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INTERNAL ASSIGNMENT APPLICABLE FOR APRIL 2021 EXAMINATION

 

Lean Six Sigma

1. Several Indian companies are using Six Sigma methodology as a tool for improving their operational and financial performances. Using an industry example, explain how Six Sigma deployment has helped the company in reducing cycle time. (10 Marks)

2. What are Control Charts? Discuss how process control charts are used for improving the quality levels in the organization. (10 Marks)

3. Lean Six Sigma mainly focuses on collaborative team effort that helps enhance efficiency and improve performance by methodically discarding any waste and bring down any fluctuations in the system. This approach plays a critical role in an organization’s culture, wherein it focuses on process optimization which contributes towards increasing profitability and maximizing efficiency. The lockdown to prevent the spread of COVID-19 was announced when we were amidst a major lean six sigma driven re-engineering-cum-transformation program! The value of all the process maps developed by the six sigma team came to the fore when we shifted overnight and seamlessly to digital servicing. Problem-solving lies at the core of six sigma. We quickly trained our associates on deployment of six sigma tools since they are on their own working from home in the new normal. Not only have our grievances come down by 90% from the pre-COVID era, the stream of appreciations flowing in from partners & customers alike is a huge testimony to the deployment of six sigma methodology & tools by our team members day in and day out as they cope with new problems during the current lockdown and solve them real-time with no one to reach out physically! Various processes across the enterprise were put to the test during COVID-19. Six sigma rigor prior to the lockdown helped us ensure a seamless shift to digital servicing and aided us to be on top when the situation changed day to day, with all hitherto drawn up plans getting defenestrated. I believe that Six sigma rigor after the lockdown will also help us institutionalize all the process changes and learnings during the current phase.

 

Productivity, be it measurement of activity or output, becomes extremely topical during the work-from-home era. Again, we leveraged six sigma to come up with clear process metrics and outcome-based metrics for our associates. Our bouquet of hourly, daily, weekly and monthly metrics have helped us zero in on the voice of process before it moves to the voice of the customer. In other words, if you are sharp enough to catch the yellow signals based on measurement of the process, you can ensure they don’t turn red in terms of receiving negative feedback from the customer. Authored by KV Dipu, Head – Operations & Customer Service, Bajaj Allianz General Insurance.Relevance of Lean Six Sigma in the times of COVID-19. (2020, May 26). Express Computer. https://www.expresscomputer.in/indiaincfightscovid19/relevance-of-lean-six-sigma-inthe- times-of-covid-19/56683/

Read different published case studies/ research papers and explain

a. Prepare a roadmap for implementation of Lean Six Sigma in the Covid-19 situation. (5 Marks)

b. Explain the need of lean six sigma in the current pandemic situation. (5 Marks)

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New Product Development and Managing Innovation

1. With the launch of iTunes, Apple unlocked a blue ocean of new market space in digital music that it has now dominated for more than a decade. Explain the blue ocean strategy with the help of other industry examples. (10 Marks)

2. Bring out the differences between incremental and radical innovations with the help of examples. (10 Marks)

3. Your organization has just hired some freshers from Harvard University. The strategy is to introduce in the market, new state of the art products which has been overlooked since half a decade. Your organization needs to get it right this time or it will lose its industry leader position.

a. As a team manager, guide your team about the methods of product idea screening? (5 Marks)

b. Explain the 7-step model that your organization could develop & use for product screening as proposed by Cooper (1985)? (5 Marks)

 

World Class Operations

1. Critically examine the various tools and practices for world class operations. Give suitable examples in support of your answer. (10 Marks)

2. Explain with examples from manufacturing industry the concepts of Reliability, Availability and Maintainability. (10 Marks)

3.a. Let us assume that you are a Principal Consultant for Business Process Reengineering. You have been approached by a traditional handloom firm to advise the firm on implementation of BPR measures at the firm. State your advices with reasons.

