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ASSIGNMENT
MS – 56 - Materials
Management
Course
Code : MS-56
Course
Title : Materials Management
Coverage
: All Blocks
1. If the responsibility for maintaining the quality of the product and
incurring less cost on its production is the responsibility of the “production/
operation” and deciding the price of the product and finding the customers that
will buy it comes under “marketing”. What do the “materials management
function” does?
Answer : The Materials Management
systems maintain accounting integrity through integration with the General
Ledger. Distribution entries from
purchase orders, Accounts Payable and Inventory issues and replenishments are
validated directly against the General Ledger.
Offsetting cash, assets accounts, and encumbrances are automated through
the accounting rules or system policies to ensure accounting accuracy.
The integration of the Materials
Management functions with the budgetary control function provides the
funds-checking capability required for
2. How does JIT differ from MRPII? Briefly discuss the basic
requirements and assumptions of JIT implementation.
Answer : JIT is a company philosophy for maintaining a competitive advantage
based0n the concept of continuous improvement and elimination of waste.JIT is a
system by which work is pulled through the various operations by signals(called
Kanab) from the user to the supplier (preceding operator). Kanab is the
Japanese word for card. Kanab systems first used containers with detachable cards
telling the supplier what and how many to
3. What do you understand by the term codification? What type of
information should be built into a code?
Answer : In law, codification is
the process of collecting and restating the law of a jurisdiction in certain
areas, usually by subject, forming a legal code, i.e. a codex (book) of law.
Codification of materials can also be termed as the identification
of materials. This deals with uniquely identifying each item in the inventory.
It is useful in requisitioning items or the operational departments, in placing
of orders by the
4. Differentiate between
a) Purchasing and subcontracting
Answer : Purchasing refers to a business or organization attempting to
acquiring goods or services to accomplish the goals of its enterprise. Though
there are several organizations that attempt to set standards in the purchasing
process, processes can vary greatly between organizations. Typically the word “purchasing” is not used
interchangeably with the word “procurement”,
since procurement typically includes Expediting, Supplier Quality, and Traffic
and Logistics (T&L) in addition to Purchasing.
In accounting, purchases is
b) Independent and dependent demand
Answer : Demand
Demand is the number of units of
a specific product that its consumers are willing to purchase at each price. As
such, it can be expressed as a mathematical equation. For example, if consumers
are willing to purchase 10 units of a product and two fewer units per $1
increase in price, that can be written as Q = 10 - 2P, where Q is quantity and
P is price.
Independent Demand
Although independent demand is
called thus, it can still be influenced by economic factors external to the
demand-supply model such as general consumer sentiment and consumers' available
disposal income. However, businesses that
c.) Competitive Bidding and Negotiation
Answer : A competitive bid requires invited contractors to provide the best
possible price for a defined scope of work.
Once all bids are submitted, the lowest bid is typically chosen and the
winning contractor signs a contract to begin work. This method enables the owner to compare
prices before work begins.
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