What are the different ways to keep track of inventory in organizations?

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November 27, 2020
Where does public opinion come from? Discuss its cognitive foundations and how socialization produces these. Why might it be collectively rational? Why not?
November 27, 2020

Operations Management

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  • Answer all questions.
  • Please answer the questions in your own words. We are looking for your understanding of the materials on the topics covered by the questions. If you use materials from the internet or other sources please cite them properly.
  • When answering each question please organize your responses clearly into logical paragraphs with proper subheadings if required.
  • Do a spell check, and read your responses for any grammatical or syntactical mistakes before submitting the answers.
  1. What is aggregate planning? Describe the aggregate planning process briefly. Why do organizations have to do aggregate planning?(5+10+10 Points)
  1. Identify and describe in detail two demand based and two supply based strategies for aggregate planning with examples? (25 Points)
  1. What are the different ways to keep track of inventory in organizations? Explain clearly and in detail each of the approaches identifying some of the technologies that may be used for each approach (25 Points)
  1. A producer uses 800 packing crates a month, which it purchases at a cost of KWD 20 each. The manager has assigned as annual carrying cost of 35 percent of the purchase price per crate. Ordering costs are KWD 28 per order. Currently the manager orders 800 crates once every month.
    1. Is what the manager currently ordering ideal quantity to order? What is the Economic Ordering Quantity? (10 points)
    2. How many times will the manager need to order in a month based on EOQ? (5 points)
    3. How much could the firm save annually in ordering and carrying cost by using EOQ, compared with the cost of what the manager is currently ordering? (10 points)

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