Compendium admissions 2023-25



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PI Prep Kit 2023


5S



88

SOURCING
Sourcing is the process of vetting, selecting, and managing suppliers who can provide the inputs an organization needs for day-to-day running. Sourcing is tasked with researching, creating and executing strategy, defining quality and quantity metrics, and choosing suppliers that meet these criteria. Sourcing is concerned with creating sources through which the supplies an organization needs can flow through.

PROCUREMENT
Procurement is obtaining or purchasing goods or services, typically for business purposes. Seven Stages of Procurement involve Stage 0: Needs Recognition Stage 1: Purchase Requisition Stage 2: Identify Suppliers and Float RFQ (Request for Quotations Stage 3: Solicitation Process (Includes Appraising Quotes and Negotiation) Stage 4: Evaluation and contract.
Step Name
Japanese term
Explanation
1. Sort
Seiri (tidiness) Remove unnecessary items from each area
2. Set In Order
Seiton (orderliness) Organize and identify storage for efficient use
3. Shine
Seiso (cleanliness) Clean and inspect each area regularly
4. Standardize
Seiketsu standardization) Incorporate S into standard operating procedures
5. Sustain
Shitsuke (discipline) Assign responsibility, track progress, and continue the cycle


89 Step 5: Order management. Step 6: Invoice approvals and disputes. Step 7: Record Keeping.




90
EOQ Model

• Economic order quantity (EOQ) is a company's ideal order quantity to minimize inventory costs, such as holding costs, shortage costs, and order costs.
• This production-scheduling model was developed in 1913 by Ford W. Harris and has been refined overtime The formula assumes that demand, ordering, and holding costs remain constant.

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