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3 Cards in this Set
- Front
- Back
- 3rd side (hint)
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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 |
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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 |
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Inventory systems |
Single period inventory model Multi period inventory model |
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