Answer to Question #146933 in Management for mbali

Question

With the use of your own example, define the following concepts.
Q.2.1 Transformation process
Q.2.2 Job analysis
Q.2.3 Consumer behavior
Q.2.4 Fixed cost
Q.2.5 Inventory carrying costs

Answer 1

Q.2.1 Transformation process refers to a group of activities that uses inputs then transform into valuable products. For instance manufacturing of match sticks.

Q.2.2 Job analysis is a family of procedures to identify the content of a job in terms of the activities it involves in addition to the attributes or requirements necessary to perform those activities. For instance, when looking for a chief chef in a restaurant, it is good to adhere to the professional qualifications and social ethics.

Q.2.3 Consumer behavior It refers to the actions of the consumers in the marketplace and the underlying motives for those actions. It is how consumers select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. For instance, the opinions of customers on the type of bread they want.

Q.2.4 Fixed cost refers business costs, such as rent, that are constant whatever the amount of goods produced

Q.2.5 Inventory carrying costs  holding cost refers to the total cost of holding inventory. This includes warehousing costs such as rent, utilities and salaries, financial costs such as opportunity cost, and inventory costs related to perishability, shrinkage .