QUESTION 1:
(a) (i) Describe the term inventory. Give a few instances.
(ii) Give details for Inventory Control
(b) (i) Explain the three chief objectives of Inventory Control
(ii) Elucidate how an Inventory Control Manager would achieve each of these objectives. Illustrate your answer with instances.
(iii) List six outcomes of a poor Inventory Control System.
(c) (i) With reference to a warehouse of your choice, portray five main operations which the Warehouse Manager is required to carry out to provide a satisfactory level of service. Exemplify your answer with appropriate instances.
(ii) Suggest five ways of reducing wastes through effectual stores operations
QUESTION 2
(i) Give explanation the meaning of the following terms:
(1)Obsolescence
(2)Redundancy
(ii) Propose two ways of reducing obsolescence and redundancy respectively.
(b) Confer the benefits of an early disposal of obsolete, redundant and scrap items.
Give illustrations to exemplify your points.
QUESTION 3:
(a) In which situation is Forecasting used as an Inventory Control technique.
Give an illustration.
(b) List and describe three main characteristics of a good Forecasting.
(c)Examine two possible consequences of a wrong Forecasting of requirements.
QUESTION 4:
(a) Portray two benefits and two drawbacks of a Just In Time (JIT) supply system.
Give instances to illustrate your points.
(b)Elucidate the meaning of "Standardization of stock items". Give illustrations.
QUESTION 5:
Write short notes on:
(a) Maintenance, Repairs and Operating (MRO) supplies
(b) ABC Analysis
(c) Categorization of Inventories
(d) Bar Coding
(e) Economic Order Quantity