CIPS L4M2 3.3 Identify the risks that can result from inadequate specifications and mitigation approaches 2024/2025 passed

CIPS L4M2 3.3 Identify the risks that can result from inadequate specifications and mitigation approachesDescribe how a zero-based approach works. Method to identify how to simplify the parts structure in a range of products What impact does standardization have on unit costs? cost reduction (through purchasing leverage and reduction of inventory) Benefits of Standardization cost reduction improves quality, Improves flexibility and responsiveness Managing risk cycle Assess Control Monitor Idenitify Monitor specification creation- Project management Accountability Focus on goals Learning from experience Team morale Project Initiation Document Before specs writing project Scope Team mandate Metrics for managing projects Schedule variance Cost variance Stakeholder satisfaction Material requirements planning Production planning, scheduling, and inventory control system used to manage manufacturing processes LEAN METHOD: Types of wastes Defects Over-production Waiting Not using talent Transport & handling Inventory