Define inventories why they are important to manufacturing
Inventory Management
Q1) a) Define inventories why they are important to manufacturing companies and what are responsibilities of inventory management? Explain aggregate inventory management
b) What are the five costs associated with inventories? Name and describe the categories of inventory-carrying costs, categories of ordering costs found in a factory Also what are stakeout costs and capacity-associated costs and their relationship to in- ventures? [08]
c) What is the basic premise of ABC analysis? Give three steps in making an ABC inventory analysis? Differentiate between FIFO and LIFO? [06]
Q2) a) Describe the material requirements plan. Should an MRP be used with dependent or independent demand items? What the objectives of the MRP? And the relationship between MSP and the MRP? Why is a computer necessary in an MRP
system? What are the major inputs of the MRP system. [08]
b) Describe the following types of bills of materials.
„h Product tree.
„h Multilevel bill
„h Single-level bill.
„h Indented bill.
„h Summarized parts list.
„h Planning bill. . [06]
c) Describe the differences between planned orders, released orders, and firm planned order? What are the three important factors in managing the material requirements plan? [06]
Q3) a) Explain why each of the following are sources of water:
„h The process.
„h Methods.
„h Movement.
„h Product defects.
„h Waiting time.
„h Overproduction.
Explain how inventory affects product improvement, quality, prices, and the ability to respond quickly to the marketplace. [08]
b) What are the four conditions needed for uninterrupted flow? Describe each? What is the difference between leveling based on capacity and leveling based on Material flow why would a JIT manufacturer schedule seven hours of work in an eight -hours shift? [08]
c) Where does MRP system, Kanban system, and drum-buffer-rope system best? [06]
Q4) a) Definition of quality? In which four areas must quality be considered? How do they interrelate? Name the describe the eight dimensions to quality. [08]
b) What are the six basic concepts of TQM? And what is the empowerment and why is it
important in TQM? Give the three key factors in supplier partnership? Also what is the purpose of performance measurement. [06]
c) Describe the purpose of forecasting for strategic business planning, production planning and master production scheduling. What is meant by term tracking forecasting? In which two ways can forecasts go wrong? What is demand management and give function that include. [08]
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