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Q2. Explain the concept of Master Schedule. Also define Time Horizon of
Master Schedule.
Answer. Master schedule is the presentation of the production schedule at the
summary level, depicting various key elements, resulting from the process of master
scheduling. In simple words, it can also be said that the master schedule is a plan or
format that integrates and relates other production processes such as demand
management, inventory planning and capacity planning. It is presented in the form of
master schedule grid.
d. Kaizen Costing
e. Cost Centre
Answer. a. Benchmarking can be defined as the process of identifying certain
practices or standards within and outside the organisation. These set practices or
standards are referred as benchmarks and are used for comparison of on-going
business activities and costs. The comparison with past figures helps in keeping check
on various processes that affect and influence different costs.
b. In simple words, budgeting can be defined as the process of implementing the
budget. For a business, budgeting is about spending less than what is being earned as
profit. To control cost, it is essential for an organisation to have a budget and its
successful implementation. Budgeting helps a business in managing both short-term
and long-term processes, preventing crisis, earning maximum profits and planning
major
Spring-2016
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