Exam 6: The Voice of the Market

If the cost of goods sold reported by Champion Cooling Co. is equal to $600,000 and the scrap cost amounts to $50,000, what is their scrap efficiency?

The ________ process involves identifying measures, establishing time frames for future data collection, gathering data, and analyzing data on an ongoing basis to identify performance trends and changes.

In a benchmarking relationship, the initiator firm is the firm that is being studied.

________ are important for monitoring and tracking the effectiveness of a company's cycle times, waste-reduction measures, and value-added measures.

Reject rates, capability information, and performance information are examples of ________.

Explain the concept of baselining.

The first step a benchmarking firm must take is to document current performance.

Breadth refers to the impact of the reengineering process to the entire organization.

Cycle times and waste-reduction measures are examples of operating results of benchmarking data.

Explain the importance of using customer-related results as benchmarking data.

Explain the importance of training in benchmarking.

The concept of interfacing implies that you must have something to offer the target firm in return for sharing information.

________ include objectives, policies, and procedures followed by a firm.

Use the following information to answer the question(s) below. A company has gathered the following financial information for itself and a competing firm. The company wishes to compare productivity for the two firms: -Calculate the materials productivity of Firm B.

Ajax Carpet Cleaning promises to clean 100 square feet of carpet for $15.00. Their work standard for such a job is $5.00 for labor and $2.00 for cleaning supplies. Since they use the customer's electricity, there are no other inputs in to the cleaning process. What is their labor productivity?

Toyota developed the world-class production system known as ________.

The first step in Xerox's 10-step process to benchmarking is identifying whom to benchmark.

Use the following information to answer the question(s) below. A company has gathered the following financial information for itself and a competing firm. The company wishes to compare productivity for the two firms: -Calculate the labor productivity of Firm A.

Champion Cooling Co. signed an exclusive contract with a scrap metal dealer that is willing to pay 33 cents a pound for scrap copper. If the cost of goods sold reported by Champion amounts to $100,000 and the scrap cost is equal to $20,000 for their 3030 pounds of scrap copper, what is Champion's scrap efficiency?

________ requires the monitoring of key internal firm performance measures over time to identify trends such as improvement to inform managerial decision making.