Chapter 9: Inventory Management


Inventory Reduction Tactics (2 of 2)



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Week 8 inventory management (3)

Inventory Reduction Tactics (2 of 2)

  • Anticipation inventory
    • Match demand rate with production rates
      • Add new products with different demand cycles
      • Provide off-season promotional campaigns
      • Offer seasonal pricing plans
  • Pipeline inventory
    • Reduce lead times
      • Find more responsive suppliers and select new carriers
      • Change Q in those cases where the lead time depends on the lot size

Example 1 (1 of 3)

  • A plant makes monthly shipments of electric drills to a wholesaler in average lot sizes of 280 drills. The wholesaler’s average demand is 70 drills a week, and the lead time from the plant is 3 weeks. The wholesaler must pay for the inventory from the moment the plant makes a shipment. If the wholesaler is willing to increase its purchase quantity to 350 units, the plant will give priority to the wholesaler and guarantee a lead time of only 2 weeks. What is the effect on the wholesaler’s cycle and pipeline inventories?

Example 1 (2 of 3)

  • The wholesaler’s current cycle and pipeline inventories are
  • Sum of Inventory = 140 + 210 = 350

Example 1 (3 of 3)

  • The wholesaler’s cycle and pipeline inventories if they accept the new proposal
  • Sum of Inventory = 175 + 140 = 315

Exercise: Inventory Game

  • Let’s play an inventory game.
  • You need to decide how much and when to order for the product.
  • The student who gets the lowest total cost will get a gift from the instructor.
    • Starbucks coffee and cake

How Much To Order?

  • Economic Order Quantity:
    • The lot size that minimizes total annual inventory holding and ordering costs
  • Five assumptions
    • The demand rate is constant and known with certainty.
    • No constraints are placed on the lot size.
    • The only two relevant costs are the inventory holding cost and the ordering cost per lot or setup.
    • Decisions for one item can be made independently of decisions for other items.
    • The lead time is constant and known with certainty.

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