this presentation include the introduction, definition, objective, purpose, classification, principles , levels,,procedure , control , advantages, limitation etc
This document summarizes an operation management project on ABC analysis conducted by students for their management department. ABC analysis involves categorizing inventory items into A, B, and C categories based on their value and consumption. Category A items account for 10-25% of total items but 70-80% of total value, making them the most important to control tightly. Category B items are less important than A but more than C, while Category C items are marginally important. The analysis identifies vital few high-value items to prioritize for better inventory management and cost savings. Implementing ABC analysis' recommendations would improve the company's inventory policy and management situation.
This document provides information on material management. It defines material management as planning, organizing, and controlling the flow of materials from initial purchase through operations to distribution. The objectives of material management include obtaining the right quality and quantity of supplies at the right time and place for the right cost. Material management aims to gain economy in purchasing and satisfy demand during replenishment periods while maintaining adequate reserve stocks.
This document discusses material management and condemnation in healthcare facilities. It defines condemnation as the process of removing outdated or defective medical equipment, devices, and supplies from use. The document outlines the criteria, procedure, and roles involved in condemnation, including defining criteria, following procedure, the nurse's role in the process, and summarizing and concluding the condemnation of items. It provides learning objectives, definitions, an assignment, and references related to the topic of condemnation in healthcare facilities.
Material management Prof.Saurabh S. BhangeSaurabh Bhange
The document discusses material management. It defines material management as planning, organizing, and controlling the flow of materials from initial purchase through operations to distribution. The objectives of material management include minimizing costs, maintaining quality, and efficiently purchasing, receiving, transporting, and storing materials. Material management involves activities like procurement, inventory control, transportation, and disposal. It aims to ensure the right quality and quantity of materials are available at the right time and place for the right cost.
Inventory control Seminar Hospital Inventorypradeepmk8
This document discusses inventory control in healthcare settings. It defines inventory control and describes various techniques used, including ABC analysis, VED analysis, and FSN analysis. ABC analysis classifies inventory items into categories A, B, and C based on their annual consumption and cost. Category A items require the most control while category C require the least. VED analysis categorizes items based on their criticality as vital, essential, or desirable. FSN analysis looks at consumption patterns to classify items as fast, slow, or non-moving. The document also outlines the objectives, types, and techniques of inventory control as well as the roles and responsibilities of nurses in ensuring proper inventory management.
Material management involves planning, organizing, and controlling the flow of materials from initial purchase through use. It aims to obtain materials of the right quality, quantity, time, place, and cost. Key aspects include demand estimation, procurement, storage, inventory control methods like ABC and VED analysis, maintenance and repair of equipment, and disposal of condemned materials. Effective material management is crucial for providing necessary supplies to healthcare workers and delivering quality services to patients.
SIM Unit 4
Store management :
Materials handling,
Flow of goods/FIFO,
Computerization of inventory transactions
Security of stores,
Stocking and technical impacts-
shelf life,
wastage,
pilferage
This document provides an overview of materials management, including its key concepts, objectives, functions and importance. It discusses an integrated approach to materials management involving activities like materials planning, purchasing, inventory control, transportation and disposal. The objectives of materials management are outlined as minimizing costs, ensuring continuous supply of materials and cutting costs. Different methods of purchase like hand-to-mouth purchasing, scheduled purchasing and market purchasing are also summarized.
This document summarizes an operation management project on ABC analysis conducted by students for their management department. ABC analysis involves categorizing inventory items into A, B, and C categories based on their value and consumption. Category A items account for 10-25% of total items but 70-80% of total value, making them the most important to control tightly. Category B items are less important than A but more than C, while Category C items are marginally important. The analysis identifies vital few high-value items to prioritize for better inventory management and cost savings. Implementing ABC analysis' recommendations would improve the company's inventory policy and management situation.
This document provides information on material management. It defines material management as planning, organizing, and controlling the flow of materials from initial purchase through operations to distribution. The objectives of material management include obtaining the right quality and quantity of supplies at the right time and place for the right cost. Material management aims to gain economy in purchasing and satisfy demand during replenishment periods while maintaining adequate reserve stocks.
This document discusses material management and condemnation in healthcare facilities. It defines condemnation as the process of removing outdated or defective medical equipment, devices, and supplies from use. The document outlines the criteria, procedure, and roles involved in condemnation, including defining criteria, following procedure, the nurse's role in the process, and summarizing and concluding the condemnation of items. It provides learning objectives, definitions, an assignment, and references related to the topic of condemnation in healthcare facilities.
Material management Prof.Saurabh S. BhangeSaurabh Bhange
The document discusses material management. It defines material management as planning, organizing, and controlling the flow of materials from initial purchase through operations to distribution. The objectives of material management include minimizing costs, maintaining quality, and efficiently purchasing, receiving, transporting, and storing materials. Material management involves activities like procurement, inventory control, transportation, and disposal. It aims to ensure the right quality and quantity of materials are available at the right time and place for the right cost.
Inventory control Seminar Hospital Inventorypradeepmk8
This document discusses inventory control in healthcare settings. It defines inventory control and describes various techniques used, including ABC analysis, VED analysis, and FSN analysis. ABC analysis classifies inventory items into categories A, B, and C based on their annual consumption and cost. Category A items require the most control while category C require the least. VED analysis categorizes items based on their criticality as vital, essential, or desirable. FSN analysis looks at consumption patterns to classify items as fast, slow, or non-moving. The document also outlines the objectives, types, and techniques of inventory control as well as the roles and responsibilities of nurses in ensuring proper inventory management.
