The exhaustive list of topics in Material Management & Inventory Control in which we provide Help with Homework Assignment and Help with Project is as follows:
- Example Manufacturing Model
- Inventory Control
- Inventory Management
- Purchasing Management
- Quantity Discount
- Periodic Review System
- Price Forecasting
- International Purchasing
- Manufacturing Model
- Public Buying
- Purchase Management
- Purchase Model
- Purchasing Capital
- Special Purchase
- Stores Management
- Inventory Decisions
- Models Inventory
- Operation Inventory
- Aspect Purchase
- Costs Trade Off
- Purchase Model Shortages
- Purchase Systems
- Example Purchase Model
- Fixed Order Quantity
- Implementation Purchase Model
- Manufacturing Model Shortages
- Materials Planning
| 1 | What does the textbook mean when it states that rather than to search for the perfect forecast one should | |||||||||||
| learn to live with inaccurate forecasts? | ||||||||||||
| Ans | Perfect forecast is virtually impossible. There are too many factors in business environment that cannot be predicted with certainity. | |||||||||||
| For example, forecasting the demand of laptops. The technology is changing rapidly and many firms are coming with new products. | ||||||||||||
| Also new technologies like tablets, smartphones might change the demand for laptops. Hence the demand is never certain. | ||||||||||||
| Therefore, rather than search for the perfect forecast, it is far more important to establish the practice of continual review of forecasts | ||||||||||||
| and to learn to live with inaccurate forecasts. We should use try to find and use the best possible forecasting methodavailable, within reason | ||||||||||||
| 2 | Describe the collaborative planning, forecasting and replenishment (CPFR) technique. | |||||||||||
| Ans | CPFR is a sharing of information between trading partners across multiple levels in a supply chain which allows | |||||||||||
| the entire supply chain to operate with lower levels of inventory and increased responsiveness. | ||||||||||||
| It has evolved into a web based tool used to coordinating demand forecasting, production and purchase planning, | ||||||||||||
| and inventory replenishment between supply chain trading partners. | ||||||||||||
| It uses a cyclic and iterative approach to derive consensus supply chain forecasts. The five steps are: | ||||||||||||
| 1 | Creation of front end partnership agreement | |||||||||||
| 2 | Joint business planning | |||||||||||
| 3 | Development of demand forecasts | |||||||||||
| 4 | Sharing forecasts | |||||||||||
| 5 | Inventory replenishment | |||||||||||
| 3 | Distinguish between errors in statistics and errors in forecasting. | |||||||||||
| Ans | In statistics, the term for errors is "residuals" which means the deviation of observations froma standard such as a regression line. | |||||||||||
| These residuals are used to measure the "goodness of fit"of a model to the data it represents. | ||||||||||||
| In forecasting, the term "error" is used to denote thedeviation that an actual value had from a forecast. | ||||||||||||
| These can be either "bias errors" (asystematic mistake such as using the wrong relationship between variables) | ||||||||||||
| or "randomerrors," deviations that simply can not be explained by the model being used. | ||||||||||||
| 4 | Discuss the four cost relevant to aggregate operations plan. | |||||||||||
| Ans | Four costs are relevant to the aggregate production plan. These relate to the production cost itself as | |||||||||||
| well as the cost to hold inventory and to have unfilled orders. These costs are: 1. Basic production costs, | ||||||||||||
| 2. Costs associated with changes in the production rate, 3. Inventory holding costs and 4. Backordering | ||||||||||||
| costs. | ||||||||||||