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The flashcards below were created by user
AmeerNuub
on FreezingBlue Flashcards.
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How do sales and merketing view inventory?
Meeting customer due dates and service levels.
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What is materials management and purchasing's concern with inventory?
Adequate raw materials on had while keeping inventory costs low.
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What is manufacturing and finance's concern with inventory?
Balancing production costs with inventory costs.
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Whate are 3 objectives of aggregate inventory management?
- Support business strategy and operations.
- Ensure that inventory practices support financial objectives.
- Balance customer service, operations efficiency, and inventory investment cost objectives.
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Aggregate inventory management is concerned with what level impacts of inventory?
Business-level impacts.
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What are 5 concepts that are imported understanding aggregate inventory management?
- inventory classification
- decoupling of supply and demand
- functions and objectives
- inventory costs
- financial implications and performance measurement
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What are 4 decision rules about individual inventory items?
- which are most important
- how to control
- how much at one time
- when to place order
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Inventory can be classified accourding to which 5 stages?
raw matierial
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Inventory can be classified according to which 5 stages?
- raw material
- WIP
- finished goods
- distribution
- MRO
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Inventory decouples demand from?
Supply
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Inventory decouples customer demand from?
Finished goods
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Inventory decouples finished goods from?
Component availability.
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Inventory decouples output of one operation from?
Output of preceding operation.
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Inventory decouples materials to begin production from?
Suppliers of material.
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Why does WIP and finished goods inventory build up?
Capacity and materials are available sooner or later than ideal.
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Why produce in batches?
To build inventory and decouple finished goods from customer demand because you don't have dedicated machinery.
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