The Sleeping Giant

To estimate inventory you need to consider the lead time from your suppliers, economic order quantities and sales projections. The risk is that you will run out of stock and have very unhappy customers. Express the inventory policy in terms of days or turns.

Ever thought that civilian government employees get paid too much or, that they hardly work? Or, wondered what civilian Tinker employees really do? Well, before I became a Federal employee for the Department of Defense, I had the same thoughts. I did not realize what all Air Force civilian employees really do. When I started working out at Tinker Air Force Base, I was a tool crib attendant, and a year and a half later I became a Management Assistant and now I am currently an Inventory Management Specialist (IMS). When I was hired for the IMS position my boss told me it will take me approximately 3 to 5 years to fully understand my job and to become a Journeyman (Subject Matter Expert). I thought she was only kidding, but as it turns she was not. I have been working as an IMS for almost two years and still have not learned everything about my job, and I’m always learning new things.

America, an insignificantly small country located on the coast of the Atlantic, founded in 1776, was looked at, as a non-factor with no importance by other countries. Little did they know America would grow into one of the most powerful industries as well as continental nations of all time. Although, America was thriving in success, its good fortune came with a price, a price that others had to pay. America’s power came from other social groups, in which they had no idea what they were getting into as well as what was to come. America was a sleeping giant that was ready to be awakened, and the time came.

Although Lynair’s current inventory management practices prove functionality over the last 20 years, there are five feasible options that will drastically improve parts accountability, and the amount of time spent on producing requisitions and purchase orders. The findings revealed a significant amount of time spent locating parts, and creating a requisition request for parts needed to complete an order even though there are many viable ways to improve operations. The five recommendations include; utilizing current software capabilities that are currently not being used; having noteworthy vendors implement their designed reordering systems; further review outside software systems to support inventory

1. EOQ model 2. EOQ cost analysis (problem 1) 3. EOQ model 4. EOQ model 5. Noninstantaneous receipt model 6. Shortage model 7. EOQ model and reorder point 8. EOQ model and reorder point 9. Noninstantaneous receipt model 10. Noninstantaneous receipt model 11. EOQ model and reorder point 12. Noninstantaneous receipt model 13. Shortage model 14. Shortage model 15. Shortage model 16. Quantity discount model 17. EOQ model 18. EOQ model 19. Noninstantaneous receipt model 20. EOQ model 21. EOQ model analysis 22. Noninstantaneous receipt model analysis 23. Carrying cost determination 24. Quantity discount model 25. Quantity discount model 26. Quantity discount model 27. Quantity discount

Managing what's in a warehouse or on the shop floor can be extremely complex if you're looking for optimal cost and supply chain management capabilities( Needleman, 2017 ). Inventory estimation and control is directly impacted a company’s profitability.

The most important part in supply chain management is managing inventory as company operation tries to minimize cost from supplier, manufacturing, and production. Regarding to inventory, the management accounting must have understand the basic of inventory management. There are a numbers of techniques including: ABC system, EOQ model, TQM, and JIT system. All those several system are relating in managing control as EOQ still has to be considerate in JIT methodology, or quality control is also important part in JIT.

Merchandise Inventory has two types of Inventory systems, Perpetual and Periodic. The perpetual inventory system is based on a running total of units as well as using point-of-sales (POS) registers and scanner (Price, Haddock, & Farina, 2015). The perpetual inventory system on the other hand is based on a periodic count of goods that are on hand, requires that a physical count of the inventory be performed when creating the financial statements of a company. There are also different methods that are used when assigning costs to products, these are: Specific Identification Method, Average Cost Method, FIFO Method (First In-First Out), and LIFO Method (Last In-First Out). When getting ready to choose a method it is

Journey to World Class 3 – Managing Inventory – an excellent Industry Week article on one firm’s move to become a world class organization by managing their inventory.

