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Industrial Engineering and Management Materials-Free Download

11.What is a profit sharing plan?

It is a form of incentive in which each participating worker receives a periodic bonus in addition to a regular pay only when the company earns a profit. A minimum profit is usually set aside for a return on invested capital, and beyond this amount, a percentage of profits goes into a pool to be shared by the employees. To protect the workers against adverse developments outside their control, some plans give the workers a bonus whenever the actual payroll dollars are less than the normal amount expected for a given volume of production. 

12.What is the purpose of cost accounting?

The purposes of cost accounting require classifications of costs so that they are recognized:

• by the nature of the item (a natural classification)

• in their relation to the product

• with respect to the accounting period to which they apply

• in their tendency to vary with volume or activity

• in their relation to departments

• for control and analysis

• for planning and decision-making.

13.What are the various methods for calculating the cost?

There are two methods for calculating the cost:

Job-Order Cost Method: This method is used when orders are placed in the factory for specific jobs or lots of product, which can be identified through all manufacturing processes, a job cost system is appropriate. Process Cost Method: This product is used when production proceeds in a continuous flow, when units of product are not separately identifiable, and when there are no specific jobs or lots of product, a process cost system is appropriate. 

14.What is the purpose of departmental classification?

Departmental classification is required for:

• the segregation of different processes of production

• securing the smoothest possible flow of production

• establishing lines of responsibility for control over production and costs

15.What are the three managerial functions? Explain.

To achieve the objective three managerial functions should be kept in mind:

• Planning and setting objectives: It is a basic function of the management process. Without planning, there is no need to organize or control. However, planning must precede doing, and the budget is the most important planning tool of an enterprise. 

• Organizing: It is essentially the establishment of the framework within which the required activities are to be performed, together with a list of who should perform them. Creation of an organization requires the establishment of organizational or functional units generally known as departments, divisions, sections, floors, branches, etc. 

• Controlling: is the process or procedure by which management ensures operative performance, which corresponds with plans. 

16.What are the uses of time standards?

Various uses of time standards are:

• Wage incentive plans and plant layout

• Plant capacity studies and production planning and control

• Standard costs and budgetary control

• Cost reduction activities and product design

• Tool design and top-management controls

• Equipment selection and bidding for new business

• Machine loading and effective labor utilization

• Material-handling studies

17.What is Autofacturing?

Autofacturing is a production system that is comprised primarily of automated equipment which is configured as several integrated subsystems, using one common database and computer controls to make, test and transport specifically designed products at high and uniform quality levels meeting flexible specifications with a minimum of human effort. There are many levels of autofacturing from individual cells, all the way up to a complete and integrated system. Most situations are somewhere in between, but progressing toward a total system. 

18.What is psychomotor behavior?

Psychomotor behavior is the activity of receiving sensory input signals and interpreting and physically responding to them. Humans can receive inputs by vision, hearing, smell, and the cutaneous senses, which respond to temperature, mechanical energy, or electrical energy. Kinesthesis and the vestibular sense inform about location and position. Vision followed by hearing are the most important senses for transmitting signals carrying complex information for decisions and for control of MMSs. Signals for warning or alerting need not be complex and can be transmitted by one or a combination of the sensory channels. The choice is determined by the situation and the task being performed by the person or persons to be warned rather than by differences in modality reaction times. 

19.What is the difference between productivity and productive system?

Productivity can be defined as the measure of the amount of input required to produce a given output or it can be also be defined as the ratio of output to input, whereas production system can be explained as a system in which a few inputs are given to get the required output through some transformation processes. 

20.What is Industrial engineering? How important are statistics in industrial engineering?

Industrial Engineering is an engineering of design of production systems. An Industrial Engineer analyzes and designs the whole system to integrate the components of people, machines, and facilities to create efficient and effective systems, which produce goods and beneficial services to humanity. Statistics are important to analyze the problem and controlling it for the good production.

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