Material management involves planning, organizing, and controlling the flow of materials from initial purchase through use. It aims to obtain materials of the right quality, quantity, time, place, and cost. Key aspects include demand estimation, procurement, storage, inventory control methods like ABC and VED analysis, maintenance and repair of equipment, and disposal of condemned materials. Effective material management is crucial for providing necessary supplies to healthcare workers and delivering quality services to patients.
SIM Unit 4
Store management :
Materials handling,
Flow of goods/FIFO,
Computerization of inventory transactions
Security of stores,
Stocking and technical impacts-
shelf life,
wastage,
pilferage
This document provides an overview of materials management, including its key concepts, objectives, functions and importance. It discusses an integrated approach to materials management involving activities like materials planning, purchasing, inventory control, transportation and disposal. The objectives of materials management are outlined as minimizing costs, ensuring continuous supply of materials and cutting costs. Different methods of purchase like hand-to-mouth purchasing, scheduled purchasing and market purchasing are also summarized.
The document discusses inventory control in hospitals. It defines inventory control and describes the objectives as maintaining the optimal level of supplies to efficiently order and store just the right amount needed for patients while tracking costs. It outlines different types of inventory including official and unofficial inventories. It also describes concepts like reorder levels, safety stocks, lead times, and costs of ordering, carrying, and shortages. Methods of selective inventory control are provided like ABC analysis.
Material management in healthcare aims to provide the necessary drugs, supplies, and equipment for health services delivery. It involves planning, organizing, and controlling the flow of materials from purchase to distribution. Around 40% of healthcare funds are spent on materials. Effective material management is important to supply quality materials at the right time, place, quantity and cost. Inventory control techniques like ABC, FSN, VED, and SDE analyses help classify items based on various criteria to optimize inventory levels and reduce costs while avoiding stockouts. The right analysis and classification allows prioritizing high-cost vital items for close monitoring and low-cost non-essential items for less stringent control.
The document discusses management of equipment and supplies in hospitals. It outlines the objectives of material management which are to procure materials at the best price while minimizing costs. It also discusses efficient management including forecasting needs, selecting quality materials within budget, and proper receipt, storage and accounting of materials. The types of materials used in hospitals are described including drugs, supplies, equipment and facilities. Standards for quality and quantity of equipment are discussed. Inventory control aims to maintain optimal stock levels to meet demand. The nurse's role includes maintaining adequate supplies and equipment, minimizing waste, and educating staff on economical use of materials.
Inventory control is a technique used by organizations to maintain desired inventory levels. It involves recording all materials, parts, supplies, work-in-process, and finished products and keeping them in stock for a period of time. The goal is to balance inventory levels in a way that best serves the economic interests of the organization. This includes protecting against fluctuations in demand and production as well as controlling stock volumes and distribution. Effective inventory control ensures adequate supply while minimizing costs and better utilizing available stocks. Key aspects of inventory control include planning, procurement, receiving/inspection, storage/issuing, recording, verification, and material standardization. Various analysis methods can be used to classify inventory items for selective control, including ABC analysis, VED analysis
The document discusses material management in healthcare. It defines material management as the integrated functioning of purchasing and allied activities to achieve coordination and optimal expenditure on materials. The objectives of material management include reducing costs, maintaining continuous supply of materials, and standardization.
The key processes involved in material management are budgeting and planning, demand forecasting, procurement, receipt and inspection, storage, inventory control, distribution, and disposal. Effective material management procedures include taking regular inventories, requisitioning based on needs, receiving and inspecting incoming items, proper storage and protection of items, and ensuring proper use of items.
Inventory control method in nursing managementmannparashar
This document discusses various techniques for inventory control, including ABC analysis, VED analysis, FSN analysis, SDE analysis, HML analysis, XYZ analysis, GOLF analysis, and SOS analysis. ABC analysis classifies inventory items into A, B, and C categories based on annual consumption value and cost. VED analysis categorizes items as vital, essential, or desirable based on their criticality. FSN analysis categorizes items as fast, slow, or non-moving based on consumption patterns. SDE analysis is based on how easy or difficult items are to procure. HML analysis categorizes items based on unit value. XYZ analysis uses inventory value, while GOLF analysis considers the source. S
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
ABC analysis is an inventory categorization method that divides items into categories (A, B, C) based on their annual consumption value, with A items being the most valuable and accounting for 10-20% of the total value but only 70-80% of items, B items having medium value accounting for 15-25% of value and 30% of items, and C items being the least valuable accounting for 5% of value but 50% of items. Managers can use this analysis to identify "inventory hot spots" and concentrate resources on controlling the most important and valuable A items rather than treating all items identically.
This document discusses various inventory control techniques used in hospitals. It defines inventory as a record of all procured, received, stored and used goods and materials. Inventory control aims to manage inventory levels and order the optimal amount of goods to minimize costs while preventing stockouts. Common inventory analysis techniques described include ABC analysis which categorizes items based on their costs and usage, VED analysis which categorizes based on criticality, and HML analysis which also categorizes based on unit price. The document outlines different inventory classification systems and their objectives.
The document defines inventory as the systematic control of purchase, storage, and usage of materials to maintain production flow while avoiding excessive stock. It then discusses how ABC (Always Better Control) analysis categorizes inventory items into A, B, and C categories based on cost and consumption. A items are high-cost items that consume most resources and require tight control, while C items are low-cost but may be important. The analysis helps prioritize management and control efforts based on cost impact.
