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very useful and nice interpretation of EOQ by Ken Homa
Optimal order qty
expected numbers of order.
expected time between orders
ordering cost
annual demand
holding cost
Procurement Strategy for Manufacturing and JITIJERD Editor
Procurement involves the purchase of goods and services from the suppliers for the manufacturing units. Procuring the items in the most optimized way is very much desired to implement JIT effectively. Manufacturer-supplier relationship is very crucial for effective procurement policy. The present paper deals with various procurement strategies of manufacturing that include the optimization of manufacturing quantity along with the procurement of multiple input items. The procurement cycles for input items are considered in small lot sizes, which are essential for the effective implementation of JIT. The method of integer programming has been used to find the optimum integer values of number of orders for procuring the input items, which is usually found to be in fraction for a real manufacturing environment.
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and/or publication of this e-mail message,contents or ts attachment(s) other than by its intended recipient(s) is strictly prohibited. Any opinions expressed in this email are those of the individual and not necessarily of the organization. Before opening attachment(s), please scan for viruses."
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very useful and nice interpretation of EOQ by Ken Homa
Optimal order qty
expected numbers of order.
expected time between orders
ordering cost
annual demand
holding cost
Procurement Strategy for Manufacturing and JITIJERD Editor
Procurement involves the purchase of goods and services from the suppliers for the manufacturing units. Procuring the items in the most optimized way is very much desired to implement JIT effectively. Manufacturer-supplier relationship is very crucial for effective procurement policy. The present paper deals with various procurement strategies of manufacturing that include the optimization of manufacturing quantity along with the procurement of multiple input items. The procurement cycles for input items are considered in small lot sizes, which are essential for the effective implementation of JIT. The method of integer programming has been used to find the optimum integer values of number of orders for procuring the input items, which is usually found to be in fraction for a real manufacturing environment.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
2. Inventory and Inventory Decisions
Inventory may be defined as the stock of
goods, commodities or other
economic resources that are stored
or reserved in order to ensure
smooth and efficient running of
business affairs.
The term inventory maybe classified in
two main categories:
Direct Inventory : The items which
play a direct role in manufacture
and become an integral part of
finished goods are included in this
category such as (i) Raw materials,
(ii) Work in process goods, (iii)
Finished goods, and (iv) Spare
parts.
Indirect Inventory : The items
which are necessarily required for
manufacturing but do not become
the component of finished
production like: oil, grease,
lubricants, petrol, office material,
maintenance material, etc.
3. COSTS INVOLVED INVENTORY
PROBLEMS
Holding cost : The cost associated with carrying or holding the goods in stock is
known as holding or carrying cost which is usually denoted by C1 or Ch per unit of
goods for a unit of time. This cost is assumed to vary directly with the size of
inventory as well as the time for which the item is held in stock.
Shortage cost : The penalty costs that are incurred as a result of running out of stock
(i.e. shortage) are known as shortage or stock-out costs. These are denoted by C2 or
Cs per unit of goods for a specified period.
Set-up cost : These include the fixed costs associated with obtaining goods through
placing of an order or purchasing or manufacturing or setting up a machinery before
starting production. So they include costs of purchase, requisition, follow-up,
receiving the goods, quality control, etc. These are also called order costs or
replenishment costs, usually denoted by C3 or Co per production run (cycle). They
are assumed to be independent of the quantity ordered or produced.
4. LIMITATIONS OF EOQ FORMULAE
1. The demand is neither known with certainty nor it is uniform in practical situation.
2. It is difficult to measure the ordering cost and also it is not linearly related to the
number of orders and rises in stepped manner with the increasing number of orders.
3. In EOQ models, it is assumed that the annual demand can be estimated in advance.
But, annual demand can not be simply estimated with accuracy.
4. In EOQ model, it assumed that the inventory rises to its maximum level
instantaneously. But, in many cases it may not be true because the orders may be
delivered in portions over a period of time
5. In EOQ, it is assumed that the demand is uniform. But, uniformity is seldom
observed in practical situations.
6. In EOQ models, the replenishment time is assumed to be zero. But, this is not
possible unless the supplier is nearby.
7. If the EOQ models are applied without due regard to the possibility of a falling
demand, the it can lead to a high value of obsolenscence inventory.
5. THE EOQ MODEL WITHOUT SHORTAGE
Model I (a) : The Economic Lot Size System with Uniform Demand
Assumptions :
1) Demand is uniform at the rate of R quantity units per unit time.
2) Lead time is zero (or known exactly).
