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Economic order size is that size of the order which gives maximum economy in purchasing any item of material. The other terms used for economic order size are economic lot quantity and economic buying quantity, the most advantageous economic quantity will be a point where the acquisition costs and inventory storing costs are equal. I ,e, where total costs to order and to carry material minimum ascertaining.
There are three main purposes or motives of holing inventories: a. The transaction Motive : Which facilitates continuous production and timely execution of sales orders
How is the balance, flexibility and stability affected in the organisation? Balance, Flexibility and Stability: Every units of an organization should be balanced to attain
the assignment question: Which theory of international trade do you consider to be most appropriate to multinational corporations? Make comparisons with other international trade
Importance of Materials Handling It is hard to realized how important are material handling in the cost of operation because it is something that is quite common to
Attend to machines predominantly only when the machines breakdown ( breakdown maintenance or BM) Breakdown maintenance = BM
What do you mean by total in total quality management? Total in Total Quality Management: It is stands for an overall integrated approach to all features of quality, all
QUESTION Before designing a Total Quality Management system for an organisation, a quality audit is a must. (a) Describe five benefits of performing a quality audit. (b)
Question 1 Price or market competitiveness of a product or business depends on its cost competitiveness. Cost competitiveness implies two things-cost efficiency and cost effect
1. Reduction of wastes ( defects scrap and rework ) and increased ability to remain competitive through customer focus and delivering superior performance of both goods an
Inspection planning can start after the product specification is finalized. First job in the inspection planning is to identify the characteristics which are to be checked
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