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Inventory Management Systems Explained

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Babasab Patil
Babasab Patil

The document discusses inventory management concepts including definitions of inventory, inventory systems, types of inventory positions in the supply chain, reasons for holding inventory, and how inventory can add value through quality, speed, flexibility and cost. It also covers topics like designing inventory management systems, measuring inventory, balancing inventory levels, models for inventory management including economic order quantity and reorder point models, and classifying inventory using ABC analysis.

BusinessTechnology
1 of 42
Inventory Management
Definitions ,[object Object],[object Object]
Inventory ,[object Object],[object Object],[object Object],[object Object],[object Object]
Expensive Stuff ,[object Object],[object Object],[object Object]
Zero Inventory? ,[object Object],[object Object],[object Object]
Inventory Positions in the Supply Chain Raw Materials Works in Process Finished Goods Finished Goods in Field
Reasons for Inventories ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Inventory and Value ,[object Object],[object Object],[object Object],[object Object],[object Object]
Nature of Inventory: Adding Value through Inventory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Nature of Inventory: Functional Roles of Inventory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Design of Inventory Mgmt. Systems: Macro Issues ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
How to Measure Inventory ,[object Object],[object Object],[object Object],[object Object]
Inventory Measures ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Reasons Against Inventory ,[object Object],[object Object],[object Object],[object Object]
Inventory Costs ,[object Object],[object Object],[object Object]
Procurement Costs ,[object Object],[object Object],[object Object],[object Object],[object Object]
Carrying Costs ,[object Object],[object Object],[object Object],[object Object]
Out-of-Stock Costs ,[object Object],[object Object]
Independent Demand ,[object Object],[object Object],[object Object]
Dependent Demand ,[object Object],[object Object]
Design of Inventory Mgmt. Systems: Micro Issues ,[object Object],[object Object],[object Object],[object Object]
Objectives of Inventory Control ,[object Object],[object Object]
Balance in Inventory Levels ,[object Object],[object Object],[object Object]
Models for Inventory Management: EOQ ,[object Object],[object Object],[object Object],[object Object],[object Object]
Seatide ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],720,000 .72 1,000
Marginal Analysis Holding Costs Ordering Costs Units $
Reorder Point ,[object Object],[object Object],[object Object],[object Object],[object Object]
level of inventory average inventory units Q t time Sawtooth Model
[object Object],Q - System Inventory Control
[object Object],[object Object],[object Object],[object Object],Order Quantities
[object Object],[object Object],[object Object],[object Object],[object Object],Planning for Uncertainty
Inventory Model Under Uncertainty reorder Q m point safety stock time
Models for Inventory Management: Quantity Discount ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],P-System Periodic Review Method
[object Object],[object Object],[object Object],[object Object],Using P-System
Types of Inventory Systems ,[object Object],[object Object]
Classifying Inventory Items ,[object Object],[object Object],[object Object],[object Object]
Does ABC Classification Make Sense for an Assembler? ,[object Object]
Planning Supply Chain Activities Anticipatory - allocate supply to each warehouse based on the forecast Response-based - replenish inventory with order sizes based on specific needs of each warehouse
[object Object],[object Object],[object Object],[object Object],Anticipatory Inventory Control
[object Object],[object Object],[object Object],Response-Based System
Service Level Achieved 1- expected number of units out of stock/year total annual demand ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Inventory Management Systems Explained

  • 2.
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  • 4.
  • 5.
  • 6. Inventory Positions in the Supply Chain Raw Materials Works in Process Finished Goods Finished Goods in Field
  • 7.
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  • 25.
  • 26. Marginal Analysis Holding Costs Ordering Costs Units $
  • 27.
  • 28. level of inventory average inventory units Q t time Sawtooth Model
  • 29.
  • 30.
  • 31.
  • 32. Inventory Model Under Uncertainty reorder Q m point safety stock time
  • 33.
  • 34.
  • 35.
  • 36.
  • 37.
  • 38.
  • 39. Planning Supply Chain Activities Anticipatory - allocate supply to each warehouse based on the forecast Response-based - replenish inventory with order sizes based on specific needs of each warehouse
  • 40.
  • 41.
  • 42.