Notes, summaries, assignments, exams, and problems for University

Types of Inventory Costs

Ordering Costs (Setup Costs, Replenishment Costs): Expenses incurred every time an order is placed.

• Examples: Order processing fees, clerical costs for invoice processing, amortization of the EDI system.

Carrying Costs (Holding Costs): Costs associated with storing inventory.

• Examples: Storage space rental, insurance, utilities, and inventory management software.

Stock-out Costs (Shortage Costs): Expenses arising from inventory shortages.

• Examples: Lost sales, expedited shipping costs, and damage to customer relationships.

III. Inventory Cost: Ordering Costs

1. Order Processing Costs

• Fixed cost, independent of the order quantity.
• Includes fees for placing orders, clerical costs for invoice processing, and amortization of the

Taylor Series

f(x+h) = f(x) + f'(x)h + f''(x)h² /2! + f'''(x)h³ /3! + ...

Secant Method (Find Root)

1. Rewrite as f(x)=0
2. Set initial points
3. f'(x₂) = (f(x₂) - f(x₁)) / (x₂-x₁)
4. New point becomes x₂
5. Iterate

LU Decomposition

A = LU

Crout's

Identity top

Doolittle

Identity bottom

1. Set up LU
2. Find components through matrix multiplication and solve for variables

Solving for b matrix

LUX=B

1. Set UX = Y
2. Solve LY = B using algebra
3. Solve UX = Y using algebra

Norm

Absolute value of the largest row sum

Condition

||A||_inf||A^-1||_inf

Gauss-Seidel

1. Set each equation to a variable
2. Use any initial values for the first equation
3. Use the x₁ from the first equation to solve x₂
4. Iterate (Fast version of Jacobi Method)

Discrete Least Squares Approximation

AX = B

1. Make matrix A by [ n ∑(x) ∑(x²) ...]
2. Make

Margaret Thatcher

was a British stateswoman who was Prime Minister of the United Kingdom from 1979 to 1990 and Leader of the Conservative Party from 1975 to 1990. She was the longest-serving British prime minister of the 20th century and the first woman to have been appointed.

Apartheid

(in the Republic of South Africa) a rigid former policy of segregating and economically and politically oppressing the nonwhite population. Any system or practice that separates people according to color, ethnicity, caste, etc.

Baby boomers

are the demographic cohort following the Silent Generation. There are no precise dates for when this cohort starts or ends; demographers and researchers typically use starting birth years ranging from the early-to-mid 1940s and... Continue reading "Key Events and Figures of the 20th Century" »

Working Capital

Working capital is equal to current assets minus current liabilities.

Liquidity Ratios

Current Ratio

The current ratio is equal to current assets divided by current liabilities.

Quick Ratio (Acid-Test)

The quick ratio (acid-test) is found by dividing the most liquid current assets (cash, marketable securities, and accounts receivable) by current liabilities.

Accounts Receivable Turnover

The accounts receivable turnover is found by dividing net credit sales (if not available, then total sales) by the average accounts receivable.

Average accounts receivable is typically found by adding the beginning accounts receivable to the ending accounts receivable and dividing by 2.

Average Collection Period

The average collection period is found by... Continue reading "Financial Ratio Analysis" »

PODCASTS

BALANCE SCORECARD

Book

Author: Josiah Gregg

Date: 1831

After the Mexican Revolution in 1821, U.S. merchants began trading in the Santa Fe, New Mexico, area. Josiah Gregg was one of those early traders. Based in Independence, Missouri, Gregg began his southwestern travels in 1831. Commerce of the Prairies, a record of Gregg's experiences, was a complete success. His descriptions of the region's human and physical geography and the maps he made were the best available at the time. Nowadays, it is still considered a classic description of the North American Southwest before the coming of the railroads and an excellent history of the early Santa Fe trade.

Gregg died of exposure and starvation while on an exploratory trip in California's Coast Range in 1850.

Gregg's 1839

Harriet Noble's 1824 Migration Account

As told to Elizabeth F. Ellet (1856)

Author: Harriet Noble | Date of Migration: 1824

The Reality of Pioneer Migration

In 1856, Elizabeth F. Ellet published the book Pioneer Women of the West, a compilation of histories of pioneer women, including the account of Harriet Noble, who emigrated from New York to Michigan in 1824. Like the majority of women undertaking overland migration at that time, Noble had little choice about whether to go or not; her husband made the decision for her.

During the journey, men generally drove the wagons while women and children walked behind in a cloud of dust. Noble expressed that her feet were already so swollen she could not walk anymore. Finally, the family arrived in the... Continue reading "Harriet Noble's 1824 Journey: Pioneer Life in Michigan" »

Essential Kitchen Cutting Tools

Vegetable Peeler

A short tool with a slotted, swiveling blade used for peeling vegetables and fruits. There are two types: Swiss peeler and standard peeler.

Mandoline

A manual slicer with adjustable blades for creating various cuts, such as julienne, batonnet, and waffle slices.

Sharpening Steel

Used for honing and maintaining knife edges, keeping them sharp with regular use. Not intended for sharpening dull knives.

Sharpening Stone

Also known as a whetstone, used to sharpen dull knives and refine their edges.

Cutting Board

Made of wood, plastic, or composite material, used as a stable surface for cutting, chopping, and other food preparation tasks.

Scissors

Versatile kitchen tool for various tasks, such as snipping herbs,... Continue reading "Essential Kitchen Cutting Tools and Techniques" »

Types of Knives

Chef's Knife (Cebollero)

• All purpose knife for peeling, trimming, chopping, slicing, and dicing
• Triangular blade, rock chop

Utility Knife or Salad Knife

• All purpose, smaller than the chef's knife
• Used specially for peeling and slicing fruit and vegetables

Santoku Knife or Japanese Cook's Knife

• Sheep's foot tip
• Top chop

Paring Knife

• Used for paring or peeling fruits and vegetables

Tournée Knife

• Sometimes considered as a kind of paring knife
• Used for turning vegetables

Slicer Knife

• Long slender and flexible blade
• Used for carving or slicing cooked meats

Bread Knife or Serrated Slicer

Used to cut bread, cakes, and similar food

Boning Knife

• Thin and pointed blade
• Used for boning raw meats, poultry, and fish
• Used for trimming fat from meats

Filleting Knife

• Pointed