The document discusses inventory control in a healthcare setting. It defines inventory and inventory control, and describes various techniques for inventory classification and control, including ABC analysis, VED analysis, and HML analysis. It also outlines the requisition processes for wards and nursing colleges and the roles and responsibilities of nurses in inventory control. Maintaining careful classification of inventory through ongoing analysis can help control costs and ensure quality patient care.
The document discusses material management in nursing. It defines materials as equipment, apparatus, and supplies used by healthcare organizations. Material management involves planning, controlling, and coordinating all activities related to materials from acquisition to use. It aims to ensure the right quality, quantity, time, place, and cost of materials and includes functions like purchasing, inventory control, and distribution of supplies. Effective material management principles include cost control, effective purchasing methods, and simple inventory programs.
This document discusses key concepts in inventory management for veterinary practices. It defines important terms like inventory, suppliers, and costs associated with inventory. Effective inventory management is critical for practice profitability as inventory is the second largest operating cost after staffing. The document outlines the goals of inventory control and describes an effective inventory system, including tracking item information, reorder points, costs, storage locations, and pricing. It also discusses determining ordering quantities and timing to balance inventory levels and costs.
Abc, ved, hml analysis in material managementManjubeth
Mr. Manjunath. Beth presented on inventory control techniques in material management for healthcare. He discussed ABC, VED, and HML analysis approaches. ABC analysis categorizes inventory items based on their cost and consumption into A, B, and C groups to determine the appropriate control levels. VED analysis classifies items based on criticality into vital, essential, and desirable groups. HML analysis separates items based on their unit value. The objectives of inventory control are to minimize costs while avoiding stockouts. Coupling ABC and VED analysis in a matrix can help determine priority groups for inventory management. Understanding these techniques helps ensure the right medical supplies and equipment are available as needed.
This document defines inventory and discusses inventory control. It defines inventory as raw materials, work in progress, and finished goods. Inventory control aims to maintain optimal inventory levels for smooth operations. Inventories are classified and objectives of inventory control include avoiding over/under investment and providing the right goods at the right time. Operating objectives focus on availability, minimizing waste, and customer service, while financial objectives focus on costs. Inventory management aims to balance ordering costs, carrying costs, and stockout costs.
The document discusses material management in healthcare facilities. It defines material management and outlines its key aims and principles, which include obtaining supplies of the right quality, quantity, time and place at the lowest cost. It describes the various functions and elements of material management like procurement, storage, inventory control and equipment maintenance. The primary objectives are economy, continuity of supply and developing good supplier relationships.
A nursing budget is a systematic financial plan that estimates nursing revenues and expenses over a set period of time. It is informed by analyzing past income and expenditures and projecting how revenues will cover estimated costs. Nursing budgets can take different forms depending on factors like the budget period, level of flexibility, and whether costs are estimated by program or department. The nurse administrator plays a key role in formulating the budget by consulting with managers, justifying funding needs, and ensuring client safety is not compromised by fiscal constraints.
Inventory management involves tracking and controlling a company's stock of raw materials, work-in-progress, and finished goods. Effective inventory management requires balancing inventory investment with customer service levels. Key aspects of inventory management include classifying inventory using techniques like ABC analysis, planning inventory needs using models like MRP, and controlling inventory through periodic or perpetual counting systems. The overall goal is meeting customer demand while minimizing total inventory costs.
ABC analysis is a technique used to categorize inventory items into three categories - A, B and C - based on their annual usage value. Category A items have the highest value and make up around 10-20% of total items but account for around 70-80% of total usage value. Category C items are the opposite, making up 70-80% of total items but only around 10-20% of total usage value. Category B items fall in between. ABC analysis is used to prioritize inventory management efforts - strict controls are applied to A items while low controls can be used for C items. The analysis helps optimize resources by focusing on the most important items.
The document discusses ABC analysis, an inventory categorization method that divides items into categories A, B, and C based on their annual consumption value. Category A items have the highest value and make up 10-20% of inventory items but 70-80% of total value. Category C items have the lowest value and make up 50% of inventory items but 5% of total value. The document then performs ABC analysis on 10 drugs, finding that 30% of drugs fall into Category B and 70% into Category C, with no drugs in Category A.
The document discusses inventory control in hospitals. It defines inventory control and describes the objectives as maintaining the optimal level of supplies to efficiently order and store just the right amount needed for patients while tracking costs. It outlines different types of inventory including official and unofficial inventories. It also describes concepts like reorder levels, safety stocks, lead times, and costs of ordering, carrying, and shortages. Methods of selective inventory control are provided like ABC analysis.
Material management in healthcare aims to provide the necessary drugs, supplies, and equipment for health services delivery. It involves planning, organizing, and controlling the flow of materials from purchase to distribution. Around 40% of healthcare funds are spent on materials. Effective material management is important to supply quality materials at the right time, place, quantity and cost. Inventory control techniques like ABC, FSN, VED, and SDE analyses help classify items based on various criteria to optimize inventory levels and reduce costs while avoiding stockouts. The right analysis and classification allows prioritizing high-cost vital items for close monitoring and low-cost non-essential items for less stringent control.