3) Production rate is infinite, i.e. production is instantaneous.
4) Shortages are not allowed.
5) Holding cost is rupees C1 per quantity per unit time.
6) Set-up cost is rupees C3 per set-up.
Derivation:
Average inventory = ½ [maximum level + minimum level] = ½ [ q + 0] = q/2.
Total inventory carrying cost per unit =average no. of units in inventory X cost of one unit X inventory carrying cost percentage
= ½ qCI = ½ qC1
Cost Equation
Total inventory costs = Total inventory carrying cost + total annual ordering costs
C(q) = ½ qC1 + (R/q) C3
Optimal EOQ
½ qC1 = (R/q) C3 => qC1 = (2R/q) C3 => q2 = 2RC3/ C1
q= (2C3R/C1)
Optimal q* (EOQ) = (2 X set-up cost X demand rate / carrying cost)
6. Optimum inventory cost
Cmin = (2C1C3R)
Optimum inventory cost Cmin = (2 X carrying cost X set-up cost X demand rate )
Optimum ordering interval
EOQ= demand rate X interval of ordering
=> q = R X t
t = q/ R = (2C3/RC1)
Optimum ordering interval t* = (2 X set-up cost X / demand rate X carrying cost)
Optimum number of orders
N= R/ q
=> Optimum number of orders = demand rate / EOQ
Number of days supply d = 365/ N = 365/ Optimum number of orders
Model I (b) : The Economic Lot Size System with different rates of demand in different cycles
Assumption : The rate of demand D differs with different production cycles.
Derivation :
Let the total demand D be specified as demand during total time period T and q be the stock level to be fixed.
Ordering cost = Number of orders X C3 = (D/ q) C3
Carrying cost = Average inventory X C1 X T = (q/ 2) C1T
Cost Equation
C(q) = (q/ 2) C1T + (D/ q) C3
7. Optimal EOQ
(q/ 2) C1T = (D/ q) C3 => q2 = 2DC3/ C1T
q= (2C3D/C1T)
Optimal q* (EOQ) = (2 X set-up cost X demand rate / carrying cost X time period)
Optimum inventory cost
Cmin = (2C1C3D/ T)
Optimum inventory cost Cmin = (2 X carrying cost X set-up cost X demand rate / time period)
Model I (c) : The Economic Lot Size System with different rates of demand in different cycles
Assumptions :
C2 = infinity, R= no. Of items required per unit time, K= no. Of items produced per unit time, t= interval between production
cycles.
Derivation :
Ordering cost = Number of orders X C3 = (R/ q) C3
Carrying cost = Average inventory X C1 X T = ½ [q/ K] (K - R) C1
Cost Equation
C(q) = ½ [q/ K] (K – R) C1 + (R/ q) C3
Optimal EOQ
½ [q/ K] (K - R )C1 = (R/ q) C3 => q2 = 2RC3/ C1(1- R/ K)
q*= (2RC3/C1(1 – R/ K))
Optimum time interval
t*= (2C3/C1R(1 – R/ K))
Optimum inventory cost
Cmin = (2C1C3R ( 1- R/ K))
8. THE EOQ MODEL WHEN SHORTAGES ARE ALLOWED
Model II (a) : The Economic Lot Size System with Constant rate of Demand, Scheduling Time Constant
Assumptions :
1) C1 is the holding cost per quantity per unit time.
2) C2 is the holding cost per quantity per unit time.
3) R quantity per unit time is the demand rate.
4) Production rate is infinite.
5) tp is the scheduling time period which is constant.
6) qp is the fixed lot size.
7) z is the order level to which the inventory is raised in the beginning of each scheduling period.
8) Lead time is zero.
Derivation:
Holding cost= ½ (z2 C1/ qp)
Shortage cost = ½ (C2 / qp) (qp – z ) 2
Cost Equation
C(z) = ½ (z2 C1/ qp) + ½ (C2 / qp) (qp – z ) 2
Optimal EOQ
(dC/ dz )=0 => z= (C2/ C1 + C2) qp
z= (C2/ C1 + C2) Rtp
Optimum inventory cost
Cmin = (C1C2/ 2(C1 + C2)) Rtp
9. Model II (b) : The EOQ with Constant rate of Demand, Scheduling Time Variable
Assumptions :
1) t is the scheduling time period which is variable.
2) q = Rt is the order quantity per run.
