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Material Planning and Control
Material planning and control is crucial and is influenced by both broad and specific factors. Influencing Factors: Macro Factors (External): * Price Trends: Fluctuations in material costs. * Business Cycles: Economic booms/recessions. * Government Polic...
Purchasing and Stores Management
Purchasing Objective: Ensure continuous material supply. Reduce finished goods cost. Key to Manufacturing Success: Procure materials with the 10 'R's: Right Quality Right Quantity Right Source Right Time Right Price Right Place Right Mode Right Manner Right...
Inventory Control Techniques
Inventory Basics: Inventory = Stocked materials acting as a buffer between supply and demand. Effective control is vital for smooth production with minimal interruptions. Objective: Balance inventory investment and customer service. Inventory can be a signifi...
Vendor selection, development and‌ Vendor rating
Vendor Selection Importance: The purchasing department is responsible for choosing the right suppliers. Good vendor selection significantly impacts business success. Vendor Selection Procedure: Identify Potential Vendors: Initial survey of possible supplie...
Standardization and Simplification
Definition: Standardization is establishing benchmarks for measuring quality, quantity, value, performance, etc. In inventory, it means reducing the variety of products, components, or materials used. It ensures uniformity. Advantages of Standardization: Des...
Value Analysis, Ergonomics, Just in time
Definition: Value Analysis (VA) is a systematic method to enhance a product's value by either cutting costs or boosting its functions without compromising quality. It aims to increase customer value while decreasing production/maintenance costs. Origin: Develo...