GMS 401 Chapter Notes - Chapter 9: Universal Product Code, Economic Order Quantity, Economic Production Quantity

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Omid Jadidi

Document Summary

Inventory an idle material part or product, usually in a warehouse or stockroom. An item kept in inventory is called a stop keeping unit (sku). Inventory management concerned with planning and controlling inventories. To wait while being transported items being transported are called in- To take advantage of economic lot size and quantity discount transit inventory: price discounts available for large quantities, order or replenishment cycle cycle stock. To smooth seasonal demand or production seasonal inventories. Partially completed items work in process (wip) Objective of inventory control to achieve satisfactory levels of customer service while minimizing inventory costs. Level of customer service fill rate/item availability. In-transit locate companies in a supply chain close to each other. Cross dock/ eliminate dc (ship direct to consumer) Safety establish close long-term relationship with suppliers and customers. Seasonal develop sources of supply and demand that collectively extend seasons. Tracking inventories and using inventory control models. Fixed order quantity determining economic order quantity [eoq]