Janice is starting a new business and is confused about how to ...

[EAugust]

Janice is starting a new business and is confused about how to determine the price to set for her product. She comes to you for advice and you tell her, correctly, that the two factors that determine the price at which a product will sell are
 A) the market and the awareness that costs and expected sales can be used only to establish a price floor.
  B) the market and status-quo.
  C) the cost of production and maximum price that can be charged.
  D) the competition price point and product demand.

Question 2

How do routing and timing affect the scheduling process for a furniture manufacturer like Drexel-Heritage?

[todom5090]

Answer to Question 1

A

Answer to Question 2

Routing of materials is the sequence of workstations that raw materials and work in process will follow. Operations managers route needed wood for a Drexel-Heritage chair through workstations along an assembly line, with the table finally ending up at finished goods inventory. Timing specifies when the wood, for example, will arrive at each workstation and how long it will remain there.