Inventory Management

Category: Education

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Presentation Transcript

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Inventory + Management -: Inventory :- A detailed list of all the items in stock -: Management :- The act of managing something


INVENTORY MANAGEMENT Properly maintaining adequate stocks to ensure uninterrupted service

Types of Inventory : 

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

Inventory Positions in the Supply Chain : 

Inventory Positions in the Supply Chain Inventory used form Raw Materials Works in Process Finished Goods Finished Goods in Field

Inventory Management Involves Knowing… : 

Inventory Management Involves Knowing… What and how much stock you have When to order fresh supplies What and how much has been ordered, when it was ordered Where all supplies are stored When and how much fresh stock was received, and by whom

Reasons for Inventories : 

Reasons for Inventories Improve customer service Economies of purchasing Economies of production Transportation savings Hedge against future Unplanned shocks (labor strikes, natural disasters, surges in demand, etc.) To maintain independence of supply chain

Nature of Inventory : 

Nature of Inventory Remember this? Quality Speed Flexibility Cost

Inventory Costs : 

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

Cost Model : 

Cost Model

Classifying Inventory Items : 

Classifying Inventory Items ABC Classification (Pareto Principle) A Items: very tight control, complete and accurate records, frequent review B Items: less tightly controlled, good records, regular review C Items: simplest controls possible, minimal records, large inventories, periodic review and reorder

Maintain Inventory Records : 

Maintain Inventory Records Stock Card Simple, heavyweight cards Kept for each item in stock Stock Book or Computer Record Contains listing of all items in the laboratory Update monthly after physical count Use information from stock cards

Stock Card: : 

Stock Card: Item Name: __________ Unit: __________ Manufacturer: ________________________ Minimum Stock (Re-Order Level): ___________

Calculating Minimum Stock Level : 

Calculating Minimum Stock Level Maximum lead time = 2 weeks Maximum usage/wk = 3 kits Minimum stock level = 2 x 3 = 6 kits When only 6 kits are left, place an order

Ensure Proper Storage of Inventory : 

Ensure Proper Storage of Inventory Keep in a clean , organized and located storeroom. Store according to manufacturer’s instructions Place in well ventilated room Store away from direct sunlight Place items on shelves New shipments placed behind existing items First in, first out

Key Messages : 

Key Messages Maintain an adequate inventory at all time Don’t let any item run out before re-order. Never order more than your storage space can hold. Never order more supplies than you can use before they are expired. All items in the inventory must be accounted for and recorded. Always inspect new shipment before accepting.

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