According to the question 1.1 Ranking of alternatives using majority preferences:
First, we count how many voters prefer each alternative the most:
Alternative A: 1 individual (i)
Alternative B: 2 individuals (i, j)
Alternative C: 0 individuals
Alternative D: 0 individuals
Since Alternative B is preferred the most by two individuals, it is placed at the top of the social ranking.
Next, we consider the remaining alternatives (A, C, D) and repeat the process:
Alternative A: 1 individual (k)
Alternative C: 1 individual (i)
Alternative D: 1 individual (j)
Since each remaining alternative is preferred the most by one individual, we move on to the next step.
The resulting social ranking using the majority preferences is:
Alternative B
Alternative A, C, D (tie)
1.2 Ranking of alternatives by eliminating least preferred alternatives:
First, each individual eliminates their least preferred alternative:
Individual i eliminates C
Individual j eliminates D
Individual k eliminates C
Since C was eliminated by two individuals, it is placed last in the social ranking.
Next, we repeat the process with the remaining alternatives (A, B, D):
Individual i eliminates B
Individual j eliminates D
Individual k eliminates B
Since B and D were eliminated by one individual each, we consider the alternative eliminated by more individuals first. In this case, B was eliminated by two individuals, so it is placed second to last in the social ranking.
Finally, the last remaining alternative, D, is placed first in the social ranking.
The resulting social ranking by eliminating least preferred alternatives is:
Alternative D
Alternative B
Alternative A
Alternative C
1.3 Example showing violation of Universal Domain:
Let's consider a scenario where the society consists of individuals i, j, and k, and the alternatives are A, B, and C.
Individual i's preferences: A >i B >i C
Individual j's preferences: B >j C >j A
Individual k's preferences: C >k A >k B
Using the method in 1.2 (eliminating least preferred alternatives), we would proceed as follows:
Individual i eliminates C
Individual j eliminates A
Individual k eliminates B
Now, we have eliminated one alternative for each individual, but we are left with no alternatives remaining to determine a complete social ranking.
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The following questions are favourites of three seasoned hiring managers. For each of the following questions provide your opinion of: i. What you think the interviewer was after. ii. Discuss the "best" answer. iii. Discuss the "worst" answer. a. Del Rollo, Director of Hospitality, Jackson-Triggs Niagara Estate, Niagara-on-the-Lake asks: "What is the greatest service experience you've had? b. Gary Hellard, Manager of Recruiting, WestJet Airlines, Calgary asks: "Tell us what began as your most frustrating or tough day, and what you did so that is ended up being your most productive day." c. Nancy Blair, Office Leader, Egon Zehnder International Inc., Calgary asks: "What do you hope this job is not?"
a. Del Rollo, Director of Hospitality, Jackson-Triggs Niagara Estate, Niagara-on-the-Lake. The interviewer may be looking to see if the applicant has experience with the hospitality industry and is a customer-oriented individual. b. Gary Hellard, Manager of Recruiting, WestJet Airlines, Calgary asks: "Tell us what began as your most frustrating or tough day, and what you did so that is ended up being your most productive day." Through this question, the interviewer may want to assess the problem-solving, decision-making, and adaptability skills of the applicant. c., Calgary asks: "What do you hope this job is not?" The interviewer may be interested in the applicant's core values, priorities, and preferences.
a. Del Rollo, Director of Hospitality, Jackson-Triggs Niagara Estate, Niagara-on-the-Lake.
i. What you think the interviewer was after:The interviewer may be looking to see if the applicant has experience with the hospitality industry and is a customer-oriented individual. Moreover, they might be searching for a good communicator and a person who pays attention to detail.
ii. The "best" answer:When answering this question, you can describe your experience with excellent service that was delivered to you and how it impacted you positively. The applicant can also use this opportunity to demonstrate their excellent communication and interpersonal abilities
.iii. The "worst" answer: A terrible answer would be one that has nothing to do with the hospitality industry or customer service, such as a service from a medical professional or a product they bought from an online store.
b. Gary Hellard, Manager of Recruiting, WestJet Airlines, Calgary asks: "Tell us what began as your most frustrating or tough day, and what you did so that is ended up being your most productive day."
i. What you think the interviewer was after:Through this question, the interviewer may want to assess the problem-solving, decision-making, and adaptability skills of the applicant. The hiring manager could also be interested in how the candidate copes under pressure and how they handle setbacks and difficult situations.
ii. The "best" answer:When answering this question, the candidate should discuss a particular incident that occurred in their professional or personal life that was incredibly challenging. They can then highlight how they dealt with the situation and the steps they took to turn it into a productive day.
iii. The "worst" answer:The worst answer would be one where the applicant cannot describe a time when they overcame a challenge or a difficult situation and were not able to convert it into a productive day. Also, if the candidate doesn't discuss a difficult time they have encountered.c. Nancy Blair, Office Leader, Egon Zehnder International In
c., Calgary asks: "What do you hope this job is not?"
i. What you think the interviewer was after:The interviewer may be interested in the applicant's core values, priorities, and preferences. This question is often used to evaluate the individual's interests, goals, and expectations.
ii. The "best" answer:When answering this question, you must be sincere and straightforward. You can talk about what you are not seeking in a work environment or job role while being careful not to speak negatively about the company or the job. The best answer may be one that aligns with the company culture and goals
.iii. The "worst" answer: A worst answer might be one that is not compatible with the company culture and goals. It might also be the candidate who talks negatively about the company or job role or speaks about specific people or actions they dislike.
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"Which of the following statements is correct regarding accounts payable and the auditor's procedures?
A. Unrecorded payables are often discovered through examining vouchers payable entered into the voucher register prior to the balance sheet date.
B. Because it can be difficult to discover a transaction that has not been recorded, the audit objective of completeness drives many of the substantive procedures applied to these balances.
C. The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities.
D. A judgment whether an unrecorded payable should be recorded before the financial statements are prepared depends entirely upon the source of the payable."
