Production and Operations Management

9.

Inventory Management

9.1.

Inventory Fundamentals

9.1.1.

Purpose and Functions of Inventory

9.1.1.1.

Buffer Against Uncertainty

9.1.1.2.

Decoupling Operations

9.1.1.3.

Economies of Scale

9.1.1.4.

Seasonal Demand

9.1.1.5.

9.1.2.

Types of Inventory

9.1.2.1.

9.1.2.2.

Work-in-Process

9.1.2.3.

9.1.2.4.

Maintenance, Repair, and Operating Supplies

9.1.2.5.

9.1.3.

Inventory Costs

9.1.3.1.

9.1.3.2.

9.1.3.3.

9.1.3.4.

9.2.

Inventory Classification and Control

9.2.1.

9.2.1.1.

Classification Criteria

9.2.1.2.

Inventory Policies by Class

9.2.1.3.

Implementation Guidelines

9.2.2.

9.2.3.

9.2.4.

9.2.4.1.

Procedures and Benefits

9.2.4.2.

Accuracy Measurement

9.3.

Independent Demand Inventory Models

9.3.1.

Economic Order Quantity Model

9.3.1.1.

Basic EOQ Model

9.3.1.2.

EOQ Assumptions

9.3.1.3.

EOQ Calculations

9.3.1.4.

Sensitivity Analysis

9.3.2.

EOQ with Quantity Discounts

9.3.2.1.

All-Units Discount

9.3.2.2.

Incremental Discount

9.3.2.3.

Decision Process

9.3.3.

Production Order Quantity Model

9.3.3.1.

Model Assumptions

9.3.3.2.

Optimal Production Quantity

9.3.4.

Planned Shortage Model

9.3.4.1.

Backorder Costs

9.3.4.2.

9.3.5.

Single-Period Model

9.3.5.1.

Newsvendor Problem

9.3.5.2.

Service Level Approach

9.4.

Probabilistic Inventory Models

9.4.1.

Demand Uncertainty

9.4.2.

Safety Stock Determination

9.4.3.

Service Level Concepts

9.4.4.

Reorder Point Systems

9.4.5.

Periodic Review Systems

9.5.

Dependent Demand Inventory

9.5.1.

Material Requirements Planning Logic

9.5.2.

Bill of Materials

9.5.3.

Inventory Records

9.5.4.

MRP Calculations

9.6.

Inventory Management Systems

9.6.1.

Perpetual Inventory Systems

9.6.2.

Periodic Inventory Systems

9.6.3.

Two-Bin Systems

9.6.4.

Vendor-Managed Inventory

9.6.5.

Just-in-Time Inventory

9.7.

Modern Inventory Approaches

9.7.1.

Lean Inventory Management

9.7.2.

Agile Inventory Systems

9.7.3.

Postponement Strategies

9.7.4.

9.7.5.

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10. Aggregate Planning and Master Scheduling