Question

1. Define inventory and explain TWO (2) main objectives of inventory management

2. Identify FIVE (5) requirements of Dependent Inventory Model

3. Analyse TWO (2) components of Material Requirement Planning

4. Define planning phase in managing a project

5. State THREE (3) roles of a project manager.
6. State FIVE (5) specific requirements of an effective Material Requirement Planning

7. Define quality and State THREE (3) reasons why quality is important

8. Explain TWO (2) methods in manage of inventory

9. Outline FIVE (5) first steps of PERT CPM

10. Define Total Quality Management (TQM

11. Define Material Requirement Planning (MRP) and identify FOUR (4) benefits of it

Answer 1

1.. Inventory is the term for the products accessible available to be purchased and crude materials used to create merchandise accessible available to be purchased. stock speaks to one of the essential wellsprings of income age and resulting profit for the organization's investors. Numerous makers cooperate with retailers to commit their stock. Committal stock is the stock possessed by the provider/maker yet held by a client. The client buys the stock once it has exchanged or once they expend it (for example to create their own items). The advantage to the provider is that their item is advanced by the client and promptly open to end-clients. The advantage to the client is that they don't use capital until it demonstrates productive to them, which means they possibly buy it when the end-client buys it from them or until they expend the stock for their activities.

objective:

To limit the danger of under and overstocking of material: if an organization keeps stock without appropriate examination, there will be an opportunity of overloading, which will expand the expense of conveying the stock or understocking of stock that makes an issue in the smooth activity of a business. So one of the primary destinations of the stock administration is to limit the hazard caused due to under and overstocking of stock.

To limit the expense related with stock: the correct upkeep of the data in regards to stock settles on choices like whether to take limits or not, the size of request to be submitted, when to arrange and so forth the absolute expense related with stock might be limited by breaking down the parcel size to be gained, the idea of rebate on factor part size and the planning of request. Such examination lessens the superfluous stock in inventories.

2.. In the event that the interest for the stock of a thing is dependant upon another thing, such requests are ordered as dependant interest.

Crude materials and segment inventories are dependants upon the interest for Finished Goods and henceforth can be called as Dependant interest inventories.

a. inventory organizer

b.   When should the requests be sent?

c.   Master creation plan (what is to be made and when)

d.   Specifications or bill of material (materials and parts required to make the item)

e.   Inventory accessibility (what is available)

f.   Purchase orders remarkable (what is on request, additionally called anticipated receipts)

g.   Lead times (to what extent it takes to get different parts)

3.. They utilized centralized server PCs to detonate data from a bill of materials for a specific completed item into a creation and buying plan for parts. After a short time, MRP was expanded to incorporate data criticism circles with the goal that generation staff could change and refresh the contributions to the framework as required. The up and coming age of MRP, known as assembling assets arranging or MRP II, additionally fused advertising, money, bookkeeping, building, and HR perspectives into the arranging procedure. A related idea that develops MRP is undertaking assets arranging (ERP), which utilizes PC innovation to connect the different practical zones over a whole business venture. MRP works in reverse from a creation plan for completed products to create prerequisites for parts and crude materials. MRP starts with a timetable for a completed merchandise that is changed over into a calendar of necessities for the subassemblies, the segment parts, and the crude materials expected to create the last item inside the setup plan.

MRP Information Sources

MRP frameworks utilize four key snippets of data to figure out what and when materials ought to be requested. These four data sources are creation plans, material specs, generation process durations and provider lead times. Creation plans depict in detail when every item should be fabricated.

MRP Objectives

The essential goal of MRP frameworks is to get the right materials to the ideal spot at the right time. Most authoritative destinations center around generation stock, needs, and limits. With regards to stock, MRP frameworks help the executives to arrange the correct amount of parts at the ideal time.

4. The planning phase refines the task's targets, which were assembled during the inception stage. It incorporates arranging the means important to meet those targets by further recognizing the particular exercises and assets required to com¬plete the task. Since these targets have been remembered, they should be plainly verbalized, enumerating an inside and out examination of each perceived goal. With such an examination, our comprehension of the target may change. Regularly the very demonstration of attempting to portray something exactly gives us a superior comprehension of what we are taking a gander at. The plans made during this stage will assist you with managing time, cost, quality, change, hazard, and issues. They will likewise assist you with overseeing staff and outside providers, to guarantee that you convey the venture on schedule and inside spending plan.

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