Principles of Inventory and Materials Management
This text/reference addresses the unprecedented changes occurring in manufacturing that are being brought about by quality management philosophy — lower inventory, reduced lead-time, preventive maintenance, and increased emphasis on customer satisfaction. Combining theory and practice, it presents alternative systems (models) for managing materials (inventory) — their use, transformation, distribution, and sale — and their flow to, within, and from the organization. Covers forecasting and marketing analysis; independent demand systems (deterministic models/probabilistic models); discrete demand systems (deterministic models/materials requirements planning - MRP); inventory system changes and limitations; single order quantities; in-process inventory, just-in-time, and theory of constraints; distribution inventory systems; inventory valuation and measurement; simulation; and aggregate inventory control. Content progresses from simple systems to more complex models; numerous examples of solved problems and short case studies explore a variety of situations and organizational settings; and appendices provide additional extensions and supporting logic on particular topics. For practitioners and advanced students involved in operations, inventory control, production control, and physical supply in manufacturing.
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Forecasting and Market Analysis
Fixed Order Interval Systems
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analysis annual demand average inventory backorder cost capacity components cost per unit day 0 demand demand in units demand third day dependent demand determine economic order quantity economic production quantity end items ending inventory EWMA EXAMPLE FIFO fixed order interval formula frequently function gross requirements in-process inventory increase input inventory control system inventory investment inventory models inventory problem inventory records lead time demand LIFO lost sales lot sizes manufacturing material requirements planning materials management maximum inventory level method moving average MRP system normally distributed obtained operations optimal optimum order cost order cycle order interval system order size system organization part-period perpetual inventory planned order receipts Planned order releases Poisson distribution projected on hand purchase cost quantity discount random numbers reorder point replenishment safety stock simulation single order standard deviation stockout cost supplier Table total annual cost unit cost units demanded variable