Description

Operations and Supply Chain Management
June 2024 Examination
Q.1 Discuss the significance of inventory in supply chain management along with the
key elements of inventory management, including inventory control systems such as
economic order quantity models, quantity discounts, reorder points, and order quantity
for periodic inventory systems. (10 Marks)
Ans 1.
Introduction:
Inventory management plays a pivotal role in the efficiency and effectiveness of supply chain
management. It involves overseeing the flow of goods from manufacturers to warehouses and
finally to retailers or consumers. The significance of inventory management lies in its ability
to balance supply and demand while minimizing costs and maximizing customer satisfaction.
In this essay, we will delve into the importance of inventory in supply chain management and
explore key elements such as economic order quantity models, quantity discounts, reorder
points, and order quantity for periodic inventory systems.
Concept and application
1. Significance of Inventory in Supply Chain Management:
Inventory serves as a buffer between supply and demand in the supply chain. It ensures that
products are available when customers demand them, thus preventing stockouts and potential
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Q.2 Describe strategic significance of forecasting in supply chain management,
analyzing the components of forecasting demand and various forecasting methods such
as moving average, exponential smoothing, regression methods, and data mining.
Discuss the application of time series forecasting using Excel and the importance of
forecast accuracy in supply chain decision-making. (10 Marks)
Ans 2.
Introduction:
Forecasting plays a pivotal role in supply chain management as it facilitates decision-making
processes by providing insights into future demand, enabling organizations to plan
production, procurement, inventory management, and distribution effectively. The strategic
significance of forecasting lies in its ability to minimize risks, optimize resources, enhance
customer satisfaction, and improve overall operational efficiency within the supply chain.
In this answer, we will delve into the components of forecasting demand, explore various
forecasting methods such as moving average, exponential smoothing, regression methods,
and data mining, and discuss the application of time series forecasting using Excel.
Q.3a Explain the importance of effective facility layout and location planning in
optimizing operational efficiency and discuss their significance in enhancing
organizational performance and competitiveness. (5 Marks)
Ans 3a.
Introduction:
Effective facility layout and location planning are crucial elements in optimizing operational
efficiency within an organization. They play a significant role in enhancing organizational
performance and competitiveness by ensuring resources are utilized efficiently and operations
are streamlined.
Concept and application
Facility Layout:
Facility layout refers to the arrangement of machines, equipment, workstations, and other
Q3b Give a short note on Procurement, E-Procurement, Distribution, Transportation,
and their role in shaping the Global Supply Chain. (5 Marks)
Ans 3b.
Introduction:
Procurement, e-procurement, distribution, and transportation are integral components of the
global supply chain, each playing a vital role in ensuring the efficient movement of goods and
services from suppliers to customers. Understanding their functions and significance is
essential for optimizing supply chain operations and enhancing competitiveness in the global
marketplace.
Concept and application
Procurement: Procurement involves the process of acquiring goods and services from