Month: March 2022

JIT is a philosophy of manufacturing based on planned elimination of all waste and continuous improvement of productivity. It encompasses the successful execution of all manufacturing activities required to produce a final product from design engineering to delivery and including Read More …

1. FIXED ORDER QUANTITY With fixed order quantities, inventory is replenished with a predetermined quantity of every stock every time the inventory falls to a specific order level. The reorder level is the quantity to be used during the lead Read More …

A major distinction in the way inventory planning and control is managed is whether demand for items in inventory is independent or dependent. Dependent demand items are typically subassemblies or component parts that will be used in the production of Read More …

Strategic Procurement Planning is the transformation of an organization‘s mission, goals, and objectives into measurable activities to be used to plan, budget, and manage the procurement function within the organization. The ultimate goal is to bring about positive change in Read More …

Once a requisition or project plan is received determining an actual requirement, the procurement officer is then responsible for developing the individual procurement plan. The scope of the individual procurement plan will depend on the complexity of the requirement. While Read More …

Consolidated procurement plans are often developed for the whole organization, but depending on the structure and level of decentralisation these may be developed at the corporate, divisional, country office or business unit level – or even at a number of Read More …