Question

What are differences between qualitative and quantitative forecasts?

Define the terms "make-to-stock" and "make-to-order." What are the major advantages and disadvantages of each these approaches in manufacturing?

What is "green sourcing" and what are the basic elements of a green sourcing initiative?

Answer 1

Disadvantages:- 1. inventory problem
2. storage problem
3. stock limitations

Make-to-Order:- It is a business production plan that mainly permits consumers to purchase products that are customized to their requirements. It is a manufacturing process in which the production of the good starts only after a confirmed order.

Advantages:-
1. Minimize Waste.
2. Reduce the risk of inefficiency.
3. Customizable Products.

Disadvantages:-
1. Timeliness
2. Cost of Customization.
3. Irregular Sale Demand.

3. Green Sourcing:-Buying goods or services that have a decreased adverse impact on health and the environment.
Basic elements of a green sourcing initiative:-
1.formation of a green purchasing team
2. conduct a baseline inventory
3. create environmental criteria
4. develop green bid specifications
5. take advantage of partnership opportunities
6. create a green procurement policy
7. update the policy.