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Tài liệu tiếng Anh thương mại Chap007 Inventory
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 7: Inventor y 7-2 • Risk Assessment • Inventory carrying cost • Inventory management parameters • Advanced planning and scheduling • Minimizing inventory through commonality Key concepts for discussion 7-3 • Inventory functionality and definitions • Inventory carrying cost • Planning inventory • Managing uncertainty • Inventory management policies • Inventory management practices Overview of inventory 7-4 Because the customer usually isn’t sitting at the plant exit! Why do we have inventories? Queen Elizabeth research station in Antarctica 7-5 Why hold inventory? Economies of scale Purchasing advantages Transportation advantages Manufacturing advantages Balancing supply and demand Seasonality/Speculative Maintaining supply sources Buffering against uncertainty Uncertainty in demand Uncertainty in supply 7-6 Factors influencing inventory levels Average inventory Number of products Service level objectives Supply chain structure Financial implications of inventory Companies rely on forecasts (demand/supply) to assist in determining how much inventory to carry 7-7 Aggregate inventory 7-8 Sources of organizational risk • Market Risk – Demand based risk – Market risk • Competitive risk • Customer risk • Service risk – Product • Portfolio • Development • Launch – Sales Planning and Forecasting – Life-Cycle Risk Management • Supply Risk – Business strategy – Supplier – Operations – Logistics – Inventory • Financial Risk – Investment – Tax – Expatriation of funds 7-9 Supply risk • Business strategy – Outsourcing philosophy – Control – Information technology – Intellectual property • Supplier – Strategic sourcing – Selection – Contracting – Supplier management • Operations – Capability – Capacity – Flexibility • Logistics – Capacity – Availability – Security – Lead time • Inventory – Policies – Ownership – Visibility – Obsolescence – Financial Planning 7-10 • Typical measures of exposure to investments in inventory – Time duration – Depth of commitment – Width of commitment • Supply chain exposure based on location – Manufacturer’s exposure is typically narrow, but deep and of long duration – Wholesaler’s exposure is wider than manufacturers and somewhat deep • Duration is medium – Retailer’s exposure is wide, but not very deep • Duration is usually short except for specialty retailers Risks associated with holding inventory [...]... received – Obsolete inventory is stock that is out-of-date or is not in recent demand – Speculative inventory is bought to hedge a currency exchange or to take advantage of a discount – Safety stock is the remainder of inventory in the logistics system 7-14 Average inventory is the typical amount stocked over time Average inventory equals the maximum inventory plus the minimum inventory divided by... transportation economies Figure 7.2 Alternative Order Quantity and Average Inventory 7-16 Inventory carrying cost is the expense associated with maintaining inventory • Inventory expense is – Annual inventory carrying cost percent times average inventory value • Cost components – Cost of capital is specified by senior management – Taxes on inventory held in warehouses – Insurance is based on estimated risk... • No interaction between multiple items of inventory • No inventory is in transit • No limit is placed on capital availability 7-24 Relationships useful for guiding inventory planning • EOQ is found at the point where annualized order placement cost and inventory carrying cost are equal • Average base inventory equal one-half order quantity • Value of the inventory unit, all other things being equal,... customer orders filled completely 7-13 Inventory definitions • Inventory includes materials, components, work-inprocess, and finished goods that are stocked in the company’s logistical system – The cycle inventory (base stock) is the portion of average inventory that results from replenishment – Order quantity is the amount ordered for replenishment – Transit inventory represents the amount typically... forecast or Unexpected delays in delivery (aka safety stock) 7-11 Inventory policy • Inventory policy is a firm’s guidelines concerning – What to purchase or manufacture – When to take action – In what quantity should action be taken – Where products should be located geographically • Firm’s policy also includes decisions about which inventory management practices to adopt 7-12 Service level • Service... percent used by a firm is a managerial policy Table 7.2 Inventory Carrying Cost Components Click to edit Master text styles Second level Third level Fourth level Fifth level 7-18 Inventory ordering cost components • • • • • Order preparation costs Order transportation costs Order receipt processing costs Material handling costs Total cost is driven by inventory planning decisions which establish when and... inventory plus the minimum inventory divided by two Typically equal to ½ order quantity + safety stock + in-transit stock Figure 7.1 Inventory Cycle for Typical Product 7-15 Smaller replenishment order quantities results in lower average inventory • Policy must decide how much inventory to order at a specified time – Reorder point defines when a replenishment order is initiated • However, other factors... larger quantities are purchased – If discount is sufficient to offset added inventory carrying cost less the reduced cost of ordering then it is viable choice • Other EOQ adjustments – – – – – Production lot size Multiple-item purchase Limited capital Dedicated trucking Unitization 7-26 Uncertainty in inventory management • Inventory policy must deal with uncertainty – Demand uncertainty — when and... Performance cycle uncertainty — how long will it take to replenish inventory with our customers? • Variations must be considered in both areas to make effective inventory planning decisions 7-27 Demand uncertainty can be managed using safety stock • To protect against stockout when uncertain demand exceeds forecast we add safety stock to base inventory • Planning safety stock requires three steps – Determine... ordering with the cost of maintaining average inventory – Assumes demand and costs are relatively stable for the year – Does not consider impact of joint ordering of multiple products Figure 7.4 Economic Order Quantity 7-21 Standard mathematical solution for EOQ 7-22 Example EOQ solution using Table 7.3 • Total ordering cost is $152 = (2400/300 x $19.00) • Inventory carrying cost is $150 = [300/2 x (5 . of inventory in the logistics system Inventory definitions 7-15 Average inventory is the typical amount stocked over time Average inventory equals the maximum inventory plus the minimum inventory. functionality and definitions • Inventory carrying cost • Planning inventory • Managing uncertainty • Inventory management policies • Inventory management practices Overview of inventory 7-4 Because. results in lower average inventory Figure 7.2 Alternative Order Quantity and Average Inventory 7-17 • Inventory expense is – Annual inventory carrying cost percent times average inventory value • Cost