Method inventory control is based on pareto analysis, Business Management

Assignment Help:

QUESTION

(a) Describe how the ABC method/technique of inventory control is based on Pareto analysis

(b) You are part of a team who is carrying out a study on the causes of inventory discrepancies in a Ministry. The team has collected the following information over a period of I2 weeks:

No of incidents

(a) Wrong recording of issues                                                                         6

(b) Wrong recording of receipts from suppliers                                                 2

(c) Over issue of stock                                                                                   26

(d) Under issue of stock                                                                                 8

(e) Error in counting inventory on hand                                                           4

(f) Pilferage                                                                                                  14

You are required to analyse the above information using Pareto analysis

(c) A study was conducted to determine the shrinkage rate of a material over time. 10 kg of the material was used for the test and measurements were taken over a period of 7 weeks. The results are shown below

Week                                                                 Weight (kg)

   1                                                                               9.7

   2                                                                               8.1

   3                                                                               7.4

   4                                                                               5.9

   5                                                                               5.1

   6                                                                               4.2

   7                                                                               3.3

You are required to analyse and comment on this information by using the appropriate quality tool.

(d) Data pertaining to the weight of an item has been collected over a period of 2 weeks as set out below;

Weight (kg)                                                                 no of items

10                                                                                            4

10.2                                                                                         6

10.3                                                                                         8

10.4                                                                                         10

10.5                                                                                         7

10.6                                                                                         5

10.7                                                                                         3

You are required to plot the data using a histogram and to comment thereon. .

 


Related Discussions:- Method inventory control is based on pareto analysis

What are principal objectives of total quality management, What are the pri...

What are the principal objectives of Total Quality Management? The principal objectives of TQM are: a. Customer Focus as Customer Delight. b. Continuous enhancement as a

Competitive strategies for information system, Q. Competitive strategies fo...

Q. Competitive strategies for Information system? Business is capable to develop competitive strategies to counter the action of the competitive forces they confront the market

5-year strategic planning, Guide lines for this 5-year strategic planning. ...

Guide lines for this 5-year strategic planning. Develop a five-year strategic plan with cost estimates and a time line. It should be 5-7 double-spaced, typed (12 point) pages plus

What is the business process outsourcing, Problem 1: (a) What is the de...

Problem 1: (a) What is the definition of Business Process Outsourcing according to Gartner Dataquest? (b) BPO deals mainly with non-core processes of an organisation. Descri

The use of var for capital requirement for market risk, Question 1 Identif...

Question 1 Identify and assess the different IRR measurement techniques implemented in a bank Question 2 Describe the use of VaR for capital requirement for market risk Ques

Business ethics, a. Executive"Summary:"ideally"one"page"but"no"more"than"tw...

a. Executive"Summary:"ideally"one"page"but"no"more"than"two." b. Sections 1:"Introduction" c. Section"2:"Main"body"of"the"report"consisting the"questions" at"the"end"of"case"study

Cost context induction, Cost Context Induction : Good maintenance manage...

Cost Context Induction : Good maintenance management is important for the company cost control. As companies go in for automation to become more competitive they increasing

Finance Management, This type of risk arise from changes in environmental r...

This type of risk arise from changes in environmental regulations, zoning requirements , fees, licenses and most frequently taxes. (a) Political risk (b) Domestic risk (c) Internat

Global business environment, Integrated Management Project (IMP) This ad...

Integrated Management Project (IMP) This additional section of the Guide provides greater depth in understanding what is expected from you from the perspective of each of the th

What is product development, What is product development? Product Dev...

What is product development? Product Development: Product Development is an activity that comprises design and its redesign and fabrication of modified or new product and

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd