1.0 INTRODUCTION 2 2.0 LITERATURE REVIEW 3 2.1 Forecasting Inventory 3 2.2 Aggregate Planning 3 2.3 Capacity Planning 4 2.4 Materials Planning 5 2.5 Just-in-Time (JIT) 6 3.0 ORGANIZATIONAL BACKGROUND 8 3.1 History of the Company 8 3.2 Introduction to the Product 9 3.2 COMPANY SCALE 11 4.0 ORGANIZATION ’S PRACTICE AND POLICY 12 4.1 Inventory Management System 12 4.1.1 Inventory Replenishment 14 4.2 Inventory Holding 15 4.3 Adopted Model 15 4.4 Contingency Plans 16
Premium Production and manufacturing Holding cost Management
STUDY ON INVENTORY MANAGEMENT” in LUCAS-TVS was carried for a period from 4th to 31st of July‚ 2012. This study enables to understand the various techniques that are used in inventory management. The techniques such as inventory turnover ratio‚ ABC analysis and EOQ have been applied in this project. Inferences are drawn using the above said techniques. Inventory means physical
Premium Inventory Balance sheet Asset
Inventory Management What is Inventory Management? Inventory Inventory: A stock or store of goods. Examples Manufacturing firms carry supplies of raw materials‚ purchased parts‚ finished items‚ spare parts‚ tools‚.... Department stores carry clothing‚ furniture‚ stationery‚ appliances‚... Hospitals stock drugs‚ surgical supplies‚ life-monitoring equipment‚ sheets‚ pillow cases‚... Supermarkets stock fresh and canned foods‚ packaged and frozen foods‚ household supplies‚... The
Premium Inventory Economic order quantity
What are the main features of Taylor’s approach to ‘Scientific Management” and what criticisms have been made of it? Do firms use scientific management today? Frederick Winslow Talyor developed a theory called the Scientific Management. It is a theory of management that analyse and improve work process‚ aiming to increase labour productivity. Scientific management methods are used to optimize productivity and simplifying the jobs so that workers could be trained to perform their task in one “best”
Premium Management Laborer Scientific management
’Federic Taylor ’s Scientific Management reflects an approach to managing that is no longer appropriate for today’s managers ’. Critically evaluate this statement with particular reference to an example from workspace with which you are familiar. Guidance: Many management textbooks claim that Taylor ’s ideas are no longer appropriate‚ but consider whether an organization can operate without clear rules‚ hierarchy and division of labor. Many large and successful organizations‚ such as McDonalds
Premium Management
push-pull system of inventory? "Push type" means “Make to Stock” in which the production is not based on actual demand. "Pull type" means “Make To Order” in which the production is based on actual demand. The Push-type method is based on demand forecast. Pull-type supply chain management is based on the demand side such as Just-in-Time (JIT) and CRP (Continuous Replenishment Program) or actual demand assigned to later processes. Push System The push system of inventory control involves forecasting
Premium Supply chain management Inventory
Module: Principals of Management Title: Explain Scientific Management. Comment on the contribution of this approach to the development of management thought. What are its limitations? 33 Submission Date: 8th of March 2010 Word Count 2183 “The Principal object of management should be to secure the maximum prosperity for the employer‚ coupled with the maximum prosperity for each employee” (Taylor‚ 1947) Introduction The Author will discuss Scientific Management under the following
Premium Management Marketing Strategic management
TABLE OF CONTENTS SCIENTIFIC MANAGEMENT THEORY INTRODUCTION 2 FOUR PRINCIPLES OF SCIENTIFIC MANAGEMENT 2 EXAMPLE OF ORGANIZATION THAT PRACTICE SCIENTIFIC MANAGEMENT 3 CONCLUSION 4 REFERENCES 5 Scientific Management Theory Introduction Before scientific management came along‚ work was performed by skilled workers who had learnt their jobs in lengthy apprenticeships. They made their own decisions on how they had to carry out their
Premium Scientific management Assembly line Henry Ford
Principles of Scientific Management (1911) by Frederick Winslow Taylor‚ M.E.‚ Sc. D. CHAPTER II: THE PRINCIPLES OF SCIENTIFIC MANAGEMENT THE writer has found that there are three questions uppermost in the minds of men when they become interested in scientific management. First. Wherein do the principles of scientific management differ essentially from those of ordinary management? Second. Why are better results attained under scientific management than under the
Premium Scientific method Science
Orca Kim B. BSBA IV-2 INVENTORY MANAGEMENT AND CONTROL INVENTORY MANAGEMENT AND CONTROL concerns most managers of agricultural marketing and supply businesses‚ whether they are retail‚ wholesale‚ or service oriented. The value of a manager to agricultural marketing and supply business depends on his ability to manage inventories effectively. The total cost of maintaining the desired inventory level must be held down to a reasonable figure‚ but the inventory must also be large enough to permit
Premium Inventory Management Marketing