Vulcan Forge makes components used in automobiles and other machinery. The firm, established in 1892, has forged (!) a stellar reputation in the marketplace, allowing it to command a premium price for its products. Vulcan specializes in forging “difficult” shapes and metals. Its metallurgical department has won national and international acclaim for its innovativeness. Vulcan’s management is considering purchasing a new press to replace its existing press. With normal use, this machine will last five years and will be used to make a number of products.

Required:
a. Consider the period from the time of buying the new press until Vulcan scraps it for another press. Describe key decisions that correspond to the four stages of the planning and control cycle.
b. During the time it owns the press, Vulcan would make several decisions that relate to the machine but might only affect operations for a few days or weeks. How do these “smaller” decisions fit into the overall scheme that you describe in your answer to part (a)?