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Chapter 12

Inventory Management
Operations Management
Roberta Russell & Bernard W. Taylor, III

Copyright 2006 John Wiley & Sons, Inc.

Beni Asllani
University of Tennessee at Chattanooga

Lecture Outline

Elements of Inventory Management


Inventory Control Systems
Economic Order Quantity Models
Quantity Discounts
Reorder Point
Order Quantity for a Periodic Inventory
System

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12-2

What Is Inventory?

Stock of items kept to meet future demand


Purpose of inventory management
how many units to order
when to order

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12-3

Types of Inventory

Raw materials
Purchased parts and supplies
Work-in-process (partially completed)
products (WIP)
Items being transported
Tools and equipment
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12-4

Inventory and Supply Chain


Management
Bullwhip effect
demand information is distorted as it moves away from
the end-use customer
higher safety stock inventories to are stored to
compensate

Seasonal or cyclical demand


Inventory provides independence from vendors
Take advantage of price discounts
Inventory provides independence between stages
and avoids work stop-pages

Copyright 2006 John Wiley & Sons, Inc.

12-5

Two Forms of Demand

Dependent
Demand for items used to produce final
products
Tires stored at a Goodyear plant are an
example of a dependent demand item

Independent
Demand for items used by external
customers
Cars, appliances, computers, and houses
are examples of independent demand
inventory

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12-6

Inventory and Quality Management

Customers usually perceive quality service as


availability of goods they want when they
want them
Inventory must be sufficient to provide highquality customer service in TQM

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12-7

Inventory Costs

Carrying cost

cost of holding an item in inventory


Ordering cost

cost of replenishing inventory


Shortage cost

temporary or permanent loss of sales


when demand cannot be met

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12-8

Inventory Control Systems

Continuous system (fixed-orderquantity)


constant amount ordered when
inventory declines to
predetermined level

Periodic system (fixed-timeperiod)


order placed for variable amount
after fixed passage of time

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12-9

ABC Classification
Class A
5 15 % of units
70 80 % of value

Class B
30 % of units
15 % of value

Class C
50 60 % of units
5 10 % of value
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12-10

ABC Classification: Example


PART
1
2
3
4
5
6
7
8
9
10

UNIT COST

ANNUAL USAGE

$ 60
350
30
80
30
20
10
320
510
20

90
40
130
60
100
180
170
50
60
120

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12-11

ABC Classification:
Example (cont.)
PART

9
8
2
1
4
3
6
5
10
7

TOTAL
PART
VALUE

$30,600
1
16,000
2
14,000
3
5,400
4
4,800
5
3,900
3,600
6
CLASS
3,000
7
2,400
A
8
1,700
B
9
C
$85,400

10

% OF TOTAL % OF TOTAL
UNIT
ANNUAL
USAGE
VALUECOSTQUANTITY
% CUMMULATIVE

35.9
6.0
$ 60
18.7
5.0
350
16.4
4.0
30
6.3
9.0
5.680
6.0
4.630
10.0
4.220 % OF TOTAL
18.0
ITEMS
VALUE
3.510
13.0
12.0
9, 8,2.8
2
71.0
320
17.0
1, 4,2.0
3
16.5
5107
6, 5, 10,
12.5

20

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6.0
90
11.0
A40
15.0
130
24.0
B60
30.0
100
40.0
% OF TOTAL
58.0
180
QUANTITY
71.0
170
C
83.0
50 15.0
100.0
25.0
60 60.0
120

Example 10.1

12-12

Economic Order Quantity


(EOQ) Models
EOQ
optimal order quantity that will
minimize total inventory costs

Basic EOQ model


Production quantity model

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12-13

Assumptions of Basic
EOQ Model
Demand is known with certainty and is constant over time
No shortages are allowed
Lead time for the receipt of orders is constant
Order quantity is received all at once

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12-14

Inventory Order Cycle


Order quantity, Q
Inventory Level

Demand
rate

Reorder point, R

Lead
time
Order Order
placed receipt

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Lead
time
Order Order
placed receipt

12-15

Time

EOQ Cost Model


Co - cost of placing order
Cc - annual per-unit carrying cost

D - annual demand
Q - order quantity

Annual ordering cost =

CoD
Q

Annual carrying cost =

CcQ
2

Total cost =

Copyright 2006 John Wiley & Sons, Inc.

CoD
+
Q

CcQ
2

12-16

EOQ Cost Model

Deriving Qopt
TC =

Co D
+
Q

Co D
TC
=
+
Q2
Q
C0 D
0=
+
Q2
Qopt =

CcQ
2
Cc
2
Cc
2

2CoD
Cc

Copyright 2006 John Wiley & Sons, Inc.

Proving equality of costs


at optimal point
Co D
CcQ
=
Q
2
Q2

2CoD
=
Cc

Qopt =

12-17

2CoD
Cc

EOQ Cost Model (cont.)


Annual
cost ($)

Total Cost
Slope = 0

Minimum
total cost

Optimal order
Qopt

Copyright 2006 John Wiley & Sons, Inc.

Carrying Cost =

CcQ
2

Ordering Cost =

CoD
Q

Order Quantity, Q

12-18

EOQ Example
Cc = $0.75 per yard
Qopt =

2CoD
Cc

Qopt =

2(150)(10,000)
(0.75)

Co = $150

Qopt = 2,000 yards

D = 10,000 yards

TCmin =

CoD
+
Q

CcQ
2

TCmin =

(150)(10,000)
2,000 +

(0.75)(2,000)
2

TCmin = $750 + $750 = $1,500

Orders per year = D/Qopt


= 10,000/2,000
= 5 orders/year
Copyright 2006 John Wiley & Sons, Inc.

