Please enable JavaScript.
Coggle requires JavaScript to display documents.
INVENTORY MANAGEMENT (5 cost that involved in inventory management (HUMAN…
INVENTORY MANAGEMENT
5 cost that involved in inventory management
HUMAN CAPITAL COST
refers to the knowledge, skills, talent and capabilities of individuals in generate economic output.
FINANCE COST
The cost and interest and other charges involve in the borrowing of money to build or purchase assets
MANAGEMENT COST
is a form of management accounting that allows a business to predict impending expenditures to help reduce the chance of going over budget.
INVENTORY TURNOVER
is a measure of a number of times inventory is sold in a time period such a year.
PROCUREMENT COST
related to the cost in acquiring or buying goods, services, or works from an external source.
BASIC INVENTORY MANAGEMENT
Location
-on site
-off site
-dropship
Identify
-stock keeping unit
-I.D Labels
-Unit of measure
Plan
-push
-pull
Records
-papers
-PC
3 services involved in inventory management
critical: such as medical
when there had an accident, we need medical which is crucial to our health
non- critical : products or services that not really important such as jewellary
schedule delivery
products or services that has the schedule to pass to their customers on the right time and right place, right quantity and so on.
DEFINE INVENTORY MANAGEMENT
Inventory management is the supervision of non-capitalized assets (inventory) and stock items.
A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.
Strategies to better manage inventory
VENDOR MANAGED INVENTORY
-is a family of business models in which the buyers of products provides certain information to a supplier (vendor) of that products and supplier takes responsibilities for maintaining and agreed inventory of the material.
POSTPONEMENT LOGISTICS
is the deliberate action to delay final manufacturing or distribution of a product until receipt of a customer order.