Derivation :
Cost Equation C(t, z) = 1/t [ (C1z2 / 2R) + ½ (C2 / R) ( Rt – z )2 + C3 ]
Reorder time t= (2C3 (C1 + C2) / RC1C2)
Optimal EOQ q*= Rt* = (2RC3 (C1 + C2) / C1C2)
Optimum inventory cost Cmin = (2C1C3R (C2 / (C1 + C2) )
Model II (c) : The Production Lot Size with Shortages
Assumptions :
1) R units per unit time is the uniform demand rate.
2) Production rate K units per unit time is finite, K > R.
3) Shortages are allowed and backlogged.
Derivation :
Cost Equation C(t2, t3) = ½ [ (C1t22 + C2t32 ) RK + ½ (C2 / R) ( Rt – z )2 + C3 ]
Optimal EOQ q*= (2RC3 (C1 + C2) / C1C2) (1/ (1 – R/ K)) = (2RC1C3 (1-R/ K) / (C1 + C2) C2)
Optimum inventory cost Cmin = (2RC1 C2 C3 (1-R / K) / (C1 + C2) )
11. Queueing System
A queue is a line or sequence of
people or vehicles awaiting their turn
to be attended or to proceed.
Queueing systems are simplified
mathematical model to explain
congestion.
A queueing system can be completely
described by:
a) the input ( or arrival pattern ) ,
b) the service mechanism ( or service
pattern ) ,
c) the queue discipline , and
d) customer’s behavior .
12. Customer’s Behaviour and System’s Behaviour
The customers generally behave in four ways:
1. Balking : A customer may leave the queue because the queue is too long and has no
time to wait , or there is no sufficient waiting space.
2. Reneging : This happens when a waiting customer leaves the queue due to
impatience.
3. Priorities : In certain applications, some customers are served before others
regardless of their order of arrival. These customers have priority over others.
4. Jockeying : Customers may jockey from one waiting line to another. It may be seen
that this happens in a supermarket.
The system behaviour changes over time . These changes are broadly classified into
two states :
A system is said to be in transient state when its operating characteristics are
dependent on time.
A steady state condition is said to prevail when the behaviour of the system
becomes independent of time.
13. List of Symbols
n = number of units in the system.
Pn (t) = transient state probability that exactly n calling units are in the queueing system at
time t.
Pn = steady state probability of having n units in the system.
n = mean arrival rate of customers when n units are present in the system.
n = mean service rate when n units are present in the system.
= mean arrival rate of customers when n is constant for all n.
= mean arrival rate of customers when n is constant for all n.
s = number of parallel service stations.
= / s = traffic intensity for servers facility, i.e., the expected fraction of time the servers
are busy.
Ls = expected line length, i.e., expected number of customers in the system.
Lq = expected queue length, i.e., expected number of customers in the queue.
Ws = expected waiting time per customer in the system.
Wq = expected waiting time per customer in the system.
( W W > 0 ) = expected waiting time of a customer who has to wait.
( L L > 0 ) = expected length of non-empty queues.
P ( W > 0 ) = probability of customer having to wait for service.
14. Model IV (A) : (M|M|S) : (|FCFS )
The overall service rate when there are n units in the system may be obtained in the following two situations :
i. If n ≤ s, all the customers may be served simultaneously. There will be no queue, ( s – n ) number of servers
may remain idle, and then n = n, n = 0, 1, 2, …. , s.
ii. If n ≥ s, all the servers are busy, maximum number of customers waiting in the queue will be ( n – s ), then
n = s.
To obtain the system of steady state equations:
0 = -P0 + P1 for n = 0 ….. (1)
0 = - ( + n ) Pn + Pn-1 + ( n+1 ) Pn+1 for 0<n<s ….(2)
0 = - ( + s ) Pn + Pn-1 + s Pn+1 for n > s ……(3)
To solve the system of difference equations (1) , (2) , and (3) :
P0 = P0 [initially],
P1 = ( / ) P0 [from (1)],
P2 = ( / 2) P1 = ( 2 / 2! 2 ) P1 [from (2)],
P3 = ( / 3) P1 = ( 3 / 3! 3 ) P2 [from (2)],
………………………………………………..
In general, Pn = ( / n) Pn-1 = ( n / n! n ) Pn-1 { for 1 ≤ n ≤ s } [from (2)].
...............................................................................
Ps = (1/ s!) ( / )s P0
Ps+1 = (1/ s) (1/ s!) ( / )s+1 P0
Ps+2 = (1/ s2) (1/ s!) ( / )s+2 P0
In general, Pn = (1/ sn-s) (1/ s!) ( / )n P0 , [ for n ≥ s ].