Recruitment and Selection at Amri Hospital
OPERATION MANAGEMENT TERM PAPER
ON
INVENTORY MANAGEMENT AND CONTROL: LATEST TRENDS AND TECHNIQUES
TABLE OF CONTENTS
1. LIST OF ILLUSTRATIONS 3 2. ABSTRACT 5 3. INTRODUCTION 6 4. TYPES OF INVENTORY 7 4.1. PURPOSE OF KEEPING INVENTORY 7 5. INVENTORY MANAGEMENT 8 5.1. OBJECTIVES 8 5.2. SYMPTOMS OF POOR INVENTORY MANAGEMENT 8 6. MEASUREMENT OF EFFECTIVENESS 9 7. FINANCIAL IMPACT OF INVENTORY: 10 8. INVENTORY COSTS 11 8.1. INVENTORY CARRYING COST: 11 8.2. STORAGE SPACE COST: 12 8.3. STOCK-OUT COSTS: 13 9. IMPACT OF DEMAND PATTERN ON INVENTORY MANAGEMENT: 13 9.1. PULL VERSUS PUSH PRODUCTION SYSTEM: 13 9.2. DEPENDENT OR INDEPENDENT DEMAND INVENTORY: 14 10. INVENTORY MODEL 15 10.1. ECONOMIC ORDER QUANTITY MODEL (EOQ) 15 10.2. P-SYSTEM 16 10.3. Q-SYSTEM 16 11. SELECTIVE INVENTORY CONTROL TECHNIQUES 17 11.1. ABC ANALYSIS: 17 11.2. XYZ ANALYSIS 19 11.3. FSN ANALYSIS 20 11.4. VED ANALYSIS 20 11.5. HML ANALYSIS 22 11.6. SDE ANALYSIS: 23 11.7. SOS ANALYSIS: 23 11.8. GOLF ANALYSIS: 24 11.9. JUST IN TIME SYSTEM (JIT) 24 12. JUST-IN-TIME IN TOYOTA: 27 13. CONCLUSION 30 14. REFERENCES 31 15. GLOSSARY 32
1. LIST OF ILLUSTRATIONS
* EOQ EXAMPLE: * DELL minimizes the needs for the large inventory by building a computer only after an order is received. * WAL-MART collaborates with its suppliers to keep shelves stocked with the right amount and quantity of merchandise to minimize inventory accumulation. * Example of JIT IN TOTYOTA * An example for the coupling matrix model for equipment between VED and HML analysis.
2. ABSTRACT
This is operation management term paper. It covers the topic inventory management and control: latest trends techniques. This paper goes into a detail of inventory management, objectives, purpose, types of inventory, inventory costs, inventory model, various inventory control technique and have a detail section of
ON
INVENTORY MANAGEMENT AND CONTROL: LATEST TRENDS AND TECHNIQUES
TABLE OF CONTENTS
1. LIST OF ILLUSTRATIONS 3 2. ABSTRACT 5 3. INTRODUCTION 6 4. TYPES OF INVENTORY 7 4.1. PURPOSE OF KEEPING INVENTORY 7 5. INVENTORY MANAGEMENT 8 5.1. OBJECTIVES 8 5.2. SYMPTOMS OF POOR INVENTORY MANAGEMENT 8 6. MEASUREMENT OF EFFECTIVENESS 9 7. FINANCIAL IMPACT OF INVENTORY: 10 8. INVENTORY COSTS 11 8.1. INVENTORY CARRYING COST: 11 8.2. STORAGE SPACE COST: 12 8.3. STOCK-OUT COSTS: 13 9. IMPACT OF DEMAND PATTERN ON INVENTORY MANAGEMENT: 13 9.1. PULL VERSUS PUSH PRODUCTION SYSTEM: 13 9.2. DEPENDENT OR INDEPENDENT DEMAND INVENTORY: 14 10. INVENTORY MODEL 15 10.1. ECONOMIC ORDER QUANTITY MODEL (EOQ) 15 10.2. P-SYSTEM 16 10.3. Q-SYSTEM 16 11. SELECTIVE INVENTORY CONTROL TECHNIQUES 17 11.1. ABC ANALYSIS: 17 11.2. XYZ ANALYSIS 19 11.3. FSN ANALYSIS 20 11.4. VED ANALYSIS 20 11.5. HML ANALYSIS 22 11.6. SDE ANALYSIS: 23 11.7. SOS ANALYSIS: 23 11.8. GOLF ANALYSIS: 24 11.9. JUST IN TIME SYSTEM (JIT) 24 12. JUST-IN-TIME IN TOYOTA: 27 13. CONCLUSION 30 14. REFERENCES 31 15. GLOSSARY 32
1. LIST OF ILLUSTRATIONS
* EOQ EXAMPLE: * DELL minimizes the needs for the large inventory by building a computer only after an order is received. * WAL-MART collaborates with its suppliers to keep shelves stocked with the right amount and quantity of merchandise to minimize inventory accumulation. * Example of JIT IN TOTYOTA * An example for the coupling matrix model for equipment between VED and HML analysis.
2. ABSTRACT
This is operation management term paper. It covers the topic inventory management and control: latest trends techniques. This paper goes into a detail of inventory management, objectives, purpose, types of inventory, inventory costs, inventory model, various inventory control technique and have a detail section of