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Investor Planning Essay

1154 words - 5 pages

ventory planning Chapter 12: Inventory planning and... 
Study guide |
This chapter is relatively unusual in so much as it takes more of a quantitative approach to its topic. While not avoiding quantitative models where they are appropriate, the general approach of this book is to deal with operations management from a ‘general management’ point of view. Here we include some quantitative models of how inventory is managed mainly to demonstrate that some parts of the inventory decision can be quantified. In practice, most of these decision models will be embedded within an operation’s routine stock control computer system. However, whilst working through them remember that it is the ...view middle of the document...

Stock is both good and badThe problem with inventory management is that keeping stock has both advantages and disadvantages.The advantages include, * Inventory allows customers to be served quickly and conveniently (otherwise you would have to make everything as the customer requested it). * Inventory can be used so a company can buy in bulk, which is usually cheaper. * Inventory allows operations to meet unexpected surges in demand. * Inventory is an insurance if there is an unexpected interruption in supply from outside the operation or within the operation. * Inventory allows different parts of the operation to be ‘decoupled’. This means that they can operate independently to suit their own constraints and convenience while the stock of items between them absorbs short-term differences between supply and demand. In many ways this is the most significant advantage of inventory.The disadvantages of inventory include, * It is expensive. Keeping inventory means the company has to fund the gap between paying for the stock to be produced and getting revenue in by selling it. This is known as working capital. There is also the cost of keeping the stock in warehouses or containers. * Items can deteriorate while they are being kept. Clearly this is significant for the food industry whose products have a limited life. However, it is also an issue for any other company because stock could be accidentally damaged while it is being stored. * Products can become obsolescent while they are being stored. Fashion may change or commercial rivals may introduce better products. * Stock is confusing. Large piles of inventory around the place need to be managed. They need to be counted, looked after and so on.The objectives of inventory planning and controlGenerally the operations objectives of managing the company’s inventories include the following. * Quality – products need to be maintained in as good a condition as possible while they are being stored. For perishable products this means not storing them for very long. * Speed – inventories must be in the right place to ensure fast response to customer requests. * Dependability – the right stock must be in the right place at the right time to satisfy customer demand. There is no point having the wrong products in stock. * Flexibility – stock should be managed to allow the operation to be flexible. For example, that may mean keeping sufficient stock to allow the operations processes to switch to producing something else and yet being able to satisfy customers during that period from existing stock levels. * Cost – if possible the total cost of managing stock levels should be minimised....

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