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ELEMENTS OF
LOGISTICS & SUPPLY CHAIN
-T.Y.BMS
MANAGEMENT
What is INVENTORY?
“Inventory is stock of any item or resource used in an organization. These items or resources can include raw material, finished products, components parts etc.”
Definition
Purpose of holding inventory
Economies of scale
Protection from uncertainty
Balancing demand and supply
Seasonal inventories
How to improve effectiveness of inventory management
Improving effectiveness through ABC inventory method
Possessing appropriate number of ware houses
Lead time analysis
Delivery time analysis
elimination of obsolete items
product substitution
customer service performance
development of sales and logical demand
forecast
Continue….
Concept testing Balanced inventory
Reorder level
fill rate
dead stock
bill of material
symptoms of poor inventory
management
cycle stock
obsolesce cost
stock out level
Service level
kan ban
two bin system
Buffer stock
Continue….
Approaches to inventory management
Just In Time (JIT)
Vendor managed inventory
quick response
automatic replenishment
TYPES OF INVENTORY
Manufacturing
Wholesale
Retail
Pipeline
Inventory Functionality
Geographical specialization
decoupling
Balancing Supply and Demand
Buffer and Certainty
Selective control ABC Analysis
HML Analysis
VED Analysis
SDE Analysis
GOLF Analysis
SOS Analysis
FSN Analysis
XYZ Analysis
INVENTORY COST
Capital Cost
Storage Cost
Deterioration & Obsolescence Cost
Insurance cost
Procurement Cost
Replenishment system
fixed order quantity system (Q system )
fixed order interval system ( P System )
Mrp & drp
MRP I
MRP II
DRP I
DRP II
CONCLUSION