Explain the meaning of standardization of stock items

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Reference no: EM133907

QUESTION 1

(a) (i) Define the term inventory. Give a few examples

(ii) Explain the meaning of Inventory Control

(b) (i) Describe the three main objectives of Inventory Control

(ii) Explain how an Inventory Control Manager would achieve each of these objectives. Illustrate your answer with examples.

(iii) List six consequences of a poor Inventory Control System

(c) (i) With reference to a warehouse of your choice, describe five main operations which the Warehouse Manager is required to perform in order to provide a satisfactory level of service. Illustrate your answer with appropriate examples

(ii) Suggest five ways of reducing wastes through effective stores operations

QUESTION 2

PART A-

(i) Explain the meaning of the following terms-

(1)Obsolescence

(2)Redundancy

(ii) Suggest two ways of reducing obsolescence and redundancy respectively

PART B:

(b) Discuss the benefits of an early disposal of obsolete, redundant and scrap items. Give examples to illustrate your points

QUESTION 3

(a) In which circumstance is Forecasting used as an Inventory Control technique. Give an example

(b) List and explain three main characteristics of a good Forecasting

QUESTION 4

(a) Describe two benefits and two drawbacks of a Just In Time (JIT) supply system. Give examples to illustrate your points

(b) Explain the meaning of Standardization of stock items. Give examples

QUESTION 5

Write short notes on

(a) Maintenance, Repairs and Operating (MRO) supplies

(b) ABC Analysis

(d) Bar Coding

(e) Economic Order Quantity

Reference no: EM133907

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