Transcription of CHAPTER 11 Operations Management - UWI St. …
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CHAPTER 11 Operations Management - UWI St. …
11-1 Inventory ManagementWilliam J. Stevenson Operations Management8thedition11-2 Inventory ManagementCHAPTER11 Inventory ManagementMcGraw-Hill/IrwinOperations Management , Eighth Edition, by William J. StevensonCopyright 2005 by The McGraw-Hill Companies, Inc. All rights ManagementIndependent DemandAB(4)C(2)D(2)E(1)D(3)F(2)Dependent DemandIndependent demand is uncertain. Dependent demand is : a stock or store of goods11-4 Inventory ManagementTypes of InventoriesTypes of Inventories Raw materials & purchased parts Partially completed goods called work in progress Finished-goods inventories (manufacturing firms) or merchandise (retail stores)11-5 Inventory ManagementTypes of Inventories (ContTypes of Inventories (Cont d)d) Replacement parts, tools, & supplies Goods-in-transit to warehouses or customers11-6 Inventory ManagementFunctions of InventoryFunctions of Inventory To meet anticipated demand To smooth production requirements To decouple Operations To protect against stock-outs11-7 Inventory ManagementFunctions of Inventory (ContFunctions of Inventory (Cont d)d)
11-13 Inventory Management ABC Classification System Classifying inventory according to some measure of importance and allocating control efforts accordingly.
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