Q. 6 Write short notes on: Relevance of Value Engineering in manufacturing Vendor Managed inventory Rating methods for locating a plant Importance of business process modelling
Ans : Relevance of Value Engineering in manufacturing :
Value engineering (VE) is a systematic method to improve the “value” of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be increased by either improving the function or reducing the cost. It is a primary tenet of value engineering
Vendor Managed inventory :
Vendor-managed inventory (VMI) is a family of business models in which the buyer of a product (business) provides certain information to a vendor (supply chain) supplier of that product and the supplier takes full responsibility for
Rating methods for locating a plant :
Factor-rating systems are perhaps the most widely used of the general location techniques because they provide a mechanism to combine diverse factors in an easy-to-understand format. A major problem with simple point-rating schemes is that they do not account for the wide range of costs that may occur within each factor. For
Importance of business process modelling :
Business Process Modeling is an important part of understanding and restructuring the activities and information a typical enterprise uses to achieve its business goals. With a modeling tool like Enterprise Architect, you can model, document and restructure those processes and information flows using industry standard UML and the
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