Analyse how the appropriate application of Total Quality Management and continuous improvement in tools and techniques affect quality performance in the manufacturing and service environments

Q5: A manager of an inventory system believes that inventory models are important decision making aids. Even though often using an EOQ policy, the manager never considered a backorder model because of the assumption that backorders were “bad” and should be avoided. However, with upper management’s continued pressure for cost reduction, you have been asked to analyze the economics of a backorder policy for some products that can possibly be backordered. For a specific product with D = 1200 units per year, Co = 160, = 4, and = 25, what is the difference in total annual cost between the EOQ model and the planned shortage or backorder model? If the manager adds constraints that no more than 25% of the units can be backordered and that no customer will have to wait more than 18 days for an order, should the backorder inventory policy be adopted? Assume 300 working days per year.

How do expectations about future economic conditions influence the speed of adjustment in the error correction model (ECM)? Are there any other factors that might affect the speed of adjustment?

Implement a predictive maintenance strategy within an existing production line (data analytics, cloud integration etc. may be included).  This strategy report must Include the following: • Project Charter • Requirements analysis • Analysis of Alternative Solutions • Project Risks • Detailed system Specifications • WBS Work Breakdown Structure • Network Diagram