1. Ordering inventory at a predetermined re-order level
2. Ordering inventory when it falls below the designated safety stock level
3. Ordering inventory in consultation with suppliers relative to their available capacity
4. Ordering inventory to supplier call-offs on an as required basis
5. Ordering inventory at a fixed and regular time interval
Ordering inventory at a fixed and regular time interval
1. Materials Requirements Planning
2. Just-in-Time
3. Two-Bin System
4. Order Point
5. Periodic Review
6. Poke-Yoka
Periodic Review
1. Order Point
2. Materials Requirements Planning
3. Just-in-Time
4. Periodic Review
5. Two-Bin System
Periodic Review
1. Replenishment is non-instantaneous
2. Demand is unstable and unpredictable
3. The purchase price per unit varies with the quantity ordered
4. There is a point where stockholding costs are equal to ordering costs
5. A doubling of demand requires a doubling of the order quantity
There is a point where stockholding costs are equal to ordering costs
1. Will depend on how many related parts are required in the same period
2. Is used to calculate how much safety stock should be carried
3. Is a formula that calculates a realistic purchase price for an item
4. Should be calculated once a year
5. Determines the lowest order quantity by balancing the cost of ordering against the cost of holding stock
Determines the lowest order quantity by balancing the cost of ordering against the cost of holding stock
Webmaster 22nd of May 2012
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