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Management
Published in Wanda Grimsgaard, Design and Strategy, 2023
One way to evaluate a company’s intangible assets is to assess what the company would be like without them. What is Coca-Cola without the name, the brand and the recognition? When a company is to be sold, it will be both the tangible and intangible assets that determine the price. It will not be buildings, machinery and equipment alone; it will also be things such as recognition, reputation and goodwill. It is often the intangible assets that count the most, and which mean that a company can be priced much higher than the actual physical assets. Intangible assets are difficult to put a monetary value on. There are different methods of assessing value, such as using the turnover of the company as a starting point and finding out how much of the company’s current surplus comes from the intangible assets. One way of doing so is to make general comparisons with other companies of the same category, and on that basis assess how much of the company’s turnover can be attributed to brand recognition and reputation.
Plant Capacity Assessment
Published in MJS Bindra, Ekroop Kaur, The Lean Business Guidebook, 2022
Lean looks at the capacity from the customer’s perspective, that is, whether the capacity is used for value adding or non-value adding activities. If the company’s use of capacity for non-value adding activities decreases, then the capacity increases. Lean focuses not only on cost cutting exercise but also on releasing the capacity from non-value adding activities. With this surplus capacity, the company can produce more products to generate additional revenue and profits. In doing so, revenue increases faster than the costs without investment in additional resources. However, the missing link between lean operational improvements and visible financial improvements is data about capacity of a value stream.
Supply, demand, and elasticity
Published in Bijan Vasigh, Ken Fleming, Thomas Tacker, Introduction to Air Transport Economics, 2018
Bijan Vasigh, Ken Fleming, Thomas Tacker
A price floor is a minimum price, generally above the equilibrium price, set by the government on a product or service. As such, a surplus develops because more is being produced than consumers are willing to purchase at that price. When the market price hits the floor, it can fall no lower, in which case market price equals floor price. There is no effect on the price or quantity if the price floor is below the equilibrium. A government may impose a price floor to protect a favored industry. This is particularly common in agricultural price supports. A good example of a price floor in the US is the minimum wage, or the lowest wage that an employer is allowed to pay a worker.
Optimising two-stage robust supplier selection and order allocation problem under risk-averse criterion
Published in International Journal of Production Research, 2023
Yuqiang Feng, Yanju Chen, Yankui Liu
The SS&OA problem with a series of disruption scenarios is a classical two-stage problem. These two stages refer to pre-disruption and post-disruption, respectively. The decision-maker determines the decisions of pre-disruption before knowing the realised scenario while determines the decisions of post-disruption after knowing the realised scenario to compensate for the decisions made at pre-disruption. Therefore, we need to establish a two-stage optimisation model. The decision-maker needs to make the following two-stage decisions to minimise the objective. In the first stage, i.e. pre-disruption, it is required to identify (i) which suppliers are selected as main suppliers; (ii) which suppliers are selected as backup suppliers; and (iii) the order quantity at each main supplier. In the second stage, i.e. post-disruption, it is required to determine (i) the product quantity received from the disrupted main suppliers; (ii) the product quantity received from the non-disrupted backup suppliers; and (iii) the surplus product quantity received from the non-disrupted main suppliers. The surplus product quantity is the additional product quantity from the non-disrupted main suppliers in addition to the order quantity specified in the first stage.
A fuzzy control system for assembly line balancing with a three-state degradation process in the era of Industry 4.0
Published in International Journal of Production Research, 2020
Jiage Huo, Jianghua Zhang, Felix T. S. Chan
Production surplus is the difference between the production and the demand. The production surplus rate in this study is defined as follows: where is the cumulative production of workstation in the current production cycle, and designates the production rate that can be achieved by workstation at the normal stage. denotes the production rate required by the demand. It is initialised by , and is set to be a value, slightly smaller than , after the decision for assembly line re-balancing to make up for the production loss as soon as possible. Therefore, the production rate of workstation is always adjusted to be around . is restricted to the range of −1 to 1, and the fuzzy term set is {very small, small, medium, large, very large}. Output variable: production rate adjustment of workstation
Bottleneck identification and ranking model for mine operations
Published in Production Planning & Control, 2020
M. Mustafa Kahraman, W. Pratt Rogers, Sean Dessureault
Inventories will have three types of movements in general. Inventory will be consumed to the point of exhaustion if the consumption rate of the upstream process is higher than the replenishment rate. This situation is known as ‘deficit inventory’. If the consumption rate of the upstream process is less than the replenishment rate, the inventory level will be increasing. This situation is known as ‘surplus inventory’. If the inventory consumption rate of the upstream process is equal to the replenishment rate, the inventory level will stay the same. This situation is known as ‘standstill inventory’. Inventory types can be used to project buffer criticality. If, for example, the buffer is immediately before a potential bottleneck process, the impact of deficit inventory would be critical. Economic Order Quantity (EOQ), Material Requirement Planning (MRP), Re-Order Point (ROP) and Just-in-Time (JIT) concepts can be used to identify the ideal buffer level considering the variance of both the upstream and downstream rates. The ‘ordering’ would be continuous, where a set time to order inventory is not set; rather, an ideal rate is calculated and set.