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1、OPERATIONS MANAGEMENT Chapter 12 Inventory Management中南财经政法大学 工商管理学院 刘大明OPERATIONS MANAGEMENTChapter 12Inventory Management*中南财经政法大学 工商管理学院 刘大明Amazon4Amazon started as a “virtual” retailer no inventory, no warehouses, no overhead; just computers taking orders to be filled by othersGrowth has forced
2、Amazon to become a world leader in warehousing and inventory management中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明AmazonEach order is assigned by computer to the closest distribution center that has the product(s)A “flow meister” at each distribution center assigns work crewsLights indicate products tha
3、t are to be picked and the light is reset (pick-to-light)Items are placed in crates on a conveyor. Bar code scanners scan each item 15 times to virtually eliminate errors.中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明AmazonCrates arrive at central point where items are boxed and labeled with new bar codeGi
4、ft wrapping is done by hand at 30 packages per hourCompleted boxes are packed, taped, weighed and labeled before leaving warehouse in a truckOrder arrives at customer within a week中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明AmazonA “flow meister” at each distribution center assigns work crews中南财经政法大学 工商管
5、理学院 刘大明*中南财经政法大学 工商管理学院 刘大明AmazonLights indicate products that are to be picked and the light is reset (“pick-to-light” system)中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明AmazonItems are placed in crates on a conveyor. Bar code scanners scan each item 15 times to virtually eliminate errors.中南财经政法大学 工商管理学
6、院 刘大明*中南财经政法大学 工商管理学院 刘大明AmazonGift wrapping is done by hand at 30 packages per hour中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明AmazonCompleted boxes are packed, taped, weighed and labeled before leaving warehouse in a truck中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明InventoryOne of the most expensive assets
7、of many companies representing as much as 50% of total invested capitalOperations managers must balance inventory investment and customer service中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明Types of InventoryRaw materialPurchased but not processedWork-in-processUndergone some change but not completedA fun
8、ction of cycle time for a productFinished goodsCompleted product awaiting shipmentMaintenance/repair/operating (MRO)Necessary to keep machinery and processes productive中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明Functions of InventoryTo ”decouple” or separate various parts of the production processTo pro
9、vide a stock of goods that will provide a “selection” for customersTo take advantage of quantity discountsTo hedge against inflation and upward price changesBuffer InventorySafety InventoryCycle InventoryPipeline InventorySeasonal Inventory中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明The Material Flow Cyc
10、leFigure 12.1Pipeline Inventory中南财经政法大学 工商管理学院 刘大明*中南财经政法大学 工商管理学院 刘大明Higher costsItem cost (if purchased)Ordering (or setup) costCosts of forms, clerks wages etc.Holding (or carrying) costBuilding lease, insurance, taxes etc.Difficult to controlHides production problemsDisadvantages of Inventory中南财
11、经政法大学 工商管理学院 刘大明*Of the items listed on this slide, the least obvious to most students is the manner in which inventory can be used to hide production problems.*中南财经政法大学 工商管理学院 刘大明Divides inventory into three classes based on annual dollar volumeClass A - high annual dollar volumeClass B - medium an
12、nual dollar volumeClass C - low annual dollar volume $ volume = Annual demand x Unit costUsed to establish policies that focus on the few critical parts and not the many trivial onesDevelop class A suppliers moreGive tighter physical control of A itemsForecast A items more carefullyABC Analysis中南财经政
13、法大学 工商管理学院 刘大明*It might be helpful here to discuss some of the differences in the ways we would manage items in the three different levels. What actions would we actually take in managing A versus in managing C?*中南财经政法大学 工商管理学院 刘大明Classifying Items as ABCFigure 12.2中南财经政法大学 工商管理学院 刘大明*Are we back to
14、 Pareto analysis?*中南财经政法大学 工商管理学院 刘大明Example 1中南财经政法大学 工商管理学院 刘大明Sheet1ItemAnnual usageUnit costAnnual dollar volumePercentAccumulative percentPercent of itemsClass#10286100090.0090000.0038.80A#11526500154.0077000.0033.2072%20%A#12760155017.0026350.0011.40B#1086735042.8615001.006.50B#10500100015.5012500.005.4023%30%B#1257260014.178502.003.70C#1407520000.601200.000.50C#010361008.50850.000.40C#0103712000.42504.000.20
