Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Explain Always Better Control analysis of inventory control.
ABC Analysis of Inventory Control: ABC analysis is the extensively used approach for classifying the inventories on the basis of cost and utilize. It is a type of pareto analysis and sometimes also termed as Always Better Control approach.
The inventories are classified in three groups:
(i) A-Type Inventory: It consists as high value, low volume type of inventories. It means that their yearly consumption is very less although these are very costly items. Despite required less in volume, their yearly monetary value is rather high, as these are very expensive items. ABC-analysis recommends careful control of A-Type inventory. For more periodic review is required.
Involvement of management of higher level is recommended in the review process. A small reduction in the safety stock and EOQ will reason substantial saving for the organisation. This has been observed that a small percentage of items as 10 to 20 percent accounts for major percentage as 70 to 80 percent of the total annual monetary consumption in inventories. These are termed as A-Type inventories.
(ii) C-Type Inventory: Majority of the items (as 60-70 percent) constitute only a minor fraction of the total annual monetary consumption (as 5 to 15 percent) in inventories. All such items are C-Type items. The control required for these items may not be extremely stringent. Bulk-purchase decisions may be helpful as the item cost is less. Hence, lesser number of orders may be placed. All such items may be under the supervision of lower level of management and monthly reports or only exceptional reports are needed by top management.
(iii) B-Type Inventory: Items but A and C type constitute 20 to30 percent in terms of items and 10 to 25 percent in terms of their annual consumption value. These are known as B-Type inventories. Their supervisions and control are moderate as compared to A or C type inventories.
During the past five weeks, you have written several papers examining various organizational behaviour problems that materialize in organizations. Review all of those papers and ot
What are routine and strategic decisions? Routine decisions are of repetitive nature that do not need much analysis and evaluation, are in the context of everyday operations of
What are the basic controllable variables of a production planning problem? What are the four major costs? Discuss and explain each variable. Discus and explain each cost.
Explain the three fundamental principles of statistical thinking. Use an example from either your personal life or a work process to illustrate
We have discussed many positive things about iPads, iPhones, tablets and Smart Phones, what are some negative things you have experienced with the device you use?
By whom Dual factor theory was propose? Dual factor theory has been proposed by Herzberg.
Valuing Health Care" Please respond to the following: •Determine the best way to leverage value from health IM / IT investments in today's health care environment. Provide specific
state the major factors that affect location decisions?
Utilizing the formula for writing training objective, write a training objectives for the following: Please include all 3 of the elements components. Please Management, Customer Se
The following are monthly actual and forecast demand levels for May thur December for units of a products manufactured by the N. tamimi Pharmaceutical Company Month Actual deman
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd