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Assignment
| DRIVE | FALL 2014 |
| PROGRAM | Bachelor of Business Administration- BBA |
| SEMESTER | 5 |
| SUBJECT CODE & NAME | BBR505 & WAREHOUSE MANAGEMENT |
| BK ID | B1806 |
| CREDIT & MARKS | 4 CREDITS & 60 MARKS |
Note – Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.
Q.1 Define the terms ‘Supply Chain’ and ‘Supply Chain Management’. Explain impact of Supply chain on Stores and warehousing.
Answer: – Supply Chain: – The network created amongst different companies producing, handling and/or distributing a specific product. Specifically, the supply chain encompasses the steps it takes to get a good or service from the supplier to the customer. Supply chain management is a crucial process for many companies, and many companies strive to have the most optimized supply chain because it usually translates to lower costs for the company.
Q.2 Write short notes on the following:
Answer: – (a) Importance of warehouse in a value chain: – Warehousing played a role in the storage and exchange of goods for centuries. Long-term storage to provide product for future consumption has been a utility of warehousing both past and present. Transit sheds, warehouses connected to a wharf, have facilitated the movement and storage of goods embarking or disembarking merchant and military vessels supplying domestic and world trade. Rail transportation set in motion the industrial era with the transport of agriculture commodities and livestock;
(b) Product Assortment Management
Answer:- Assortment management is about balancing lines with different roles; some are profitable, high-turnover items, others draw in customers who may only look at a ‘dream product’ but end up spending cash on something else. RELEX offers a wide range of flexible, real-time analytics tools that help you structure your assortment to maximize your profit. RELEX systems allow you to get immediate answers to questions like:
- What are the bestselling items in
Q.3 Give the meaning of the following:
(a) Retail replenishment
Answer: – Retail replenishment: – Replenishment as “filling again by supplying what has been used up.” Replenishment is also a process that occurs regularly. If vendors only offer merchandise in a limited number of shipments – common in the fashion industry – merchandise planning and allocation should be used to support ordering. While
(b) Retail buying
Answer: – A retail buyer is responsible for planning and selecting a range of products to sell in retail outlets. The buyer must consider the following factors when making purchasing decisions:
- Customer demand, including price, quality and availability;
- Market trends;
- Store policy;
(c) Lead time
Answer: – A lead time is the latency (delay) between the initiation and execution of a process. For example, the lead time between the placement of an order and delivery of a new car from a manufacturer may be anywhere from 2 weeks to 6 months. In industry, lead time reduction is an important part of lean
(d) Inventory control
Answer: – Inventory Control is the supervision of supply, storage and accessibility of items in order to ensure an adequate supply without excessive oversupply.
It can also be referred as
Q.4 What is meant by inventory? What are the different types of inventories?
Answer: – Inventory: – The raw materials, work-in-process goods and completely finished goods that are considered to be the portion of a business’s assets that are ready or will be ready for sale. Inventory represents one of the most important assets that most businesses possess, because the turnover of inventory represents one of the primary sources of revenue generation and subsequent earnings for the company’s shareholders/owners.
Q.5 What is Economic Order Quantity (EOQ)? How do you calculate EOQ? What are the objections about EOQ?
Answer: – EOQ: – An inventory-related equation that determines the optimum order quantity that a company should hold in its inventory given a set cost of production, demand rate and other variables. This is done to minimize variable inventory costs. The full equation is as follows:
Where:
S = Setup costs
D = Demand rate
Q.6 Write a brief note on technology aids in retail warehouse management.
Answer: – A warehouse management system (WMS) is a key part of the supply chain and primarily aims to control the movement and storage of materials within a warehouse and process the associated transactions, including shipping, receiving, put away and picking. The systems also direct and optimize stock put away based on real-time information about the status of bin utilization. A WMS monitors the progress of products through the warehouse. It involves the physical warehouse infrastructure, tracking systems, and communication between product stations.
More precisely, warehouse management involves the receipt, storage and movement of goods, (normally finished goods), to intermediate storage
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