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13 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Inventory is?
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is a Stock of Physical Good that are store for later use or sale
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Inventory MGMT is?
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is the Maintaining & Managing of Inventory to meet demand
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Fixed Reorder Point Sys = Inventory Control Sys
Des |
a Predetermined fixed capacity of units is order when the inventory reaches a predetermined limit
Demand is constant If the replenishment is instantaneous, then the order can be placed when the inventory reaches Zero (theoretically) |
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Two- Bin Reorder Point Sys = Inventory Control Sys
Des |
Continues Control sys
item distributed into 2 bin bin #2 receive the reoder-point items Bin1 contains the remains of the original order Material handlers remove needed items from bin 1 as long as they can the 1 st item removed from bin 2 triggers the next order |
Bc Bin 2 contains the # of items needed to meet demand during this items
Lead time plus safety Stock Bin 2 should meet the demand until the next order arrives When the next order arrives bin 2 is filled to the reoder-point quantity and the rest are put in bit 1 and the cycle begin again |
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Fixed Time Interval Sys =Optimal Replenishment sys = Inventory Control Sys
Des |
also call replenishment sys
is a periodic review inventory sys MGMT set for all Inv Items -Upper Control Limit S & Lower Control Limit s. Upper Control Limit S - Max Quantity to have in inventory for the item Lower Control Limit s- Min Quantity to have in Inv for the item |
MGMT-decision is guided by:
Yearly demand for the Product Relationship of the product to the production of other products (raw mat, compon partsm sub-ass) Availability of warehouse space holding or carrying cost resulting form placing and keeping goods in inventory inventory ordering cost Cost of the item Itself How it works: Level of an Inv item is review Periodically to make sure that the level has not dropped below its lower limit s, If during the reviews the items inventory level is less than s, then min needed then an order is placed to restore its Quantity to its Upper Limit S if during the review the inventory level is above s then no actions is taken |
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Inventory Control Sys;
Two- Bin Sys Fixed Reoder point sys Fixed time interval sys = Optimal Replenishment sys |
Two bin sys
EOQ is ordered reasonable Safety Stock Visual SYS No Computer is needed Fixed Reoder Point sys EOQ is order Reasonable safety stock Computer controlled |
Fixed Time Intervals sys= Optimal Replenishment sys.
Variable Quantity is ordered Larger Safety Stock is held Poor sys Costly sys |
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ABC is = Inventory Control Sys
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that classifies the Inv into 3 basic group (A, B, C group)
A group Represent 10-20% of goods in Inv and is the Highest Dollars Value good Required closer control than b & C B group Represent 30-40 % of Good in Inv and is the Moderate dollar value group in Value C The largest group Approximately 50% of the Inv is the C Group which represents the lowest dollars Value Group |
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Formulas For Cal
EOQ |
Economic Order Quantity
EOQ=Q= SquareRoot (2*D*co/ch) |
Primary Objective is to Find the Optimal (Constant) order Quantity, We Call EOQ or Q
Lot Size or Inv are generated |
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Formulas For Cal
Yearly Inv Cost |
C= co(D/Q)+ch(Q/2)
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Formulas For Cal
Reorder Point= Lean-Time |
R= d*t
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Formulas For Cal
EPQ |
Economic Production Quantity
EPQ= Q= Squre Root ( 2*(D)*cp)/ (ch(1-100/500)) |
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Formulas For Cal
Co |
Order Cost
Co= co(D/Q) |
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Formulas For Cal
Ch |
Holding cost
Ch=ch(Q/2) |
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