1) Yes these qualities are very much importent for nay business to function smoothly
Having a detailed note about the specifications:
Competitive Priorities
In 1984 Hayes and Wheelwright suggested that companies compete in the marketplace by virtue of one or more of the following competitive priorities:-
Dimensions of quality:
Dimensions of time:
Dimensions of price and cost:
Dimensions of flexibility
2)
a) Time series analysis
A time series analysis is the most accurate way to create forecasts for different time periods.
Time series analysis is a statistical technique that deals with time series data, or trend analysis. Time series data means that data is in a series of particular time periods or intervals.
b)Total Factor Productivity. Total factor productivity (TFP) is a measure of productivity calculated by dividing economy-wide total production by the weighted average of inputs i.e. labor and capital. It represents growth in real output which is in excess of the growth in inputs such as labor and capital.
Productivity is a measure of the relationship between outputs (total product) and inputs i.e. factors of production (primarily labor and capital). It equals output divided by input. There are two measures of productivity: (a) labor productivity, which equals total output divided by units of labor and (b) total factor productivity, which equals total output divided by weighted average of the inputs.
TFP=Total Product / Weighted Average of Input
Example
Consider the following production function for mining industry in Andalusia:
If the growth in total output is 3% in a period in which capital and labor grew by 1.5% and 2%, determine the growth that is attributable to total factor productivity.
We need to isolate the increase in total product that is not explained by the increase in inputs i.e. capital and labor. Let’s just punch the available data in the growth accounting equation above:
c) TOTAL COST:
This is also known as the marginal unit variable cost. If one assumes that the unit variable cost is constant, as in cost-volume-profit analysis developed and used in cost accounting, then total cost is linear in volume, and given by total cost = fixed cost + unit variable cost × amount of variable input used.
FORMULA:
Your total variable cost is equal to the variable cost per unit, multiplied by the number of units produced. Your average variable cost is equal to your total variable cost, divided by the number of units produced.
VARIABLE COST
Variable costs are costs that change as the quantity of the good or service that a business produces changes. Variable costs are the sum of marginal costs over all units produced. They can also be considered normal costs. Fixed costs and variable costs make up the two components of total cost.
Variable Cost Formula
Your total variable cost is equal to the variable cost per unit, multiplied by the number of units produced. Your average variable cost is equal to your total variable cost, divided by the number of units produced. ... So, you'll need to produce more units to actually turn a profit.
d)
the 5 Key Success Factors are:
to define varaiable cost is required such as materials Final Case Study Ahmed is a motivated...
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