Tiếng anh chuyên ngành kinh tế, Exercises of Legal English

Download Tiếng anh chuyên ngành kinh tế and more Exercises Legal English in PDF only on Docsity! UNIT 8: PRODUCTION Vocabulary: Industrial production 1. Inventory (AmE and BrE) or stock (BrE) is a company’s reserves of raw materials, parts, work in process, and finished product A component is any of the pieces of parts that make up a product or machine Capacity is the (maximum) rate of output that can be achieved from a production process Plant is a collective word for all the buildings, machines, equipment, and other facilities used in the production process Location means the geographical situation of a factory or other facility A supply chain is a network of organizations involved in producing and delivering goods or a service Outsourcing means buying products or processed materials from other companies rather than manufacturing them Economics of scale are the cost savings arising from large-scale production Lead time is the time needed to perform an activity such as manufacturing a product or delivering it to a customer Reading: Capacity and inventory 1 2 3 4 5 6 7 8 9 10 {11 [12 {13 [14 [15 A,E Cc [D |AE;A |D |F E EF E B JE |B IE B,F Listening 1: Purchasing 1. ‘What does he describe as ‘one of the main goals of any company’? He describes as one of the main goals of any company is to drive down the cost of raw materials and components that are used in manufacture What is the advantage of being part of a larger group of companies? It is having the leverage of global buying power, that helps enomoursly How does a reverse auction work? They post on an Internet site the lowest price with which they would do business with us and compete against each other in that way Why is it called ‘reverse’? Because reverse has to be very carefully managed and there are a number of strategies in its use What does he mean by ‘price isn’t everything’ He means they also have to guarantee quality and guarantee that the company can supply with reliable to that given price What is the consequence of this? It is one tool and even once the price has been determined they may not choose the lowest price Listening 2: Low-cost manufacturing 1. What are the advantages of having factories in Singapore and China? The advantages of having factories in Singapore and China are a long-time industry, providing low-cost manufacturing and they are able to maintain quality 2. Why is this not sourcing? Because this is wholly owned by Leica 3. What was the problem with staff in China? The problem was mainly to do with training local staff, but particularty staff retention, because the economy was booming so much 4. Fill in the gaps in this extract Yes, when we first set up the company in China there were a great many problems, mainly to do with training local staff, but particularly staff retention, because the economy was booming so much, we found that after training staff, bringing them up to the standards we expected, they were very attractive to other companies and could easily move and take their skill elsewhere, so there was a constant process of training and retraining, it was very hard to retain staff. Reading: The Dell Theory of Conflict Prevention Comprehension 1. Why does Thomas Friedman think countries involved in a major global supply chain are unlikely to start a war? Because the people embedded in major global supply chain don’t want to fight old-time wars any more. They want to make just-in-time deliveries of goods and services - and enjoy the rising standards of living that come with that 2. Why does Michael Dell think the computer industry deserves more praise than it gets? Because he believes that as time and progress go on there, the chance for a really disruptive event goes down exponentially 3. What would be the consequences if a country in a major global supply chain did start a war? If a country in a major global supply chain did start a war, the consequences would be disrupting industries and economics around the world and thereby risking the loss of time, which could be extremely costly 4. What consequences has the evolution of supply chains had? UNIT 9: LOGISTICS Vocabulary: Pull and push strategies OUARWNP N Accurate: correct, exact and without any mistakes Agile: able to move quickly and easily Estimate (n): a guess of what the size or amount of something might be Forecast (n): a statement of what is expected to happen in the future Lean (adj): (of production) using small quantities and avoiding any waste Logistisc: designing and managing the flow of goods, information and other resources Manual (adj): done with the hands Replenish: to fill something up again Reading: Pull and push strategies 1. Manufacturing companies can produce according to pull or push strategies 2. In other words, this is a replenishment strategy: both production and supplies are constantly reacting to the actual consumption of components, rather than planning ahead This replenishment strategy was famously developed as Just-In-Time (JIT) production by Toyota in Japan in the 1950s. the most common JIT system is called Kanban, a Japanese word approximately meaning ‘visual card’ Historically, Kanban was a manual system in which cards were placed in component bins in