TAILIEUCHUNG - Lecture Logistics theory - lecture 10: Inventory management

Chapter 10 - Inventory management. At the end of this lecture, students should be able to define inventory, understand the various types of inventory, understand the reasons for keeping inventory, understand the inventory models (EOQ, POQ, QD). | Inventory Management Learning outcomes At the end of this lecture, students should be able to Define inventory Understand the various types of inventory Understand the reasons for keeping inventory Understand the inventory models (EOQ, POQ, QD) Managing Facilitating Goods Factory Wholesaler Distributor Retailer Customer Replenishment order Replenishment order Replenishment order Customer order Production Delay Wholesaler Inventory Shipping Delay Shipping Delay Distributor Inventory Retailer Inventory Item Withdrawn What is inventory? Inventory is the raw materials, component parts, work-in-process, or finished products that are held at a location in the supply chain. Inventory decisions are high-risks and high-impacts from the perspective of logistics operations Inventory management is important to avoid under-stocking or over-stocking. What are the two main issues that need attention to ensure proper management of inventory level? Order Quantity- how much to order (EOQ/lot sizes) .

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