and franchisee is similar to a marriage, it is important that the prospective franchisee investigate the opportunity thoroughly. What questions should a prospective franchisee ask to aid in assessing the franchise? List at least four out of the seven types given in the text.
Q:
Production processes are being dispersed to take advantage of national differences in labor costs.
Q:
The World Trade Organization has helped to significantly reduce tariffs around the world.
Q:
List four reasons for buying an existing business. Which one is the most important?
Q:
NAFTA seeks to phase out all trade and tariff barriers among Canada, Mexico, and the United States.
Q:
Identify and discuss at least four of the seven nonquantitative factors in valuing a business.
Q:
List and describe the cost components of becoming a franchisee.
Q:
Boeing's development of the 787 Dreamliner is an example of a company obtaining a competitive advantage through product differentiation/innovation.
Q:
What are some of the ethical and social challenges faced by operations managers?
Q:
Define the terms franchising, franchisor, and franchisee. Apply to McDonalds or another franchise example.
Q:
Why are operations managers faced with ethical and social challenges?
Q:
Briefly compare and contrast product and trade name franchising with business format franchising.
Q:
What term is given to those individuals with a vested interest in an organization, including customers, distributors, suppliers, owners, lenders, employees, and community members?
A) alumni
B) investors
C) vestors
D) stockholders
E) stakeholders
Q:
Because the relationship between franchisor and franchisee is similar to a marriage, it is important that the prospective franchisee investigate the opportunity thoroughly. What questions should a prospective franchisee ask to aid in assessing the franchise? List at least four out of the seven types given in the text.
Q:
A business's stakeholders, whose conflicting perspectives cause ethical and social dilemmas, include:
A) lenders.
B) suppliers.
C) owners.
D) employees.
E) all of the above.
Q:
Compare and contrast the functions of a master licensee and area developer.
Q:
What kind of training support might a franchisee expect from the franchisor?
Q:
Which of the following is NOT among the ethical and social challenges facing operations managers?
A) honoring stakeholder commitments
B) training, retaining, and motivating employees
C) efficiently developing and producing safe high-quality green products
D) increasing executive pay
E) providing a safe workplace
Q:
Identify and discuss some of the negative aspects associated with franchises.
Q:
What options are available to the aspiring franchisee to assist in the evaluation of a franchising opportunity?
Q:
Ethical and social dilemmas arise because stakeholders of a business have conflicting perspectives.
Q:
List four reasons for buying an existing business. Which one is the most important?
Q:
Why are organizations becoming more global?
Q:
Why are organizations changing from batch (large) shipments to just-in-time (JIT) shipments?
Q:
Why is it important for a new franchisee to follow the business plan detailed in the operations manual?
Q:
________ is the operations management challenge that moves more decision making to the individual worker.
Q:
Discuss the advantages of buying a franchise.
Q:
________ is the ability of the organization to be flexible enough to cater to the individual whims of consumers.
Q:
Specialized brokers that bring together buyers and sellers of businesses
Q:
Which of the following statements about challenges in operations management is FALSE?
A) Job specialization is giving way to empowered employees.
B) Local or national focus is giving way to global focus.
C) Sustainable production is giving way to a low-cost focus.
D) Rapid product development is partly the result of shorter product cycles.
E) The goal of mass customization is to produce customized products, whenever and wherever needed.
Q:
The price at which the property would change hands between a willing buyer and willing seller, with both parties having reasonable knowledge of relevant facts
Q:
Current challenges in operations management include all of the following EXCEPT:
A) just-in-time performance.
B) rapid product development.
C) mass customization.
D) empowered employees.
E) None of the above are exceptions, i.e., all are current challenges.
Q:
Actions by franchisors to void the contracts of franchisees in order to sell the franchise to someone else and collect an additional fee
Q:
The local fast food store experienced the following number of customers on the night shift:
Hour----------------Customers
12 AM 23
1 AM 20
2 AM 15
3 AM 5
4 AM 2
5 AM 1
If the store was staffed by two workers, what was the average productivity per worker, in customers/hour?