Currently a company XYZ has multiple products let’s say Pi, i = 1, 2…, 82, and they must meet a demand for their customers let’s say Dj, j = 1, 2…, 40. The current method for placing orders is relying on the owners knowledge in the industry from being in business for over twenty years, but as he is looking to retire he is looking for a more standard way to determine what products to carry and how many. Being a business of course the owner wants to maximize his profit margins as his objective. As for the constraints we will look at the space restriction, supplier limitations, and customer demands. In the end we should have an integer programming

During a conversion at my family dinner my sister mentioned her small clothing store and she also discussed how frustrating it is to manually track and record all of the high demanding items in her store. My sister would like an easier solution for her problem. She decided she wanted an automated system, but she told us that she has a very small budget. So she asked my mother and I for any advice we can give for her store.

When discussing just-in-time most people will focus on its initial position as an inventory control method that attempts to match production as closely to sales as possible. This system attempts to do this by producing or purchasing items just in time to be used, and thereby minimize the cost of holding inventory (Lee & Ebrahimpour, 2007; Federal Reserve Bank of St. Louis, 1995). One expert has stated that just in time seeks to “"produce and deliver finished goods just in time to be sold, sub-assemblies just in time to be assembled into finished goods, fabricated parts just in time to go into subassemblies, and purchased materials just in time to be transformed into fabricated parts." In its most pure sense, just-in-time, seeks to have zero defects, zero machine setup times, zero re-work, and zero lead time, from the time an order is placed with the company until the product is shipped to the purchaser (Lee & Ebrahimpour, 2007). In this pure just-in-time inventory system, once raw materials enter the production facility they are not recorded or inventoried until they leave as a finished good (Epps, 1995).

Inventory management is a topic that has been captured the attention of academic and business communities for long time. Of the most important points that investigated by academicians and practitioners for decades is the selecting of the Economic Order Quantity (EOQ). As the name suggests, EOQ is the order quantity that minimizes total inventory cost. Despite the many variants of the EOQ that have appeared in the literature to fine tune it to reality, it still has limitations. A major one is that it does not take into account the hidden costs inherent in inventory systems. Some of these costs relate to sustainability issues including environmental, social labor, and economic effects. This research proposal considers some of these costs,

There are several different types of inventory or stock and many different ways that these inventories can be classified. Some of those types of stock include cycle, safety, in-transit, promotional, demonstration, retail backroom, replenished retail shelf, seasonal, replenished multiple location impulse, raw material, work in process, finished goods, and spare part. Some would say that there is a difference between inventory and stock. The terms are basically interchangeable, but the two terms do have different meanings. Stock is the finished good that is sold by an organization. In most situations stock also includes raw materials. A good example would be a car dealership that sells a car. The car is sold, but it would also include the tires, the engine, and other accessories that go along with the car, also known as raw materials. Francis (2016) gives a good example of the term inventory.

PROJECT REPORT INVENTORY CONTROL & MANAGEMENT at AMTEK AUTO LIMITED Name: Shubham Chugh Roll No.: 1321001517 INSTITUTE OF MANAGEMENT TECHNOLOGY CENTRE FOR DISTANCE LEARNING GHAZIABAD Table of Contents: Chapter 1: About the organisation 1.1 Introduction 10 1.2 Vision & mission 10 1.3 Core values 10 1.4 Amtek group milestones 10 1.5 Global Structure 11 1.6 Products 11 1.7 Major highlights of Amtek group 12 1.8 Customers 13 CHAPTER 2 : Introduction to problem 2.1 Introduction to problem 16 2.2 Objective of project 16 CHAPTER 3: Introduction to inventory management 3.1 Introduction to inventory management 18 3.2 Nature of inventory 18 3.3 Purpose of holding inventory 19 3.4 Objective of inventory management 19 3.5 Valuation of inventory 20 3.6 Benefits of holding inventory 21 3.7 Inventory control system 22 3.7.1 Inventory control 22 3.7.2 Re-order point 24s 3.7.3 Safety stock 24 3.8 Selective inventory control 24 3.8.1 ABC analysis 24 CHAPTER 4: Methodology 4.1 Methodology 27 4.2 Nature of research 27 4.3 Sampling plan 27 4.4 Data collection & data source 27 4.5 Analysis pattern 28 4.6 Flow chart 30 CHAPTER 5: Define Phase 5.1 Define 32 5.1.1 Preparation of project charter 32 5.1.2 Team formation 33 5.1.3 Kick-off project 33 CHAPTER 6: Measure & Analyze