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Material management & inventory control assignment help

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The exhaustive list of topics in Material Management & Inventory Control in which we provide Help with Homework Assignment and Help with Project is as follows:

  • Example Manufacturing Model
  • Inventory Control
  • Inventory Management
  • Purchasing Management
  • Quantity Discount
  • Periodic Review System
  • Price Forecasting
  • International Purchasing
  • Manufacturing Model
  • Public Buying
  • Purchase Management
  • Purchase Model
  • Purchasing Capital
  • Special Purchase
  • Stores Management
  • Inventory Decisions
  • Models Inventory
  • Operation Inventory
  • Aspect Purchase
  • Costs Trade Off
  • Purchase Model Shortages
  • Purchase Systems
  • Example Purchase Model
  • Fixed Order Quantity
  • Implementation Purchase Model
  • Manufacturing Model Shortages
  • Materials Planning
1 What does the textbook mean when it states that rather than to search for the perfect forecast one should  
  learn to live with inaccurate forecasts?                
Ans Perfect forecast is  virtually impossible. There are too many factors in business environment that cannot be predicted with certainity.
  For example, forecasting the demand of laptops. The technology is changing rapidly and many firms are coming with new products.
  Also new technologies like tablets, smartphones might change the demand for laptops. Hence the demand is never certain. 
  Therefore, rather than search for the perfect forecast, it is far more important to establish the practice of continual review of forecasts
  and to learn to live with inaccurate forecasts. We should use try to find and use the best possible forecasting methodavailable, within reason
2 Describe the collaborative planning, forecasting and replenishment (CPFR) technique.      
Ans CPFR is a sharing of information between trading partners across multiple levels in a supply chain which allows   
  the entire supply chain to operate with lower levels of inventory and increased responsiveness.    
  It has evolved into a web based tool used to coordinating demand forecasting, production and purchase planning, 
  and inventory replenishment between supply chain trading partners.           
  It uses  a cyclic and iterative approach to derive consensus supply chain forecasts. The five steps are:    
  1 Creation of front end partnership agreement             
  2 Joint business planning                
  3 Development of demand forecasts              
  4 Sharing forecasts                  
  5 Inventory replenishment                
3 Distinguish between errors in statistics and errors in forecasting.          
Ans In statistics, the term for errors is "residuals" which means the deviation of observations froma standard such as a regression line. 
  These residuals are used to measure the "goodness of fit"of a model to the data it represents.    
   In forecasting, the term "error" is used to denote thedeviation that an actual value had from a forecast.   
  These can be either "bias errors" (asystematic mistake such as using the wrong relationship between variables)   
  or "randomerrors," deviations that simply can not be explained by the model being used.      
4 Discuss the four cost relevant to aggregate operations plan.            
Ans Four costs are relevant to the aggregate production plan. These relate to the production cost itself as    
  well as the cost to hold inventory and to have unfilled orders. These costs are: 1. Basic production costs,  
  2. Costs associated with changes in the production rate, 3. Inventory holding costs and 4. Backordering