Chap: 7 Inventory Control & Cost Reduction Techniques Q.a] What is meant by value? Discuss different types of value.

b] Define value engineering. How is it different from other cost cutting techniques? c] Explain the concept of value analysis as applicable to any industry. [May 2003] [Dec2003][15] Q. Write short note- Standardization. [May 2003][Dec2003][May 2004][May 2006][05] Q. Standardization and codification are important tools for materials management. Comment. [May 2005] [08] Q. Write short note- Value Analysis & Value Engineering. [May 2005][05], [May 2008] [07] Q. Define- Value Analysis & Value Engineering. How this is technique of Cost reduction ranks amongst Top in Cost reduction Techniques? [Dec2005][15] Q. What is the relevance of standardization in materials Management? How does it help a purchase manager? [Dec2003][15] Q. What are the objectives of Value Analysis? Outline a method to carryout Value Analysis on engineering product e.g. screwdriver. [May 2006][14] Q. Explain the concept of codification. How does codification help in Material Management? [May 2006][14] Q. Explain full significance of Standardization of materials or commodities. What are the advantages and disadvantages of standardization? [Dec2006][14] Q. Write short note- Value Engineering. [Dec 2006][05] [Dec 2009] [07] Q. Explain the role of Material Manager in standardization and codification of material. [May 2007][14] Q. Write short note- Standardization and Codification. [Dec 2007][07] Q. Discuss how standardization and codification facilitates efficient management of materials. [Dec 2008][14] Q. Write short note- Value Analysis. [Dec 2008][07] Q. Explain with example how does codification of materials help in controlling inventory and reducing costs. [May 2009][14]

Q. Write short note- Inventory Turnover Ratio. [May 2009][07] [Dec 2009] [07] Q. Write short note- Kodak system. [May 2009] [07]