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Lecture Operations management for competitive advantage (11/e) - Chapter 15: Inventory control

In this chapter, the following content will be discussed: Inventory system defined, Inventory costs, independent vs. dependent demand, single-period inventory model, multi-period inventory models: basic fixed-order quantity models, multi-period inventory models: basic fixed-time period model, miscellaneous systems and issues. | Inventory Control Chapter 15 2 Inventory System Defined Inventory Costs Independent vs. Dependent Demand Single-Period Inventory Model Multi-Period Inventory Models: Basic Fixed-Order Quantity Models Multi-Period Inventory Models: Basic Fixed-Time Period Model Miscellaneous Systems and Issues OBJECTIVES 2 Inventory System Inventory is the stock of any item or resource used in an organization and can include: raw materials, finished products, component parts, supplies, and work-in-process An inventory system is the set of policies and controls that monitor levels of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be 3 Purposes of Inventory 1. To maintain independence of operations 2. To meet variation in product demand 3. To allow flexibility in production scheduling 4. To provide a safeguard for variation in raw material delivery time 5. To take advantage of economic purchase-order size 4 Inventory Costs . | Inventory Control Chapter 15 2 Inventory System Defined Inventory Costs Independent vs. Dependent Demand Single-Period Inventory Model Multi-Period Inventory Models: Basic Fixed-Order Quantity Models Multi-Period Inventory Models: Basic Fixed-Time Period Model Miscellaneous Systems and Issues OBJECTIVES 2 Inventory System Inventory is the stock of any item or resource used in an organization and can include: raw materials, finished products, component parts, supplies, and work-in-process An inventory system is the set of policies and controls that monitor levels of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be 3 Purposes of Inventory 1. To maintain independence of operations 2. To meet variation in product demand 3. To allow flexibility in production scheduling 4. To provide a safeguard for variation in raw material delivery time 5. To take advantage of economic purchase-order size 4 Inventory Costs Holding (or carrying) costs Costs for storage, handling, insurance, etc Setup (or production change) costs Costs for arranging specific equipment setups, etc Ordering costs Costs of someone placing an order, etc Shortage costs Costs of canceling an order, etc 5 E(1) Independent vs. Dependent Demand Independent Demand (Demand for the final end-product or demand not related to other items) Dependent Demand (Derived demand items for component parts, subassemblies, raw materials, etc) Finished product Component parts 6 Inventory Systems Single-Period Inventory Model One time purchasing decision (Example: vendor selling t-shirts at a football game) Seeks to balance the costs of inventory overstock and under stock Multi-Period Inventory Models Fixed-Order Quantity Models Event triggered (Example: running out of stock) Fixed-Time Period Models Time triggered (Example: Monthly sales call by sales representative) 7 Single-Period Inventory Model This model states that we should continue to increase .