The document discusses inventory management and various inventory systems. It defines inventory and different inventory types like raw materials, work in process, and finished goods. It describes the costs of carrying inventory and different inventory measurement methods. It also summarizes economic order quantity models, reorder points, periodic review systems, ABC classification, and anticipatory versus response-based inventory control systems. The goal of inventory management is to balance inventory levels and costs with customer service levels.
This ppt is about what is Inventory management and a case study on NANDYALA CEMENT BRICKS(Small scale Industry). And here we used EOQ and ABC analysis techniques.
This ppt is about what is Inventory management and a case study on NANDYALA CEMENT BRICKS(Small scale Industry). And here we used EOQ and ABC analysis techniques.
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
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
A Lost Sales Approach To Determining Inventory Levels At Retail Locations - ...Brian Egles
A lost sales approach to determining inventory levels at retail locations. Presented at SAP UK User Group Conference, Manchester 2010. Principles are valid for any inventory control/planning system.
Human resource management (HRM, or simply HR) is a function in organizations designed[by whom?] to maximize employee performance in service of an employer's strategic objectives.[1] HR is primarily concerned with the management of people within organizations, focusing on policies and on systems. HR departments and units in organizations typically undertake a number of activities, including employee recruitment, "training and development", performance appraisal, and rewarding (e.g., managing pay and benefit systems). HR also concerns itself with industrial relations, that is, the balancing of organizational practices with requirements arising from collective bargaining and from governmental laws
An insightful look at the key rules and regulations underpinning DUoS (Distribution Use of System) charges – typically 20 to 25% of the electricity bill. Learn about how the regulation is set and amended, opportunities and risks for your energy users, and get an update on recent and current changes and how they could impact you.
This is Inventory Control Management System ppt(the software is made using visual Basic 6).For Source code Contact rubai.lee@gmail.com.
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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
Economic Order Quantity (EOQ) is the order quantity that minimizes total inventory costs. Total Inventory Costs Budgetary techniques for inventory planning
2. A-B-C. System of inventory control
3. Economic Order Quantity (E.O.Q.) i.e., how much to purchase at one time economically
4. VED Analysis
5. Perpetual inventory system and the system of store verification
6. Fixation of Stock Level
7. Control Ratios
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[Note: This is a partial preview. To download this presentation, visit:
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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.
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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
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
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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.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
2. Definitions
Inventory-A physical resource that a firm
holds in stock with the intent of selling it or
transforming it into a more valuable state.
Inventory System- A set of policies and
controls that monitors levels of inventory and
determines what levels should be maintained,
when stock should be replenished, and how
large orders should be
3. Inventory
Def. - A physical resource that a firm holds in
stock with the intent of selling it or
transforming it into a more valuable state.
Raw Materials
Works-in-Process
Finished Goods
Maintenance, Repair and Operating (MRO)
4. Expensive Stuff
The average carrying cost of inventory
across all mfg.. in the U.S. is 30-35% of
its value.
What does that mean?
Savings from reduced inventory result
in increased profit.
5. Zero Inventory?
Reducing amounts of raw materials and
purchased parts and subassemblies by
having suppliers deliver them directly.
Reducing the amount of works-in process
by using just-in-time production.
Reducing the amount of finished goods by
shipping to markets as soon as possible.
6. Inventory Positions in the
Supply Chain
Raw Works
Materials Finished Finished
in Goods Goods
Process in Field
7. Reasons for Inventories
Improve customer service
Economies of purchasing
Economies of production
Transportation savings
Hedge against future
Unplanned shocks (labor strikes, natural
disasters, surges in demand, etc.)
To maintain independence of supply chain
9. Nature of Inventory: Adding
Value through Inventory
Quality - inventory can be a “buffer” against poor
quality; conversely, low inventory levels may force
high quality
Speed - location of inventory has gigantic effect on
speed
Flexibility - location, level of anticipatory inventory
both have effects
Cost - direct: purchasing, delivery, manufacturing
indirect: holding, stockout.
HR systems may promote this-3 year postings
10. Nature of Inventory:
Functional Roles of Inventory
Transit
Buffer
Seasonal
Decoupling
Speculative
Lot Sizing or Cycle
Mistakes
11. Design of Inventory Mgmt.
Systems: Macro Issues
Need for Finished Goods Inventories
Need to satisfy internal or external customers?
Can someone else in the value chain carry the
inventory?
Ownership of Inventories
Specific Contents of Inventories
Locations of Inventories
Tracking
12. How to Measure Inventory
The Dilemma: closely monitor and control
inventories to keep them as low as possible
while providing acceptable customer service.
