This document discusses inventory control and safety stock. It defines inventory control as the systematic control over procurement, storage, and usage of materials to maintain an even flow while avoiding excessive investment. The goals of inventory control are to achieve maximum turnover and maintain a balance between high and low inventory levels. Safety stock, or buffer stock, refers to extra inventory maintained to mitigate risks of stockouts due to supply and demand uncertainties. The document provides examples of different inventory control systems and explains how to calculate economic order quantity, reorder level, and safety stock using a numerical example.
Safety stock (also called buffer stock) is a term used by logisticians to describe a level of extra stock that is maintained to mitigate risk of stockouts due to uncertainties in supply and demand
Safety stock is an additional quantity of an item held in the inventory in order to reduce the risk that the item will be out of stock, safety stock act as a buffer stock in case the sales are greater than planned and or the supplier is unable to deliver the additional units at the expected time
Safety stock (also called buffer stock) is a term used by logisticians to describe a level of extra stock that is maintained to mitigate risk of stockouts due to uncertainties in supply and demand
Safety stock is an additional quantity of an item held in the inventory in order to reduce the risk that the item will be out of stock, safety stock act as a buffer stock in case the sales are greater than planned and or the supplier is unable to deliver the additional units at the expected time
Concept of inventory, need for inventory, types of inventory, Seasonal, Decoupling, Cyclic, Pipeline, Safety, Implications of Inventory Control Methods Inventory Costs: Concept & Behavior of Ordering cost, Carrying cost & Shortage cost Basic EOQ Model & EOQ with Discount
What is safety stock and how to calculate it?MRPeasy
Safety stock is the buffer that helps manufacturers keep serving their customers when disruptions occur. Having a mathematically defined safety stock and reorder point can help keep promises to customers during issues in your supply chain.
Read more from here.
#safetystock #mrpeasy #manufacturing #manufacturingsoftware #mrpsoftware #mrpsystem #erpsystem #howto
Inventory/Material Control and management : Cost AccountingGuru Aarat
This presentation would help understand what is inventory and inventory control and management . It would also help understand various terms necessary for material controlling such as EOQ, Minimum stock , Maximum stock, buffer stock , re order level etc.
After learning about the various terms ..the techniques of material control would be discussed and presented with suitable graphs and point wise explanations
Concept of inventory, need for inventory, types of inventory, Seasonal, Decoupling, Cyclic, Pipeline, Safety, Implications of Inventory Control Methods Inventory Costs: Concept & Behavior of Ordering cost, Carrying cost & Shortage cost Basic EOQ Model & EOQ with Discount
What is safety stock and how to calculate it?MRPeasy
Safety stock is the buffer that helps manufacturers keep serving their customers when disruptions occur. Having a mathematically defined safety stock and reorder point can help keep promises to customers during issues in your supply chain.
Read more from here.
#safetystock #mrpeasy #manufacturing #manufacturingsoftware #mrpsoftware #mrpsystem #erpsystem #howto
Inventory/Material Control and management : Cost AccountingGuru Aarat
This presentation would help understand what is inventory and inventory control and management . It would also help understand various terms necessary for material controlling such as EOQ, Minimum stock , Maximum stock, buffer stock , re order level etc.
After learning about the various terms ..the techniques of material control would be discussed and presented with suitable graphs and point wise explanations
Defination : Inventories constitute an important component of a firms working capital .The various features of inventory are inventory as current asssets ,level of liquidity and liquidity lags .
Purpose : The purpose of holding inventoryis to achieve efficiency through cost reduction, increased sales volume ,to avail quantity discounts ,reduce risk of production stoppages ,reducing ordering costs and time .
Inventory Management techniques : 2 types :
1. Economic order quantity : it is the order quantity that minimisesthe total cost associated with inventory management .
2. 2. ABC system : A – items of high value but small in number
B – items of moderate value and size require reasonable attention
C - items of smaller value
Materials Management
Understand the role of materials management industries.