The correct statement regarding accounts payable and the auditor's procedures is:
C. The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities.
Statement A is incorrect: Unrecorded payables are not typically discovered through examining vouchers payable entered into the voucher register prior to the balance sheet date. While examining vouchers can provide some evidence of payables, it is not the primary method for detecting unrecorded payables.
Statement B is partially incorrect: While the audit objective of completeness does drive many of the substantive procedures applied to accounts payable, it does not specifically refer to the difficulty of discovering unrecorded transactions. The objective of completeness is to ensure that all payables have been recorded.
Statement D is incorrect: The judgment of whether an unrecorded payable should be recorded before the financial statements are prepared does not depend entirely upon the source of the payable. The decision to record unrecorded payables should be based on proper accounting principles and the materiality of the amounts involved.
Therefore, the correct statement is C. The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities. This is because confirmation provides direct communication with the suppliers to verify the existence and amounts of outstanding payables.
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3. This question considers how the FX market will respond to changes in monetary policy. For these questions, define the exchange rate as South Korean won per Japanese yen, Ewon/x. Use the FX and money market diagrams to answer the following questions. On all graphs label the initial point A
An increase in the Bank of Korea's money supply leads to a short-run depreciation and long-run appreciation of the South Korean won.
When the Bank of Korea increases the money supply, it shifts the supply of South Korean won in the FX market to the right. In the short run, this leads to an excess supply of won, causing its value to depreciate relative to the Japanese yen (labelled as point B). However, in the long run, the increased money supply creates inflationary pressures, causing the demand for money to rise.
As a result, the money demand curve shifts to the right, increasing the interest rate. This higher interest rate attracts foreign capital, leading to an increased demand for South Korean won and an appreciation of its value (labelled as point C). Therefore, the initial depreciation in the short run is eventually offset by the appreciation in the long run due to the impact of inflation and interest rates.
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The question is inappropriate, the complete question is:
This question considers how the FX market will respond to changes in monetary policy. For these questions, define the exchange rate as South Korean won per Japanese yen, Ewon/*. Use the FX and money market diagrams to answer the following questions. On all graphs, label the initial equilibrium point A.
a. Suppose the Bank of Korea permanently increases its money supply. Illustrate the short-run (label the equilibrium point B) and long-run effects (label the equilibrium point C) of this policy.
Let C denote the line segment from z = i to z = 1 (Fig. 49), and show that |integral_C dz/z^4| lessthanorequalto 4 Squareroot 2 without evaluating the integral. Suggestion: Observe that of all the points on the line segment, the midpoint is closest to the origin, that distance being d = Squareroot 2/2.
The inequality |∫_C dz/z^4| ≤ 4√2 holds true for the given line segment C from z = i to z = 1. To understand why this inequality is valid, we can consider the concept of distance from the origin.
Among all the points on the line segment C, the midpoint is the point that is closest to the origin. Let's denote this midpoint as M. The distance from the origin to the midpoint M is given by d = √2/2.
Now, let's consider the function f(z) = 1/z^4. Since f(z) is a holomorphic function (complex differentiable), we can apply the Cauchy's integral formula. According to Cauchy's integral formula, the absolute value of the integral of a holomorphic function over a closed curve is less than or equal to the maximum value of the function multiplied by the length of the curve.
In our case, the maximum value of |f(z)| = |1/z^4| occurs when z = M, the midpoint of the line segment C. Plugging in z = M, we have |f(M)| = 1/d^4 = 2^2 = 4.
The length of the line segment C is 1 - i, which can be obtained by subtracting the endpoints. Therefore, applying Cauchy's integral formula, we get |∫_C dz/z^4| ≤ |f(M)| × |C| = 4 × |1 - i| = 4√2.
Hence, we have shown that |∫_C dz/z^4| ≤ 4√2 without evaluating the integral, using the fact that the midpoint of the line segment C is closest to the origin.
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You are the chief financial officer at your company. You see
many numbers. Which one would you be most likely be pleased to see
increase?
As a chief financial officer, I would be most likely pleased to see an increase in contribution margin. For that reason, the correct option is the last.
The (last option) contribution margin is defined as the amount by which a company's sales revenue exceeds its variable costs. It can be calculated on a per-unit basis or for the company as a whole.
It provides an insight into the profitability of a product. In order to calculate the contribution margin, one must take into account the variable costs that are incurred in the production of the product.
Once these costs have been calculated, they can be subtracted from the sales revenue to determine the contribution margin. This figure will tell the company how much money it is making from each sale after variable costs are taken into account.
Contribution margin is an essential metric in the field of accounting. It allows a company to determine the profitability of its products and services and adapt its operations accordingly.
It is especially important in times of economic uncertainty or fluctuations in demand, as it provides management with the judgment and information necessary to make accurate decisions about how to allocate resources and make changes in response to economic conditions.
In conclusion, the contribution margin is the most important number to increase because it tells a company how much money it is making from each sale after variable costs are taken into account. It is an essential metric in the field of accounting and allows a company to adapt to economic conditions and fluctuations in demand.
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Autumn Designs & Decorators issued a 120-day, 5% note for $82,600, dated April 13 to Zebra Furniture Company on account.
Required:
a. Determine the due date of the note.
b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar.
c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
a. The note of 120 days was issued on April 13th. The due date of the note is August 11.
b. Maturity value is calculated using the formula MV = P(1 + rt), which is $83,771.
The maturity value of the note can be determined by using the formula,
MV = P(1 + rt),
where P is the principal, r is the rate of interest, t is the time period in years and MV is the maturity value of the note. Given that the principal value is $82,600, the time period is 120 days and the rate of interest is 5%, the maturity value can be calculated as follows:
MV = $82,600(1 + (5/100) x (120/360)) = $83,771.
Therefore, the maturity value of the note is $83,771. The due date of the note is calculated by adding the time period of 120 days to the issuance date of the note which is April 13th. Therefore, the due date of the note is August 11.
