Quick Answer: What Is Production Planning And Inventory Control?

What is the meaning of production planning?

Production planning is the planning of production and manufacturing modules in a company or industry.

It utilizes the resource allocation of activities of employees, materials and production capacity, in order to serve different customers..

What is the purpose of inventory management in production planning?

The main aim of an inventory management system is to keep the stock in such a way that it is neither overstock nor understock. The overstock condition will reduce the other production processes and understock will lead to stoppage of work. The objectives of inventory management are operational and financial.

What are the three main components of production planning?

In production planning, the components are facility location, facility layout, materials-requirement planning (MRP), and inventory control.

What are the two main types of production technique?

There are three main types of production to choose from:Job production, where items are made individually and each item is finished before the next one is started. … Batch production, where groups of items are made together. … Flow production, where identical, standardised items are produced on an assembly line.

What are the 4 types of production?

Four types of production1) Unit or Job type of production.2) Batch type of Production.3) Mass Production or Flow production.4) Continuous production or Process production.

What are the steps in production planning and control?

Steps in Production Planning and Control:(1) Planning: … (2) Routing: … (3) Scheduling: … (4) Dispatching: … (5) Follow-Up (or Checking the Progress): … (6) Inspection: … (i) Continuous Production: … (ii) Cost Control and Profit Maximization:More items…

What are the elements of production planning and control?

Some of the important elements involved in the process of production planning and control in organization are: (a) Planning; (b) Routing; (c) Scheduling; (d) Despatching; (e) Checking the progress or follow-up and (f) Inspection.

What are the four basic components of production?

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

What is production planning and control function?

Production planning and control refers to two strategies that work cohesively throughout the manufacturing process. Production planning involves what to produce, when to produce it, how much to produce, and more. A long-term view of production planning is necessary to fully optimize the production flow.

What are the 7 factors of production?

Factors of ProductionLand/Natural Resources.Labor.Capital.Entrepreneurship.

What is the procedure of production planning and control?

The four stages or steps in production planning and control are: Routing, Scheduling, Dispatching, and. Follow-up.

What are the major components of production scheduling?

Five Components of Production Scheduling1) Planning‍2) Routing.3) Scheduling‍4) Dispatching‍5) Execution‍

What makes a good production planner?

Decisiveness, Stress Management Skills, Leadership, Excellent Organisational Skills, Good Written and Oral Communication Skills, Mathematics Skills, Especially in the Area of Statistics, Understanding of Business Operations, Attention to Detail, Speed, Accuracy, Computer Literacy, Superior Problem Solving Skills, …

What are stages of production?

Overall, there are three major steps to a successful video production: “Pre-Production” (Planning before you actual shoot) “Production” (The actual recording of your video program) “Post-Production (Editing)