NMIMS BBA – B.Com Production & Total Quality Management Solved Answer Assignment

Production & Total Quality Management

NMIMS BBA – B.Com Production & Total Quality Management Solved Answer Assignment

Q1. “Lean Thinking defines value as providing benefit to the customer; anything else is waste.” Considering this fact, describe the different principles of lean thinking that strives for continual development. (10 Marks)

Introduction:          

Lean was developed from making techniques yet has changed management and expertise work in recent years. It is a point of view that prioritizes the value to the customer above whatever else and manages and comes close to working leanly.

Constant renovation suggests that every employee in your firm actively seeks possibilities and accomplishes projects that enhance work.

Concept and application

James Womack and Daniel Jones developed words in a book. They had researched the outstanding Toyota Production System and released their findings in ‘Lean Believing: Banish Waste and Develop Wide Range in Your Firm’. The book gives a structure for establishing much more reliable lean production systems. After substantial research, Womack and Jones determined five basic concepts in Toyota’s system. The concepts were executed by services globally and proved effective in various other markets.

Conclusion:

The 5 Lean principles are a foundation for building an efficient and effective organization. The concepts advertise improved circulation in job processes and a culture of regular enhancement. Lean enables managers to recognize inefficiencies and supply better value to customers.

NMIMS BBA – B.Com Production & Total Quality Management Solved Answer Assignment

Q2. “Quality is never an accident. It is always the result of intelligent effort.”, Understanding the fact explains in detail the different techniques of quality management.? (10 Marks)

Introduction:

Quality management oversees numerous operations and duties inside an organization to guarantee that the products and services given, in addition to the methods they are provided, are consistent. It helps attain and keep the required degree of high quality inside the organization. Quality management is included four significant parts, which are as adheres to:

Concept and application

There are several methods for high-quality management in organizations; it may change depending on the demand.

Complete quality management (TQM) is an old high-quality management method that concentrates on every production phase to guarantee that high quality is maintained from the start. This strategy is extensively used in services because it is affordable and straightforward. Since the consumer’s needs are prioritized when executed, this strategy is additionally client-oriented. This method can be dated back to Japan. It likewise conserves the company’s resources and raises manufacturing. This strategy has been chiefly made use of in the information technology sector. It ensures that all connected effort (specifically representative work) is routed toward boosting item or benefit quality and the generation prep work or management.

Conclusion:

Top quality is the most critical aspect that every firm considers because its whole reputation is founded on the top quality of its items. The workers must be trained entirely to apply it in conformity with the needs of the production, company, and other areas, as well as Peers.

NMIMS BBA – B.Com Production & Total Quality Management Solved Answer Assignment

Q3. “The more inventories a company has, the less likely they will have what they need.”

1. Inventory is a necessary evil; identifying this concept; explain the different tools for inventory control. (5 Marks)

Introduction:

The stock control organization employs stock management procedures within the context of the fundamental supply models, particularly the taken care of order amount system or the taken care of order duration system.

Concept and application

Some of the techniques are:

ABC evaluation is a company term that refers to an inventory categorization strategy commonly used in materials management. ‘Careful Inventory Control’ is an additional name for it. Supply things are valued (cost multiplied by amount issued/consumed in period), and the findings are prioritized when doing an ABC analysis. The results are then usually identified into three bands. These bands are known as ABC codes.

Conclusion:

Small and medium-sized enterprises must practice outstanding stock management to compete with international corporations. Stock mismanagement can increase lugging costs, decrease efficiency, and negatively influence customer service.

NMIMS BBA – B.Com Production & Total Quality Management Solved Answer Assignment

1. Inventory management is an essential element in business success; based upon the same concept, what kind of decision model should be adapted for managing the inventory of the business (Hint: Explain EOQ Model including Advantages & Disadvantages)

Introduction:

The financial order quantity is the degree of stock that reduces total inventory holding expenses and ordering expenses. It is among one the most basic traditional manufacturing organizing versions. Wilson EOQ Design or Wilson Solution are other names for the structure used to determine this order quantity.

Concept and application:

EOQ = √ [2DS/H] is the formula for calculating EOQ where D = Demand in devices (annual); S = Order expense; H = Holding costs (per unit, each year). Companies that use EOQ consider all expenses related to acquisition and distribution, item demand, acquisition discount rates, and holding expenses. The economic order amount is an essential statistic for your organization’s sustainability since purchasing too much can lead to high holding prices and divert sources away from other company activities such as marketing or R&D. Economic order quantity is a practical sign for a business that purchases and store goods for manufacture, resale, internal use, or any other reason.

Conclusion:

EOQ is a bookkeeping formula that determines the point at which the amount of order and stock bring prices is the lowest. As a result, one of the most cost-effective amounts to order is obtained. Economic order amount might not consider every element that affects business, yet it is still a potent tool if it benefits you.