BUSN 70 Lecture Notes - Lecture 46: Statistical Process Control, Critical Path Method, Iso 9000
13 Mar 2021
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Document Summary
Managing inventory approaches to inventory control. Identifies the optimum number of items to order to minimize the costs of managing (ordering, storing and using) them. Schedules the precise quantity of materials needed to make the product. A technique using smaller quantities of materials that arrive just in time for use in the transformation process and therefore require less storage space and other inventory management expense. At walmart, managing inventory involves finding the right balance between excess inventory and not enough inventory. Walmart uses just-in-time inventory management to minimize inventory costs and become more efficient. Globalization requires supply chain managers improve speed and balance resources to compete. Outsourcing, or contracting work to other companies, is linked with competitive advantage through: However, outsourcing may raise negative public opinion. Many athletic shoe manufacturers such as nike outsource production to china and. Vietnam to take advantage of lower labor costs.
