PPT-Inventory Management

Chapter 13 Learning Objectives Define the term inventory List the different types of inventory Describe the main functions of inventory Discuss the main requirements for effective inventory management. Sparkling wines are made all over the world, but true cham­pagne is only made in the cham­pagne region of France. The grapes used are Chardonnay,Pinot Noir and Pinot munier. Life of an Asset. Stages of Life. Acquisition. Added to . Inventory. Asset . Management. Disposal. Fixed Asset Definition:. Not consumed in the normal course of business.. Has a useful life that exceeds one year.. MANAGEMENT,. LEAN and Finance. John Carrico. What is inventory?. Inventory is anything that is purchased and held (stored) prior to use/need. product on-hand, current asset that has been acquired by cash (or payables) and is yet to be consumed. “Every management mistake ends up in inventory.”. Michael C. Bergerac. Former Chief Executive. Revlon, Inc.. Inventory Objective Value. . Last Month’s Earnings: $60,000.00. Divide by Last Month’s Number of Operational Days: . 30. Equals (Average Daily Earnings): $ 2,000.00. This module discusses periodic vs. perpetual systems, inventory position, quantity to order, time between orders, target inventory, lead times, reorder point and . safety stock.. Authors: Stu James and Robert . Life of an Asset. Stages of Life. Acquisition. Added to . Inventory. Asset . Management. Disposal. Fixed Asset Definition:. Not consumed in the normal course of business.. Has a useful life that exceeds one year.. After . studying, . you should be able to:. List the key factors that can be varied in a firm's credit policy and understand the trade-off between profitability and costs involved. . Understand how the level of investment in accounts receivable is affected by the firm's credit policies. . Dr. Ron Tibben-Lembke. Purposes of Inventory. Meet anticipated demand. Demand variability. Supply variability. Decouple production & distribution. permits constant production quantities. Take advantage of quantity discounts. Dr. Ron Lembke. Two Questions. Two main Inventory Questions:. How much to buy?. When is it time to buy?. Also:. Which products to buy?. From whom?. Types of Inventory. Raw Materials. Subcomponents. Work in progress (WIP). Introduction. Scientific inventory management. Mathematical model describes system behavior. Goal: optimal inventory policy with respect to the model. Computerized information processing system maintains inventory level records. Home inventory management is difficult for everyone because we use thousands
of products in our daily life. So, no one can remember the purchase date, expiry
date, and warranty/guarantee detail. But, don’t worry, the “my stuff organizer” app
is here to solve all your Home Inventory related problems. Due to so many products used in a kitchen, kitchen inventory management is a
very difficult task. it’s not possible to remember the stock of all products with
details of the expiry date etc. Why Implement? Time & $$$!!!. Our old physical inventory process would take all day Friday and Saturday to complete and involved over 250 people. With CISTECH‘s RF Physical Inventory solution we completed our physical inventory in 6 hours...