4.1 Explain the importance of materials management in Industry
4.2 Know Functions of Materials Management
4.3 Derive expression for inventory control.
4.4 Explain ABC analysis
4.5 Define safety stock
4.6 Define reorder level
4.7 Derive an expression for economic ordering quantity
4.8 Know the functions of Stores Management
4.9 Explain types of store layouts
4.10 List out stores records
4.11 Explain the Bin card
4.12 Describe Cardex method
4.13 Explain general purchasing procedures
4.14 Explain tendering, E-tendering and E-procurement procedures
4.15 List out purchase records
4.16 Know the applications of RFID (Radio Frequency Identification De
4.17 Understand the applications of RFID in material management
Christine Ross Hooksett New Hampshire as an Inventory Accountant Use economical know-how to enhance profits and operations, decrease costs, and create strategies for the company, Ensured conformity with Sarbanes- Oxley; and, where needed regulatory compliance.
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2. Inventory Control:
“ The systematic control over the procurement, storage
and usage of materials so as to maintain an even flow of
materials and at the same time avoiding excessive investment
in inventories.”
Inventory control aims to achieve maximum possible
inventory turnover.
The balance between high level and low level can be
done by means of effective inventory control.
INVENTORY CONTROL
3. The inventory control management includes the
following aspects:
• Size of inventory – determining maximum and minimum
levels
• Establishing time schedules, procedures and lot of sizes for
new orders.
• Ascertaining minimum safety levels
• Providing proper storage facilities
•Assigning responsibilities for carrying out inventory control
functions.
• Providing the reports necessary for supervising the overall
activity.
4. Objectives:
• For efficient purchasing, storing, consumption and accounting
for materials.
• To avoid shortages as far as possible and to ensure adequate
supply of products to customers.
• To make sure that the financial investment in inventories is
minimum.
• To maintain timely record of inventories of all the items.
• To maintain the stock within the desired limits.
• To ensure timely action for replenishment.
• To provide a reserve stock for variations in lead times of
delivery of materials.
5. Different systems of inventory control:
• Continuous / Fixed Order Quality Review System ( Q-
system)
• Periodic / Fixed Order Periodic Review System ( P-
system)
• Comparison of Q and P Review system
6. Safety Stock:
Safety stock (also called buffer stock) is a level
of extra stock that is maintained to mitigate risk of
stockouts (shortfall in raw material or packaging) due to
uncertainties in supply and demand.
The amount of safety stock an organization chooses
to keep on hand can dramatically affect their business.
Too little safety stock can result in lost sales and thus,
a higher rate of customer turnover.
7. Too much safety stock can result in high holding
costs of inventory. In addition, products which are
stored for too long a time can spoil, expire, or break
during the warehousing process.
As a result, finding the right balance between too
much and too little safety stock is essential.
The main goal of safety stocks is to absorb the
variability of the customer demand.
8. There are always uncertainties stemming from two
basic reasons:
i. Variability in sales, hence variability in the demand
for the materials or the consumption of the material.
ii. Delay in supply of raw material.
By absorbing these variations, safety stock improves
the customer service level.
10. Example
Qn.) ABC Ltd. is engaged in production of tyres. It
purchases rims from DEL Ltd. an external supplier.
DEL Ltd. takes 10 days in manufacturing and
delivering an order.
ABC's requires 10,000 units of rims.
Its ordering cost is Rs.1,000 per order and its carrying
costs are Rs.3 per unit.
The maximum usage per day could be 50 units per day.
Calculate economic order quantity, reorder level
and safety stock.
11. Solution
(i) EOQ =
√((2 * Annual Demand * Ordering Cost Per Unit) /
(Carrying Cost Per Unit))
=√((2 * 10000 * 1000)/3) =2582 Units.
(ii) Maximum daily usage = 50 units & Average daily
usage =10,000/365= 27.4 units
Safety Stock = (50-27.4)*10= 226 units.
(iii) Reorder Level = Safety Stock + Average Daily
Usage * Lead Time
Reorder Level = 226 units + (27.4 units *10) =
500 units.