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inventory management (5 costs involved (Management costs (monitoring costs…
inventory management
5 costs involved
Procurement costs
Purchasing
purchase planning
price negotiation
Inbound transport
Management costs
monitoring costs
analyzing, evaluating, and reporting cost
Information technonology
Human Costs
Handling it
Count it
Moving it
Inventory Turnover costs
cost of goods sold
Facility costs
Holding costs
Utility
Compliance
Rental
Mailbox
Stage equipment
3 services class
Non-Critical
Computer
Building Materials
Scheduled delivery
Range place
Follow delivery time
Critical goods
Medical
Emergency
Basic inventory management
Inventory Basics
LOCATION
Off site
On site
Dropship
PLAN
Push
Pull
IDENTITY
I.D Labels
Unit of Measure
Stock keeping unit
RECORD
Paper
Computer
Inventory Management practices
Cover 5 costs to create efficiency
Method tracking of inventory
Verification of inventory accuracy
Inventory storage technique
Classifications of inventory
Level of inventory management
Need to have inventory balance or bufer products
Replacement method
Safety stock
Component of inventory costs
Technique related to all quality
Maintain inventory between them to reach the demand
STRATEGIES TO BETTER MANAGE INVENTORY
Postponement Logistics
Help to have more options are available to customers without increasing costs
The use of low-cost country manufacturing of components becomes more effective.
helps companies meet demand effectively with lower levels of inventory
Help to mninimize wrong inventory, expedited shipping costs and obsolete and markdown products.
Vendor Management Inventory
Having slow-moving items in inventory also uses valuable space and makes the warehouse less efficient.
To create efficiency for better moving input in and out
inventory is critical for meeting customers' needs, having too much of the wrong inventory items can result in financial problems.
To avoid to much financial problem
If the items in inventory do not get sold, the company's money will not become available to pay its employees, suppliers, lenders, etc
Will make sure all goods can be sold
DEFINITION
Management of inventory stock
CONTROLLING
Storage
Amount stock
Odering
OVERSEEING
The constant flow of unit in and out of an existing inventory