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inventory is stored accumulation of material resources in a transformation system inventory exists because there is a difference in timing or rate of supply and demand:
process-related inventory (direct materials for production) support inventory (to ensure continuous function of operation)
de-coupling inventory
in process layout operations, output inventory of each process
anticipation inventory:
to compensate for differences in timing of supply and demand
pipeline inventory:
exists as material cannot be transported instantaneously between the point of supply and point of demand
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finished-goods inventory:
provides fast, off-the-shelf delivery steady delivery to customers during demand fluctuations
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12 Inventory Planning and Control there are 3 inventory decisions to be made by operations:
volume decision (how much to order):
must consider the cost of inventory:
cost of placing order stock-out costs working capital costs obsolescence costs storage costs inefficiency costs
EBQ (economic batch quantity) model suggests production of parts and their shipment to an inventory point, while demand is continuing to take place
supply demand
Inventory level
Time
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3 bin system:
same as 2 bin system, but has one extra bin 3rd bin contains safety stock for demand fluctuations
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Class A
50
Class C Class B
20
50
100
class A items are high value items class B items are medium value items class C items are low value items Page 6 of 6
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12 routes
Customer Customer Customer Customer
Factory
Factory
Factory
10 routes
Warehouse Warehouse
Customer
Customer
Customer
Customer
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13 Supply Chain Planning and Control types of relationships in supply chains include:
B2B, B2C, C2B, C2C vertical integration:
determines how much of the supply chain an organisation should own
make or buy decisions
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13 Supply Chain Planning and Control supply chain policy is the way in which operations in a supply chain try to influence their behaviour to suit the needs of the end customer:
keeps inventories low quickens flow of information provides schedules with plenty of time to react
operational efficiency is achieved with each operation in the chain reducing its own costs, complexities, and increasing throughput, which improves the whole chain
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13 Supply Chain Planning and Control information sharing improves supply chain, reduces fluctuations which ripple through from demand to supply
channel alignment is the adjustment of scheduling, material movement, pricing strategies, so as to bring all operations in the chain in line with each other
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