a) Write short notes on the following i. Standardization and variety reduction. ii. Scrap and disposal. iii. Order sorting. iv. JIT. [10 Marks]

This question is asking for short notes on four different concepts related to production and inventory management. <br />i. Standardization and variety reduction: This refers to the process of reducing the variety of products being produced and standardizing the production process. This can lead to economies of scale and reduced complexity in production.<br />ii. Scrap and disposal: This refers to the management of waste materials in a production process. Effective scrap and disposal management can reduce costs and environmental impact.<br />iii. Order sorting: This refers to the process of organizing and prioritizing orders for production. Effective order sorting can improve efficiency and reduce lead times.<br />iv. JIT (Just-In-Time): This is a production strategy that aims to improve a business's return on investment by reducing in-process inventory and associated carrying costs. JIT can lead to significant cost savings but requires precise demand forecasting and supplier cooperation.