Compendium admissions 2023-25
Economic Order Quantity (EOQ)
Download 4.08 Mb. View original pdf
|
- Navigate this page:
- Just-in-Time (JIT)
- Radio Frequency Identification (RFID)
- Sample Questions
| Economic Order Quantity (EOQ): In fixed-order quantity systems, the size of an order minimizes the total inventory cost under a given set of circumstances and is obtained by trade-off analysis between the cost of placing an order and the cost of holding stock. Enterprise Requirement Planning (ERP): A further extension of MRP II whereby a single system embraces and integrates all aspects of business operations into a single database application. Just-in-Time (JIT): A dependent demand inventory control philosophy that views production as a system in which all operations, including the delivery of materials needed for production, occur just at the time they are needed. Thus, stocks of material are virtually eliminated. Pull System: A system where orders for an end item are pulled through the facility to satisfy the demand for the end item. An example of a pull system is the JIT Kanban process. 97 23. Push System: A system where orders are issued for completion by specified due dates, based on estimated lead times, or where the flow of material in a product structure is controlled and determined by the lower levels. Radio Frequency Identification (RFID): The attachment of transponders (which maybe read- only or read/write) to products, as an alternative to linear bar codes, to enable product identification some distance from the scanner or when out of the line of sight. Safety Stock: The stock held to protect against the differences between forecast and actual consumption and between expected and actual delivery times of procurement orders to protect against stockouts during the replenishment cycle. In calculating safety stock, the account is taken of such factors as service level, expected fluctuations of demand, and likely variations in lead time. Sample Questions 1. How do firms reduce inventory costs 2. What’s the difference between Operations and Supply chain Management 3. What is JIT, and what are its advantages 4. How do you choose between different suppliers 5. What is Value Analysis and Value Engineering Explain its process. 6. Explain work-study and method study with examples. 7. What do you understand by poka-yoke and heijunka? 8. What are different forecasting techniques 9. Examples of Push and Pull type supply chain, any example of an industry that follows both push and pull type supply chain. 10. How would you explain six sigma to a 7-year-old? 11. What is Six Sigma Why is it six and not five or four 12. Why is DPMO considered for the calculation of six sigma and not DPM? 13. What are MTTR and MTBR? Express Equipment Availability in terms of MTTR and MTBR. 14. What do you understand by lean What are the wastes covered in lean 15. What is vertical integration in strategic management Opera club wishes you all the best for the WAT/PI process 98 Reach out to us @ opera@sjmsom.in Follow us @ https://www.linkedin.com/in/opera-sjmsom/ Download 4.08 Mb. Share with your friends:
|