Inventory Management Supply Chain
Physician Preference Cards: The Key to Hospital Low Inventory Utilization and Waste
Almost every hospital or IDN faces significant challenges in managing their operating room inventory, which can be traced to a simple concept: utilization. Utilization is simply a ratio of the $ value of clinical purchases BILLED to patients or insurance, […]
The Lowly Wooden Pallet is a Critical Conveyance in the Supply Chain
In a recent interview, discussions with Patrick Atagi, VP for Advocacy & External Affairs at the National Wooden Pallet and Contain Association (NWPCA) helped to educate me on just how prolific wooden pallets are in the global supply chain. Patrick […]
Excess and Obsolete Inventory: An Outcome of a Series of Unfortunate Events!
Inventory continues to be a problem for many companies. In particular, inventory that is considered “Excess and Obsolete” often accumulates and has to be dealt with – often at the end of the fiscal year. During tax season, this is also […]
Trends and Strategies in Logistics and Supply Chain Management: An Interview with Robert Handfield
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The Evolution of Supply Management, Q&A with Dave Nelson
Questions and Answers on the Evolution of Supply Management with Dave Nelson Rob Handfield (Co-Director of SCRC): Well, we’re here today at the SCRC Meeting, meeting here with Dave Nelson. Dave has been a distinguished colleague of mine for many […]
Introduction: Inventory Management Models : A Tutorial
INTRODUCTION Learning Objectives Tutorial Outline Learning Objectives By then end of this module, you will be able to: Describe the functions and drivers of inventory. Distinguish between independent demand and dependent demand inventory items. Discuss the basic workings of two […]
SUMMARY: Inventory Management Models : A Tutorial
SUMMARY Inventory serves a useful purpose in the supply chain. That said, firms can help minimize the need for inventory by carefully managing those factors that drive inventory levels up. Inventory items can be divided into two main types: Independent […]
REFERENCES: Inventory Management Models : A Tutorial
REFERENCES Most introductory textbooks in Operations and Supply Chain Management offer a good discussion of inventory systems. Inventory functions and drivers, independent demand models, and safety stock calculations are routinely covered in these books. One possible source: Cecil Bozarth and […]
REORDER POINT FORMULA: Inventory Management Models : A Tutorial
REORDER POINT FORMULA The reorder point formula allows us to determine the safety stock (SS) needed to achieve a certain cycle service level. In general, the longer the lead times are, and the greater the variability of demand and lead […]
SAFETY STOCK ANALYSIS: Inventory Management Models : A Tutorial
SAFETY STOCK ANALYSIS EOQ tells us HOW MUCH to order…but WHEN should we order? p. Safety StockWhat Happens when either Demand or Lead Time Varies?What is the Chance of a Stockout?EXAMPLEFinding Z h2. Safety Stock When both lead time & […]