application of operation research management in fashion industry
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Application of Operation Research Management in Fashion Industry
Subject Submitted toSubmitted by: Bhavik Gandhi Priyank Telang Shabri Wable Sevesh Ranjan Sunil Kerketta
: Operation Research : Mr. Ranjeeth
(M/FMS/08/10) (M/FMS/08/22) (M/FMS/08/29) (M/FMS/08/28) (M/FMS/08/31)
FMS Dept. NIFT, Mumbai
Fashion Industry: The fashion is very large industry which consists from Fiber to Garments. Various industries related to fashion are: Fiber related industry Yarn related industry Yarn processing industry Fabric related industry Fabric processing industry Garment industry Support sector (Educational Institute, Accessories manufacturer, machine manufacturer, software developers, Research and development firms etc)
Quantitative Technique: Quantitative techniques are the set of scientific techniques intended to express the business constraints and the risks underlying a business operation into measurable terms and thereby reduce the decision making process to a more analytical and a more objective process. Quantitative techniques embrace many a functional areas for their application they can be applied in the field of production, finance, quality control, maintenance, fashion, stores and allied fields. Quantitative techniques are available for their use in personnel management where they can be used to: 1. Study labour turn over and accident rate. 2. Determine optimum manpower planning. 3. Decide the number of persons to be put on permanent roll and the number of persons to be kept as standby to meet absenteeism. Quantitative techniques are also available for application in the production management to: 1. Decide the number of machines that can be manned by a single operator. 2. Study time lost due to various causes such as waiting time, hunting time, queue time, transit time etc.
3. Decide optimum allocation of jobs to the facilities and the optimum sequence in which jobs should be processed. 4. Prepare the least cost schedule for the different activities of the project. Quantitative techniques are available for application in quality control to: 1. See whether the manufacturing process is under control and thereby identify presence of assignable causes. 2. Decide, at the reduced cost of inspection, acceptability or otherwise of an incoming lot. Quantitative techniques are equally useful in the marketing management to: 1. Determine optimum product mix. 2. Determine the least cost route of transportation of goods from companys different plants to different warehouses. 3. Choose between different medias of advertising and bidding strategies 4. Draw sales forecast. Quantitative techniques can be applied in the maintenance management: 1. Decide optimum stocking policies of different category of spares. 2. Predict the useful life of the part and thereby decide on the optimum replacement policy of parts. Quantitative techniques are also useful in the financial management to: 1. Interpret financial statements of a business or industrial firm to have an idea of its growth potential, profitability, financial stability, liquidity etc. 2. Develop capital investment plans and evaluate the proposals for their economic viability. 3. Determine optimum equipment replacement policies. Quantitative techniques also have been successfully employed in the material department, research and development department and many other departments.