Question

Pick a (real) company based on which you need to respond to the following requirements: 1. What position(s) or type(s) of work could be fulfilled by industrial and systems engineers for which any part of what you have studied in this course is needed/utilized. Describe the position/work and the related material from the course. 2. Name two products and your recommended overhead costing method (i.e., traditional costing considering one activity base or activity-based costing considering multiple bases) along with your justifications. 3. List some products and your recommended costing system (i.e., job or process) along with your justifications 4. Pick a product by the company and do the following: a. List one or two of: (i) direct material, (ii) direct labor, (iii) indirect material, (iv) indirect labor, and (v) other overhead. b. Assume the occurrence of the following variances: i. 20% Favorable total variance for direct material ii. 10% Unfavorable total variance for direct labor iii. 15% Favorable total variance for variable overhead iv. 25% Unfavorable total variance for fixed overhead c. For each variance in part b, i. Investigate the possible reasons that could lead to such variance ii. Suggest corrective actions or a mitigation plan iii. List some possible constraints that could be faced when implanting your suggested correction action(s). How can you overcome them? 5. Assume that you are assigned to prepare a master budget for one of the products, what are the factors that you will be considering? Give a detailed answer and be specific. 6. Considering all what you have studied in this course, where do you see the involvement of an industrial and systems engineer is more critical than others? Justify your response.