Chapter 21, Managing Small Business Operation. Discuss the following based on your reading of this chapter. * Discuss how important is managing operations to the competitiveness of a small business? Why? * What can be done to ensure that the quality of a small business ventures’ products or services remain high? * What are the major features of the just in time inventory system? Is it applicable to small companies and if so why, and if not why? * Explain the meaning of the terms lean production and synchronous management and how are these relevant to operations in small company? * What steps can a company take to build good relationships with suppliers? Can you think of any ethical issues that should be taken into account when deciding how to interact with suppliers? Chapter 22 Based on your reading of chapter 22, discuss the following: * what do you think the life cycle of the accounts receivable should be? * How may a seller speed up the collection of accounts receivable? Give examples that may apply to various stages in the life cycle of receivables. * Compare the different technique that can be used in capital budgeting analysis. * List the events in the working capital cycle that directly affect cash and those that do not. * What determines the length of firm’s cash conversion period? * What is discounted cash flow and why it is important for you, as a manager/business owner, to know it?