Order cycle time = 311 days/(D/Qopt)


= 311/5
= 62.2 store days
12-19

Production Quantity
Model
An inventory system in which an order is received
gradually, as inventory is simultaneously being
depleted
AKA non-instantaneous receipt model
assumption that Q is received all at once is relaxed

p - daily rate at which an order is received over


time, a.k.a. production rate
d - daily rate at which inventory is demanded
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12-20

Production Quantity Model


(cont.)
Inventory
level

Q(1-d/p)

Maximum
inventory
level

Q
(1-d/p)
2

Average
inventory
level

0
Order
receipt period

Begin
End
order
order
receipt receipt

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Time

12-21

Production Quantity Model


(cont.)
p = production rate
Maximum inventory level = Q -

d = demand rate
Q
d
p

=Q1- d
p
Q
d
Average inventory level =
1p
2

2CoD
Qopt =

Co D
CcQ
d
TC = Q + 2 1 - p
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12-22

d
Cc 1 p

Production Quantity Model:


Example
Cc = $0.75 per yard
Co = $150
d = 10,000/311 = 32.2 yards per day
2CoD
Qopt =

Cc 1 - d
p

Co D
CcQ
d
TC = Q + 2 1 - p

Production run =

Q
=
p

D = 10,000 yards
p = 150 yards per day

2(150)(10,000)
= 2,256.8 yards
32.2
0.75 1 150

= $1,329
2,256.8
= 15.05 days per order
150

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12-23

Production Quantity Model:


Example (cont.)

Number of production runs =

D
Q

10,000
= 4.43 runs/year
2,256.8

d
Maximum inventory level = Q 1 p

= 2,256.8 1 -

= 1,772 yards

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12-24

32.2
150

Quantity Discounts

Price per unit decreases as order


quantity increases
TC =

CoD
+
Q

CcQ
+ PD
2

where
P = per unit price of the item
D = annual demand
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12-25

Quantity Discount Model


(cont.)
TC = ($10 )
ORDER SIZE
0 - 99
100 199
200+

PRICE
$10
8 (d1)
6 (d2)

TC (d1 = $8 )

Inventory cost ($)

TC (d2 = $6 )

Carrying cost

Ordering cost
Q(d1 ) = 100 Qopt
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Q(d2 ) = 200

12-26

Quantity Discount: Example


QUANTITY
1 - 49
50 - 89
90+
Qopt =
For Q = 72.5

PRICE

Co = $2,500
Cc = $190 per computer
D = 200

$1,400
1,100
900
2CoD
=
Cc

2(2500)(200)
= 72.5 PCs
190

TC =

CoD
+
Qopt

CcQopt
+ PD = $233,784
2

TC =

CoD
+
Q

CcQ
+ PD = $194,105
2

For Q = 90

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12-27

Reorder Point

Level of inventory at which a new order is placed

R = dL
where
d = demand rate per period
L = lead time

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12-28

Reorder Point: Example

Demand = 10,000 yards/year


Store open 311 days/year
Daily demand = 10,000 / 311 = 32.154 yards/day
Lead time = L = 10 days
R = dL = (32.154)(10) = 321.54 yards

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12-29

Safety Stocks

Safety stock
buffer added to on hand inventory during lead
time

Stockout
an inventory shortage

Service level
probability that the inventory available during lead
time will meet demand

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12-30

Variable Demand with


a Reorder Point
Inventory level

Reorder
point, R

LT

LT
Time

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12-31

Inventory level

Reorder Point with


a Safety Stock

Q
Reorder
point, R

Safety Stock

LT

LT
Time

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12-32

Reorder Point With


Variable Demand
R = dL + zd L
where
d = average daily demand
L = lead time
d = the standard deviation of daily demand
z = number of standard deviations
corresponding to the service level
probability
zd L = safety stock
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12-33

Reorder Point for


a Service Level
Probability of
meeting demand during
lead time = service level

Probability of
a stockout

Safety stock
zd L
dL
Demand
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R
12-34

Reorder Point for


Variable Demand
The carpet store wants a reorder point with a 95%
service level and a 5% stockout probability
d = 30 yards per day
L = 10 days
d = 5 yards per day
For a 95% service level, z = 1.65
R = dL + z d L

Safety stock = z d L

= 30(10) + (1.65)(5)( 10)

= (1.65)(5)( 10)

= 326.1 yards

= 26.1 yards

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12-35

Order Quantity for a


Periodic Inventory System
Q = d(tb + L) + zd tb + L - I
where
d
tb
L
d
zd

= average demand rate


= the fixed time between orders
= lead time
= standard deviation of demand

tb + L = safety stock
I = inventory level

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12-36

Fixed-Period Model with


Variable Demand
d
d
tb
L
I
z

= 6 bottles per day


= 1.2 bottles
= 60 days
= 5 days
= 8 bottles
= 1.65 (for a 95% service level)

Q = d(tb + L) + zd

tb + L - I

= (6)(60 + 5) + (1.65)(1.2)

60 + 5 - 8

= 397.96 bottles
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12-37

Copyright 2006 John Wiley & Sons, Inc.


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use of the information herein.

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12-38

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