Inventory management involves determining optimal inventory levels to balance costs and meet demand. There are three main types of inventory - raw materials, work in progress, and finished goods. The economic order quantity model helps determine how much to order by balancing ordering costs, carrying costs, and shortage costs. Maintaining appropriate inventory levels decouples processes, provides product variety for customers, and allows for quantity discounts.
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
Kattareeya Prompreing
白雅欣
iD:DA61G209
(Student in Ph.D. Business and Management, College Business, STUST
email:da61g209@stust.edu.tw
: katt.rmutl@gmail.com
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
Kattareeya Prompreing
白雅欣
iD:DA61G209
(Student in Ph.D. Business and Management, College Business, STUST
email:da61g209@stust.edu.tw
: katt.rmutl@gmail.com
Warehouse Operations and Inventory Management Thomas Tanel
Companies that make the best use of the basic principles of planning and managing warehouse operations and inventory management have a competitive advantage. Organizations that lack warehouse strategic planning and inventory operational excellence lose profits, market share, cost advantages, and market leadership.
Traditional Supply Chain and Logistics channels are indeed changing. As organizations move from mass production and mass distribution to mass customization, creative approaches are needed in the management of warehousing and inventory. The challenge is always present, because different customers may demand different levels of service. Demand often cannot be forecasted, especially if one must deliver customized products or services exactly where the customer needs them.
Businesses today must understand that they are competing on the basis of time more than on any other factor. The rigors of supply chain management require that you take action to meet your customers’ demand for faster, more frequent, and more reliable deliveries. Your suppliers need to meet increasingly precise inbound schedules. Tomorrow’s customers are more likely to be in another country or continent than they are likely to be from across town, in another state, or in another province.
With a proven inventory management system and an A-B-C Analysis, you can transform your inventory into a proactive force that lowers your inventory investment, reduces carrying costs, boosts confidence in physical supply and distribution service levels, and increases customer and user satisfaction. From a storage and distribution perspective, you, as overseer of the supply management process, should also know how the warehousing layout design criteria and the space and storage schemes affect your material flow, service levels, computerization, and technology options.
Warehouse Operations and Inventory Management Thomas Tanel
Companies that make the best use of the basic principles of planning and managing warehouse operations and inventory management have a competitive advantage. Organizations that lack warehouse strategic planning and inventory operational excellence lose profits, market share, cost advantages, and market leadership.
Traditional Supply Chain and Logistics channels are indeed changing. As organizations move from mass production and mass distribution to mass customization, creative approaches are needed in the management of warehousing and inventory. The challenge is always present, because different customers may demand different levels of service. Demand often cannot be forecasted, especially if one must deliver customized products or services exactly where the customer needs them.
Businesses today must understand that they are competing on the basis of time more than on any other factor. The rigors of supply chain management require that you take action to meet your customers’ demand for faster, more frequent, and more reliable deliveries. Your suppliers need to meet increasingly precise inbound schedules. Tomorrow’s customers are more likely to be in another country or continent than they are likely to be from across town, in another state, or in another province.
With a proven inventory management system and an A-B-C Analysis, you can transform your inventory into a proactive force that lowers your inventory investment, reduces carrying costs, boosts confidence in physical supply and distribution service levels, and increases customer and user satisfaction. From a storage and distribution perspective, you, as overseer of the supply management process, should also know how the warehousing layout design criteria and the space and storage schemes affect your material flow, service levels, computerization, and technology options.
Distribution channels marketing management pptGanesh Asokan
Distribution channels - their Nature and importance of channels, Channel behavior & organization, Channel design decisions and Channel Management decisions.
Presentation done by the management students of D.G Vaishnav school of management for marketing internals..
A summary of the products and services offered by asset management firms. Based in part on material from my book: "Figuring Out Wall Street". One in a continuing series of overviews of financial services. We provide training targeted to the financial services industry. If you need training developed or delivered contact us for details of our services.
The slides contains information on Production Management according to the UHS content of Pharmaceutical Marketing and Management. It would be helpful for Pharm.D students to cover their syllabus content.
It contains detailed information on:
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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.
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
Role of Inventory is very important in any business operations without thinking of its size, structure and market value.
Inventory helps in smooth functioning of the business..
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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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.
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
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2. What is Inventory
• Inventory is stock of items held to meet future
demand.
• It is a list for goods and materials, or those
goods and materials themselves, held available
in stock by a business.
• It is collection of goods processed to form
desired output to the organization.
2
3. Working capital relation with inventory
• Inventory and working capital have a symbiotic relationship in business.
Working capital is a financial formula that measures a company’s
operating liquidity. The basic working capital formula is current assets
minus current liabilities, with inventory being part of a company’s current
assets. Companies that derive a large portion of sales will often have
copious(abundant) amounts of inventory, which can affect the working
capital formula. Significant adjustments relating to inventory can signal
improper operational or accounting techniques employed by a company.
