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INVENTORY MANAGEMENT - Coggle Diagram
INVENTORY MANAGEMENT
Functions of Inventory
To provide a selection of goods for anticipated demands and to separate the firm from fluctuations in demand
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Managing Inventory
Record Accuracy
Two-bin system
:check: periodic systems require regular checks of inventory
May be semi-automated
:check: perpetual inventory tracks receipts and subtractions on a continuing basis
ABC Analysis
Class A
:check: High annual dollar volume
Class B
:check: Medium annual dollar volume
Class C
:check: Low annual dollar volume
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Inventory Models
:black_flag: Independent demands
:black_flag: Holding cost
:black_flag: Dependent demand
:black_flag: Setup cost
:black_flag: Ordering cost
The material flow cycle
Input :arrow_right: Wait for inspection :arrow_right: Wait to be moved :arrow_right: Move time :arrow_right: Wait in queue for operator :arrow_right: Setup time :arrow_right: Run time :arrow_right: Output
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