term1 Definition1term2 Definition2term3 Definition3
Please sign in to your Google account to access your documents:
Purpose of keeping inventory
1)to maintain independence of operations
2)to meet variation in product demand
3)to allow flexibility in production scheduling
4)to provide a safeguard for variation in raw material delivery time
5) To take advantage of economic purchase order size
Maintain
Meet
Alllow
Provide
Take advantage
Inventory costs
Holding or carrying costs
Costs for storage handling ,insurance and so on
Setup or production change costs
Costs for arranging specific equipment setups and so on
Ordering costs
Costs of placing an order
Shortage costs
Costs of running out
Inventory systems
Single period inventory model
Multi period inventory model
Need help typing ? See our FAQ (opens in new window)
Please sign in to create this set. We'll bring you back here when you are done.
Discard Changes Sign in
Please sign in to add to folders.
Sign in
Don't have an account? Sign Up »
You have created 2 folders. Please upgrade to Cram Premium to create hundreds of folders!