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Lecture Advances in supply chain management - Chapter 5

After reading the material in this chapter, you should be able to: Distinguish dependent from independent demand inventories, Describe the four basic types of inventories & their functions, understand the costs of inventory & inventory turnovers, understand ABC classification, ABC inventory matrix & cycle counting, know RFID & how it can be used in inventory management, | 1 Advances in Supply Chain Management Chapter 2a: Advancements in Inventory Management 2 3 Lec 5 : Learning Objectives Distinguish dependent from independent demand inventories Describe the four basic types of inventories & their functions Understand the costs of inventory & inventory turnovers Understand ABC classification, ABC inventory matrix & cycle counting Know RFID & how it can be used in inventory management Understand the EOQ model & its underlying assumptions Understand the Quantity Discounts & the EMQ Models & their relationships with the basic EOQ model Understand & able to distinguish among the various statistical ROP models Describe the continuous review & periodic review systems 4 SUMMARY of Last Lecture key performance measures are presented in detail in order to understand the excellence a supply chain achieves. The focus was on the importance of the integration of partners for the overall performance of the supply chain. For the optimization of inventory, the main principle of inventory management has to be considered: The objective is to balance the costs arising from holding inventories and the benefits of it. Furthermore, this trade-off has to be handled for each separate component. In the coming lectures, we will show how APS can support this critical task of inventory management. The focus of the present lecture is to present different concepts and models, evolved over the period of time, that can be used inventory management. 5 LAYOUT Introduction Dependent and Independent Demand of inventory Concepts and Tools of Inventory Management ABC Inventory Analysis System RFID Inventory Models The continuous and periodic review system 6 Introduction (inventory management) Inventory can be one of the most expensive assets of an organization Inventory may account for more than 10% of total revenue or 20% of total assets Management must reduce inventory levels yet avoid stock outs and other problems Matching Demand and Supply Suppliers must accurately . | 1 Advances in Supply Chain Management Chapter 2a: Advancements in Inventory Management 2 3 Lec 5 : Learning Objectives Distinguish dependent from independent demand inventories Describe the four basic types of inventories & their functions Understand the costs of inventory & inventory turnovers Understand ABC classification, ABC inventory matrix & cycle counting Know RFID & how it can be used in inventory management Understand the EOQ model & its underlying assumptions Understand the Quantity Discounts & the EMQ Models & their relationships with the basic EOQ model Understand & able to distinguish among the various statistical ROP models Describe the continuous review & periodic review systems 4 SUMMARY of Last Lecture key performance measures are presented in detail in order to understand the excellence a supply chain achieves. The focus was on the importance of the integration of partners for the overall performance of the supply chain. For the optimization of inventory, the main .