The document discusses management of equipment and supplies in hospitals. It outlines the objectives of material management which are to procure materials at the best price while minimizing costs. It also discusses efficient management including forecasting needs, selecting quality materials within budget, and proper receipt, storage and accounting of materials. The types of materials used in hospitals are described including drugs, supplies, equipment and facilities. Standards for quality and quantity of equipment are discussed. Inventory control aims to maintain optimal stock levels to meet demand. The nurse's role includes maintaining adequate supplies and equipment, minimizing waste, and educating staff on economical use of materials.
Inventory control is a technique used by organizations to maintain desired inventory levels. It involves recording all materials, parts, supplies, work-in-process, and finished products and keeping them in stock for a period of time. The goal is to balance inventory levels in a way that best serves the economic interests of the organization. This includes protecting against fluctuations in demand and production as well as controlling stock volumes and distribution. Effective inventory control ensures adequate supply while minimizing costs and better utilizing available stocks. Key aspects of inventory control include planning, procurement, receiving/inspection, storage/issuing, recording, verification, and material standardization. Various analysis methods can be used to classify inventory items for selective control, including ABC analysis, VED analysis
The document discusses material management in healthcare. It defines material management as the integrated functioning of purchasing and allied activities to achieve coordination and optimal expenditure on materials. The objectives of material management include reducing costs, maintaining continuous supply of materials, and standardization.
The key processes involved in material management are budgeting and planning, demand forecasting, procurement, receipt and inspection, storage, inventory control, distribution, and disposal. Effective material management procedures include taking regular inventories, requisitioning based on needs, receiving and inspecting incoming items, proper storage and protection of items, and ensuring proper use of items.
Inventory control method in nursing managementmannparashar
This document discusses various techniques for inventory control, including ABC analysis, VED analysis, FSN analysis, SDE analysis, HML analysis, XYZ analysis, GOLF analysis, and SOS analysis. ABC analysis classifies inventory items into A, B, and C categories based on annual consumption value and cost. VED analysis categorizes items as vital, essential, or desirable based on their criticality. FSN analysis categorizes items as fast, slow, or non-moving based on consumption patterns. SDE analysis is based on how easy or difficult items are to procure. HML analysis categorizes items based on unit value. XYZ analysis uses inventory value, while GOLF analysis considers the source. S
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
ABC analysis is an inventory categorization method that divides items into categories (A, B, C) based on their annual consumption value, with A items being the most valuable and accounting for 10-20% of the total value but only 70-80% of items, B items having medium value accounting for 15-25% of value and 30% of items, and C items being the least valuable accounting for 5% of value but 50% of items. Managers can use this analysis to identify "inventory hot spots" and concentrate resources on controlling the most important and valuable A items rather than treating all items identically.
This document discusses various inventory control techniques used in hospitals. It defines inventory as a record of all procured, received, stored and used goods and materials. Inventory control aims to manage inventory levels and order the optimal amount of goods to minimize costs while preventing stockouts. Common inventory analysis techniques described include ABC analysis which categorizes items based on their costs and usage, VED analysis which categorizes based on criticality, and HML analysis which also categorizes based on unit price. The document outlines different inventory classification systems and their objectives.
The document defines inventory as the systematic control of purchase, storage, and usage of materials to maintain production flow while avoiding excessive stock. It then discusses how ABC (Always Better Control) analysis categorizes inventory items into A, B, and C categories based on cost and consumption. A items are high-cost items that consume most resources and require tight control, while C items are low-cost but may be important. The analysis helps prioritize management and control efforts based on cost impact.
The document discusses inventory control in a healthcare setting. It defines inventory and inventory control, and describes various techniques for inventory classification and control, including ABC analysis, VED analysis, and HML analysis. It also outlines the requisition processes for wards and nursing colleges and the roles and responsibilities of nurses in inventory control. Maintaining careful classification of inventory through ongoing analysis can help control costs and ensure quality patient care.
The document discusses material management in nursing. It defines materials as equipment, apparatus, and supplies used by healthcare organizations. Material management involves planning, controlling, and coordinating all activities related to materials from acquisition to use. It aims to ensure the right quality, quantity, time, place, and cost of materials and includes functions like purchasing, inventory control, and distribution of supplies. Effective material management principles include cost control, effective purchasing methods, and simple inventory programs.
This document discusses key concepts in inventory management for veterinary practices. It defines important terms like inventory, suppliers, and costs associated with inventory. Effective inventory management is critical for practice profitability as inventory is the second largest operating cost after staffing. The document outlines the goals of inventory control and describes an effective inventory system, including tracking item information, reorder points, costs, storage locations, and pricing. It also discusses determining ordering quantities and timing to balance inventory levels and costs.
Abc, ved, hml analysis in material managementManjubeth
Mr. Manjunath. Beth presented on inventory control techniques in material management for healthcare. He discussed ABC, VED, and HML analysis approaches. ABC analysis categorizes inventory items based on their cost and consumption into A, B, and C groups to determine the appropriate control levels. VED analysis classifies items based on criticality into vital, essential, and desirable groups. HML analysis separates items based on their unit value. The objectives of inventory control are to minimize costs while avoiding stockouts. Coupling ABC and VED analysis in a matrix can help determine priority groups for inventory management. Understanding these techniques helps ensure the right medical supplies and equipment are available as needed.
This document defines inventory and discusses inventory control. It defines inventory as raw materials, work in progress, and finished goods. Inventory control aims to maintain optimal inventory levels for smooth operations. Inventories are classified and objectives of inventory control include avoiding over/under investment and providing the right goods at the right time. Operating objectives focus on availability, minimizing waste, and customer service, while financial objectives focus on costs. Inventory management aims to balance ordering costs, carrying costs, and stockout costs.
