MT435ShresthaSanjivUnit 7 journal

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School

Purdue Global University**We aren't endorsed by this school

Course

MT 435

Subject

Management

Date

Dec 19, 2024

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Uploaded by DoctorPorpoisePerson637

1Quality Management Study NotesSanjiv ShresthaPurdue UniversityMT435 Operations ManagementChristopher RobertsOctober 1, 2024

2Inventory Turns: Inventory turns, also known as inventoryturnover, is a key metric in supply chain management thatmeasures how often a company's inventory is sold and replacedover a specific period. It is calculated by dividing the cost ofgoods sold (COGS) by the average inventory during that period. Ahigh inventory turnover indicates efficient sales and inventorymanagement, suggesting that products are being sold quickly andnot sitting in storage for long periods. However, if it is toohigh, it may also indicate insufficient inventory levels,potentially leading to stockouts and missed sales opportunities.Conversely, a low turnover rate may suggest overstocking or weaksales, which can tie up capital and increase holding costs(Wiley, 2023, P.458).Procurement: Procurement is the process of acquiring goodsand services from external sources, which plays a critical rolein ensuring quality throughout the supply chain. Qualityassuranceinprocurementinvolvesestablishingclearspecifications for products, selecting reliable suppliers, andimplementing robust quality control measures to ensure thatprocured items meet the required standards. Effective procurementpractices reduce the risk of receiving substandard goods,minimize costly returns or rejections, and enhance theorganization's reputation. Additionally, procurement processes

3must comply with industry standards and regulations to maintainquality and avoid legal issues.Internet of Things (IoT): The Internet of Things (IoT)significantly impacts quality management by enabling real-timedata collection and analysis throughout manufacturing processes.IoT devices such as sensors provide continuous monitoring ofproduction parameters like temperature and pressure, allowing forimmediate detection of quality issues(P.454). This proactiveapproach reduces waste, enhances product quality, and improvesoperational efficiency. Furthermore, IoT facilitates remotemonitoring and control, enabling manufacturers to manage multiplefacilities globally while maintaining consistent qualitystandards. The integration of IoT into quality managementsupports the shift towards Industry 4.0, where data-driveninsights lead to smarter decision-making and optimized productionprocesses.

4References:Roberta S. Russell, & Bernard W. Taylor. (2023). Operations andSupply Chain Management. Wiley.