Question

5. What are the three commonly used procurement methods? Give one or two daily examples for each method.

6. Give your own reasons that why logistics emerges from military logistics management.

7. Which major task do you think is more important in production management?

8. Explain how ABC inventory control works.

Answer 1

Answer 5= The three commonly used procurement methods are  competitive bidding, direct purchases and requests for qualifications

Example of competitive bidding= This is when a person is looking to shift the house and thus looking for the packers and movers service and he contacts 4 service providers and ask them to submit the quotation and he picks the best and cheap quotation.

Direct purchases example= A person simply goes to the market and buys a smart TV

requests for qualifications= In this, only those can apply for the further procurement methods who qualify a certain qualification standard. Example- A person is looking to paint his house and thus he asks only painters to contact who can paint the house within a week.

Answer 6= Logistics resulted from the development, maintenance, and implementation of the military units to perform a wide variety of the activities, flow of material and other equipment in the emergency, war or peacetime

Answer 7= In my opinion, demand forecasting is quite important in production management as if the demand forecast is precise then it will result in managing the entire operations and cost of production to a minimum

Answer 8= ABC inventory control methods divide the inventory items into three categories. A category includes the inventory items which have high value but a low number of units, Class B includes the products which are moderate value and moderate quantity. Class C is the inventory items which have low value but high volume.