Essay On Quality

Essay On Quality-22
It is a stock of materials that are used to facilitate production or to satisfy customer demand.These inventories in the form of raw materials, work- in-process and finished goods must be adequately managed and controlled.

It is a stock of materials that are used to facilitate production or to satisfy customer demand.These inventories in the form of raw materials, work- in-process and finished goods must be adequately managed and controlled.

As long as the average weights of all the random samples fall within these established limits, the lots from which these samples are taken are accepted and the process is considered to be under control.

Inventory refers to the goods or materials available for use by a business.

Inventory control is concerned with systematic acquisition, storage and recording of materials in such a manner as to furnish the desired degree of service to the operating departments and to the customers at the lowest cost.

Inventory control models are designed to achieve a balance between the risk of being out of stock and the cost of carrying excess inventory.

Statistical quality control is a set of statistical techniques designed to indicate whether or not the quality of the product is under control and within the acceptable limits.

The process involves sampling and construction of statistical control charts against which the sample parameters are measured.Accordingly, in most cases a representative random sample from the production run is taken and tested and conclusions drawn about the production lot on the basis of the results obtained from the sample.One technique that is available for such type of quality control is known as, “Statistical Quality Control”.Inventories help in the smooth production of the end product.Lack of availability of parts and materials when needed can disrupt the production process.2.The inventory carrying costs are the costs associated with holding the items in storage for future use.Some of the carrying costs are: the cost of capital tied up, insurance premiums on inventory, possibility of obsolescence, possible pilferage of stock, deterioration and damage to goods, storage space costs and storage labour costs.A lead time is the time gap between ordering and receiving goods.If this lead time is long or uncertain, then it is necessary to keep adequate stock of inventory as a buffer against shortages.However, it is not economically feasible to inspect every item produced.Every car cannot be crashed to test if it can withstand an accident at 10 miles per hour speed.

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