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Inventory Management Systems

Inventory Management Supply Chain

Feb 2, 2011

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.…

Jan 30, 2011

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…

Jan 30, 2011

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…

Jan 28, 2011

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…

Jan 28, 2011

PERPETUAL SYSTEM: Inventory Management Models : A Tutorial

PERPETUAL SYSTEM p. The two classic systems for managing independent demand inventory are periodic review and perpetual review systems. This section focuses on the Perpetual System. What is a Perpetual…

Jan 28, 2011

ECONOMIC ORDER QUANTITY (EOQ) MODEL: Inventory Management Models : A Tutorial

ECONOMIC ORDER QUANTITY (EOQ) MODEL The economic order quantity (EOQ) is the order quantity that minimizes total holding and ordering costs for the year. Even if all the assumptions don’t…

Jan 28, 2011

FUNCTIONS AND DRIVERS OF INVENTORY: Inventory Management Models : A Tutorial

FUNCTIONS AND DRIVERS OF INVENTORY 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…

Jan 28, 2011

PERIODIC REVIEW SYSTEM: Inventory Management Models : A Tutorial

PERIODIC REVIEW SYSTEM The two classic systems for managing independent demand inventory are periodic review and perpetual review systems. This section focuses on the Periodic Review System. What is a…

Jan 28, 2011

INDEPENDENT VS DEPENDENT DEMAND INVENTORY SYSTEMS – An EXAMPLE: Inventory Management Models : A Tutorial

An Example of Independent vs Dependent Demand Inventory Systems Inventory items can be divided into two main types: Independent demand and dependent demand items. The systems for managing these two…

Jan 19, 2011

Inventory Management Systems

Software applications that permit monitoring events across a supply chain. These systems track and trace inventory globally on a line-item level and notify the user of significant deviations from plans.…