Mail0088 - L.A.— 4.‘i q 7 ‘4 fl“ 1" 1 f“ 2...

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Unformatted text preview: L- .A'____,__._..-.—«-* \__, 4 .‘i' q 7 ' ‘4- fl“ 1" 1 f“ 2 1'3 4 3 ..,5 fig, i I”: I", ' ’4 kg! m 1 Hi . I“! ., f ' Full Marks: 100 INDIAN INSTITUTE OF TECHNOLOGY, KHARAGPUR Department of Industrial Engineering and Management End Spring Semester Examination, 2007 Third Year B.Tech.(H)/Dual Degree in IM, MF, and MT Subject Number: 1M3 1004 Subject Name: Management of Inventory System Time: 3 Hours Date, Time, and Venue of Examination: 24.04.2007, 9.00-12.00, V4 Number of Students appearing in the Examination: 38 Instructions: 1. Attempt Question No. 1 and any five from the rest. 2. Maximum marks are shown against each question. 3. Answers should be short and to the point. 4. Statistical tables may be used wherever required. ‘ —-—_.______.__.___._.__________ Q.1 (a) Mention the steps of a typical VE exercise. What kinds of problems that you may face in all these steps? ‘ (2 + 3) (b) What is ‘purchasing cycle’? Describe the elements of this cycle. (1 + 4) (c) What are the functions of a store? How would you measure its performance? (2 + 3) (d) Describe two situations where selective inventory management is a'must. What are its advantages? (4 +, 1) Q2 (3) Give two examples of items which might follow a discrete demand pattern. State the objective of the Silver-Meal algorithm i solving problem of deterministic varying and discrete demand situationsfin what situation-does 2 the algorithm not perform well? (2 + 3 + 2) (b) A company has a unit production cost of Rs l0.0t10,an ordering cost per order of Rs 15,000, and a holding cost fraction of 0.01 'per period. The stock on hand is 5 units, there is a scheduled order receipt in period Isfor- 130 units, and the lead time is one period. From the data givenebelowrcalculate the size of the replenishments by the least unit cost heuristic. (9) Period Requirements Period ' (units) l_ l- u! Requirements units) A Q.3 (a) In probabilistic independent demand situations, how does the service level approach for fixed order interval systems differ from the approach for fixed . order size systems? Illustrate with an example. ' (10) (b) State two industrial situations each for demand distribution of an inventory item represented in standard form: (i) Poisson, (ii) exponential, and (iii) uniform. ' ' (6) ...
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