Industrial Engineering and Production Management
Inventory control in production, planning and control aims at

Achieving optimization
Discounts allowed in bulk purchase
Ensuring against market fluctuations
Acceptable customer service at low capital investment in inventory

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Industrial Engineering and Production Management
In queuing theory, the nature of the waiting situation can be studied and analysed mathematically if

All variables and constants are known and form a linear equation
Arrival and waiting times are known and can be grouped to form a waiting line model
The laws governing arrivals, service times, and the order in which the arriving units are taken into source are known
Complete details of items in, waiting line are known

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Industrial Engineering and Production Management
The process capability of a machine is defined as the capability of the machine to

Holds a definite spectrum of tolerance and surface finish
Produce job at a definite spectrum of speed
Produces a definite volume of work per minute
Perform definite number of operations

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