The document discusses material management in healthcare facilities. It defines material management and outlines its key aims and principles, which include obtaining supplies of the right quality, quantity, time and place at the lowest cost. It describes the various functions and elements of material management like procurement, storage, inventory control and equipment maintenance. The primary objectives are economy, continuity of supply and developing good supplier relationships.
A nursing budget is a systematic financial plan that estimates nursing revenues and expenses over a set period of time. It is informed by analyzing past income and expenditures and projecting how revenues will cover estimated costs. Nursing budgets can take different forms depending on factors like the budget period, level of flexibility, and whether costs are estimated by program or department. The nurse administrator plays a key role in formulating the budget by consulting with managers, justifying funding needs, and ensuring client safety is not compromised by fiscal constraints.
Inventory management involves tracking and controlling a company's stock of raw materials, work-in-progress, and finished goods. Effective inventory management requires balancing inventory investment with customer service levels. Key aspects of inventory management include classifying inventory using techniques like ABC analysis, planning inventory needs using models like MRP, and controlling inventory through periodic or perpetual counting systems. The overall goal is meeting customer demand while minimizing total inventory costs.
ABC analysis is a technique used to categorize inventory items into three categories - A, B and C - based on their annual usage value. Category A items have the highest value and make up around 10-20% of total items but account for around 70-80% of total usage value. Category C items are the opposite, making up 70-80% of total items but only around 10-20% of total usage value. Category B items fall in between. ABC analysis is used to prioritize inventory management efforts - strict controls are applied to A items while low controls can be used for C items. The analysis helps optimize resources by focusing on the most important items.
The document discusses ABC analysis, an inventory categorization method that divides items into categories A, B, and C based on their annual consumption value. Category A items have the highest value and make up 10-20% of inventory items but 70-80% of total value. Category C items have the lowest value and make up 50% of inventory items but 5% of total value. The document then performs ABC analysis on 10 drugs, finding that 30% of drugs fall into Category B and 70% into Category C, with no drugs in Category A.
ABC analysis categorizes inventory items into A, B, and C categories based on their value and consumption. Category A items comprise 70-75% of total value but only 10-20% of total quantity and require high control. Category B items are 15-20% of total value and 20-25% of quantity, needing moderate control. Category C items are 5-10% of total value, 70-75% of quantity, requiring low control. ABC analysis advantages include strict control over high value items, proper utilization of funds, and maintenance of appropriate stock levels through selective category-based control.
Aims & Objectives
What is Inventory ?
Why Inventory Management is crucial for Hospitals?
ABC Analysis-Introduction
The Pareto principle
ABC Classification
Categories ‘A’, ‘B’ & ‘C’.
Steps in ABC Analysis
Example
Management policies for ABC categorization
Advantages & Disadvantages
Applications of ABC Analysis
Conclusion
BY Prince Gaurav Tiwari
Bundelkhand University Jhansi
Classifying inventory items by their value using ABC analysis has long been associated with “always better control”. However, classifying items based on one or two value factors can be too simplistic and limiting in today’s dynamic supply chain. To resolve the shortfalls, inventory can be optimized by pairing ABC analysis with XYZ analysis which classifies inventory items based upon their amount of demand variation.
With the combination of ABC analysis and XYZ analysis, inventory managers can effectively collaborate with other key functional managers in production, sales, logistics, accounting, and procurement. These functional departments can better work together to increase inventory optimization.
Combining ABC analysis and XYZ analysis delivers four key benefits:
• Refine inventory management policies and develop systems to implement best practices.
• Optimize the trade-offs among the costs, risks, and benefits of holding inventory.
• Break down of functional silos within an organization while factoring in stakeholders’ needs into the inventory policy.
• Better alignment of inventory systems and procedures with corporate strategic objectives.
The re-order level is the inventory level at which an order should be placed to replenish the stock. It is calculated as:
Re-order level = Average usage per lead time + Safety stock
Where:
- Average usage per lead time is the expected consumption during the time it takes to receive new stock after placing an order. It is calculated as Average daily/weekly/monthly usage x Lead time.
- Safety stock is the additional inventory maintained to mitigate risks of stock-outs due to uncertainties in demand or lead time. It depends on factors like demand variability, lead time variability, service level required etc.
So in summary, the re-order level is the inventory level at which a new
Material management involves planning, organizing, and controlling the flow of materials from initial purchase through operations to distribution. It aims to obtain the right quality, quantity, and cost of materials at the right time and place. Key aspects of material management include inventory control methods like ABC analysis to classify items into A, B, and C categories based on cost and priority. Other analyses include VED, FSN, and HML to categorize items for different criteria. Proper material management helps ensure adequate supply, minimize costs, and improve organizational efficiency.
ABC Analysis is a method to categorize inventory items into A, B, and C classes based on their annual monetary value and consumption. A items account for 10-20% of inventory items but 50-60% of spending, and require very strict control. B items are 30-40% of items and 30-40% of spending, requiring moderate control. C items are 40-50% of items but only 5-10% of spending, allowing for loose control. This analysis allows companies to focus control efforts on the most important and costly inventory items.
This document discusses inventory control techniques used in healthcare settings. It begins with introductions to inventory control and definitions. It then outlines objectives like meeting demand and minimizing costs. Techniques covered include ABC analysis, which classifies items based on usage value, and VED analysis, which considers criticality. Other methods analyze items based on unit value, suppliers, or movement patterns. The document also discusses economic order quantity, which calculates optimal order sizes to minimize total costs considering ordering and carrying costs. Finally, it discusses factors that influence when to place orders, like lead times and maintaining safety stock.
