Meaning of production management

May 29th, 2015
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‘“Production planning is best accomplished when inventory is excluded”. Criticize this statement and show the relevance of stock control in any manufacturing or service firm’ Production planning may be defined as the technique of foreseeing every step in a long series of separate operations, each step to be taken at the right time and in the right place and each operation to be performed in maximum efficiency (Abhar Kumar, Prod. Plan & Cont. 2011).

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a. Production planning is best accomplished when inventory is excluded. Criticize this statement and show the relevance of stock control in any manufacturing or service firmProduction planning may be defined as the technique of foreseeing every step in a long series of separate operations, each step to be taken at the right time and in the right place and each operation to be performed in maximum efficiency (Abhar Kumar, Prod. Plan & Cont. 2011).Production planning entails the acquisition and allocation of limited resources to production activities so as to satisfy customer demand over a specified time horizon and this can be optimally achieved by including (not excluding) inventory in production planning by organizations. As such, planning and control problems are inherently optimization problems, where the objective is to develop a plan that meets demand at minimum cost or that maximizes profit (Taps B. S. 2005). Inventory management is a vital part of production planning. In fact, if production planning is simplified to its most basic, it really is a type of inventory management. In order to manage production, one must manage inventory, be it of raw materials, works-in-progress or finished pieces. Understanding what inventory management and production planning are and how different inventory/production tools are used is necessary for a manager in any production-oriented businessProduction is managed by balancing workforce with inventory. In environm

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