• Inventory is a liquid asset (hence it being included in the current asset
group) in accounting terms. Companies can usually sell this inventory fairly
quickly in order to pay bills and increase cash to pay other operating bills.
Most companies use accounts payable to pay for new inventory
purchases. Therefore, inventory affects working capital on both sides:
asset and liability. Companies are typically unable to purchase large
amounts of inventory in order to improve their working capital position.
This metric ensures the company cannot mislead business stakeholders
through simple transactions
3
4. Types of Inventories
Raw
material
Raw
material
Work in
progress
Work in
progress
Work in
progress
Work in
progress
Work in
progress
Work in
progress
Work in
progress
Work in
progress
Work in
progress
Finished
goods
C
u
s
t
o
m
e
r
4
Firm or Organization
C
u
s
t
o
m
e
r
5. • Raw Material Goods
– Basic inputs that are converted into finished product through
the manufacturing process.Raw material inventory consists of
basic mateials used as input in the firm’s production
operations.Its purpose is to decouple the production function
from the purchasing function. e.g for a steel manufacturing firm
iron ore is the main material.
• “Work in progress” Goods
– Semi-manufactured products need some more works before
they become finished goods for sale.The more complex and
lengthy the production process,the larger will be the investment
in WIP inventory.Wip inventry is to decouple many operations in
production process so that machine failure and work stoppages
at any stage do not effect the subsequent stages.
5
Types of Inventories contd.
6. TYPES cont.
• Finished Goods
– Completely manufactured products ready for sale . The finished
goods inventory consists of unsold goods on which production
processes has been completed . The purpose of finished goods
to decouple production and sales functions , so that sales
become unhindered by stoppages/slowdowns in the production
process . The firm holding such as inventory can absorb
bottleneck in the production process.
• Supplied Goods
– Office and plant cleaning materials not directly enter production
but are necessary for production process and do not involve
significant investment
6
7. Inventory cost
• Carrying cost
It is the cost of maintaining inventory in company’s
warehouse or cost of holding an item in inventory
• Ordering cost
cost that are incurred at the time an order is placed .
These costs are periodic and normally remain constant
regardless of size of the order.
• Shortage cost
Temporary and permanent loss of sales when demand
cannot be met . It is alternately called stock out cost or
backorder cost.
7
8. ECONOMIC ORDER QUANTITY MODEL
• The basic issue in inventory management is to arrive at
the optimal level of inventory , i.e a level that
unhindered production distribution functions without
excessively trying funds in inventory . This, therefore
involve a tradeoff between profitability and liquidity.
The quantity of inventory to be ordered and timing of
order are the underlying issues that need to be
resolved to arrive at the optimal level of inventory.
• The two questions that the inventory theory tries to
address are:
1. How much should be ordered?
2. When should it be ordered?
8
10. Co - cost of placing order D - annual demand
Cc - annual per-unit carrying cost Q - order
quantity
• Annual ordering cost =
• Annual carrying cost =
10
Co D
Q
Cc Q
2
Total cost = Co D
Q
Cc Q
2
11. Inventory Management
• Inventory management is all about specifying the size and
placement of stocked goods.
• It is required at different locations within a facility or within
multiple locations of a supply network to protect the regular and
planned course of production against the random disturbance of
running out of materials or goods.
• Inventory management also concerns with carrying costs of
inventory, asset management, inventory forecasting, inventory
valuation, inventory visibility, future inventory price forecasting,
physical inventory, available physical space for inventory.
11
12. • Track inventory
– To look after the amount of inventory i.e. stock coming into the
business.
• How much to order?
– To specify units of inventory to be used by organization.
• When to order?
– Specify the duration of getting the inventory.
Tasks in Inventory
Management
12
13. Inventory Management flow cycle
Raw Material InspectionMoving Processing Setup Final Product
13
15. Advantages of Inventory Management
• To decouple or separate various parts of the
production process.
• To split up the firm from fluctuations in demand and
provide a stock of goods that will provide a selection
i.e. variety for customers.
• To take advantage of quantity discounts.
• To survive against inflation.
15
16. reasons for keeping stock
To preserve the Inventory management, collection of
stock should be in solid state. Here are some reasons for
firms to keep the stock,
• Time
– The time lags present in the supply chain, from supplier
to user at every stage, requires that you maintain
certain amounts of inventory to use in this lead time.
• Variations
– Inventory is to be maintained for consumption during
'variations in lead time'.
16
17. Reasons for keeping stock contd.
• Uncertainty
– Inventories are maintained as buffers to meet
uncertainties in demand, supply and movements of
goods.
• Economies of scale
– Ideal condition of "one unit at a time at a place, where
a user needs it, when he needs it" principle tends to
incur lots of costs in terms of logistics. So bulk buying,
movement and storing brings in economies of scale,
thus inventory.
17