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Chapter 20: INVENTORY MANAGEMENT - Coggle Diagram
Chapter 20: INVENTORY MANAGEMENT
Definitions
Inventory
Inventory system
SC inventory models
Inventory Models
Fixed-order quantity model
Fixed-time period model
Single-period Model
Purpose of inventory
Allow flexibility in production
Provide a safeguard for variation in raw material delivery time
Meet variation in product demand
Take advantage of economic purchase order size
Maintain independence of operations
Inventory Control and Supply Chain Management
Inventory Models with Price Breaks
Inventory Management
Inventory accuracy
Cycle counting
Single-period inventory model
Ordering of clothing and other fashion items
One-time order for events – e.g., t-shirts for a concert
Overbooking of airline flights
Multi-period inventory models
Fixed-order quantity models
Fixed-Order Quantity Model with Safety Stock
Fixed–time period models
Inventory costs
Setup (or production change) costs
Ordering costs
Holding (or carrying) costs
Shortage costs
Demand types
Independent demand
Dependent demand