Discuss the ‘target’ of zero in-process inventory and explain why it is not feasible in spite of the MRP systems in place. Concept Introduction: Work in process inventory is supposed to serve the same purpose as the RM and the FG inventory i.e. a buffer against variations in all the related activities/sub-processes. The variation may be on the supply side or the demand side. MRP is a system for steady demand scenario and aim at planning and scheduling all related supplies at the right time with optimum costs and optimum inventories. The lot by lot system means the material movement at every process/sub-process is in a lot and not as a single piece.

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8, Problem 44AP

Summary Introduction

Interpretation:Discuss the ‘target’ of zero in-process inventory and explain why it is not feasible in spite of the MRP systems in place.

Concept Introduction:

Work in process inventory is supposed to serve the same purpose as the RM and the FG inventory i.e. a buffer against variations in all the related activities/sub-processes. The variation may be on the supply side or the demand side.

MRP is a system for steady demand scenario and aim at planning and scheduling all related supplies at the right time with optimum costs and optimum inventories.

The lot by lot system means the material movement at every process/sub-process is in a lot and not as a single piece.

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Answer 2

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8, Problem 44AP

Summary Introduction

Interpretation:Discuss the ‘target’ of zero in-process inventory and explain why it is not feasible in spite of the MRP systems in place.

Concept Introduction:

Work in process inventory is supposed to serve the same purpose as the RM and the FG inventory i.e. a buffer against variations in all the related activities/sub-processes. The variation may be on the supply side or the demand side.

MRP is a system for steady demand scenario and aim at planning and scheduling all related supplies at the right time with optimum costs and optimum inventories.

The lot by lot system means the material movement at every process/sub-process is in a lot and not as a single piece.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8, Problem 44AP

Summary Introduction

Interpretation:Discuss the ‘target’ of zero in-process inventory and explain why it is not feasible in spite of the MRP systems in place.

Concept Introduction:

Work in process inventory is supposed to serve the same purpose as the RM and the FG inventory i.e. a buffer against variations in all the related activities/sub-processes. The variation may be on the supply side or the demand side.

MRP is a system for steady demand scenario and aim at planning and scheduling all related supplies at the right time with optimum costs and optimum inventories.

The lot by lot system means the material movement at every process/sub-process is in a lot and not as a single piece.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8, Problem 44AP

Summary Introduction