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Which level of manager is known as a tactical manager? Multiple Choice O O O O O operational middle-level frontline team leaders top-level
The level of manager that is known as a tactical manager is middle-level. Who are responsible for implementing the strategies and objectives outlined by senior executives.
Their primary focus is on the execution of specific plans, initiatives, and objectives that help the business achieve its goals. Their primary responsibilities include coordinating the activities of individual departments, developing operational plans and budgets, monitoring performance, and allocating resources. Tactical managers are frequently responsible for making decisions that affect the day-to-day operations of the company and for ensuring that their department is operating efficiently and effectively.
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The level of manager that is known as a tactical manager is option 2 middle-level management.
Tactical management is the management of a firm's resources to achieve its strategic objectives. Tactical management is concerned with making the most of existing resources while taking into account the constantly changing market environment. It concentrates on short-term aims and is concerned with specific operations rather than broader organizational objectives.
It is in charge of putting into action the policies and guidelines established by the top-level management. They create short-term strategies that are specific and result-oriented to meet organizational goals. The management of tactical level managers is mainly focused on directing and supervising the activities of the operational staff.
A tactical manager is responsible for making daily decisions and supervising the execution of the policies and guidelines established by top-level management. They manage a team of front-line employees and have a closer connection to them than the top-level management.
Middle-level management is concerned with the organization's day-to-day operations. This level of management is responsible for interpreting top-level management's policies and goals and directing the front-line workers in the direction of these goals. It works to provide a bridge between top-level management and operational-level employees.
Therefore, the level of manager that is known as a tactical manager is option 2 middle-level management.
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Describe sustainability in business, why is it important?
Name three companies and describe their sustainability
policies.
Sustainability in business refers to conducting operations in a way that meets present needs without compromising the ability of future generations to meet their own needs; it is important for long-term viability, environmental stewardship, and social responsibility. Three companies known for their sustainability policies are Tesla, Patagonia, and Unilever.
Which companies have implemented effective sustainability policies?Sustainability is a critical aspect of business because it ensures the responsible use of resources, minimizes negative impacts on the environment, and builds a positive reputation with stakeholders. By integrating sustainable practices into their operations, businesses can mitigate risks associated with climate change, resource scarcity, and regulatory compliance. Companies such as Patagonia, Unilever, and Tesla are exemplary in their sustainability efforts.
Patagonia, an outdoor clothing company, has implemented numerous initiatives to reduce its environmental footprint. They focus on using organic and recycled materials, minimizing waste through repair and recycling programs, and promoting fair labor practices throughout their supply chain.
Unilever, a multinational consumer goods company, has set ambitious sustainability goals through their Sustainable Living Plan. They aim to reduce the environmental impact of their products, improve the livelihoods of farmers, and enhance the health and well-being of their customers.
Tesla, an electric vehicle manufacturer, is at the forefront of sustainable transportation. By producing electric vehicles and renewable energy solutions, they contribute to reducing greenhouse gas emissions and dependence on fossil fuels.
These companies actively integrate sustainability into their business strategies, setting ambitious goals and implementing measures to address environmental and social challenges. By adopting sustainable practices, they aim to create a positive impact and contribute to a more sustainable future.
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The parent company owns 100 percent of the common stock of their subsidiary. In 2021, the parent company reports sales of $1,000,000 and cost of goods sold of $700,000. For the same year, the sub has sales of $250,000 and cost of goods sold of $200,000. During the year, the sub sold merchandise to the parent for $10,000 at a price based on the normal markup. At the end of the year, the parent still possesses 20 percent of this inventory. Calculate the deferred unrealized gain to be reported in consolidation entry (G).
Inventory (20% of $10,000) $2,000 Cr. Unrealized gain $480 Cr. Intercompany sales $1,520To calculate the deferred unrealized gain to be reported in the consolidation entry (G), we need to compute the gross profit of the subsidiary company on the goods sold to the parent company.
Gross profit = Sales - Cost of goods sold Gross profit for subsidiary = $250,000 - $200,000 = $50,000The gross profit margin is calculated as a percentage of sales and is expressed as a percentage of sales. Gross profit margin = Gross profit/Sales x 100Gross profit margin for subsidiary = $50,000/$250,000 x 100% = 20%The selling price for the goods sold from the subsidiary to the parent is based on a normal markup, which means that the sales are made at cost plus a markup. The selling price of goods to the parent company = Cost of goods sold + Markup The markup percentage can be computed as follows: Markup percentage = Gross profit/Cost of goods sold x 100Markup percentage for subsidiary = $50,000/$200,000 x 100% = 25%The sales made to the parent company = $10,000, and the cost of goods sold of the same goods = 75% of $10,000 = $7,500 ($10,000 x 75%).
The deferred unrealized gain for the subsidiary company in consolidation entry (G) can now be calculated as follows: Unrealized gain = 20% x ($10,000 - $7,500) = $500Deferred unrealized gain = 80% x $500 = $400. Therefore, the deferred unrealized gain to be reported in consolidation entry (G) is $400.
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linding light company has a project available with the following cash flows: year cash flow 0 −$ 33,150 1 8,330 2 10,050 3 14,400 4 16,090 5 11,060 what is the project's irr?
The project has an Internal Rate of Return (IRR) of 18.62%.
The Internal Rate of Return (IRR) is a capital budgeting metric that represents the discount rate at which the net present value of a project equals zero.
The IRR is a popular technique for evaluating the profitability of potential investments or projects.A project's IRR is calculated by setting the net present value of the project's expected cash flows to zero and solving for the discount rate. This rate is commonly used to evaluate the attractiveness of a project, as it represents the expected rate of return of the investment. The higher the IRR, the more attractive the project.
Linding Light Company has a project available with the following cash flows: Year 0 has a cash flow of -$33,150, Year 1 has a cash flow of $8,330, Year 2 has a cash flow of $10,050, Year 3 has a cash flow of $14,400, Year 4 has a cash flow of $16,090, and Year 5 has a cash flow of $11,060.
