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
Inventory System Changes and Limitations
Single Order Quantities
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actual demand analysis assembly average inventory backorder capacity components cost per unit day 3 demand demand second day demand third day dependent demand determine economic order quantity economic production quantity end item EWMA EXAMPLE exponential smoothing fixed order forecasting model formula frequently function Gross requirements in-process inventory increase indicate input inventory control inventory investment inventory system inventory turnover lead time demand LIFO lost sales lot sizes manufacturing material requirements planning materials management maximum inventory level method moving average MRP system normal distribution obtained operations optimum order cost order cycle order interval organization output part-period perpetual inventory Planned order receipts Planned order releases Poisson distribution Projected on hand purchase cost quantity discounts random regression regression analysis reorder point replenishment requirements planning result safety stock Scheduled receipts seasonal service level setup simulation smoothing constant standard deviation stockout cost supplier supply Table trend unit cost variable zero