This document discusses inventory control techniques, specifically ABC analysis. It begins by defining inventory control and its objectives. It then introduces ABC analysis, which classifies inventory items into A, B, and C categories based on their value and frequency. A items comprise high-value, frequently-used items that require the most attention. B items are moderately important. C items receive the least attention. The document provides an example applying ABC analysis to classify 12 inventory items. It calculates each item's total cost percentage and ranks them to determine the A, B, and C categories. A items comprised 11.64% of total units but 64.97% of total cost.
The document discusses inventory management. It describes the functions of inventory management as decoupling production from suppliers, providing selection for customers, taking advantage of quantity discounts, and hedging against price changes. It also describes different types of inventory like raw materials, work in process, and finished goods. A key concept is ABC analysis for classifying inventory into classes A, B, and C based on financial value and controlling inventory accordingly. Record accuracy is important for making precise reorder and scheduling decisions. The document also compares periodic and continuous inventory review systems.
This document discusses various inventory control techniques, including ABC analysis, VED analysis, and FSN analysis. ABC analysis categorizes inventory into A, B, and C items based on their value and assigns different levels of control to each category. VED analysis classifies items as vital, essential, or desirable based on their importance to production. FSN analysis categorizes items based on their rate of consumption as fast, slow, or non-moving. The document provides examples and explanations of how to apply each technique.
APPLICATION OF ABC ANALYSIS FOR MATERIAL MANAGEMENT OF RESIDENTIAL BUILDINGSagar Kaptan
“Material management is a scientific technique, concerned with planning, organizing & control of flow of materials, from their initial purchase to destination.
This document discusses various techniques for inventory management and control. It begins by defining inventory and classifying it into different types such as raw materials, work in process, and finished goods. It then discusses the objectives of inventory control such as protecting against demand fluctuations and improving production economics. Several techniques for controlling inventory are described, including ABC analysis, economic order quantity modeling, VED analysis, perpetual inventory systems, and reviewing slow-moving items. ABC analysis involves categorizing inventory into A, B, and C classes based on value and prioritizing control efforts accordingly. The document provides examples of how these techniques can be applied to manage inventory effectively.
This document discusses ABC analysis, a technique for inventory management. It categorizes inventory items into A, B, and C categories based on their financial value and consumption. Category A items account for a small percentage of total items but consume the largest percentage of budget, requiring tight management control. Category B items are intermediate, while Category C items consume the smallest percentage of budget despite accounting for most items. The document outlines the principles, steps, advantages, and disadvantages of ABC analysis for inventory control.
This document provides information on ABC analysis, a technique for inventory management. It categorizes inventory items into three classes - A, B, and C - based on their value and consumption. Class A items, which are 10% of the inventory but account for 75% of total value, receive the most management attention. Class C items receive the least attention. The document demonstrates performing ABC analysis on a sample pharmacy inventory, categorizing items and discussing applications of the analysis technique.
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planning and control, often known as production planning and control, are management functions that seek to determine: first, what market demands are stating and second, reconcile how a company can fill those demands through planning and monitoring.
World No Tobacco Day is observed annually on May 31st to raise awareness about the health risks of tobacco use. This year's theme is "Commit to Quit". The World Health Organization started World No Tobacco Day in 1987 to draw attention to the global tobacco epidemic and preventable death and illness caused by tobacco use. Tobacco kills over 8 million people worldwide each year, with over 7 million deaths due to direct tobacco use and around 1.2 million due to secondhand smoke exposure. Large graphic health warnings on tobacco packaging can help persuade smokers to protect non-smokers from secondhand smoke and encourage more people to quit tobacco use. Over 70% of the 1.3 billion tobacco users worldwide lack access to tools that can help them successfully
This document provides information on the Post Basic B.Sc Nursing program at Era University of Health Sciences in Lucknow, India. The 2-year program aims to prepare graduates to assume nursing responsibilities and roles such as manager, teacher, and researcher. The curriculum includes courses in the first year on subjects like microbiology, nutrition, biochemistry, psychology, and various areas of nursing. The second year focuses on courses in community health nursing, mental health nursing, nursing education, administration, and research. The maximum time allowed to complete the program is 4 years. The document then provides detailed syllabus outlines for some of the first year courses, including learning objectives, topics, and assessment methods for each unit.
This document provides a course plan for a Community Health Nursing course at Era College of Nursing. The course is for second year post basic BSc Nursing students and includes 60 hours of theory and 400 hours of practical training. The course aims to help students understand national healthcare systems and participate in healthcare delivery to communities. It covers topics such as community health concepts, family health nursing, health programs and policies in India, community healthcare systems, and the roles of community health nursing personnel. Students will learn through lectures, discussions, visits, and supervised practical work in urban and rural healthcare settings. Their performance will be evaluated through written assignments, reports, and skill assessments.
LIST OF CHAPTER FOR P.B.SC CHN BOOK.docxanjalatchi
This document provides an index for a community health nursing textbook for post-basic B.Sc nursing students. The index outlines 7 units that will be covered in the textbook, including: 1) introduction to community health nursing concepts and principles, 2) family health services and working with families, 3) organization of health services in India, 4) health education, 5) national health programs, 6) epidemiology, and 7) biostatistics and vital statistics. Each unit lists the chapter topics and page numbers that will discuss the content and concepts addressed in that section of the textbook. The index was prepared by the Vice Principal of Era College of Nursing to outline the structure and flow of information in the community health nursing textbook.
