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1、Basic Inventory Trade OffWhat s inventory? Inventory classifications Costs associated with inventory,CHAPTER 4Inventory Management,Key Words,work in process (WIP) 在制品库存,半成品 maintenance/repair/ operating (MRO）维修库存 cycle (or base) stock经常库存 safety (or buffer) stock安全库存 in-transit (pipeline) stock在途库存
2、speculative stock投机库存 Dead stock 呆滞存货 Inventory carrying (holding) costs 库存持有成本 obsolescence 陈仓 Stockout缺货 JIT 准时制 VMI 供应商管理库存,Basic Inventory Trade Off,Logistics and Finance Inventory increases costs and decreases ROA (return on assets),Marketing and Operations Inventory increases responsiveness to
3、 demand and ability to achieve economies of scale,VS.,What s inventory?,Inventory refers to stocks of good that are maintained for a variety of purposes,such as for resale to others,as well as to support manufacturing or assembling processes.,Inventory in manufacturing and distribution Normally cons
4、idered: raw materials purchased parts (components) work in process (WIP) finished goods (unsold, undelivered) maintenance/repair/ operating (MRO）,ALSO INCLUDE:,goods in transit (when volume is considerable and transport times is long). packaging, waste, recycled materials (when it is an integrated p
5、art of the main business, such as return paper, plastics or bottles, where volume is considerable) products rejected by the customer and returned to us for repair or compensation.,Inventory classifications,Types of Inventory/StockCycle stock In-transit stock Safety or buffer stock Speculative stock
6、Dead stock,Types of Inventory/Stock,Cycle (base) stock refers to inventory that is needed to satisfy normal demand during the course of an order cycle. If demand and lead time is constant, only cycle stock is necessary. Safety (buffer) stock refers to inventory that is held in addition to cycle stoc
7、k to guard against uncertainty in demand and/or lead time.,Transit stock Refers to the goods on the way from one point to anther point. If the goods cannot be sale or be transported before they arrived the destination, we can regard those goods as a part of cycle stock Speculative stock Refers to in
8、ventory held for reasons other than satisfying current demand, often acquired to reach economies of scale or to generate seasonal stock. Dead stock Dead stock includes items for which no demand has been registered and may become obsolete.,Costs associated with inventory,Inventory carrying cost Stock
9、-out cost Ordering cost,Inventory Carrying Cost (include only those costs that vary with the level of inventory),Inventory carrying costs,Labor cost,heating, cooling, energy cost,Insurance,Taxes,Obsolescence,Inventory shrinkage,Storage costs,Inventoryservicecosts,Inventoryrisk costs,warehouse rent o
10、r depreciation,Stock-out cost,Stock-out refers to the situation when customer demands items and those items are not immediately available. Estimating the cost or consequence for a stock-out involve an understanding of customer reaction to a company being out of stockthree responses: delay sales, los
11、s sale and loss customer Therefore, possible costs of a stock-out include: Back order costs Lost sales costs Lost customer costs,Inventory ordering costs (transaction costs),Ordering costs include the purchasing agents salary and travel/entertainment budget, administrative and secretarial support, o
12、ffice space, copiers and office supplies, forms and documents, long-distance telephone bills, and computer systems and support. Also, some firms include the cost of shipping the purchased goods. It varies very much, depending on company routines.,Contemporary approaches to inventory management,JIT T
13、he JIT approach seeks to minimize inventory by reducing safety stock, as well as by having the required amount of materials arrive at the production location at the exact time that they are needed,pros of JIT,Reduced inventory Eliminating waste Reduced space requirements increases flexibility (short
14、er lead time, smaller batches) Improved quality Increased productivity Strengthen relationship with supply chain partner,VMI,Under vendor-management inventory (VMI), the vendor (can be manufacturer or other kind of supplier) is responsible for maintaining the customers inventory levels. The vendor h
15、as access to the customers inventory data and is responsible for generating purchase orders. This access is accomplished electronically by EDI and / or Internet.,The pros of VMI,To customer: Decrease the stock-out and inventory levels. The overall service level is improved by having the right produc
16、t at the right time. Planning and ordering cost will decrease due to the responsibility being shifted to the Manufacturer. Allow the company to focused on their core business,The pros of VMI,To vendor: Being able to access to customers data makes forecasting easier and more accurate. Reduction in customers ordering errors Visibility to inventory level helps to identify priorities and therefore can achieve better customer service,Cons of VMI,Lack of independence The risk
