Sample Assignment Jan June 2016 MS-53

Course Code MS - 53 Course Title Production/Operations Management Assignment Code MS-53/TMA/SEM - I/2016 Assignment Coverage All Blocks

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INDIRA GANDHI NATIONAL OPEN UNIVERSITY MAIDAN GARHI, NEW DELHI – 110 068

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1. “We have entered the age of technology; henceforth everything will be knowledge based.” Discuss the above in the context of increasing use of technology-based resources for achieving tasks. Advances in technology are ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and managed.

However, as the Avis attendant ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ in today’s highly competitive environment. Equally important, managers also must recognize the need for these new technology-driven ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- functional elements so that information can be quickly and efficiently transmitted and shared with a minimum of errors.

To properly integrate ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------a continuous, ongoing process.

In last decade or so technology has ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------has broadened to include the multiple activities comprising a firm's "operating core":

The multi-function---------------------------------------------------------------------------------------------, product and process ---------------------------------------------------------------------------- within individual operating units;

The networks of -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- systems that support these networks;

The distribution and delivery of goods and services to customers.

The scope of Technology ----------------------------------------------------------------------- period of time and has moved from development of products into design, management and improvement of operating system and processes.

Usage of technology in ------------------------------------------------------------------------------------- the cost, improve the delivery process, standardize and improve quality and focus on customization, thereby creating value for customers.

Integration of Technology -------------------------------------------------------------------------

Technology drives -------------------------------------------------------------------------------------------------------. However, bringing technology in the production system is highly complex process, and it needs to following steps:

Technology Acquisition: ---------------------------------------------------------------------------------------------------------------- be approved after elaborate cost-benefit analysis.

--------------------------------------------------------------------------------------------------- i.e. capital, labour and customer. Therefore, a solid technology integration plan is required.

Technology Verification: once ---------------------------------------------------------------------------------------------------------- effectiveness and is been used to its fullest.

Technology in ----------------------------------------------------------------------

Technology is getting ------------------------------------------------------------------------------------------------------------------------- supporting electronic systems is integral part of modern industrial and services industry. Current techniques can be broadly classified into following categories:

Computer-Aided Design (CAD): ------------------------------------------------------------------------------------------------- high level of accuracy thus delivering higher productivity.

Computer-Aided Manufacturing System (CAM): Precision ------------------------------------------------------------ therefore, Computerized Numerically Controlled machines are used, thus ensuring highest level of accuracy.

------------------------------------------------------------------------------------------------------------ among CAM and CAM in three dimensions. Standard for The Exchange of Product Data process sharing of product across all phases of product life cycle and serves as neutral file exchange.

Software -------------------------------------------------

There are various ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Relationship Management (CRM).

Enterprises Resources Planning (ERP) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Automation in Production and Operations

Automation reduces manual ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------alignment with an overall organization objective is important.

Technology can be facilitating -----------------------------------------------------------------------. But it may not be feasible to use technology in all aspects with challenge coming through high initial cost of investment, high cost of maintenance and mismanagement.

Technology plays a ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------help them increase productivity. However, there are several additional reasons companies elect to incorporate new technologies into their processes, such as building a stronger relationship with their customers and improving their overall performance by providing better customer service.

Finally, the installation of ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ensure that there is compatibility between the desired technology and the overall long-term goals of the firm. Example (How Technology Affects Operations)

Operations strategy defines ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------that there were trade-offs involved. For example, you couldn’t have both low cost and a high degree of customization, or that there was a --------------------------------------------------------------------- a highly customized product. These traditional trade-offs ------------------------------------------------------------------------------------ bar” by allowing firms to compete on several of these dimensions simultaneously. For example, firms using technology, such as Dell Computer, can now ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- curve, as shown in figure below.

In moving ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------dimension (for example, in going from A2 to A3 along Curve A, where lower cost is achieved only by providing slower service).

2. Over the years, many variations on classical Delphi have been forwarded. Briefly discuss these variants. The original and the most ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of decision making. Over the year, many variations -------------------------------------------------------------------------- variants are the following: a) An initial list of events -------------------------------------------------------------------------------------------- to the panellists.

b) The panellists ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------group response.

c) On-line real-time ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- of the updated group response immediately.

d) Direct interaction --------------------------------------------------------------------------------------------- allowed.

e) The number of ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------between rounds or even by carrying out statistical significance tests for comparing the variation of group response between rounds.

f) A hierarchical ---------------------------------------------------------------------------------------- comprehensive. Though ideally it look very appealing it is difficult to apply.

Gustafson et ------------------------------------------------------------------------------------------. They divide the group opinion capture techniques into three types:

a) Talk ------------------------------------------------------ or Panel b) --------------------------------------------------------------): Delphi c) Estimate------------------------------------------------ NGT

Naturally, "talk" enhances -------------------------------------------------------------------------------------------------------------------------------------------------------” is the decision process.

1. The Nominal Group Technique (NGT)

Of the many variants of Delhi which have lately been proposed, the Nominal Group Technique (NGT) ---------------------------------------------------------------------------------------------------------------------------------------

In its basic form, the technique requires ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ generation and capture of ideas rather than for the estimation of prescribed quantities.

2. The Estimate-Feedback-------------------------------------------------------------------

This procedure is developed by -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------. The procedure has the following ten steps:

a) Participants are ----------------------------------------------------------------------------. b) Participants assemble face to ---------------------------------------------------------------------------------------------------------- and

raises the partinent question. Discussion among the participants is discouraged.

c) A Delphi questionnaire ----------------------------------------------------------------------------------------------------- to the Delphi leader.

d) Results are summarized ----------------------------------------------------------------------------------------------, quartiles and range are also computed and provided to the participants.

e) Feedback ----------------------------------------------------------------------------------------------------------------- have been made a particular response is not disclosed publicly

f) A second Delphi round is --------------------------------------------------------------------------------------------------------------------- questions and comments. These are then return to the Delphi leader.

g) Results are ------------------------------------------------------------------------------------------------------------- for display.

h) Discussion ----------------------------------------------------------- is allowed.

i) Results are examined ------------------------------------------------------------------------------------------------------, The process is terminated. Otherwise, steps 6 through 9 are repeated.

j) Final results are --------------------------------------------------------------------. These are distributed to all the participants for comments.

The following advantages are claimed for the EFTE procedure:

----------------------------- effects,

Face-to------------------------------------------,

----------------------------------------, and

Stability ----------------------------------------------- to fast start to finish. Over the years, popularity ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, and integration with other techniques, Delphi and its variants can help collect opinion of a large group of experts in the ill-structured areas of forecasting, objective setting, and long range planning.

3. Capacity will be modified in response to demand. Demand will be modified in response to capacity. Which of these two statements is correct? Why?

When an organization ---------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------. It is in a good position to develop strategies for matching supply and demand.

There are two general ---------------------------------------------------------------------------- and capacity.

The first is to ------------------------------------------------------------------------------------------------------- existing supply.

The second ---------------------------------------------------------------------------------------------------- in demand.

Shifting demand and capacity

By shifting demand and capacity --------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------. This may be possible for some

customers but not for others. For example, many ------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------. Those who can’t shift

and can’t be accommodated will represent lost business for the firm.

Vary the service offering

One approach is to ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------is not possible.

A hospital in the Los Angeles area rents ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------consulting activities.

Air lines even change the ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ placed in first class.

Care should be exercised in ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------in the organization’s image from the customers’ perspective or a loss of strategic focus for the organization and its employees.

Communicate with ----------------------

Another approach ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. This allows customers to shift their demand to another time if possible.

Forewarning customers about ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------wait than were customers who were not forewarned.

In addition to signage communicating ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------sales messages can also remind customers about peak demand times.

------------------------------------------------------------ of service delivery

Some firms adjust their hours and days -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- demand patterns. Theatres also ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of low demand.

