TAYLOR INCORPORATED INVENTORY MANAGEMENT CHALLENGE.

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Presentation transcript:

TAYLOR INCORPORATED INVENTORY MANAGEMENT CHALLENGE

ELEMENTS OF INVENTORY MANAGEMENT Basic Principles: Demand Inventory Costs

ELEMENTS OF INVENTORY MANAGEMENT Inventory Control Systems: Continuous Inventory Systems Periodic Inventory Systems

CATEGORY OF INVENTORY: DEFINED ABC Classification System: Class A Items Class B Items Class C Items

CATEGORY OF INVENTORY: CRITICAL MANAGEMENT Steps in ABC Analysis: Classify Inventory Items as A, B, or C Determine Level of Inventory Control

ACCURATE FORECASTING: IMPORTANCE Sales Enhancement Customer Satisfaction Cost Control

ACCURATE FORECASTING : METHODS Qualitative Forecast Method Quantitative Forecast Method

NUMBER OF UNITS TO PURCHASE Based on the economic order quantity, the total number of units to purchase for the new distance measurement device is 95 units Sales are estimated to be 4,500 units annually. The cost of each unit for Taylor Incorporated is $1,200. Inventory carrying cost is 5% of the cost value of the device. Order placement cost is $60.

NUMBER OF ORDERS PER YEAR $4,500 units sold annually 95 units purchased The number of orders per year that must be made is 47

REFERENCE RUSSELL, R. S., & TAYLOR, B. W. (2009). OPERATIONS MANAGEMENT: CREATING VALUE ALONG THE SUPPLY CHAIN (6TH ED.). HOBOKEN, NJ: JOHN WILEY & SONS.