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Chap 7

1. Standardization, codification, value analysis, and value engineering are important cost reduction techniques in inventory management. 2. Standardization involves limiting variety and establishing common specifications for items to streamline procurement, storage, and usage. This reduces costs through bulk buying and economies of scale. 3. Codification assigns unique codes to items to systematically organize inventory records and transactions, enabling efficient tracking of stock usage and reordering. This helps control inventory levels and reduces excess stock.

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55 views

Chap 7

1. Standardization, codification, value analysis, and value engineering are important cost reduction techniques in inventory management. 2. Standardization involves limiting variety and establishing common specifications for items to streamline procurement, storage, and usage. This reduces costs through bulk buying and economies of scale. 3. Codification assigns unique codes to items to systematically organize inventory records and transactions, enabling efficient tracking of stock usage and reordering. This helps control inventory levels and reduces excess stock.

Uploaded by

vinaycool12344150
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Chap: 7 Inventory Control & Cost Reduction Techniques Q.a] What is meant by value? Discuss different types of value.

b] Define value engineering. How is it different from other cost cutting techniques? c] Explain the concept of value analysis as applicable to any industry. [May 2003] [Dec2003][15] Q. Write short note- Standardization. [May 2003][Dec2003][May 2004][May 2006][05] Q. Standardization and codification are important tools for materials management. Comment. [May 2005] [08] Q. Write short note- Value Analysis & Value Engineering. [May 2005][05], [May 2008] [07] Q. Define- Value Analysis & Value Engineering. How this is technique of Cost reduction ranks amongst Top in Cost reduction Techniques? [Dec2005][15] Q. What is the relevance of standardization in materials Management? How does it help a purchase manager? [Dec2003][15] Q. What are the objectives of Value Analysis? Outline a method to carryout Value Analysis on engineering product e.g. screwdriver. [May 2006][14] Q. Explain the concept of codification. How does codification help in Material Management? [May 2006][14] Q. Explain full significance of Standardization of materials or commodities. What are the advantages and disadvantages of standardization? [Dec2006][14] Q. Write short note- Value Engineering. [Dec 2006][05] [Dec 2009] [07] Q. Explain the role of Material Manager in standardization and codification of material. [May 2007][14] Q. Write short note- Standardization and Codification. [Dec 2007][07] Q. Discuss how standardization and codification facilitates efficient management of materials. [Dec 2008][14] Q. Write short note- Value Analysis. [Dec 2008][07] Q. Explain with example how does codification of materials help in controlling inventory and reducing costs. [May 2009][14]

Q. Write short note- Inventory Turnover Ratio. [May 2009][07] [Dec 2009] [07] Q. Write short note- Kodak system. [May 2009] [07]

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