Busn-115 Final Exam Solution

How does Lean Operations and Supply Chain differ from traditional approaches? Describe the main characteristics of each approach and their strengths and weaknesses then discuss the main issues involved in managing the transition from traditional to lean operations.

The general standard for measuring the overall size of the nation's economic activity is the value of gross domestic product (GDP). One of the components of GDP is a measure of the value of exports and imports of goods and services. The hitch is that GDP includes a large component of non-tradable that does not or cannot enter into international trade flows to any significant degree-for example, most buildings and structures, and personal and government services. Consequently, even though internationally traded items such as financial services and travel and transportation services are included in GDP, when we compare the size of the foreign sector with the size of the domestic economy, we end up comparing apples with apples and pomegranates. As a result, comparing exports or imports of goods and services to GDP may understate the importance of international trade to relevant sectors of the domestic economy

The subject with type first and type second diabetes who does not receive standard care, comply with the prescriptions or poorly controlled metabolism regarded by the test physician.

13. (TCO 3) In 1948, a global forum was created whose purpose it was to reduce trade restrictions on goods, services, ideas, and cultural programs. The results of the efforts of this organization include which? (Select all that apply.)

As one determinant of GDP is exports, it is relevant to discuss the matter with relevance to the UK and Germany. As mention in the literature review, during 1955-1960 exports in Germany

imports and exports foreign and domestic goods every day. As I have stated before this is

The Complete Idiot's Guide to Economics © 2003 by Tom Gorma Retrieved on February 27, 2012 http://www.infoplease.com/cig/economics/effect-imports-exports-gdp.html

(TCO 1) The total value of final goods and services produced within a nation’s borders in a given year is known as that nation’s

Many indicators serve to measure the degree of trade openness. The first is designed to assess directly the level of economy openness to foreign trade. The degree of openness measures the level of the external constraint and it is obtained by the ratio of the value of foreign trade on the GDP. The second indicator (distortion) aims to measure the impacts of protectionist policies of a country.

A country needs to export more than import in order to maintain a good working economy. Wealth and power equal more export than import in a country’s trading system

The above figure represent the amount (in terms of a percentage) of revenue gained that the above exports (top 10 in the year 2012) contribute to the UK’s economy. Source www.telegraph.co.uk

Due to the differences between the countries in its profitable fundamentals; the International Trade occurs. The contracts between the countries consider as the primary driver of the global exchange. These contracts concluded on the basis of the countries beneficial elements and advantages. Each international trade between the countries depends on numerous focal points of this exchange process. The economics and producers effectiveness measured by absolute advantage for these economics/producers. For example; if the producer needs lesser amount of contributions/inputs to provide specific product, then this producer has an absolute advantage in producing

According to the case, the labor costs for mass customization is about 10% higher than labor costs for large batches or traditional manufacturing. In order for mass customization to work, Timbuk2 will need to determine how many color palettes, design patterns and the types of logos to offer their customers. Overall their challenge for mass customization is to determine whether or not their machines and workforce is capable of manufacturing the design the customer specified. Mass customization and variety can also lead to higher potential for errors. Errors in manufacturing can lead to higher labor cost; the time and money it would take to correct the order is a potential threat to their profitability.

In the fierce competitive environment where customers expect the products they purchased are unique and customized, and the price should be as low as mass-produced items (Radder & Louw 1999). Therefore, more companies realize that a profound change in production procedures and flexibility of structures are needed to meet the challenges. While Mass customization (MC) has provided an opportunity to cope with varied customer needs, such as Dell computer, Daimler smart car, Swatch, IBM, Proctor and Gamble and Hewlett-Packard, leading a successful business practices by accommodating specific customer requirements (Selladurai 2004). Originally, the notion of MC was coined by Stan Davis (1987) in his book “Future Shock”, which defines MC as a fundamental paradox allowing firms to produce as various goods as possible based on volatile customer needs, but in a cost-effective way.

This study was conducted to (a) determine which market is the most dynamic for Thai exports, (b) measure the intensity of trade between Thailand and its regional trading partners and (c) test whether the modified Revealed Comparative Advantage (RCA) index, which was developed based on the gravity trade model, is applicable for measuring Thailand’s competitiveness resulting from its border trade policy. The RCA index is typically applied based on three conceptual points. First, the trade balance index (TBI) can be used to indicate whether GMS countries are net exporters or importers. Second, the trade balance is typically decomposed by product and country (i.e., bilateral trade balance). Relevance refers to the degree of concentration of trade imbalances