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(Winter/November 2012)
Master of Business Administration - MBA
Semester 3
“Supply Chain Management” Specialization
SC0004 - Inventory Management
(4 credits)
(Book ID: B1545)
ASSIGNMENT- Set 1
Marks 60
Note:
Assignment Set -1 must be written within 6-8 pages. Answer all questions.
Q1.a. What
are the types of inventory? 5 marks(150-200) words
Answer : Raw
Materials
This type of inventory includes any goods used in the
manufacturing process, such as components used to assemble a finished product.
Raw materials may also include partially finished goods or materials.
Work-in-Process
Work-in-process inventory items are those materials and
parts that are waiting to be made into something else. These may include
partially assembled items that are waiting to be completed. Work-in-process
inventory items may
Q2. Explain
any three types of business environment and provide their effects on the
inventory management.10 marks(300-400 words
Answer : Business
Environment
Environment refers to all external forces, which have a
bearing on the functioning of business. Environment factors “are largely if not
totally, external and beyond the control of individual industrial enterprises
and their managements.
The business environment poses threats to a firm or
offers immense opportunities for potential market exploitation. Environmental
business solutions will give way to the environmental business opportunities.
Q3. What is
an EOQ model? Explain 10 marks(300-400 words
Answer : Economic order quantity is the order quantity
that minimizes total inventory holding costs and ordering costs. It is one of
the oldest classical production scheduling models. The framework used to
determine this order quantity is also known as Barabas EOQ Model or Barabas
Formula. The model was developed by Ford W. Harris in 1913,[1] but R. H. Wilson,
a consultant who applied it extensively, is given credit for his in-depth
analysis.
EOQ applies only when demand for a product is constant
over the year and each new order is delivered in full when inventory
Q4. Mention
the types of locator system 10 marks(300-400 words
Answer : The four most common locator systems are the memory, fixed, zoning, and random locator
systems. The memory is the most
basic of the three mentioned above. It
is essentially a locator system used by one person or a small group of
warehouse staff that know where inventory belongs in the warehouse. Organizations that store limited sku’s
in small warehouses can get away with
this very basic method of locating system.
Some of the benefits are clear, like complete freedom to use all
available space with in the
Q5.a. Explain
the need for safety stock 5
marks(150-200) words
Answer : Safety
stock (also called buffer stock) is a term used by logisticians to describe
a level of extra stock that is maintained to mitigate risk of stockouts
(shortfall in raw material or packaging) due to uncertainties in supply and
demand. Adequate safety stock levels permit business operations to proceed
according to their plans.[1] Safety stock is held when there is uncertainty in
the demand level or lead time for the product; it serves as an insurance
against stockouts.
With a new product, safety stock can be utilized as a
strategic tool until the company can judge how accurate their forecast is after
the first few years,
Q6. List and
explain the various financial ratios important in financial statement
analysis.10 marks(300-400 words
Answer : Top 5 Financial Ratios
The most cost commonly and top five ratios
used in the financial field include:
The debt-to-equity ratio, is a quantification
of a firm’s financial leverage estimated by dividing the total liabilities by
stockholders’ equity. This ratio indicates the proportion of equity and debt
used by the company to finance its assets.
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