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Inventory Management

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CHAPTER 11 Inventory Management Er.Sartaj Singh Bajwa
Types of Inventories ,[object Object],[object Object],[object Object],Er.Sartaj Singh Bajwa
Functions of Inventory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Er.Sartaj Singh Bajwa
[object Object],[object Object],[object Object],[object Object],Key Inventory Terms Er.Sartaj Singh Bajwa
Inventory Counting Systems ,[object Object],[object Object],[object Object],Er.Sartaj Singh Bajwa
Inventory Counting Systems ,[object Object],[object Object],Er.Sartaj Singh Bajwa 0 214800 232087768
ABC Classification System ,[object Object],[object Object],[object Object],[object Object],[object Object],Er.Sartaj Singh Bajwa Annual $ value of items A B C High Low Few Many Number of Items
ABC Item Classification ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Er.Sartaj Singh Bajwa
Economic Order Quantity Er.Sartaj Singh Bajwa
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Assumptions of EOQ Model Er.Sartaj Singh Bajwa
The Inventory Cycle Er.Sartaj Singh Bajwa Profile of Inventory Level Over Time Quantity on hand Q Receive order Place order Receive order Place order Receive order Lead time Reorder point Usage rate Time
Total Cost ACC = average number of units * carrying cost per unit per year AOC = (number of orders per year) * (ordering cost) Number Of Orders per year = annual demand(D) ordered quantity(Q) Average number of Units = Q/2 Er.Sartaj Singh Bajwa Annual carrying cost Annual ordering cost Total cost = + Q 2 H D Q S TC = +
Cost Minimization Goal Order Quantity (Q) The Total-Cost Curve is U-Shaped Ordering Costs Q O Annual Cost ( optimal order quantity) Er.Sartaj Singh Bajwa
Deriving the EOQ ,[object Object],Er.Sartaj Singh Bajwa
Example ,[object Object],[object Object],[object Object],[object Object],Er.Sartaj Singh Bajwa
When to Reorder with EOQ Ordering ,[object Object],[object Object],[object Object],Er.Sartaj Singh Bajwa
Reorder Point ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Er.Sartaj Singh Bajwa

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Inventory Management

  • 1. CHAPTER 11 Inventory Management Er.Sartaj Singh Bajwa
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9. Economic Order Quantity Er.Sartaj Singh Bajwa
  • 10.
  • 11. The Inventory Cycle Er.Sartaj Singh Bajwa Profile of Inventory Level Over Time Quantity on hand Q Receive order Place order Receive order Place order Receive order Lead time Reorder point Usage rate Time
  • 12. Total Cost ACC = average number of units * carrying cost per unit per year AOC = (number of orders per year) * (ordering cost) Number Of Orders per year = annual demand(D) ordered quantity(Q) Average number of Units = Q/2 Er.Sartaj Singh Bajwa Annual carrying cost Annual ordering cost Total cost = + Q 2 H D Q S TC = +
  • 13. Cost Minimization Goal Order Quantity (Q) The Total-Cost Curve is U-Shaped Ordering Costs Q O Annual Cost ( optimal order quantity) Er.Sartaj Singh Bajwa
  • 14.
  • 15.
  • 16.
  • 17.