This document contains a synopsis proforma for registering dissertation subjects for an M.Sc. in Nursing program. It requests information such as the candidate's name and address, institution, course of study, admission date, proposed topic, and a brief overview of the intended research work. The synopsis proforma outlines the need for the study and provides sections for references, signatures of the guide and co-guide, remarks from the head of department and principal, and confirmation that ethical clearance was obtained if required.
This document outlines the key terms of a lease agreement between John Doe as the tenant and ABC Rentals as the landlord for an apartment located at 123 Main St. The lease is for a period of 12 months beginning January 1st, 2023, and the tenant agrees to pay $1,000 per month in rent. The document details the responsibilities of both parties regarding repairs, guests, noise, parking, and termination of the lease.
Daily ADR Reporting Form April 2023.docxanjalatchi
This document contains two daily adverse drug reaction reporting forms from ERA Lucknow Medical College and Hospital. The first form lists 31 hospital wards and requests information on any adverse drug reactions in each ward including status, signs/symptoms, corrective action, and preventive action. The second form requests the same information for 13 critical care areas. Both forms require the nursing supervisor's report and signature and notes corrective and preventive actions will be taken by the Pharmacy/Therapeutic Committee.
TRAINNING TOPIC FOR ANNUAL SCHEDULE.docxanjalatchi
The document announces an annual training schedule for nursing staff at ERAS LUCKNOW MEDICAL COLLEGE AND HOSPITAL. It will take place every Tuesday from March 18th to June 20th in the hospital's LT venue from 9-10 AM. The training topics cover policies, procedures, and protocols for emergency patient care, infection control, medication safety, blood transfusions, restraints, pain management, medical errors, disaster response, and quality indicators for the emergency department. An attendance sheet is attached for nursing officers, in-charges, supervisors to sign. The training aims to educate healthcare professionals on providing safe, high quality care according to standards and regulations.
This document appears to be an incomplete table or list with column headers for serial number, date, topic, attendees, and remarks, but no data is provided in the columns. The document does not contain enough substantive information to generate a multi-sentence summary.
International Nurses Day will be celebrated on May 3rd, 2023 with the theme "Our Nurses, Our Future". A slogan competition is being organized for nursing staff with rules that entries must be made by individuals on 4 size paper/cardboard, relate to the nurses day theme, and be handmade in Hindi or English using color. The competition is being organized by Dr. Anjalatchi Muthukumaran, Nursing Superintendent at ELMCH.
This document contains a form for screening employees for tuberculosis (TB) at Era Lucknow Medical College and Hospital. The form collects information about an employee's name, address, age, sex, occupation and screens for symptoms of TB like cough, fever, weight loss, appetite changes, chest pain, night sweats, coughing up blood and history of previous TB treatment. It also screens for additional risk factors like diabetes, high blood pressure, cardiac disease, cancer, immunosuppressive therapy and collects information on sputum tests, x-rays or other tests done and notes any additional remarks.
The nursing department at ELMCH in Lucknow, India organized events to celebrate World Glaucoma Day 2023. Nursing students and faculty raised awareness about glaucoma through presentations, posters, and role plays for patients in wards and clinics. The goal was to educate about glaucoma's incidence, causes, symptoms, diagnosis, treatment and prevention. World Glaucoma Week from March 12-18 aims to spread understanding of early glaucoma detection, as early detection improves treatment outcomes and prevents blindness from this irreversible disease.
REPORT ON WORLD AIDS DAY 2022 CELEBRATION AT ELMCH.docxanjalatchi
The nursing department at ERA LUCKNOW MEDICAL COLLEGE AND HOSPITAL organized activities to mark World AIDS Day 2022 with the theme of "Equalize". Nursing students educated others about HIV/AIDS through charts, posters, and speeches covering causes, symptoms, treatment and prevention of AIDS. They also performed role plays in hospital wards and outpatient departments to raise awareness.
REPORT OF WORLD TUBERCLOSIS DAY 2023.docxanjalatchi
The nursing department at ELMCH in Lucknow, India organized activities to celebrate World Tuberculosis Day 2023 with the theme "Yes! We can end TB!". Nursing students and faculty raised awareness about TB through charts, posters, presentations and role plays for patients in wards and the outpatient department. The goal of World TB Day 2023 is to promote leadership and investments to accelerate recommendations, innovations, and multi-sectoral cooperation to end the TB epidemic. Tuberculosis is a treatable lung disease that spreads through the air and the day aims to increase awareness.
NURSING OFFICER EXAM ON MCQ MODEL PAPER.docxanjalatchi
This document contains details for a nursing officer exam, including the candidate's name, age, qualifications, and exam date and timing. The exam consists of multiple choice questions testing knowledge of medical acronyms and abbreviations as well as identification of medical instruments.
International nurses week celebration 13.5 PPT.pptxanjalatchi
The document summarizes the events held from May 6-12 to celebrate International Nurses Week at ELMCH Era University. Various competitions were held including slogan, poster, essay writing, rangoli, painting, nursing care plan presentations. Winners were recognized in each category, with first place going to Reeta TBC for painting/slogan, Pushpa kanchan's team from NICU for the essay competition, and Shilpi Yadav from TBC for the rangoli competition. The celebration concluded on May 12th with ward competitions recognizing top performing wards.
