Linear Programming
It is a mathematical technique for determining optimal allocation of resources. Objective Function: Clearly identifiable and measurable in quantity e.g.
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Industrial Engineering
XYZ- Analysis Based on Inventory Value
As we have seen that the basic for ABC classification was the consumption value of the items. But the basis
Read MoreFNSD-Analysis Based on Usage Rate of Items
The items can also be classified into categories according to descending order of their usage rate, or movement as follows:
Read MoreSDE Analysis
Items in SDE analysis are classified according to their availability as follows: S denotes scarce (mostly imported, short supply) D
Read MoreVED Analysis
The VED Analysis is based on the criticality of the items. If the items are arranged in the descending order
Read MoreAlways Better Control (ABC)
The ‘ABC’ (Always Better Control) Analysis is based on Pareto’s Law. In ‘ABC’ analysis, the items are classified in three
Read MoreCosts Associated with Inventories
The costs that are affected (i.e., increase or decrease) by the firm’s decision to maintain a particular level of inventory
Read MoreInventory Models
Economic lot size of an item depends on the following: Possibility of placing repeat orders. Nature of demand Availability of
Read MoreClassification of Inventories
Inventory can be classified as: Direct Inventories Indirect Inventories Direct Inventories: The inventories which play a direct role in the
Read MoreInventory Control
The item which are either stocked for sale or they are in process of manufacturing or they are in the
Read MoreGraph of Optimization of Cost
Representation of Queueing Model Kendalls Lee Notation: The general form of notation is (a/b/c ) : (d/e/f ) Here, a
Read MoreQueueing Theory
Queueing theory is used in service oriented organization, machine repair shop, in case of semifinished products waiting for finishing operation.
Read MoreEconomic Order Quantity (EOQ)
In a continuous, or fixed-order quantity system, when inventory reaches a specific level, referred to as the reorder point, a
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