What explains the limited use of quantitative management?
A. It is difficult to discontinue the use of this process once it has been established.
B. Many of the decisions managers face are nonroutine and unpredictable.
C. Managers are oriented more toward things than toward people.
D. It holds that all aspects of a management decision should mandatorily be expressed through mathematical
symbols and formulas.
E. It believes that economic needs have precedence over social needs.
Ans: B. Many of the decisions managers face are nonroutine and unpredictable.
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Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,470 pounds of aluminum to manufacture 935 units. The company paid $28.90 per pound during the month to purchase aluminum. At the beginning of the month, the company had 54 pounds of aluminum on hand. At the end of the month, the company had only 34 pounds of aluminum in its warehouse. Schmidt used 4,400 direct labor hours during the month, at an average cost of $41.90 per hour.
Required: Compute for the month the following variances: 1. The purchase-price variance for aluminum. Indicate whether this variance is favorable (F) or unfavorable (U). 2. The usage variance for aluminum. Indicate whether this variance is favorable (F) or unfavorable (U). 3. The direct labor rate variance. Indicate whether this variance is favorable (F) or unfavorable (U). 4. The direct labor efficiency variance. Indicate whether this variance is favorable (F) or unfavorable (U).
Companies that engage in a "Cycle of Success" are more likely to have which of the following?
a. Happier employees b. More loyal customers c. Higher profit margins d. Better wages e. All of the above