Average or Mean

CIOP online sessions are conducted in a well-organized manner. The online sessions are conducted on Saturdays, between 7:00 PM and 10:00 PM (Indian Standard Time). There will be two breaks during the session. First break at 8:00 PM for 15 minutes and the second break at 9:00 PM for 10 minutes. The participants will join the program through the link sent to them well in advance and they get reminder notifications. First reminder a day before the session and the second reminder one-hour before the session. The participants will be able to see the presentation and the writings of the faculty at the same time. The faculty delivers the program through a smart board and the participants will be able to access both the presentation used by the faculty and his notes at the ends of the session through Fhyzics’ Learning Management System (LMS).

chain component or a single process, it is necessary to divide the total inventory by the number of units produced or sold. This will give us the number of average units/costs over time, which we then divide by the number of total units/sold to get the average over the lifetime of the inventory.

An easy way to do this is to multiply the amount of each unit sold by the average of the number of units produced over the lifetime of the inventory. Then we need to divide the sum by the number of seconds it takes to create each unit and then multiply that again by the number of seconds it takes to produce each individual unit. That is, we get the fractions of minutes per product/article.

Another way to express the productivity of a process is to divide the time it takes to complete the task by the amount of product/article produced. Again we need to multiply the time by the product/article per minute to get the arithmetic mean of the rates per product/article/minute. This expresses the rate of productivity of a process as the arithmetic mean of the total number of seconds it takes to complete one task. Thus, to better understand the relationship between the average and the mean, let us make use of another term: the average time for the operations carried out over the lifetime of inventory. This gives the value of the average time for one operation divided by the total number of operations carried out over the lifetime of inventory.

Certified Inventory Optimization Professional

CIOP is an end-to-end supply chain certification that contains 30 modules such as Introduction to Supply Chain Management, All About Inventory, Production Planning System, Strategic Business Planning, Sales & Operations Planning, Master Scheduling, Material Requirements Planning, Demand Management, Capacity Management, Forecasting, Production Activity Control, Procurement, Order Quantities, Independent Demand Ordering Systems, Warehouse Management, Transportation Management, Supplier Relationship Management (SRM), Customer Relationship Management (CRM), Introduction to Quality, Introduction to Packaging, Introduction to Process, Lean, Six Sigma, Total Quality Management, Theory of Constraints, Supply Chain Technologies, Supply Chain Techniques, Industry 4.0, International Standards and Supply Chain Risk, Safety and Security.

Average or Mean

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