slides with references: find the linked PDFs in my profile's upload section
SIM (stores and Inv Mgmt) unit 2:
Cost associated with inventories:
Ordering cost,
carrying cost,
over stocking cost,
under stocking cost,
other costs associated with service level.
Selective inventory controls:
Need of Inventory control,
objectives of inventory control,
concept of selective inventory control,
basis and use of different types of selective controls:
ABC,
VED,
HML,
FSN,
SDE,
SOS,
XYZ,
Multiple basic approach to selective inventory control (MBASlC) approach to drugs.
slides with references: find the linked PDFs in my profile's upload section
SIM (stores and Inv Mgmt) unit 2:
Cost associated with inventories:
Ordering cost,
carrying cost,
over stocking cost,
under stocking cost,
other costs associated with service level.
Selective inventory controls:
Need of Inventory control,
objectives of inventory control,
concept of selective inventory control,
basis and use of different types of selective controls:
ABC,
VED,
HML,
FSN,
SDE,
SOS,
XYZ,
Multiple basic approach to selective inventory control (MBASlC) approach to drugs.
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
ABC analysis (Inventory) Inventory optimization in supply chain, ABC analysis is an inventory categorization method which consists in dividing items into three categories, A, B and C
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
ABC analysis (Inventory) Inventory optimization in supply chain, ABC analysis is an inventory categorization method which consists in dividing items into three categories, A, B and C
Inventory Management
Use of Inventory
Types of Costs
ABC Analysis
VED Analysis
Economic Order Quantity (EOQ)
Types of Inventory Management System
Assumptions of EOQ
Basic Fixed Order Quantity Model (EOQ)
EOQ Curve
ABC and VED Classification
Function / Use of Inventory
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
2. INTRODUCTION
The term inventory means the value or amount of
materials or resource on hand. It includes raw
material, work-in-process, finished goods & stores
& spares.
Inventory Control is the process by which
inventory is measured and regulated according to
predetermined norms such as economic lot size for
order or production, safety stock, minimum level,
maximum level, order level etc.
Inventory control pertains primarily to the
administration of established policies, systems &
procedures in order to reduce the inventory cost.
3. OBJECTIVES OF INVENTORY CONTROL
To meet unforeseen future demand due to
variation in forecast figures and actual figures.
To average out demand fluctuations due to
seasonal or cyclic variations.
To meet the customer requirement timely,
effectively, efficiently, smoothly and
satisfactorily.
To smoothen the production process.
To facilitate intermittent production of several
products on the same facility.
To gain economy of production or purchase in
lots.
4. To reduce loss due to changes in prices of
inventory items.
To meet the time lag for transportation of goods.
To meet the technological constraints of
production/process.
To balance various costs of inventory such as
order cost or set up cost and inventory carrying
cost.
To balance the stock out cost/opportunity cost
due to loss of sales against the costs of inventory.
To minimize losses due to deterioration,
obsolescence, damage, pilferage etc.
To stabilize employment and improve lab our
relations by inventory of human resources and
machine efforts.
6. BENEFITS OF INVENTORY CONTROL
Ensures an adequate supply of materials
Minimizes inventory costs
Facilitates purchasing economies
Eliminates duplication in ordering
Better utilization of available stocks
Provides a check against the loss of materials
Facilitates cost accounting activities
Enables management in cost comparison
Locates & disposes inactive & obsolete store items
Consistent & reliable basis for financial statements
8. NATURE OF INVENTORY
Dependent demand- Demand for one product is
linked with demand for another product, such as
components, subassemblies etc.
Independent demand- Demand for a product/
service occurs independently of demand for any
other for any other product or service, such as
finished product, service parts, lubricants, cutting
oil, greases, preservatives etc.
9. The dependency is vertical if the demand for one
product is derived from the demand for another
product. E.g. demand for engine block is derived
from demand for cars.
The dependency is horizontal if the demand for
one item is not directly related, but related in
another manner. E.g. demand for C.I. ingots
horizontally depend on automobile product of
company.
Only independent demand items need forecasting
because that of dependent items can be derived
from de derived from demand for independent
items.
10. ACCOUNTING FOR INVENTORY
Inventory value account for varying proportions of
raw materials, work in process parts, components
or finished products.
In continuous production/ mass production
inventory for raw materials and finished product is
high and that of WIP parts is less.
In batch production/ Job shop production
inventory for raw material & finished products is
less and WIP inventory is high.
11. DISTRIBUTION OF INVENTORY ACCOUNT
Raw WIP Finished Finished
Materials Inventory goods at goods at
factory distribution
Capital 60% 20% 20% 00%
goods
Garment 30% 55% 5% 10%
industry
Consumer 5% 10% 30% 55%
product
13. TYPES OF INVENTORY COSTS
Ordering (purchasing) costs
Inventory carrying (holding) costs
Out of stock/shortage costs
Other costs
14. ORDERING COSTS
It is the cost of ordering the item and securing its
supply.
Includes-
Expenses from raising the indent
Purchase requisition by user department till the
execution of order
Receipt and inspection of material
15. INVENTORY CARRYING COSTS
Costs incurred for holding the volume of inventory
and measured as a percentage of unit cost of an
item.
It includes-
Capital cost
Obsolescence cost
Deterioration cost
Taxes on inventory
Insurance cost
Storage & handling cost
16. ALJIAN STATES CARRYING COSTS AS-
Capital costs
Storage space costs
Inventory service costs
Handling-equipment costs
Inventory risk costs
17. OUT-OF-STOCK COSTS
It is the loss which occurs or which may occur due
to non availability of material.
