Answer the following in brief.
Inventory control is the process of keeping the right number of parts and products in stock to avoid shortages, overstocks, and other costly problems. Inventory control focuses on cutting the number of slow-selling products a company purchases while also increasing the number of high-selling products. An inventory control system also monitors their movement, usage, and storage.
The control chart is a graph used to study how a process changes over time. Data are plotted in time order. A control chart always has a central line for the average, an upper line for the upper control limit (UCL), and a lower line for the lower control limit (LCL). These lines are determined from historical data. By comparing current data to these lines, you can draw conclusions about whether the process variation is consistent (in control) or is unpredictable (out of control, affected by special causes of variation).
A learning curve is a correlation between a learner's performance on a task and the number of attempts or time required to complete the task; this can be represented as a direct proportion on a graph.
Slack, also called float, is the amount of time a task can slip before it bumps into another task. It's automatically calculated into your project when you schedule tasks, and you can use it as buffer time if needed when your schedule is at risk of being delayed.
Slack Time = LS-ES
ES – the earliest time when an activity can be started
LS – the latest time when an activity must be started.
A bill of materials (BOM) is an extensive list of raw materials, components, and instructions required to construct, manufacture, or repair a product or service. A bill of materials usually appears in a hierarchical format, with the highest level displaying the finished product and the bottom level showing individual components and materials.
O.C. curve is a graph of the percentage defective in a lot versus the probability that the sampling plan will accept a lot.
Here APQ = Acceptable quality level and LTPD = tolerance proportion defective
Acceptance sampling is a statistical measure used in quality control. It allows a company to determine the quality of a batch of products by selecting a specified number for testing.
Participative Management refers to an open form of management where employees are actively involved in the organization’s decision-making process. Participative Management can also be termed as ‘Industrial Democracy. There are many companies that have embraced this particular style of management and are now getting positive results. Toyota is the best example. The company has been following suggestion schemes and employee involvement procedures for over a decade now.
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