Inventory Stock of items held to meet future demand Inventory management answers two questions How much to order When to order.

Slides:

Advertisements

Similar presentations

What other terms can you think of when talking about Procurement and Inventory Management?

Advertisements

Inventory Management.

Inventory Stock of items held to meet future demand

Chapter 12 Inventory Management. Reasons to Hold Inventory Meet unexpected demand Smooth seasonal or cyclical demand Meet variations in customer demand.

Chapter 17 Inventory Control 2.

Inventory Management. Inventory Objective:  Meet customer demand and be cost- effective.

Chapter 13 - Inventory Management

12 Inventory Management.

8-1Inventory Management William J. Stevenson Operations Management 8 th edition.

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. 12 Inventory Management.

IES 303 Chapter 15: Inventory Management Supplement E

Inventory Management.

BA 320 Operations Management Chapter 10 Inventory Management.

2000 by Prentice-Hall, Inc1 Inventory Management – Chapter 10  Stock of items held to meet future demand  Inventory management answers two questions.

Chapter 12 Inventory Management

Operations Management

Chapter 13 Inventory Management McGraw-Hill/Irwin

Chapter 9 Inventory Management.

MRP and Dependent Inventory Models. Inventory Process stage Demand Type Number & Value Other Raw Material WIP Finished Goods Independent Dependent A Items.

OPIM 310-Lecture #5 Instructor: Jose Cruz

Operations Management

Managing Goods Chapter 16. FactoryWholesalerDistributorRetailerCustomer Replenishment order Replenishment order Replenishment order Customer order Production.

To Accompany Russell and Taylor, Operations Management, 4th Edition,  2003 Prentice-Hall, Inc. All rights reserved. Chapter 10 Inventory Management To.

Chapter 13 - Inventory Management

© 2000 by Prentice-Hall Inc Russell/Taylor Oper Mgt 3/e Chapter 12 Inventory Management.

MNG221- Management Science –

Reasons for Inventory To create a buffer against uncertainties in supply & demand To take advantage of lower purchasing and transportation cost associated.

Management Accounting for Business

Your LogoYour own footer. Production & Operations Management Chapter : The Role of Operations Management Business Process Reengineering Inventory Management.

13 Inventory Management.

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. 12 Inventory Management.

Inventory Management Operations -- Prof. Juran.

13-1 McGraw-Hill/Irwin Operations Management, Seventh Edition, by William J. Stevenson Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.

CHAPTER Inventory Management McGraw-Hill/Irwin Operations Management, Eighth Edition, by William J. Stevenson Copyright © 2005 by The McGraw-Hill.

Inventory Inventory is the stock of goods, commodities or other economic resources that are stored for the smooth and efficient running of a business.

Inventory Stock of items held to meet future demand

Inventory Management MD707 Operations Management Professor Joy Field.

Inventory Stock of items held to meet future demand Inventory management answers two questions How much to order When to order.

13Inventory Management. 13Inventory Management Types of Inventories Raw materials & purchased parts Partially completed goods called work in progress.

Ch. 21 Inventory Control Learning Objectives Analyze the importance of inventory. Describe the features of an inventory control system. Analyze the costs.

INVENTORY MANAGEMENT.

Inventory Management Chapter 12 Independent Demand A B(4) C(2) D(2)E(1) D(3) F(2) Dependent Demand Independent demand is uncertain. Dependent demand.

Real-time management of inventory for items Inventory Concept LOGISTIC & WAREHOUSING.

BUAD306 Chapter 13 - Inventory Management. Everyday Inventory Food Gasoline Clean clothes… What else?

Real-time management of inventory for items Inventory Concept LOGISTIC & WAREHOUSING.

Operations Research II Course,, September Part 3: Inventory Models Operations Research II Dr. Aref Rashad.

To Accompany Russell and Taylor, Operations Management, 4th Edition,  2003 Prentice-Hall, Inc. All rights reserved. Chapter 12 Inventory Management.

Chapter 11 Managing Inventory throughout the Supply Chain

Chapter 16 Inventory Management IDS 605 Busing.

Inventory Control. Meaning Of Inventory Control Inventory control is a system devise and adopted for controlling investment in inventory. It involve inventory.

McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. 12 Inventory Management.

Inventory Stock of items held to meet future demand

5 INVENTORY MANAGEMENT.

Module 2: Supply Chain & Logistics Management

Inventory Management.

Chapter 13 Inventory Management McGraw-Hill/Irwin

Inventory Stock of items held to meet future demand

Chapter 13 - Inventory Management

Inventory Control.

Functions of Inventory

Types of Inventories Raw materials & purchased parts.

Chapter 13 - Inventory Management

9/11/20181 Inventory Management An Introduction and Overview By Dr. Ajay Singh(Ph.D)

Purposes of Inventory Meet expected demand Absorb demand fluctuations

Purposes of Inventory Meet expected demand Absorb demand fluctuations

INVENTORY Inventory is the stock of any item or resource used in an organization and can include: raw materials, finished products, component parts, supplies-in-transit.

EOQ Inventory Management

Chapter 10 Inventory Management

Inventory management.

Inventory Stock of items held to meet future demand

Presentation transcript:

Inventory Stock of items held to meet future demand Inventory management answers two questions How much to order When to order

Reasons To Hold Inventory Meet unexpected demand Smooth seasonal or cyclical demand Meet variations in customer demand Protect supply chain against uncontrollable external factors Take advantage of price or quantity discounts Hedge against price increases

Approaches to Inventory Management Just-in-case inventory (overstocking) Carry high inventories to ensure high customer service level (expensive!) Just-in-time inventory (understocking) Carry minimal inventory levels to control costs in exchange for risk of more stockouts

Inventory Costs Carrying Cost cost of holding an item in inventory Ordering Cost cost of replenishing inventory Shortage Cost temporary or permanent loss of sales when demand cannot be met

Item Materials With Independent Demand Materials With Dependent Demand Demand Source Company CustomersParent Items Material Type Finished GoodsWIP & Raw Materials Method of Estimating Demand Forecast & Booked Customer Orders Calculated Planning Method EOQ & ROPMRP Dependent versus Independent Demand

Push/Pull View of Supply Chains Procurement, Manufacturing and Replenishment cycles Customer Order Cycle Customer Order Arrives PUSH PROCESSESPULL PROCESSES