The project's IRR can be calculated by using trial and error or interpolation method. One popular method of finding the IRR is the trial-and-error method.
In this method, the discount rate is adjusted until the net present value of the cash flows is equal to zero. By using this method, the IRR of the project is 18.62 percent.
The following formula is used to find the IRR:$$\sum_{t=0}^{n} \frac{CF_t}{(1+IRR)^t}=0,
Where, CF = cash flow; n = number of periods; IRR = Internal Rate of Return.
In this case, the project has an IRR of 18.62%.
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ABC company had the following purchases and sales information: Purchases Sales 10 units at $110 January February 20 units at $115 May 11 units November 10 units at $150 Using the FIFO inventory costing method, what is the cost of the ending inventory on 30 November? A. $3,400 B. $3,685 C. 2,185 D. $1,215
The cost of the ending inventory can be calculated using the FIFO (First-In, First-Out) method, which assumes that the first units purchased are the first ones sold.
Let's calculate the cost of the ending inventory step by step:
Calculate the cost of units purchased in chronological order:
January: 10 units at $110 per unit = $1,100
February: 20 units at $115 per unit = $2,300
May: 11 units at $150 per unit = $1,650
Calculate the cost of units sold in chronological order:
10 units sold (from the January purchase) = 10 units * $110 = $1,100
20 units sold (from the February purchase) = 20 units * $115 = $2,300
11 units sold (from the May purchase) = 11 units * $150 = $1,650
Calculate the remaining units in the ending inventory:
November: 10 units
Calculate the cost of the remaining units in the ending inventory:
10 units (from the November purchase) = 10 units * $150 = $1,500
Therefore, the cost of the ending inventory on 30 November is $1,500. So the correct answer is option D: $1,215.
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22) Goodwill should be recorded as an asset at the time of purchase of another company. The amount of the goodwill is the excess of the cost over the fair value of the identifiable net assets purchase
Yes, that is .Goodwill should be recorded as an intangible asset on the balance sheet at the time of purchasing another company. It represents the excess of the purchase price (consideration paid) over the fair value of the identifiable net assets acquired.
When acquiring a company, the purchase price is allocated to the identifiable net assets, such as tangible assets (property, plant, and equipment), intangible assets (patents, trademarks), liabilities, and so on. The remaining amount, if any, is recorded as goodwill.
The calculation of goodwill is as follows:
Goodwill = Purchase Price - Fair Value of Identifiable Net Assets
For example, if a company acquires another business for $1 million, and the fair value of the identifiable net assets acquired is determined to be $800,000, then the goodwill would be $200,000 ($1,000,000 - $800,000).
Goodwill represents intangible factors such as the acquired company's reputation, customer relationships, brand value, skilled workforce, and synergies expected from the acquisition. It is considered an asset because it provides long-term economic benefits to the acquiring company.
It's important to note that goodwill is subject to impairment testing at least annually to ensure its carrying value is not overstated. If the fair value of the reporting unit (to which the goodwill is allocated) falls below its carrying value, an impairment loss is recognized in the financial statements.
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How does the interplay of science, technology, and society play
a relevant role as an aspiring entrepreneur?
As an aspiring entrepreneur, understanding the interplay of science, technology, and society is crucial for a successful business. In today’s world, technological advancements have disrupted various industries, and entrepreneurs need to embrace technology to remain competitive. Science and technology provide an essential foundation for businesses, while society determines whether the technology or product is useful or not.
Therefore, understanding how these factors interplay can help entrepreneurs develop solutions to meet the needs of consumers. To begin with, science provides entrepreneurs with knowledge and information necessary to develop innovative products and services. It involves carrying out research and experiments to develop new ideas and solve problems. Technology, on the other hand, is the practical application of science in various fields. As such, entrepreneurs use technology to implement scientific findings in their products or services. Science and technology, therefore, go hand in hand and create opportunities for innovation and growth in business. As for society, it plays a crucial role in determining the success of an entrepreneurial venture. Consumers’ needs and preferences determine the direction of the market and guide the entrepreneur on what products or services to offer.
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According to the principles of lean production, all
inventory must be eliminated. So do we need inventory
control?
I need references too.
Thank you
According to lean manufacturing principles, inventory control is a critical element in ensuring efficient and effective production. However, to ensure that inventory is managed efficiently and effectively, it is critical to establish an effective inventory management system. The process of inventory control requires a complete understanding of the inventory, its movement, and the time required to move it.
According to the principles of lean production, all inventory must be eliminated. Eliminating inventory enables a company to produce in smaller batches, which can be completed quickly and efficiently, resulting in lower production costs. It also aids in the identification of problems in the production process. Inventory management is critical because it helps to guarantee that the correct quantity of materials is available when production is required. It also helps to maintain the supply chain running smoothly. Inventory management is essential in order to have a complete understanding of what is in stock, where it is located, and how quickly it is being utilised. In the production of lean manufacturing, inventory control is critical. Inventory control refers to the process of ensuring that the inventory is managed and organised efficiently. Inventory management systems are an excellent method to maintain an up-to-date record of what is available, as well as to track how frequently items are used and how quickly they are being used. It is the process of managing inventory levels and ensuring that they are maintained at the optimal level to ensure that the organisation can meet its demand and customers’ requirements. The purpose of inventory control is to ensure that the right quantity of inventory is in the right location, at the right time, and at the lowest possible cost for the Organisation.
References: Lean.org. (2021). Lean Manufacturing Principles. Retrieved 26 May 2021, from https://www.lean.org/lexicon/lean-manufacturing/Marina Terzi, Ε. (2016). The importance of inventory management in lean manufacturing. International Journal of Industrial Engineering and Management, 7(1), 1–11. https://doi.org/10.24867/IJIEM-2016-01-01Brainly.com. (2021). Homepage. [online] Available at: https://brainly.com/ [Accessed 26 May 2021].
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Class, how do you constantly analyze change in your market and
decide how you want to respond to it? Discuss.