Average Aggregate Inventory Value:
how much of the company’s total assets
are invested in inventory?
Ford:6.825 billion
Sears: 4.039 billion
19. Independent Demand
Independent demand items are
finished products or parts that are
shipped as end items to customers.
Forecasting plays a critical role
Due to uncertainty- extra units must
be carried in inventory
20. Dependent Demand
Dependent demand items are raw
materials, component parts, or
subassemblies that are used to produce
a finished product.
MRP systems---next week
21. Design of Inventory Mgmt.
Systems: Micro Issues
Order Quantity
Economic Order Quantity
Order Timing
Reorder Point
22. Objectives of Inventory
Control
1) Maximize the level of customer
service by avoiding understocking.
2) Promote efficiency in production and
purchasing by minimizing the cost of
providing an adequate level of customer
service.
23. Balance in Inventory Levels
When should the company replenish its
inventory, or when should the company
place an order or manufacture a new
lot?
How much should the company order or
produce?
Next: Economic Order Quantity
24. Models for Inventory Management:
EOQ
EOQ minimizes the sum of holding and setup
costs
Q = 2DCo/Ch
D = annual demand
Co = ordering/setup costs
Ch = cost of holding one unit of inventory
25. Seatide
EOQ = 2DCo/Ch
D = annual demand = 6,000
Co = ordering/setup costs = $60
Ch = cost of holding one unit of inventory
$3.00 x 24% = .72
720,000
2 x 6,000 x 60 .72 1,000
.72
27. Reorder Point
Quantity to which inventory is allowed to drop
before replenishment order is made
Need to order EOQ at the Reorder Point:
ROP = D X LT
D = Demand rate per period
LT = lead time in periods
28. Sawtooth Model
level of inventory average
inventory
units
Q
t time
29. Q - System Inventory
Control
based on reorder point - When
inventory is depleted to ROP, order
replenishment of quantity EOQ.
30. Order Quantities
when demand is smooth and
continuous, can operate response-
based system by determining
best quantity to replenish periodic demand
(EOQ)
frequency of replenishment (ROP)
Reorder Point
31. Planning for Uncertainty
changing lead times
changing demand
Uncertainty creeps in:
Plug in safety stock
Safety stock - allows manager to
determine the probability of stock levels
- based on desired customer service
levels
33. Models for Inventory Management:
Quantity Discount
Basically EOQ with quantity discounts
To solve:
1. Write out the total cost equation
2. Solve EOQ at highest price and no discounts
3. If Qmin falls in a range with a lower price,
recalculate EOQ assuming holding cost for that
range. Call this Q2.
4. Evaluate the total cost equation at Q2 at the next
highest price break point.
OR Use a spreadsheet
34. P-System
Periodic Review Method
an alternative to ROP/Q-system control is
periodic review method
Q-system - each stock item reordered at
different times - complex, no economies of
scope or common prod./transport runs
P-system - inventory levels for multiple stock
items reviewed at same time - can be
reordered together
higher carrying costs - not optimum, but
more practical
35. Using P-System
audit inventory level at interval (T)
quantity to place on order is difference
between max. quantity (M) and amount
on hand at time of review
management task - set optimal T and M
to balance stock availability and cost
In ABC analysis, which items would use
P-system???
36. Types of Inventory Systems
By Degree of Control required
often use grouping method, such as ABC
37. Classifying Inventory Items
ABC Classification (Pareto Principle)
A Items: very tight control, complete and
accurate records, frequent review
B Items: less tightly controlled, good
records, regular review
C Items: simplest controls possible, minimal
records, large inventories, periodic review
and reorder
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. Anticipatory Inventory
Control
determine requirements by forecasting
demand for the next production run or
purchase
establish current on-hand quantities
add appropriate safety stock based on
desired stock availability levels and
uncertainty demand levels
determine how much new production or
purchase needed (total needed - on-hand)
41. Response-Based System
replenishment, production, or purchases of
stock are made only when it has been
signaled that there is a need for product
downstream
requires shorter order cycle time, often more
frequent, lower volume orders
determine stock requirements to meet only
most immediate planning period (usually
about 3 weeks)
42. Service Level Achieved
•Item fill rate (IFR): the probability of filling
an order for 1 item from current stock
expected number of units out of stock/year
1-
total annual demand
•Weighted Average Fill Rate (WAFR): multiply
IFR for each stock item on an order weighted
by the ordering frequency for the item