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Summer 2014
Master of Business Administration- MBA
Semester 4
Q1. A large number of
forecasting methods are available. Discuss the categories /classification of
forecasting methods.
(Opinion and judgmental
(Predictive) methods : Explanation- 0.5 marks; Methods under this category- 4
marks, Time series methods or quantitative methods Explanation- 0.5 marks;
Methods under this category- 5 marks) 10 marks
Answer : Opinion and
judgmental (Predictive) methods:
The qualitative or
judgment method is a method that translates the opinions of managers, experts
in the field, consumer surveys, and sales force estimates into quantitative
estimates. These methods range from a scientifically conducted opinion survey
to the nominal group technique. There are four methods adopted under this
category, namely:
1. Opinion survey method:
Q2. Explain how economic order
quantity can be calculated by Model 1: EOQ with Uniform Rate of Demand and
Instantaneous Replenishment.
(Type of model and how it is
developed-1 mark; Assumptions of the model – 2 marks; Graphical representation
of the varying inventory level with time (along with explanation)- 3 marks;
Formulae for(Total annual inventory cost, Total annual ordering cost ,Total
Annual Holding Cost)- 2 marks; Determination of EOQ for Model 1 – 2 marks) 10
marks
Answer :
Model 1: EOQ with Uniform Rate
of Demand and Instantaneous Replenishment:
This model is analytical. Initially a cost
model is developed and inventory model is developed from it.
In this model the assumptions made are:
Assumptions :
·
The demand is certain and constant over time.
·
Stock replenishment is instantaneous (lead time is
zero) i.e. the quantity of items will be realised instantly, as soon as the
consumption reaches a point.
·
Price of materials is fixed (no quantity discount is
assumed).· Inventory carrying cost per unit is constant.
Q3. The priority rule is a systematic
procedure for assigning priorities for awaiting jobs. The common problem faced
in most of the companies is assigning priority with respect to the job on hand
for production. When there is a set of orders to be executed, the question of
prioritising arises. Priority rules give the solution to the priority problems
faced by companies. Explain in brief about priority rules for scheduling?
(Major criteria for selecting priority rules-
1.75 marks; classification of priority rules – 1.25 marks; definition of major
criteria rules- 4.5 marks; definition of priority criteria rules – 2.5 marks)
10 marks
Answer : Major criteria for selecting priority rules :
Due to the rapid
development and strong competition amongst the manufacturing companies, needing
a
systematic
planning in job shop manufacturing is crucial in order to enable smooth release
of inventory and great
assembling. Hence,
it is needed to expose on the suitable method in managing small scale
production, and what is it can be done to minimize the completion time of jobs,
mean flow time, lateness of jobs, and processing cost. The main aim is to find
out what is the effective priority rules in scheduling application used by the
manufacturing companies that focus on job shop manufacturing.
Q4. A Flexible Manufacturing
System (FMS) is a manufacturing system comprising a set of similar and/or
corresponding numerically controlled machines, which are connected through an
automated transportation system. What are the fundamental building blocks and
benefits of FMS?
(Workstations.(explanation and
list of various workstations) – 2 marks; Automated Material Handling and
Storage system.(explanation and functions) – 2 marks; Computer Control
System.(explanation and functions) – 2 marks; Potential benefits (tangible and
intangible) of establishing FMS- 4 marks)
Answer :A. Workstations :
In present day
applications , these workstations are typically numeric control machine tools
that perform machine operations on family of parts. FMS is being designed with
another type of processing equipment including inspection station assembly work
etc.
Various workstations :
1.Load/ unload
2. Machining
Q5. Supply chain management is
essential for the success of every company and to satisfy customer demand.
Supply chain management plays a critical role in the success of the company.
Supply chain management is equipped to deal with anything from flow of products
to unexpected natural disasters. Supply chain management diagnoses the problem
and innovatively works around the problems. Explain the impact Supply chain
management has on business.
(Explanation of impact on
business Reduce operating costs – 3 marks; Improve financial position- 3 marks
; Boost customer service – 3 marks; conclusion -1 mark) 10 marks
Answer : Impacts of SCM on
business :
1. Reduce operating costs :
The most-sought
and most common result of applying supply chain management is reduced costs in
the supply chain. A cost that exists throughout most supply chains and
therefore is often the target of supply chain management is the cost of inventory,
managing it and carrying it.
- Increased automation maximizes the efficiency of order processes.
- Integrate with public or private e-marketplaces to quickly and
easily compare suppliers on a global basis.
Q6. Quality Planning is
defined as a “Systematic process that translates the quality policy into
measurable objectives and requirements, and lays down a sequence of steps for
realising them within a specified timeframe.” Explain the elements associated
with quality plan.
(Explanation of: What needs to be checked? – 2
marks; What is the most suitable way to check? - 2.5 marks; When should the
check be carried out? – 2 marks; Who should be involved in the checking?- 1
mark; What quality materials should be used?- 2.5 marks) 10 marks
Answer : Elements of quality
planning :
1. What needs to be checked:
Seven areas must
be addressed to ensure that the proper goals are established:
• Product
performance
• Competitive
performance
• Business
improvement
• Cost of poor
quality
• Performance of
business processes
• Customer
satisfaction
Dear students get fully solved
assignments
Send your semester & Specialization
name to our mail id
->
help.mbaassignments@gmail.com
or
call us at -> 08263069601
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