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T05 Inventory Management (Inventory costs (Inventory Carrying Costs…
T05
Inventory Management
Overalls
Def
Types
Reasons
Batching Economies/ Cycle stocks
Procurement
Production
Transp.
Uncertainty/ Safety Stock
Time/ In-transit
Work-in-process stocks
Seasonal stocks
Anticipatory stocks
Importance
Classification
Criticals
Distinctives
Commodities
Generics
Inventory costs
Importance
Inventory Carrying Costs
Capital cost
Storage Space cost
Inventory Service cost
Inventory risk cost
Order Cost
Setup Cost
Expected Stock-out cost
In-transit Inventory Carrying Cost
Inventory Visibility
Def
Benefits
Fundamental Approaches for Carrying Inventory
Basic issues
Paradox
Demand
Independent Demand
Dependent Demand
Pull v. Push
Other Approaches
Just In Time (JIT)
Materials Requirements Planning (MRP)
Vendor-Managed Inventory (VMI)
Quick Response Manufacturing (QR)
Efficient Consumer Response (ECR)
Economic Order Quantity (EOQ)