Ch 8. Quantity and Inventory

Ch 8. Quantity and Inventory

1. Questions

   • How much to acquire?
   • When to acquire?
   • How to inventory effectively?

2. Quantity and timing issues

   • Quantity and delivery
     • Order more, deliver less frequently
     • Order less, deliver more frequently
   • Time-based strategies

3. Forecasting

   • Techniques
     • Quantitative Forecasting
     • Qualitative Forecasting

4. Determining order quantities and inventory levels

   • Dependent demand
   • Independent demand
   • Fixed-Quantity models
   • Fixed-Period models
   • Probabilistic models and service coverage
   • Buffer or safety stocks and service levels

5. Planning requirements and resources

   • ERP
     • MRP
       • INPUTS
         • Master production planning
         • Structured bill of materials
         • Inventory Record
       • Lot sizing
         • Lot-for-lot
         • Economic order Quantity (EOQ)
         • Least-total-cost
         • Least-unit-cost
     • MRP II
       • Manufacturing resource planning

6. Functions and Forms of Inventory

   • Functions
     • To provide and maintain good customer service
     • To smooth the flow of goods through the productive process
     • To provide protection against the uncertainties of supply and demand
     • To obtain a reasonable utilization of people and equipment
   • Classifications
     • Transit or pipeline inventories
     • Just in Time
     • Cycle inventories
     • Buffer or uncertainty inventories
     • Anticipation or certainty inventories
     • Decoupling inventories
   • The forms of inventory
     • Raw materials, purchased parts and packafinf
     • Work in process
     • Finished goods
     • MRO items
     • Resale items

7. Inventory Management

   • Costs of inventories
     • For every item carried in inventory, the costs of having it must be less than the costs of not having it
   • ABC classification
     • PARETO CRITERIA (80-20)
   • Vendor- or supplier-managed inventory
   • Lean supply
     • Reduce costs by
       • Overproduction
       • Waiting, time in queue
       • Transportation
       • Nonvalue-adding process
       • Inventory
       • Motion
       • Costs of quality
     • JIT
       • Worker responsibility
       • Build-in quality
       • Compliance to quality standars
     • KANBAN CONTROL SYSTEMS

8. FUENTE: Johnson F, Flynn A. (2015). Purchasing and Supply Management. New York: Mc Graw Hill.

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