Differentiate on price

A common response ------------------------------------------------------------------------------------------------------------- economics of supply and demand. To be effective, however a price differentiation strategy depends on solid understanding of customer price sensitivity and demand curves. For example, ---------------------------------------------------------------------------------------------------------------------------- for pleasure.

For any hotel, airline---------------------------------------------------------------------------------------------------------- if the price were low enough. But the goal is always to ensure the highest level of capacity utilization without sacrificing profits.

Heavy use of price ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------through price discounting.

Another risk of relying ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------image and the possibility of attracting undesired market segments.

----------------------------------- to meet demand

A second strategic ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------capacity so as not to waste resources.

Stretch existing capacity

The existing capacity -------------------------------------------------------------------------------------------------------- cases no new resources are added. Rather people, facilities, and equipment are asked to work harder and longer to meet demand.

Stretch time: It may be ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and Saturdays) before tax deadlines.

Stretch labor: In many service ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ telecommunications companies are asked to serve more customers per hour during busy times.

Stretch facilities: Theatres, ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------standing passengers.

Stretch equipment: Computers, telephone ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------to allow for later maintenance of the facilities and equipment.

Align -------------------------------------- fluctuations

This basic strategy ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------resources. Specific actions might include the following:

Use part-time employees: In this case ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------mealtime hours. Outsourcing: Firms that find ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of functions as a temporary (or sometimes long-term) solution.

Rent or share facilities or equipment

For some organizations it is best to rent additional ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------; the church needs the facilities evenings and on the weekend. Finally, we can say that both the statements are true. Capacity will be modified in response to demand. Demand will be modified in response to capacity.

4. What are the different criteria for scheduling job shop production system? Give their justification also.

A typical job shop is a ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------in manufacturing world. For example, ----------------------------------------------------------------------------------------------------------------------------------------------------------------to-order (ETO) production systems, and repair (MRO) systems belong to the class of job shops by the complexity of their production.

In general, a job shop is a production unit where order quantities are usually small; process requirements vary with customer order; processing starts for an order only after receiving ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------relations and requires many finite capacity resources for performing

the tasks. From production scheduling perspective, those systems are no less complex than HMLV shops and therefore, we include such systems also in our discussion.

Although most of ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------prominent criteria of job shops are:

It is difficult to ------------------------------------------------------------------------------------------ (if fixed by customer), (iii) order quantity and (iv) process and material requirements of the order.

For a ---------------------------------------------------------------------------------------------------------------------------------- final goods inventory to meet future demand is uncommon. This usually happens in make-to-order, engineer-to-order, and assemble-to-order production systems.

Material ------------------------------------------------------------------------------------------after receiving the order. Using shared resources -------------------------------------------------------------------- with different routings, quantities,

due dates, priorities, and material and resource requirements. Several ------------------------------------------------------------------------------------------------------- work center. Product mix --------------------------------------------------------------------------------------- over time.

Unlike in batch production, demand is not predictable ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------may complete all pending jobs and is idle as it is waiting for the next job (which may not be in the pipeline!)

Optimal sequencing ---------------------------------------------------------------------------------- as below:

-- `n' jobs and ------------------------------------------------ -- `n' jobs -------------------------------------- machines -- Two ----------------------------------------------------

However, there are no ----------------------------------------------------------------------, in real life, is the most likely situation.

Traditionally, ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of these rules are as below :-

a) Earliest ----------------------------------------------------- Herein the -------------------------------------------------------------------------------------------------------- on the machine.

b) First in Shop ------------------------------------------------ If this rule is --------------------------------------------------------------------------------------------------- on the machine

c) First Come First Served (FCFS) Under this rule, -------------------------------------------------------------------------------------------- at the machine first.

d) Least Slack Time (LST) If this principle is followed, first priority ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ required to complete the remaining work on the job.

e) Shortest ----------------------------------------- Herein, first priority is -------------------------------------------------------------------------------------- followed even by the doctors whose waiting rooms get congested with patients waiting to consult. f) Least Work Remaining (LWR) Highest priority, under the rule, ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- in a job shop. Job shop ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------management is aggravated by several factors including:

Changes in ------------------------------------------------------ Changes in ---------------------------------------- priorities Delays ------------------------------------------- supply Rework / ---------------------------------------- quality --------------------------------------------------------------- Acceptance of hot jobs for big margins.