Constantly analyzing market changes and deciding how to respond involves conducting market research, monitoring key metrics, staying updated on industry trends, and engaging with customers and competitors.
To stay ahead of market changes, businesses must actively engage in market research to gather relevant data and insights. This includes monitoring key metrics and indicators to identify patterns and trends. Additionally, staying updated on industry news and developments helps in understanding market dynamics. Engaging with customers through feedback channels and observing competitors' actions provides valuable information for making informed decisions. Regular analysis of market changes enables businesses to identify opportunities, anticipate challenges, and adjust strategies accordingly.
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Each day, Ted can wax 4 cars or wash 12 cars, and Ishana can wax 3 cars or wash 6 cars. What is each person's opportunity cost of washing a car? Instructions: Enter your responses rounded to two decimal places. Ted's opportunity cost of washing one car is __ wax jobs. Ishana's opportunity cost of washing one car is ___ wax jobs.
Who has a comparative advantage in washing cars?
a. Ted
b. Neither
c. Ishana
To determine each person's opportunity cost of washing a car, we need to compare the number of cars they can wash to the number of cars they can wax.
For Ted:
Opportunity cost of washing one car = Number of wax jobs Ted gives up / Number of cars washed
Ted can wax 4 cars or wash 12 cars.
So, Ted's opportunity cost of washing one car = 4 wax jobs / 12 cars = 1/3 wax jobs.
For Ishana:
Opportunity cost of washing one car = Number of wax jobs Ishana gives up / Number of cars washed
Ishana can wax 3 cars or wash 6 cars.
So, Ishana's opportunity cost of washing one car = 3 wax jobs / 6 cars = 1/2 wax jobs.
Comparing the opportunity costs, we find that Ted's opportunity cost of washing one car is 1/3 wax jobs, while Ishana's opportunity cost is 1/2 wax jobs.
Therefore, Ishana has a comparative advantage in washing cars because her opportunity cost of washing one car (1/2 wax jobs) is lower than Ted's opportunity cost (1/3 wax jobs).
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Your textbook provides the steps for developing a SPACE Matrix along with examples. After reviewing the corresponding section from your textbook, develop a SPACE Matrix for a global company that you are familiar with. Include two factors for each of the four axes (SP, IP, SP, and CP). Please be sure to identify the particular strategies the organization should consider based on the results of your SPACE Matrix.
- Strategic Position (SP): Moderate financial strength and low competitive advantage.
- Environmental Stability (ES): Moderate stability in the industry and high inflation rate.
- Competitive Position (CP): High market share and low product quality.
- Industry Position (IP): High growth potential and low technological advancement.
Based on the results of the SPACE Matrix, the organization should consider the following strategies:1. Aggressive Strategies: Focus on improving competitive advantage and product quality to capitalize on the high market share and high growth potential.
2. Market Development Strategies: Exploit the moderate stability in the industry to expand into new markets and diversify the customer base.
How can a SPACE Matrix be developed for a global company?A SPACE Matrix is developed by analyzing various factors related to the company's strategic position, environmental stability, competitive position, and industry position. These factors are assigned numerical values, and the scores are plotted on a matrix. By considering the scores on each axis, the company's strategic position is determined. This information helps identify the appropriate strategies for the organization.
To develop a SPACE Matrix, one must first gather relevant data and assess the company's financial strength, competitive advantage, industry stability, inflation rate, market share, product quality, growth potential, and technological advancement. Assign numerical values to each factor, plot them on the matrix, and calculate the average scores for each axis. Finally, analyze the results to determine the organization's strategic position and recommend appropriate strategies.
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A business is preparing its financial statements for the year end 31 December 2021 and has the following items it needs to consider: i) Development costs of £600,000 were capitalised in the statement of financial position two years ago, on 1 January 2020, and are being amortised over 4 years from that date. Tax relief was provided in full as the costs were incurred. A penalty of £2,000 was incurred in June 2021 for the late filing of a tax return. Payment was made in July 2021. Penalties are not an allowable deduction for tax purposes. ii) iii) At 31 December 2021 land, held within PPE, was revalued from its cost of £1.7 million to £2.4 million. The revaluation gain is taxable on disposal of the asset. iv) The taxable profit for the year to 31 December 2021 is £8 million. £600,000 of income tax is outstanding at the year end and is due for payment by 30 September 2022. Tax is payable at 20% in the years ending 31 December 2020 and 2021. Required: Briefly outline the tax consequences of each of these four matters for the year end 31 December 2021. Your answer should explain the amount of any tax expense/ income and the amount of any tax asset/ liability. Ensure you specify whether expensed to profit or loss or OCI and the presentation in the statement of financial position as current or non-current. Total 20 marks
For the year-end 31 December 2021, the business will have a tax expense of £2,000 for the penalty incurred, which will be expensed to profit or loss.
The development costs capitalized in 2020 will result in a tax liability or asset depending on whether the amortization expense has been deducted for tax purposes. The revaluation gain on land will lead to a taxable income, resulting in a tax liability. The outstanding income tax of £600,000 will be recognized as a current tax liability.
Regarding the capitalized development costs, as they were incurred two years ago and are being amortized over 4 years, the portion to be amortized in 2021 will be £150,000 (£600,000/4). The tax relief received will be recorded as a tax asset, which is non-current in the statement of financial position. The penalty incurred for late filing of the tax return is not tax-deductible and will be recognized as an expense in the profit or loss statement.
In relation to the revaluation of land, the increase in value from £1.7 million to £2.4 million will result in a revaluation gain of £700,000 (£2.4 million - £1.7 million). This revaluation gain is taxable upon disposal of the asset, and therefore, a tax liability will be recognized in the statement of financial position.
The taxable profit for the year amounts to £8 million, and income tax at a rate of 20% will be applicable. The tax expense will be £1.6 million (£8 million × 20%). The outstanding income tax amount of £600,000 at the year-end will be classified as a current liability in the statement of financial position and is due for payment by 30 September 2022.
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why do many consumers and politicians advocate for price controls?
Many consumers and politicians advocate for price controls because they believe that it will help make goods and services more affordable and accessible to everyone. Price controls typically involve government regulations or policies that limit the prices that businesses can charge for certain products or services.
One reason why price controls are often supported is because they can help protect consumers from exploitation by monopolies or businesses that have significant market power. For example, if a single company dominates a particular industry, they may be able to charge excessive prices for their products or services without fear of competition. Price controls can help prevent this type of price gouging and ensure that consumers are not being overcharged.
Additionally, some politicians and consumers believe that price controls can help to reduce income inequality by making basic necessities more affordable for low-income individuals and families. For example, if the government were to impose price controls on essential goods like food and housing, it could help ensure that even the poorest members of society are able to access these basic necessities.
However, critics of price controls argue that they can actually be counterproductive, leading to shortages, reduced quality, and decreased innovation. In some cases, price controls may discourage businesses from investing in new products or services, since they may not be able to earn a sufficient return on their investment. Additionally, price controls can create market distortions that lead to unintended consequences, such as black markets or reduced availability of certain goods and services.
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5. agency issued rfq (request for quote) for a contractor to provide program analysis and strategic support (pass) to identify technology
Recently, an agency has issued an RFQ (Request for Quote) for a contractor to provide program analysis and strategic support (PASS) to identify technology. The PASS is crucial for any project to run smoothly.
It aids in strategic support, program analysis, and technology identification to improve the project's quality. It also helps in evaluating the project's feasibility and checking its adherence to goals and objectives. The project's success mainly depends on the program analysis, and strategic support identifies the right technology to use. The technology should be appropriate for the project to achieve the set goals and objectives. With PASS, the agency will evaluate the contractor's ability to provide program analysis and strategic support. It will also analyze the technology they use and how effective it is in achieving the project's goals and objectives. For this reason, the agency is keen on hiring a contractor that understands the significance of the PASS process and can apply it to achieve the set goals. Moreover, the agency hopes to get a contractor who can provide them with timely information and quality services while still sticking to their budget.The contractor should work closely with the agency's project managers to identify the technology and provide strategic support to guarantee the project's success. The contract for providing program analysis and strategic support will determine the contractor's scope of work, deadlines, and compensation. The agency's RFQ is an invitation to contractors who meet the requirements to submit quotes that will help the agency to choose the best contractor for the job. In conclusion, the agency issued an RFQ for a contractor to provide program analysis and strategic support (PASS) to identify technology that will help them achieve the project's goals and objectives. The chosen contractor should be experienced in PASS and work closely with the agency's project managers to guarantee the project's success.
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1. Assume that a batch of 50 throttle assemblies define one
output unit and that the 36.48 factory labor hours is based on the
16th output unit. What was the number of factory labor hours
required for
The number of factory labor hours required for 150 throttle assemblies is approximately 6.84 hours.
To determine the number of factory labor hours required for 150 throttle assemblies, we need to calculate the number of output units represented by 150 throttle assemblies.
Given that a batch of 50 throttle assemblies defines one output unit, we can calculate the number of output units as follows:
Number of output units = Number of throttle assemblies / Batch size
= 150 / 50
= 3
Since the given factory labor hours of 36.48 is based on the 16th output unit, we can calculate the labor hours per output unit as:
Labor hours per output unit = Total factory labor hours / Number of output units
= 36.48 / 16
= 2.28
Finally, to find the number of factory labor hours required for 150 throttle assemblies, we multiply the labor hours per output unit by the number of output units:
Number of factory labor hours = Labor hours per output unit * Number of output units
= 2.28 * 3
= 6.84
Therefore, the number of factory labor hours required for 150 throttle assemblies is approximately 6.84 hours.
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Consider a stock that sells for $50. In 1 year it will be worth
either $60 or $40. The risk-free rate is 5%. What is the value of a
call option with a $50 exercise price? Show your work.
To calculate the value of a call option with a $50 exercise price, we need to determine the expected value of the stock at the end of the year and compare it to the exercise price. Here's the step-by-step calculation:
Calculate the expected value of the stock at the end of the year:
Expected Value = (Probability of Value $60 * Value $60) + (Probability of Value $40 * Value $40)
Expected Value = (0.5 * $60) + (0.5 * $40)
Expected Value = $30 + $20
Expected Value = $50
Calculate the present value of the expected value of the stock at the end of the year:
PV = Expected Value / (1 + Risk-Free Rate)^1
PV = $50 / (1 + 0.05)^1
PV = $50 / 1.05
PV = $47.62
Calculate the value of the call option:
Value of Call Option = Present Value of Expected Value - Exercise Price
Value of Call Option = $47.62 - $50
Value of Call Option = -$2.38
Since the value of the call option is negative (-$2.38), it means that the option has no intrinsic value. In this case, it would not be optimal to exercise the call option, as it would result in a loss.
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5. (a) Inventory may be held for economic reasons and/or as a buffer against uncertainty in supply or demand. Explain why and give examples of each case. [70%] (Word limit: 700 words.) (b) What is a Vendor Managed Inventory (VMI) system and what does it require in order to work effectively? [30%] (Word limit: 300 words.)
Inventory may be held for economic reasons and/or as a buffer against uncertainty in supply or demand. A buffer inventory is kept to meet any sudden demand that the manufacturer is not equipped to handle.
Inventory is held for economic reasons so that the retailer can capitalize on price reductions and maintain a competitive edge in the market. Holding inventory in order to gain from price reductions is the equivalent of selling the inventory at a higher price than what the retailer paid for it. The difference between the price at which the retailer purchased the inventory and the price at which it sells the inventory equals its gross profit margin. Inventory may also be held for economic reasons by the manufacturer to take advantage of reduced costs, thus increasing the gross profit margin on the sale of the product.
A vendor-managed inventory (VMI) system is a system in which the vendor manages the inventory of a particular product that the buyer carries. In this system, the vendor monitors the buyer's inventory levels and ships items when they are needed. Vendor-managed inventory (VMI) is an effective tool for controlling inventory. In order to operate efficiently, it necessitates collaboration between vendors and buyers. Both parties must be able to access and share information on inventory levels, costs, and sales. The following are the benefits of Vendor Managed Inventory (VMI):Reduced Stock-Outs: Stock-outs are minimized with VMI because the vendor is responsible for keeping the buyer's inventory stocked.
Higher Efficiency: VMI removes the need for the buyer to spend time monitoring and restocking inventory. This frees up time for other duties and increases efficiency.
Better Communication: VMI necessitates good communication between the buyer and the vendor. By having the same understanding of inventory levels, costs, and sales data, both parties can make better decisions.
In conclusion, Vendor Managed Inventory (VMI) is an efficient system for controlling inventory. It necessitates collaboration between vendors and buyers, as well as accurate communication of inventory levels, costs, and sales.
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In Example 3, suppose Marty could earn $37 per hour as a freelance copyeditor. If Marty quitted freelancing to accepted the job offer with the highest pay, his opportunity cost would be $ Type your numeric answer and submit In Example 2, suppose Luke couldn't live in his parents' house for free. Instead, no matter whether or not he goes to college, he'd pay $4,800 for housing and spend $2,400 on food. Then, Luke's cost of a year in college would be $ a Type your numeric answer and submit
In Example 3, Marty could earn $37 per hour as a freelance copyeditor. If Marty quits freelancing to accept the job offer with the highest pay, his opportunity cost would be $37 per hour.
Opportunity cost refers to the value of the next best alternative forgone when a decision is made. In this case, by accepting the job offer, Marty is giving up the opportunity to earn $37 per hour as a freelance copyeditor.
Therefore, Marty's opportunity cost would be $37 per hour. In Example 2, it is stated that Luke couldn't live in his parents' house for free and would instead pay $4,800 for housing and spend $2,400 on food, regardless of whether or not he goes to college.
To calculate Luke's cost of a year in college, we need additional information such as tuition fees, textbooks, and other expenses related to his education. Without those details, it is not possible to determine the specific cost of a year in college for Luke.
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On October 1, 2021, a company declared to its shareholders a property dividend in the form of pieces of equipment with carrying amount of P960,000 (acquired on October 1, 2015 for P2,400,000). The dividends are for distribution on January 31, 2022. The company provided the following estimate of the asset' fair value:
October 1, 2021 P1,050,000
December 31, 2021 1,020,000
January 31, 2022 1,110,000
What amount will be reported in 2021 statement of profit or loss as a result of the foregoing transactions?
The gain on distribution of the property dividend that will be reported in 2021 statement of profit or loss is P90,000.
A company declared a property dividend in the form of pieces of equipment with carrying amount of P960,000 (acquired on October 1, 2015 for P2,400,000) to its shareholders on October 1, 2021. The dividends are for distribution on January 31, 2022. The company provided the following estimate of the asset's fair value:
The fair values of the equipment are given below:
October 1, 2021 P1,050,000December 31, 2021 1,020,000January 31, 2022 1,110,000The company needs to prepare the 2021 financial statements, and we need to determine the amount that will be reported in the 2021 statement of profit or loss as a result of the above transactions.
Due to the fair value requirement, a property dividend should be accounted for based on the fair value of the asset to be distributed. Since the equipment's fair value exceeds the carrying amount, the property dividend is regarded as a gain. The equipment will be valued at fair value at the distribution date for property dividends.The gain on property dividends should be reported in the statement of profit or loss in the period in which the dividend is declared. Therefore, the gain will be recognized in the current period, which is 2021.
Therefore, the amount that will be reported in 2021 statement of profit or loss as a result of the foregoing transactions is P90,000 which is computed as follows:
Fair value of the equipment on October 1, 2021 = P1,050,000
Carrying amount of the equipment on October 1, 2021 = P960,000Gain on distribution = Fair value - Carrying amount = P1,050,000 - P960,000
= P90,000
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Which of the following European put options has the highest
value? Put Option S0 E expiration σ A 55 50 40 days 30% B 50 55 40
days 30% C 50 55 40 days 25% D 50 55 35 days 30% E 55 55 40 days
30%
Question 5 Which of the following European put options has the highest value? Put Option So E expiration o A 55 50 40 days B 50 55 40 days с 50 55 40 days D 50 55 35 days E 55 55 40 days 30% 30% 25%
To determine which European put option has the highest value, we need to consider the combination of the stock price (So), the exercise price (E), the expiration period, and the volatility (σ).
Comparing the options given:
A: S0 = 55, E = 50, expiration = 40 days, σ = 30%
B: S0 = 50, E = 55, expiration = 40 days, σ = 30%
C: S0 = 50, E = 55, expiration = 40 days, σ = 25%
D: S0 = 50, E = 55, expiration = 35 days, σ = 30%
E: S0 = 55, E = 55, expiration = 40 days, σ = 30%
To determine the value of a European put option, we need to consider the relationship between the stock price, exercise price, time to expiration, volatility, and the risk-free rate. Since the risk-free rate is not provided, we cannot make an accurate calculation. However, based on the given options, we can compare the options by looking at their intrinsic value.
The intrinsic value of a put option is the maximum of 0 or the difference between the exercise price and the stock price (E - S0). The higher the intrinsic value, the higher the option value.
Comparing the options:
A: Intrinsic value = max(0, 50 - 55) = 0
B: Intrinsic value = max(0, 55 - 50) = 5
C: Intrinsic value = max(0, 55 - 50) = 5
D: Intrinsic value = max(0, 55 - 50) = 5
E: Intrinsic value = max(0, 55 - 55) = 0
Based on the intrinsic value comparison, options B, C, and D have the highest value, as their intrinsic value is 5.