warehouses as a signal that items needed to be replenishing; today, of course, advanced software is used Apart from JIT, other names for pull strategies include lean production, stockless production, continuous flow manufacture and agile manufacturing. In all these system, nothing is bought or produced until it is needed With a pull strategies, a company manufactures according to current demand, which is satisfied from (a small) inventory. When pieces are removed from stock, replacement are automatically ordered from suppliers Supplies are scheduled to meet expected demand, but because demand forecasts are not always accurate, push strategies often incorporate safety stocks and safety lead times With a push strategy such as Manufacturing Resources Planning (MRP), on the contrary, production is based on estimates of future, and begin according to the planned production lead time Comprehension: 1. 2. Pull strategies are based on estimated future demand Pull system only buy or produce things when they are needed 3. 4. 5. Kanban system signal that items needed to be replaced Push strategies are based on current demand Push strategies often allow for safety stocks and lead times Listening 1: Inventory, Kanban and MRP 1. Why do companies want to keep inventory as low as possible? Because inventory is capital tied up that could be used to grow the business, so there are always pressures to keep it as low as possible What do Leica need inventory for? Leica needs inventory to forecast of the parts needed for production What strategy enables them to keep a low inventory? the strategy is to have the suppliers deliver when it’s needed in the production process, and that can keep them agile, it enables thém to react to sales and market demands without stocking large amounts of inventory What changed when Leica was taken over by Danaher? They have changed MRP to a Kanban system Why does Goodfellow say ‘it’s not Just-In-Time as such’? Because when a part is used, it’s immedialy replaced by another in that bin and it pull all the way through to the manufacture, so it’s not Just-In-Time Listening 2: Leica’s supply chain 1. What is the difference between Leica’s business units and selling units? The differences is selling units must consolidate products together to ship to the customer at one time, so the supply chain becomes complicated Does the Singapore factory make all the parts it uses? Yes, it does Why might the Singapore factory send some products to Euro rather than to the end customer? Because some products, in some cases, will be shipped to Europe for consolidation with other parts before sending on to the end customer ‘What does he say about languages and currencies? He say about this trails of course are the financial transactions and documents that allow you to invoice the customer int her local language of that customer and the local currency. The main goal is that the customer always deals with a local party in his own languages, his own currencies, and where he can get local service, and all of this supply chain is transparent to him Explain the balance or trade-off between customers’needs and having local stocks or inventories? Big challenge for the company is delivering on time, when they are dealing with this global operation, and that’s how they have to balance local stock which is always very expensive, they try and drive down inventory, they do not want inventory, but they have to balance the needs of local customers and the fast turnover of stock with the cost of keeping that inventory Reading: Supply-chaining Comprehension 1. Fill the gaps, and then put the following sentences in the correct order. The first one has been done for you - A Wal-Mart truck picks up boxes of merchandise at a supplier’s factory or warehouse - The boxes are placed on a small conveyor belt - The small conyeyor belt joins a larger one - Amachine reads the bar codes on each box - Electric arms guide the boxes off the main river onto another smaller one - This belt leads to another bay where the boxes are swept onto Wal-Mart trucks - The goods are uploaded at Wal-Mart’s distribution centre - The products are deliveried to the Wal-Mart store that ordered them - The cashier scans the product, which sends a signal to the Wal-Mart network to produce another one - Accustomer buys a products What are the three main metaphors that Friedman uses in this passage? Why does he use them? The three main metaphors are viewing perch and watched the show, stream feeding into a powerful river, an electric eye reads the bar Reading: Manufacturing supply chain work flow 1. The sales departments identifies a need for a product, and tells the marketing department about it The marketing department researching the Project, and forwards a detailed business plan to the Busineess Unit Manager The senior business managers make a decision on the project The plan approved and passed to the analysts tp prepare and implement the manufacturing process The purchasing, logistics and transport departments plan the purchase of materials and their delivery to the manufacturing plant Suppliers receive orders and despatch raw materials and components to the manufacturing site on agreed dates The product is manufactured The order is sent to the warehouse