Question 1:
What is understand by a production control system and how are the elements of control systems categorized?
- Description of production control system
- Categorization
Question 2:
Bring out the differences between forecasting and prediction.
Each difference 1 mark
Question 3:
Describe the various inventory control methods and costs
Definition of inventory control and inventory cost
Approaches to inventory control
• The Eyeball system.
• The Reserve Stock System.
• The Perpetual Inventory System
Inventory Costs
• Ordering costs
• Carrying costs / Holding cost
• Setup cost or Capital cost
• Shortage Cost or Stock Out costs