Managing operations Flashcards
What is operation management
Operations Management refers to the activities, decisions and responsibilities of managing resources which are dedicated to the production and delivery of product and services
All that is done to transform inputs to
useful outputs;
Who is responsible for overseeing and managing the resources
The operation manager
What are key decisions of Operation Manager
- Key descision of OM
- What
- What resources/ What amounts
- When
- When needed
- Where
- Where ordered
- How
- Designed
- Who
- Who to do the work
- What
Mention some functions of operation manager
Locating facilities
Selecting processes
Describing jobs
Prescribing jobs
Setting targets
Monitoring
Selecting technology ot use
What is the operational manageent flow
Process -> Operational Transformation - > Product/Service
What is the PDCA Model
Plan -> Do -> Check -> Act.
What is the object of the process
To create value for the customer
What is taxation
A means by which governments finance their expenditures by imposing charges on individuals, groups and cooperate citizens
What are the types of taxes
Direct and indirect tax
What is direct tax
Tax paid directly by an individual to the imposing entity e.g income tax, real property
What is indirect tax?
Tax that increases prices of goods so that consumers pay for the tax as long the the product
What are the kinds of tax and explain them
Progressive:A progressive tax has more of a financial impact
on higher-income individuals than on low-income
earners.
Regressive : lower on the higher income individual
Proportional tax: assesses the
same tax rate on everyone regardless of income
or wealth.
What is the corporation tax rate
30%
Characteristic of a good tax system
Simplicity: simple and easy to understand
Economical: cheap to collect
Possess diversity: widening tax coverage
Productivity: yields adequate revenue
General Chateristic of taxation
Must be fair
Must be neutral
Must be convenient
Must be flexible
Must act as an instrument for economic growth
Must be certain
What is the tax rate on VAT
7.5%
What is the education tax
2.5%
What is the tax rate for captial gain
10%
What is the tax rate for captial gain
10%
What is capital gain
capital gain is the difference between
the sale proceeds from sale of the assets.
What are some effect of taxation
Disincentive to work: High tax induced on people can discourage work as a result of low moral to work.
Deterrent to save: Taxation which is in fact a reduction of current
income, reduces ability to save.
Deterrent to enterprises: The reward for enterprise just like in any
other business is profit and when this profit is taxed, it checks the spirit of
enterprises.
What is tax evasion
Tax evasion is an illegal and intentional activity in which a person or entity deliberately avoids paying a true tax liability
What is tax avioidance
Tax avoidance is the use of legal methods to reduce the amount of tax paid by a person, business, or organization. This is done by taking advantages of loopholes in the system
What is penalty for failure to file CIT
25000 for the first month and 5000 for each subsequent month of default.
Late payment of CIT attracts 10%
