The term 'value' in value engineering refers to
Total cost of the product
Selling price of the product
Utility of the product
Manufactured cost of the product
Correct Answer :
C. Utility of the product
Related Questions
Father of industrial engineering is
Jack Gilbert
Gantt
Taylor
Newton
String diagram is used when
Team of workers is working at a place
Material handling is to be done
Idle time is to be reduced
All of the above
Inventory management consists of
Effective running of stores
State of merchandise methods of storing and maintenance etc.
Stock control system
All of the above
PERT
Provides an approach for keeping planning up-to-date
Provides a way for management to require that planning be done on a uniform and logical basis
Permits management to foresee quickly the impact of variations from the plan
All of the above
PERT analysis is based on
Optimistic time
Pessimistic time
Most likely time
All of the above
PERT/CPM, techniques can be used for following applications
Once through project
Maintenance jobs
Research and development
All of the above
The time of completing a project in network analysis is given by following time of the critical activity meeting at the final triode
Early finish
Early start
Late start
Late finish
The probabilistic time is given by (where to = Optimistic time, tp = Pessimistic time, and tn = Most likely time)
(to + tp + tn)/3
(to + 2tp + tn)/4
(to + 4tp + tn)/5
(to + tp + 4tn)/6
Both Rowan plan and 50-50 Halsey plan will provide the same earning when the actual time is _________ the standard time.
One-fourth
One-half
Equal to
Twice
PMTP (predetermined motion time systems) include
MTM (method time measurement)
WFS (work factor systems)
BNTS (basic motion time study)
All of the above
In value engineering, important consideration is given to
Customer satisfaction
Function concept
Profit maximisation
Cost reduction
Pick up the correct statement from the following
Programmer evaluation and review technique is event oriented
Programmer evaluation and review technique is not event oriented
Critical path method is event oriented
None of the above
The disadvantage of product layout is
High initial investment for the specialized facilities
Skilled labour to operate machines
Production time is longer, requiring more goods in inventory
High cost of inspection
The two bin system is concerned with
Ordering procedure
Forecasting sales
Production planning
Despatching and expediting
Statistical quality control techniques are based on the theory of
Quality
Statistics
Probability
All of the above
Gantt charts are used for
Forecasting sales
Production schedule
Scheduling and routing
Linear programming
A big advantage of PERT over Gantt charts is that in the former case
Activities and events are clearly shown
Early start and late finish of an activity are clearly marked
Activity times are clear
Interrelationship among activities is clearly shown.
A CPM family includes
CPA (Critical Path Analysis)
CPP (Critical Path Plotted)
CPS (Critical Path Scheduling)
All of the above
In perpetual inventory control, the material is checked as it reaches its
Minimum value
Maximum value
Average value
Middle value
O on a PERT/CPM chart represents
An ordinary event
A significant event representing some milestone
An event to be transferred to other network chart
Dangling event
Choose the wrong statement. Motion study is used for
Improving a work method
Improvising a work method
Designing a work method
Reducing inventory costs
The correct sequence of phases in value engineering is
Creative phase, information phase, investigation phase, evaluation phase
Information phase, creative phase, investigation phase, evaluation phase
Investigation phase, information phase, creative phase, evaluation phase
Creative phase, investigation phase, evaluation phase, information phase
In queuing theory, the nature of the waiting situation can be studied and analysed mathematically if
Complete details of items in, waiting line are known
Arrival and waiting times are known and can be grouped to form a waiting line model
All variables and constants are known and form a linear equation
The laws governing arrivals, service times, and the order in which the arriving units are taken into source are known
In the cost structure of a product, the selling price is determined by the factors such as
Sales turn over
Lowest competitive price
Various elements of the cost
All of the above
Expediting function consists in keeping a watch on
Operator's activity
Flow of material and in case of trouble locate source of trouble
Minimising the delays
Making efficient despatching
In manufacturing management, the term 'Dispatching' is used to describe
Dispatch of sales order
Dispatch of factory mail
Dispatch of finished product of the user
Dispatch of work orders through shop floor
If F is the fixed cost, V is the variable cost per unit (or total variable costs) and P is the selling price of each unit (or total sales value), then breakeven point is equal to
(F × V)/P
(F × P)/V
F/[1 + (V/P)]
F/[1 - (V/P)]
Job evaluation is the method of determining the
Relative worth of jobs
Skills required by a worker
Contribution of a worker
Contribution of a job
Product layout is used for
Job production
Batch production
Mass production
Any one of these
The simplex method is the basic method for
Value analysis
Operation research
Linear programming
Model analysis