(5 Marks)

3.b. With reference to the scenario in question 3a) you have been further asked to develop a plan for the implementation of TPM measures at the handloom firm. Explain your plan with reasons. (5 Marks)

 

International Finance

1. Foreign currency can be easily transferred by commercial banks across the globe for business as well as personal transactions. Explain. (10 Marks)

2. Explain how US Dollar has emerged as a Vehicle currency in the International Market. Why all foreign currencies are pegged against the dollar? (10 Marks)

3. The active pandemic due to the spread of Corona virus has given rise to many threats as well as opportunities to certain businesses world over. China faced flak from international nations for not taking right corrective measures to contain the spread of the virus and generating the right awareness about the ill-effects of the virus contraction on the human body, it also diminished exports from China to the rest of the world. In the wake of the pandemic Prime Minister Narendra Modi identified opportunities for Indian businesses to go global from local and chalked out various export promotion initiatives. Several incentives were announced by the government for companies exporting goods abroad to other international countries in order to boost exports and boost the country’s GDP. These initiatives and extended support from the government enabled Indian companies to increase their overseas footprints and give an upside to the contracting GDP, bringing more forex resources home.

a. Elaborate on the structure of organisations incorporated for export promotion. (5 Marks)

b. Explain different incentives and benefits which can be availed by Indian exporters. (5 Marks)

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Total Quality Management

1. In 2020, Mattel topped the toy industry for the second year in a row with nine ‘Toy of the Year’ Award nominations across eight categories. The company engages customers through its portfolio of iconic brands such as Barbie®, Hot Wheels®, Fisher-Price®, American Girl®, Thomas & Friends™, UNO® and MEGA®. Its offerings also include film and television content, gaming, music and live events. The company is now focused on expanding its market in the developing economies. For this purpose, the company is trying to understand the customer’s needs in a developing nation like India. As a consultant how are you going to help Mattel understand the customers’ needs, and further translate them into product features and quality plan for the products while keeping the local competitors’ performance in view? (10 Marks)

2. You have joined Sharma Brothers as VP operations. The company is using the conventional costing method and all performance measures are in traditional financial terms only, like revenue increase, high profit or liquidation etc. You realize that these conventional performance estimates do not help the organization in their quality initiatives. Now you are planning to implement the Activity Based Costing (ABC) in the organization for better monitoring and control of various costs. Discuss your approach for ABC implementation in the company. (10 Marks)

3. Lean manufacturing is an increasingly popular methodology that aspires to minimise waste whilst simultaneously maximising productivity in manufacturing systems ─ waste, defined not by what gets thrown in the bin, but by what the customer believes. If something does not add value to the product and customers aren’t so keen on paying for it, then it’s waste. This unorthodox method led Toyota Motor Corporation to superstardom on the manufacturing scene, with their industry-leading Toyota Production System (TPS). They successfully produce some of the best vehicles on the planet, with the least waste, in the fastest possible way.

Toyota’s lean manufacturing system has been adopted by a myriad of automobile manufacturers around the world, including Ford, General Motors, and Honda, and the conventions, rules and tools at its foundation have been implemented in systems across society, including hospitals and postal services. The TPS is, for lack of better words, a stalwart norm in an otherwise ever-evolving industry.

Source: Freeman, O. (2020, November 4). The 5 tools that make lean manufacturing thrive. Manufacturing Global - The Digital Manufacturing Platform. https://www.manufacturingglobal.com/lean-manufacturing/5-tools-make-lean-manufacturing-thrive

a. Discuss how Toyota has successfully implemented Jidoka (one of the pillars of TPS) in its various plants across the world. (5 Marks) b. Many of you have heard of Toyota’s famed Quality Circles. Discuss the concept of quality circles. (5 Marks)

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Strategic Financial management

1. ABC Ltd. needs to replace its machine that has less than required capacity and also is obsolete. The company needs to make a choice between (i) buy Machine A that is similar to its existing machine or (ii) buy Machine B that is more big and expensive. The cash flows of the two alternatives are as follows:

Years	0	1	2	3	4	5
Machine A(in lakhs)	-25	0	5	20	14	14
Machine B(in lakhs)	-40	10	14	16	17	15

The company’s cost of capital is 10 per cent. Kindly advise the finance manager (which machine is a better option for the firm based on relevant calculations) using the following techniques: Profitability Index and Discounted Payback Period.

2. Calculate price of equity shares according to Walter model for the following three companies

	Cold Ltd	Warm Ltd	Brewing Ltd
Internal Rate of Return	15%	25%	40%
Cost of equity	20%	15%	30%
EPS Rs	8	6	10
DPS Rs	6	4	8

Suggest in the case of each company what should be the ideal dividend payout ratio depending on the relationship between Internal Rate of Return and Cost of equity.