Discover the benefits of outsourcing SEO to Indiadavidjhones387
"Discover the benefits of outsourcing SEO to India! From cost-effective services and expert professionals to round-the-clock work advantages, learn how your business can achieve digital success with Indian SEO solutions.
Instagram has become one of the most popular social media platforms, allowing people to share photos, videos, and stories with their followers. Sometimes, though, you might want to view someone's story without them knowing.
Gen Z and the marketplaces - let's translate their needsLaura Szabó
The product workshop focused on exploring the requirements of Generation Z in relation to marketplace dynamics. We delved into their specific needs, examined the specifics in their shopping preferences, and analyzed their preferred methods for accessing information and making purchases within a marketplace. Through the study of real-life cases , we tried to gain valuable insights into enhancing the marketplace experience for Generation Z.
The workshop was held on the DMA Conference in Vienna June 2024.
Understanding User Behavior with Google Analytics.pdfSEO Article Boost
Unlocking the full potential of Google Analytics is crucial for understanding and optimizing your website’s performance. This guide dives deep into the essential aspects of Google Analytics, from analyzing traffic sources to understanding user demographics and tracking user engagement.
Traffic Sources Analysis:
Discover where your website traffic originates. By examining the Acquisition section, you can identify whether visitors come from organic search, paid campaigns, direct visits, social media, or referral links. This knowledge helps in refining marketing strategies and optimizing resource allocation.
User Demographics Insights:
Gain a comprehensive view of your audience by exploring demographic data in the Audience section. Understand age, gender, and interests to tailor your marketing strategies effectively. Leverage this information to create personalized content and improve user engagement and conversion rates.
Tracking User Engagement:
Learn how to measure user interaction with your site through key metrics like bounce rate, average session duration, and pages per session. Enhance user experience by analyzing engagement metrics and implementing strategies to keep visitors engaged.
Conversion Rate Optimization:
Understand the importance of conversion rates and how to track them using Google Analytics. Set up Goals, analyze conversion funnels, segment your audience, and employ A/B testing to optimize your website for higher conversions. Utilize ecommerce tracking and multi-channel funnels for a detailed view of your sales performance and marketing channel contributions.
Custom Reports and Dashboards:
Create custom reports and dashboards to visualize and interpret data relevant to your business goals. Use advanced filters, segments, and visualization options to gain deeper insights. Incorporate custom dimensions and metrics for tailored data analysis. Integrate external data sources to enrich your analytics and make well-informed decisions.
This guide is designed to help you harness the power of Google Analytics for making data-driven decisions that enhance website performance and achieve your digital marketing objectives. Whether you are looking to improve SEO, refine your social media strategy, or boost conversion rates, understanding and utilizing Google Analytics is essential for your success.
Meet up Milano 14 _ Axpo Italia_ Migration from Mule3 (On-prem) to.pdfFlorence Consulting
Quattordicesimo Meetup di Milano, tenutosi a Milano il 23 Maggio 2024 dalle ore 17:00 alle ore 18:30 in presenza e da remoto.
Abbiamo parlato di come Axpo Italia S.p.A. ha ridotto il technical debt migrando le proprie APIs da Mule 3.9 a Mule 4.4 passando anche da on-premises a CloudHub 1.0.
5. ABC analysis
• It is the process of classifying items by using
values as measures.
6. objectives
• To frame policy guidelines regarding control of
items.
• To classify the items A items, B items, C items
• Expensive items to be branded A, constitute
10%, value around 70%.
• Least items to be branded as C , constitute
70% but value 10%
7. METHOD OF ABC
• Also called pareto analysis. In ABC analysis, the
entire lot of inventory is classified into three
groups based on their annual value and not on
their individual cost given as:
• Class A: high value items, which accounts for
majors share of annual inventory value. Stricter
control must obliviously be applied on these
items right from the initial stages of estimating
requirements, fixing the minimum stocks, lead
time.
9. • Class B Item: medium value items, which do
not belong to either of the classes and not so
strict control procedure , need be followed in
regard to the items in this group.
11. • Class C items: low values items, but are
required in large quantities and consist of
various types and varieties like clips, washers.
It needs only a simple and inexpensive system
of control in which some of the routine may
be relaxed
17. CONTROL
• Class A items: are controlled and purchased
only on as required basis to minimize carrying
cost. Higher level control is exercised, these
being high value items.
• Class B Items: it come in between A and C on
degree of control.
• Class C Items: can be purchased in bulk for the
requirement of the entire year, being of low
value. The control is exercised at lower level.
19. ADVANTAGES
• Provides a mechanism for identifying items.
• It helps in economizing ones effort to achieve
greater results.
• It help to segregating those items which ought to
be given priority to maximize results.
• Usefulness of this management (A category items
70% results can be achieved with just 5 % effort)
• Minimize the other items to find out
• Proper use of valuable time of store personnel
• Simple no confusing formula as involved.
20. LIMITATION
• It is not convenient to compute and carry out this
analysis.
• More chance of deterioration in storage exists
• Loose the control on C may results in shortages
• ABC focuses on money value and not on
functional importance of such items, resulting in
shortage of critical items.
• ABC does not take into account
• ABC ignores market conditions, availability,
competitions, variations etc.
21. Summary
• Still now we have discussed about ABC
analysis like introduction, definition,
objectives, methods, classification,
control, advantages, limitation of
inventory system. I hope you all
understand about ABC analysis and its
significance.