Q:
Individuals or firms that obtain the legal right to open several franchised outlets in a given area
Q:
An industrial plant needs to make 100,000 parts per month to meet demand. Each month contains 20 working days, each of which allows for 3 separate 8 hour shifts.
(a) If a worker can produce 10 parts/hour, how many workers are needed on each shift?
(b) If each shift has 100 workers, what is the productivity of an individual worker?
(c) If material costs are $10/part, capital costs are $100,000 and labor costs are $10/hour, what is the multifactor productivity of the plant from part (a)?
Q:
The franchisors selling of another franchise location within the market area of an existing franchise
Q:
A swimming pool company has 100,000 labor hours available per summer and with a labor productivity of 5 pools per 6,000 hours.
a. How many pools can the company install this summer?
b. Suppose the multifactor productivity was one pool per $25,000. How much should the company expect to spend this summer constructing the pools?
Q:
A franchise arrangement whereby the franchisee obtains an entire marketing and management system geared to entrepreneurs
Q:
A grocery chain is considering the installation of a set of 4 self-checkout lanes. The new self-checkout lane setup will replace 2 old cashier lanes that were staffed by a cashier and bagger on each lane. One cashier mans all 4 self-checkouts (answering questions, checking for un-scanned items, taking coupons, etc). Checkout on the new lanes takes 2 minutes (customers bag their own orders) while checkout with the old lanes took only 45 seconds. In addition the electricity costs for both setups are $0.05 per checkout while bagging (material) costs are $0.10 per checkout with the old system and $0.15 for the new system. The new lanes also require $100 in capital costs. Assume that the lanes are always in use for 8 hours per day (1 shift) and that a worker makes $10/hour.
(a) How many checkouts did the old system provide in a shift?
(b) How many checkouts does the new system provide?
(c) What is the multifactor productivity for each system?
Q:
Bringing two or more franchise brands together under one roof
Q:
A local university is considering changes to its class structure in an effort to increase professor productivity. The old schedule had each professor teaching 5 classes per week, with each class meeting an hour per day on Monday, Wednesday, and Friday. Each class contained 20 students. The new schedule has each professor teaching only 3 classes, but each class meets daily (Mon.-Fri.) for an hour. New classes contain 50 students.
a. Calculate the labor productivity for the initial situation (students/hour).
b. Calculate the labor productivity for the schedule change (students/hour).
c. Are there any ethical considerations that should be accounted for?
d. Suppose that each teacher also is required to have 2 hours of Office Hours each day he/she taught class. Is the schedule change a productivity increase?
Q:
Ownership by a single franchisee of more than one franchise from the same company
a. area developer
b. business brokers
c. business format franchising
d. churning
e. co-branding
f. due diligence
g. encroachment
h. fair market value
Q:
Gibson Products produces cast bronze valves for use in offshore oil platforms. Currently, Gibson
produces 1600 valves per day. The 20 workers at Gibson work from 7 a.m. until 4 p.m., with 30 minutes off for lunch and a 15 minute break during the morning work session and another at the afternoon work session. Gibson is in a competitive industry, and needs to increase productivity to stay competitive. They feel that a 20 percent increase is needed.
Gibson's management believes that the 20 percent increase will not be possible without a change in working conditions, so they change work hours. The new schedule calls on workers to work from 7:30 a.m. until 4:30 p.m., during which workers can take one hour off at any time of their choosing. Obviously, the number of paid hours is the same as before, but production increases, perhaps because workers are given a bit more control over their workday. After this change, valve production increased to 1800 units per day.
a. Calculate labor productivity for the initial situation
b. Calculate labor productivity for the hypothetical 20 percent increase
c. What is the productivity after the change in work rules?
d. Write a short paragraph analyzing these results.
Q:
An agreement in which the buyer promises the seller that s/he will not reveal confidential information or violate the sellers trust
Q:
The Dulac Box plant produces wooden packing boxes to be used in the local seafood industry. Current operations allow the company to make 500 boxes per day, in two 8-hour shifts (250 boxes per shift). The company has introduced some moderate changes in equipment, and conducted appropriate job training, so that production levels have risen to 300 boxes per shift. Labor costs average $10 per hour for each of the 5 full-time workers on each shift. Capital costs were previously $3,000 per day, and rose to $3,200 per day with the equipment modifications. Energy costs were unchanged by the modifications, at $400 per day. What is the firm's multifactor productivity before and after the changes?
