Production control system, Project Management

Assignment Help:

Question 1:

What is understand by a production control system and how are the elements of control systems categorized?

Description of production control system
Categorization

Question 2:

Bring out the differences between forecasting and prediction.
Each difference 1 mark

Question 3:

Describe the various inventory control methods and costs
Definition of inventory control and inventory cost

Approaches to inventory control
• The Eyeball system.
• The Reserve Stock System.
• The Perpetual Inventory System

Inventory Costs
• Ordering costs
• Carrying costs / Holding cost
• Setup cost or Capital cost
• Shortage Cost or Stock Out costs

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