Importance of Production Function
Importance of Production Function Production function can offer competitive advantage to a firm in the following areas: Shorter new-product-lead time More inventory turns Shorter manufacturing...
Material Management
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Elements of operation strategy
Elements of operation strategy Operations strategy comprises six components : Positioning the production system,- It involves selecting the product design, the production system and the...
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Types of Service Operations
Three types of service operations are: Quasi manufacturing: In quasi manufacturing physical goods are more dominant then service associated with the product. Here the stress...
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Inventory Decisions
ABC (Always Better Control) Analysis – Class A – constitutes 10% of total items and accounts for 75% of total money spend on inventories. Class...
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Basic EOQ
Typical assumptions made Annual demand (D), carrying cost (C) and Ordering cost (S) can be estimated Average inventory level is the fixed order quantity (Q)...
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What are Inventory Costs?
Costs associated with ordering too much (represented by carrying costs) Costs associated with ordering too little (represented by ordering costs) These costs are opposing costs,...
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Objectives of Inventory Control
Protection against fluctuation in demand Better use of 5 M’s Protection against fluctuation in output Control of stock volume Protecting against quality problems To ensure...
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Possible Reasons for Low Material Production
Lack of integrated system approach – different functional managers tends to look at materials related decisions from their own narrow segmented sub system view point....
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Objectives of Material Management
Primary objective low prices- to be lowest – includes transportation: enhances profit high inventory turnover- value of inventories to be low in relation to sales....
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Production Planning System
PRODUCTION PLANNING SYSTEM A production planning system includes an equipment information data base, a product information data base, a quality historical information data base,...