Productivity --------------------------------------------------:

Job shop productivity can be improved by the following three steps:

1. Identify ----------------------------------------------------------------------------------------------------- of shop productivity,

2. Improve the situation on the -----------------------------------------------------------------------------------, etc along with six sigma program.

3. Organize production ------------------------------------------------------------------------------------ optimal manner.

The three steps can be simultaneously ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, this kind of production scheduling refers to determining job loading times and a chronological order of jobs to be done by each resource in a --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, material planning, finance and inventories. Its role is vital in job shops with high-mix, low-volume production.

5. Inventory of material provides operational flexibility. But, many flexible operational systems need little inventory. Explain this seeming contradiction.

Inventory or stock refers to the goods and materials that a business holds for the ultimate purpose of resale (or repair).

Inventory management is a ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------the regular and planned course of production and stock of materials.

The scope of inventory ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------leads to optimal inventory levels, which is an ongoing process as the business needs shift and react to the wider environment.

Inventory ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. This would include the monitoring of material moved into and out of stockroom locations and the reconciling of the inventory balances. It also may include ABC analysis------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------stock holding and handling costs.

Stores and inventory, production schedules, ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Dependent demand inventory items.

There are five basic reasons for keeping an inventory

1. Time - The ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------by ordering that many days in advance.

2. Seasonal Demand: --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- lead to accumulation of large stocks on the anticipation of future consumption.

3. Uncertainty - Inventories --------------------------------------------------------------------------------------------------------------------------------------------------------------- and movements of goods.

4. Economies of scale - Ideal -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. So bulk buying, movement and storing brings in economies of scale, thus inventory.

5. Appreciation in Value - In some ------------------------------------------------------------------------------------------------------------------------------------------------------------------. For example; -------------------------------------------------------

In a survey conducted by ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and sales, acquisitions, modernization, re-engineering, expansion, debt reduction, and many others.

High inventories ------------------------------

In some cases, inventory is so ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, product and process problems, and/or inappropriate performance metrics, to name a few. And these problems can compound themselves.

Long lead times lead to a ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------goes down.

Generally, the cycle just keeps repeating itself, further compounding cash flow, profit and service problems.

How to reduce inventory

Most executives agree --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- be accomplished?

One of the major impediments to ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------that cause excessive inventories to exist in the first place.

Here are eight suggestions:

Don’t always blame inventory control. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------inventory so that they are properly motivated towards reduction.

For the most part, it is ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------will only exacerbate the underlying problem.

Re-engineer. Major ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------benefits in increased quality and improved customer service.

Improve supply chain management. By ------------------------------------------------------------------------------------ time to market, compress cycle times, free up more cash, decrease costs and improve profitability.

World-class ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------to provide them with a “window” on their operations.

Through this window, suppliers (for example) can ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- enables manufacturers to reduce inventory buffers, decrease cycle time and achieve significant cost reductions.

In addition, many manufacturers ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and thereby reduce material costs, improve delivery timing, and the like.

Improve production scheduling. This is ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------times and reduced customer service.

Use effective performance metrics. It’s ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, on absolute booking dollars without consideration to product mix and timing, the inevitable result is more inventory in manufacturing or finished goods and lower customer service.

Utilize “pull” based on demand. Many -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------become a “liability”. Of course, this requires a well-engineered order-to-delivery process that can have enormous benefits beyond just inventory reduction, especially in customer service.

Reduce cycle times. Cycle-time ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ as well.

Develop flexible manufacturing. When a ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------operations – flexibility in how they operate in order to quickly respond to changing customer demand.

Today, the VALUE that a manufacturer offers its customers is more important than having just the lowest overall price. Today’s customers are demanding short lead times, quality products, on-time delivery, good customer service, and a good price. The consequence of non-compliance to these customer demands will be lost business – something you can not allow to happen.

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