Q:
The operation of a retail franchise within the physical facilities of a host store
Q:
Felicien grows mirlitons (that's Cajun for Chayote squash) in his 100 by 100 foot garden. He then sells the crop at the local farmers' market. Two summers ago, he was able to produce and sell 1200 pounds of mirlitons. Last summer, he tried a new fertilizer that promised a 50% increase in yield. He harvested 1900 pounds. Did the fertilizer live up to its promise?
Q:
The operation of several franchise organizations within a single corporate structure
Q:
Martin Manufacturing has implemented several programs to improve its productivity. They have asked you to evaluate the firm's productivity by comparing this year's performance with last year's. The following data are available: Last Year
This Year Output
10,500 units
12,100 units Labor Hours
12,000
13,200 Utilities
$7,600
$8,250 Capital
$83,000
$88,000 Has Martin Manufacturing improved its productivity during the past year?
Q:
A franchise agreement granting the right to use a widely recognized product or name
Q:
Mark's Ceramics spent $4000 on a new kiln last year in the belief that it would cut annual energy usage 25% over the old kiln. This kiln is an oven that turns "greenware" into finished pottery. Mark is concerned that the new kiln requires extra labor hours for its operation. Mark wants to check the energy savings of the new oven, and also to look over other measures of their productivity to see if the change really was beneficial. Mark has the following data to work with: Last Year
This Year Production (finished units)
4000
4000 Greenware (pounds)
5000
5000 Labor (hrs)
350
375 Capital ($)
15000
19000 Energy (kWh)
3000
2600 Were the modifications beneficial?
Q:
An independent firm or individual acting as a middleman or sales agent with the responsibility of finding new franchisees within a specified territory
Q:
The Dulac Box plant produces wooden packing boxes to be used in the local seafood industry. Current operations allow the company to make 500 boxes per day, in two 8-hour shifts (250 boxes per shift). The company has introduced some small changes in equipment, and conducted appropriate job training, so that production levels have risen to 300 boxes per shift. These changes did not require any change in the amount of capital spending or energy use. What is the firm's new labor productivity?
Q:
A provision in a franchise contract prohibiting the franchisee from severing the relationship and becoming a competitor
Q:
A firm cleans chemical tank cars in the Bay St. Louis area. With standard equipment, the firm typically cleaned 70 chemical tank cars per month. They utilized 10 gallons of solvent, and two employees worked 20 days per month, 8 hours a day. The company decided to switch to a larger cleaning machine. Last April, they cleaned 60 tank cars in only 15 days. They utilized 12 gallons of solvent, and the two employees worked 6 hours a day.
(a) What was their raw material and their labor productivity with the standard equipment?
(b) What is their raw material and their labor productivity with the larger machine?
(c) What is the change in each productivity measure?
Q:
Susan has a part-time business producing seasonal plywood yard ornaments for resale at local craft fairs and bazaars. She currently works 8 hours per day to produce 16 ornaments.
a. What is her productivity?
b. She thinks that by redesigning the ornaments and switching from use of a wood glue to a hot-glue gun she can increase her total production to 20 ornaments per day. What is her new productivity?
c. What is her percentage increase in productivity?
Q:
The exercise of reasonable care in the evaluation of a business opportunity
a. co-branding
b. master licensee
c. multibrand franchising
d. multiple-unit ownership
e. noncompete clause
f. non-disclosure agreement
g. piggyback franchising
h. product and trade name franchising
Q:
As the administrative manager in a law office, you have been asked to develop a system for evaluating the productivity of the 15 lawyers in the office. What difficulties are you going to have in doing this, and how are you going to overcome them?
Q:
An entrepreneur whose power is limited by a contractual relationship with a franchising organization
Q:
What is a knowledge society?
Q:
A business model involving a business owner who licenses trademarks and methods to an independent entrepreneur