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20. INVENTORY MANAGEMENT - Coggle Diagram
20. INVENTORY MANAGEMENT
Inventory
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Purposes
- Maintain independence of operations
- Meet variation in product demand
- Allow flexibility in production scheduling
- Provide a safeguard for variation in raw material delivery time
- Take advantage of economic purchase order size
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Manufacturing
Inventory
Raw materials, finished products, component parts, supplies, work-in-process
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Inventory System
Single-period
model
Overbooking of airline flights
Ordering of clothing and other fashion items
One-time order for events (T-shirts for a concert)
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