Inventory management and risk pooling are important concepts in supply chain management. General Motors in 1984 had a large logistic network with high inventory levels and transportation costs. Effective inventory management and risk pooling strategies can help companies reduce costs and improve customer service by reducing inventory levels while maintaining the same level of service or improving service with the same inventory. These strategies work best when demands across different locations are negatively correlated as it reduces overall demand variability.
Supply Chain Management With Brief Case StudiesMohit Jain
Supply Chain Management With Brief Case Studies Of Companies Like Dell, Wal-Mart.
Analysis On Failures And Success Of Various Company Due To Issues Faced In Supply Chain.
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Supply Chain Management With Brief Case Studies Of Companies Like Dell, Wal-Mart.
Analysis On Failures And Success Of Various Company Due To Issues Faced In Supply Chain.
This presentation deals with the basics of Supply Chain Management.It gives short notes on what is it that makes a complete supply chain network and industrial terminologies are explained here.
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Understanding the concept of risk poolingHFG Project
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This presentation deals with the basics of Supply Chain Management.It gives short notes on what is it that makes a complete supply chain network and industrial terminologies are explained here.
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1. Suppose a firm decides to minimize its holdings of current asse.docxjackiewalcutt
1. Suppose a firm decides to minimize its holdings of current assets, relative to sales. Which statements are true?
Answer
1.
The firm's expected profits will decrease.
2.
The firm's expected profits will increase.
3.
The risk of the firm's profits will decrease.
4.
The risk of the firm's profits will increase.
2. A firm uses the EOQ model to detemine its optimal order quantity, but is considering adding a safety stock of 1,000 units to meet unexpected demand, or to cover demand during variations in lead time. Check all of the statements that are correct if it starts holding safety stocks.
Answer
a.
The firm's annual total carrying cost (TCC) will increase.
b.
The firm's annual total ordering cost (TOC) will decrease.
c.
The firm's annual total inventory cost (TIC) will increase.
3. Match the term in the left column with the description in the right column.
credit period length of time customers are given to pay for purchases
discount reduction in amount owed if invoice is paid early
credit standard required financial strength of acceptable credit customer
collection policy procedures followed to collect past-due accounts
Inventory Management
FIN 340
Prof. David S. Allen
Northern Arizona University
Types of InventoryRaw materials inventory:
Factors of production that will be used in a later stage of production or assembly.Work-in-progress inventory:
Partially assembled or completed goods.Finished goods inventory:
Items ready for distribution or sale.
Types of InventoryIndependent items: Have demand unrelated to the requirements for other items, e.g. finished goods.
Independent items lend themselves to analysis by quantitative techniques.Dependent items: Derive their demand from the need for other items or finished products, e.g. raw materials or work-in-progress.
The demand for the end product is used to infer demand for its components, subcomponents, and raw materials, This is combined with the existing inventory balances to establish a net requirement.
Benefits of Holding InventoryFor finished goods, most marketing analyses suggest that product availability is the most important factor in customer satisfaction.The ability to order in larger lot sizes can create economies of scale in pricing, handling, and setups.In manufacturing, inventory decouples supply and demand. It makes possible longer production runs and more flexibility in the manufacturing process.Inventory also can enhance firm liquidity. In periods of high cash flows, the firm can invest excess cash in building up inventory. When cash flows are lower, the firm can sell off excess inventory without replacing it in order to generate cash.
Costs of Holding InventoryOrdering costs: The fixed and variable costs resulting from the placement and processing of an order.
These include freight, labor, and handling charges. They are generally assumed to be proportional to the number of orders placed. In a produ ...
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7. Economic Order Quantity Model Assuming demand certainty Trade-offs between setup costs and inventory holding costs, but ignores issues such as demand uncertainty and forecasting . 1000 2000 3000 4000 5000 6000 0 50 100 150 200 250 300 350 Ordering (Acquisition)Costs Holding or Carrying Costs Total Costs Economic Order Quantity
23. Initial Inventory and Profit The case motivates a powerful ( s , S ) inventory policy (or a min max policy): s is the reorder point and S is the order-up-to-level
26. Variable Demand with a Fixed ROP Reorder point, R Q LT Time LT Inventory level 0 Result of uncertainty
27. Reorder Point with a Safety Stock The amount of safety stock needed is based on the degree of uncertainty in the lead time demand and desired customer service level Reorder point, R Q LT Time LT Inventory level 0 Safety Stock
44. Advantages / Disadvantages large costs to have flexibility accommodate demand uncertainty Capacity Pooling reduce inventory investment additional transportation costs keep inventory closer to customer extra costs of operating distribution center decrease lead time Lead Time Pooling better performance in terms of matching supply and demand potentially degrades product functionality reduction in demand variability Product Pooling reduce expected inventory investment needed to achieve a target service level creates distance between inventory and customers reduce demand variability Location Pooling Disadvantages Advantages
45.
46. Example Decentralized system: total SS = 47.88 total avg. invent. = 179 Safety Stock SS = z · STD · Reorder Point R = AVG · L + SS Order Quantity Q = sqrt(2* C 0 *AVG/h ) Order-up-to-level R + Q Average Inventory SS + Q/2 Service Level:97% k=1.88 Lead Time= 1 week Q/2+SS AVG STD SS R Q Order- up-to Level Average Inventory Warehouse 1 39.3 13.2 25.08 65 132 197 91 Warehouse 2 38.6 12.0 22.8 62 131 193 88 Centralized Warehouse 77.9 20.7 39.35 118 186 304 132
47.
48.
49.
50. Decentralized Centralized Inbound transportation cost (from factories to warehouses) Facility/Labor cost Outbound transportation cost (from warehouses to retailers) Safety Stock Responsiveness to customers (lead time) Centralized vs. Decentralized Overhead Costs Service Level
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