3. A company’s current operating income is ₹10 lakhs. The firm has ₹10 lakhs of 10 percent debt outstanding. Determine the value of the firm using Net Income Approach if the cost of equity capital is estimated to be 12%. Estimate as the finance manager of the company:

a. Value of the Equity of the firm

b. Overall cost of capital of the firm

 

Business Statistics

1. Nemi Mehta is owning 50 Hectares of land near Junagadh. On his Farm, he cultivates Giloy, which is a medicinal plant in Ayurveda. The below-given table shows the sales of ‘Giloy Vati’ that his team is preparing as per one Ayurveda script (book), and the amount they spend on the Advertisement of it.

Nemi’s problem is to analyze the effect of Advertisement on sales. Firstly, He wants to understand the presence of a linear relationship between the sales and ‘amount spent in advertisement’. He also wants to run a correlation and regression to know whether he should keep spending money on Advertisements or not. If sales figures are not affected by advertisement, he should not spend money on it. So, Calculate Karl Person’s correlation, Regression Model (with bo and b1), R-square, ANOVA Table. Also, provide EXCEL- Generated Output Along with your calculations.

 

Region code	Sales (1NR 000s)	Advertising (TV spots per month) (in INR, 000s)
1	260.3	5
2	286.1	7
3	279.4	6
4	410.8	9
5	438.2	12
6	315.3	8
7	565.1	11
8	570.0	16
9	426.1	13
10	315.0	7
11	403.6	10
12	220.5	4
13	343.6	9
14	644.6	17
15	520.4	19
16	329.5	9
17	426.0	11
18	343.2	8
19	450.4	13
20	421.8	14

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2. The table given below is the ‘single year age population’ (taken from census 2011). This table shows the population of people (age-wise) living in Leh at the time of the census 2011 survey. Transform this ungrouped data into Grouped data by forming age groups then find out Mean, Median, Variance, Standard deviation, Ogive, and Histogram. Write the summary based on your calculations.

Age in Years	Population	Age in Years		Population		Age in Years	Population	Age in Years		Population		Age in Years		Population
0	992	11		1998		22	2839	33		2696		44		1652
1	1958	12		1916		23	2935	34		2781		45		1806
2	1725	13		2138		24	3601	35		2799		46		1460
3	1814	14		2139		25	4110	36		2450		47		1226
4	1768	15		2096		26	4089	37		2142		48		1225
5	1871	16		2044		27	3716	38		2114		49		1006
6	1888	17		2027		28	3702	39		1725		50		1454
7	1768		18		2065		29		3084		40		2218
8	1712		19		2013		30		3475		41		1802
9	1780		20		2459		31		2844		42		1751
10	1862		21		2594		32		2684		43		1659

 

3.a. The given table shows the rainfall of Gujarat Region. Forecast the rainfall using Exponential Smoothing. Use Alpha =0.2, 0.5 and 0.8. Data is available from 1997 to 2016, use this series for the calculation and forecast the rainfall for the year 2017. To know, the extent the prediction is correct the actual rainfall for 2017 (1024.4 millimeters) is provided. Find out which alpha values among the three suggestions are near to accurate value?

SUBDIVISION	YEAR	ANNUAL (in MM)
Gujarat Region	1997	1068.9
Gujarat Region	1998	1070
Gujarat Region	1999	568.4
Gujarat Region	2000	550.6
Gujarat Region	2001	849
Gujarat Region	2002	637.2
Gujarat Region	2003	1160.3
Gujarat Region	2004	1005.8
Gujarat Region	2005	1316.4
Gujarat Region	2006	1478
Gujarat Region	2007	1178.9
Gujarat Region	2008	911.1
Gujarat Region	2009	641.6
Gujarat Region	2010	1088.7
Gujarat Region	2011	890.5
Gujarat Region	2012	714
Gujarat Region	2013	1118.6
Gujarat Region	2014	705.7
Gujarat Region	2015	622.9
Gujarat Region	2016	764.9

3.b. A new gas-electric hybrid car has recently hit the market. The distance traveled on 1 gallon of fuel is normally distributed with a mean of 65 miles and a standard deviation of 4 miles. Find the probability of the following events. (show the concerned region by z curve)

1. The car travels more than 70 miles per gallon. 2. The car travels less than 60 miles per gallon. 3. The car travels between 55 and 70 miles per gallon. (5 Marks)

 

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