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Classification of Purchases
• Type of Purchases –
– Energy
– Raw Materials
– MRO
– Resale Items
– Parts and Subassemblies
– Packaging
– Services or tools
– Capital Goods
Classification of Purchases
• Frequency of Purchases
• Stock items
• Physical or Chemical Nature
• Transport Type
A 10 70-80
B 10-20 10-15
C 70-80 10-20
Forecasting
Forecasting Techniques
Inventories
Inventory Costs
• Purpose of Inventory
– Provide and maintain customer care
– Smooth flow of goods through productive process
– Protection against uncertainties
– Reasonable utilization of people and equipment
Inventory Costs
Cycle Demand pattern does not equal supply Balance cost of ordering (or setup)
pattern (goods produced in lot sizes) and cost of carrying inventory
TYPE EXAMPLE
Transit or parts on trains, forklifts, etc.
Pipeline paper forms being moved between departments
Cycle a retail store that orders furniture by the truckload to save ordering and
shipping (set-up) costs
student buys $25 of credit instead of $10 for a photocopy card to reduce
trips for extra credit
2 RS
EOQ
KC
where:
R = annual demand
S = set-up or order cost per order
C = delivered purchase cost
K = carrying cost percentage
therefore:
CTmin
total cost
carrying costs
ordering costs
EOQ
Quantity Ordered
INVENTORY
cycle
stock
ROP
ROP = L × d TIME
lead time (L)
McGraw-Hill/Irwin © 2002 The McGraw-Hill Companies, Inc., All Rights Reserved.
6-26
Safety Stock
cycle
INVENTORY stock
(Q)
ROP
Safety
Stock
TIME
lead time
McGraw-Hill/Irwin © 2002 The McGraw-Hill Companies, Inc., All Rights Reserved.
6-28
Safety
Stock
lead TIME
time review
period
McGraw-Hill/Irwin © 2002 The McGraw-Hill Companies, Inc., All Rights Reserved.
6-30
What is JIT?
What is JIT?
Kanban
• Frequent deliveries
• Exacting quality
• Long-term relationships/contracts