Define TQM, Lean, and JIT. How does Lean operations and JIT also

Answer all 5 Questions. 1. Define TQM, Lean, and JIT. How does Lean operations and JIT also helps in improving process quality? 2. The sales data for Victoria Gifts is given: Period A A t t 1 149 2 134 3 131 4 147 5 163 6 109 7 189 8 191 9 162 a. Using weights of 0.2, 0.3, and 0.5, forecast the demand for period 4 through 10. b. With Alpha = 0.1, and initial forecast of 149, forecast through period 10 using simple exponential smoothing. 3. Demand for a newly introduced toy is as following: Period A A t t 1 557 2 546 3 566 4 562 5 582 6 566 7 565 8 579 9 589 10 608 11 580 12 603 Using trend projection (simple regression), forecast for period 13 through 15. Using the trend projection equation, forecast for period 1 through 12, and calculate MAD. Based on your analysis of MAD, what conclusion would you draw for forecasts 13 through 15? 4. Based on the following information, calculate CL, UCL, and LCL for a p-bar chart using 3 sigma control. Plot your control chart, and based on the control chart, suggest what action needs to be taken? Sample n = Sample Size Number of Defectives 1 200 96 2 200 120 3 200 108 4 200 144 5 200 96 6 200 108 7 200 144 8 200 108 9 200 132 10 200 120 11 200 84 12 200 132 13 200 96 14 200 96 15 200 72 5. Northcutt Bikes purchases two types of wheels for their roadracing bikes: a regular version and a deluxe version. The table below has demand information for the past year for each style of wheel, as well as combined figures. REGULAR DELUXE Combined Month Wheels Wheels Demand January 208 481 689 1849.884 1070.467 February 153 316 469 1361.158 703.2119 March 238 553 791 2122.129 1230.538 April 296 648 944 2638.237 1441.763 May 292 228 520 2599.175 507.9288 June 322 527 849 2866.567 1173.325 July 102 605 707 908.2062 1344.477 August 211 510 721 1882.909 1133.85 September 286 538 824 2547.511 1195.676 October 163 590 753 1456.65 November 186 657 843 1654.898 1462.026 December 129 582 711 1154.784 1295.332 Std. Dev., Monthly Demand 72.1 122.8 129.2 Other important information: Yearly holding cost 20% of item cost Ordering cost $200 per order Service level 95% Leadtime 0.5 months Item costs Deluxe Wheels $40 each Regular Wheels $35 each aalate e EOQ b. Calculate the ROP for each wheel type. c. For each wheel type, calculate the total yearly holding and ordering cost, as well as total item cost.