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Eredin Held Town or has provided the following data for its utility cost 3 Machine houes Utility cost Prior Year 8,000 $26,600 Current Year 10,000 $31,000 Unity cost is a mixed cost with variable and fixed components. The fixed and variable components of utility cost are closest to (Round your intermediate calculations to 2 decimal places) Multiple Choice 59,000 per years $3.10 per machine hour
The closest answer option is "$3.10 per machine hour" for the variable cost and "59,000 per year" for the total utility cost.
To determine the fixed and variable components of the utility cost, we can use the high-low method. Let's calculate the variable and fixed costs based on the provided data:
High point:
Machine hours: 10,000
Utility cost: $31,000
Low point:
Machine hours: 8,000
Utility cost: $26,600 To calculate the variable cost per machine hour, we can find the difference in utility costs and machine hours between the high and low points: Variable cost per machine hour = (High utility cost - Low utility cost) / (High machine hours - Low machine hours)
= ($31,000 - $26,600) / (10,000 - 8,000)
= $4,400 / 2,000
= $2.20 per machine hour
the total machine hours:Annual variable cost = Variable cost per machine hour × Total machine hours
= $2.20 × 10,000
= $22,000The total annual utility cost, including the fixed and variable components, is the sum of the fixed cost and the annual variable cost:
Total annual utility cost = Fixed cost + Annual variable cost
= $9,000 + $22,000
= $31,000
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Margin of Safety Jonick Company has sales of $600,000, and the break-even point in sales dollars is $468,000. Determine the company's margin of safety as a percent of current sales. %
The margin of safety for Jonick Company, expressed as a percentage of current sales, is 20%. The margin of safety represents the amount by which sales can decline before the company reaches the break-even point. In this case, the break-even point is $468,000, which is the level of sales required to cover all expenses and achieve zero profit.
To calculate the margin of safety, we need to determine the amount of sales above the break-even point. In this case, the margin of safety is calculated as follows: Margin of Safety = (Actual Sales - Break-even Sales) / Actual Sales Given that the actual sales are $600,000 and the break-even sales are $468,000, we can plug these values into the formula: Margin of Safety = ($600,000 - $468,000) / $600,000 = $132,000 / $600,000 = 0.22 or 22% Therefore, the margin of safety for Jonick Company is 22% of current sales. This means that sales can decline by 22% before the company reaches the break-even point and starts incurring losses. The higher the margin of safety, the more cushion the company has to withstand fluctuations in sales.
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A health club has 3 employees who work on lead generation. Each employee contacts leads 20 hours a week and is paid $24 per hour. Each employee contacts an average of 220 leads a week. Approximately 10% of the leads become members and pay a onetime fee of $100. Material costs are $200 per week, and overhead costs are $1,500 per week. a. Calculate the multifactor productivity for this operation in fees generated per dollar of input. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) MFP = dollars of fees per dollar of input b. The club's owner is considering whether to purchase a new software program that will allow each employees to contact 20 more leads per week. Material costs will increase by $130 per week. Overhead costs will remain the same. Calculate the new multifactor productivity if the owner purchases the software. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) New MFP = dollars of fees per dollar of input c. How would purchasing the software affect productivity? (Enter the change in productivity as a percentage rounded to one decimal.) Productivity will by % with the new software.
An economic metric known as multifactor productivity (MFP) evaluates an organization's or an industry's effectiveness and productivity by taking into account a number of production-related aspects. Analysis of the entire output in relation to the sum of labour, capital, energy, materials, and other inputs is done using this method.
a ) Multifactor productivity (MFP) is defined as the ratio of total output to a subset of inputs used in a production process.
MFP = (output/labour + material + energy + capital + miscellaneous inputs)
Here, Total Output = $100 * 220 * 3 = $66,000
Total Input = Labor + Material + Overhead Labor cost = 3 employees * 20 hours/week * $24/hour = $1,440
Material cost = $200 Overhead cost = $1,500 Total Input = $1,440 + $200 + $1,500 = $3,140MFP = $66,000 / $3,140 = 20.95
Hence, the multifactor productivity for this operation in fees generated per dollar of input is 20.95. Round your final answer to 2 decimal places i.e. 20.95
b) If each employee contacts 20 more leads, then the total leads contacted by 3 employees are:
220 leads/employee/ week + 20 leads/employee/ week = 240 leads/employee/ week3 employees * 240 leads/employee/ week = 720 leads/weekend, the total output would be:720 leads/week * 10% * $100/ lead = $7,200 / week
Total Input = Labor + Material + OverheadLabor cost = 3 employees * 20 hours/week * $24/hour = $1,440Material cost = $200 + $130 = $330 (As material cost will increase by $130 per week)
Overhead cost = $1,500 Total Input = $1,440 + $330 + $1,500 = $3,270 New MFP = $7,200 / $3,270 = 2.20
Hence, the new multifactor productivity if the owner purchases the software is 2.20. Round your final answer to 2 decimal places.Answer: 2.20
c)The change in productivity as a percentage would be calculated as:
Change in productivity = (New MFP - Old MFP) / Old MFP * 100% Change in productivity = (2.20 - 20.95) / 20.95 * 100%
Change in productivity = -89.50 %So, the productivity will decrease by 89.50% with the new software.
Hence, the required answer is: Productivity will decrease by 89.50% with the new software.
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In the context of earned value management, the ____ value is the authorized budget assigned to scheduled work.
A. anticipated
B. planned
C. present
D. future
In the context of earned value management, the planned value is the authorized budget assigned to scheduled work. Option b is correct.
In the context of earned value management, the "planned value" represents the authorized budget assigned to scheduled work. It refers to the estimated cost of the work that was originally planned to be completed within a specific timeframe. The planned value serves as a baseline against which the actual progress and performance of the project are measured.
It indicates the amount of budget that should have been spent on the scheduled work up to a particular point in time. By comparing the planned value with the actual cost and earned value, project managers can assess the project's performance in terms of cost and schedule adherence and make necessary adjustments to keep the project on track. Option b is correct.
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