It includes-
Break down/delay in production
Back ordering
Lost sales
Loss of service to customers, loss of goodwill, loss due
to lagging behind the competitors, etc.
18. OTHER COSTS
Capacity Costs
Over-time payments
Lay-offs & idle time
Set-up Costs
Machine set-up
Start-up scrap generated from getting a production run
started
Over-stocking Costs
20. ECONOMIC ORDER QUANTITY (EOQ)
EOQ or Fixed Order Quantity system is the
technique of ordering materials whenever stock
reaches the reorder point.
Economic order quality deals when the cost of
procurement and handling of inventory are at
optimum level and total cost is minimum.
In this technique, the order quantity is larger
than a single period’s ne requirement so that
ordering costs & holding costs balance out.
22. ASSUMPTIONS OF EOQ
Demand for the product is constant
Lead time is constant
Price per unit is constant
Inventory carrying cost is based on average
inventory
Ordering costs are constant per order
All demands for the product will be satisfied (no
back orders)
23. WEAKNESSES OF EOQ FORMULA
Erratic usages
Faulty basic information
Costly calculations
No formula is substitute for commonsense
EOQ ordering must be tempered with judgment
24. BASIC FIXED ORDER QUANTITY MODEL (EOQ)
Annual Annual
Total Annual Cost = Purchase + Annual + Ordering
Cost Holding Cost
Cost
Q D
TC DC H S
2 Q
TC = Total annual cost
D = Demand
2 DS C = Cost per unit
EOQ Q = Order quantity
H S = Cost of placing order/setup cost
H = Annual holding and storage cost
per unit of inventory
26. IMPORTANT TERMS
Minimum Level – It is the minimum stock to be
maintained for smooth production.
Maximum Level – It is the level of stock, beyond
which a firm should not maintain the stock.
Reorder Level – The stock level at which an order
should be placed.
Safety Stock – Stock for usage at normal rate
during the extension of lead time.
Reserve Stock - Excess usage requirement during
normal lead time.
Buffer Stock – Normal lead time consumption.
28. ALWAYS BETTER CONTROL (ABC) ANALYSIS
This technique divides inventory into three
categories A, B & C based on their annual
consumption value.
It is also known as Selective Inventory Control
Method (SIM)
This method is a means of categorizing inventory
items according to the potential amount to be
controlled.
ABC analysis has universal application for fields
requiring selective control.
29. PROCEDURE FOR ABC ANALYSIS
Make the list of all items of inventory.
Determine the annual volume of usage & money value
of each item.
Multiply each item’s annual volume by its rupee value.
Compute each item’s percentage of the total inventory
in terms of annual usage in rupees.
Select the top 10% of all items which have the highest
rupee percentages & classify them as “A” items.
Select the next 20% of all items with the next highest
rupee percentages & designate them “B” items.
The next 70% of all items with the lowest rupee
percentages are “C” items.
30. ADVANTAGES OF ABC ANALYSIS
Helps to exercise selective control
Gives rewarding results quickly
Helps to point out obsolete stocks easily.
In case of “A” items careful attention can be paid
at every step such as estimate of requirements,
purchase, safety stock, receipts, inspections,
issues, etc. & close control is maintained.
In case of “C” items, recording & follow up, etc.
may be dispensed with or combined.
Helps better planning of inventory control
Provides sound basis for allocation of funds &
human resources.
31. DISADVANTAGES OF ABC ANALYSIS
Proper standardization & codification of inventory
items needed.
Considers only money value of items & neglects
the importance of items for the production
process or assembly or functioning.
Periodic review becomes difficult if only ABC
analysis is recalled.
When other important factors make it obligatory
to concentrate on “C” items more, the purpose of
ABC analysis is defeated.
32. VED CLASSIFICATION
VED: Vital, Essential & Desirable classification
VED classification is based on the criticality of the
inventories.
Vital items – Its shortage may cause havoc & stop the work in
organization. They are stocked adequately to ensure smooth
operation.
Essential items - Here, reasonable risk can be taken. If not
available, the plant does not stop; but the efficiency of
operations is adversely affected due to expediting expenses.
They should be sufficiently stocked to ensure regular flow of
work.
Desirable items – Its non availability does not stop the work
because they can be easily purchased from the market as &
when needed. They may be stocked very low or not stocked.
33. It is useful in capital intensive industries,
transport industries, etc.
VED analysis can be better used with ABC analysis
in the following pattern:
Category “V” items “E” items “D” items
“A” items Constant control Moderate stocks Nil stocks
& regular follow
up
“B” items Moderate stocks Moderate stocks Low stocks
“C” items High stocks Moderate stocks Very low stocks
34. FSN ANALYSIS
FSN: Fast moving, slow moving & non moving
Classification is based on the pattern of issues
from stores & is useful in controlling obsolescence.
Date of receipt or last date of issue, whichever is
later, is taken to determine the no. of months
which have lapsed since the last transaction.
The items are usually grouped in periods of 12
months.
It helps to avoid investments in non moving or
slow items. It is also useful in facilitating timely
control.
35. For analysis, the issues of items in past two or
three years are considered.
If there are no issues of an item during the period,
it is “N” item.
Then up to certain limit, say 10-15 issues in the
period, the item is “S” item
The items exceeding such limit of no. of issues
during the period are “F” items.
The period of consideration & the limiting number
of issues vary from organization to organization.