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unit-3(Industrial Management)

unit-3(Industrial Management)

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Published by Ankur Agrawal

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Categories:Types, School Work
Published by: Ankur Agrawal on Feb 17, 2012
Copyright:Attribution Non-commercial


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:- Any resource that has a certain value and which can be used at a later time, when the demand forthat item will arise. It is thus a stock of goods, which may be in the form of raw materials, semi-finished goods ( WIP) or finished product.
 An inventory system is the set of policies and controls thatmonitor levels of inventory and determines what levelsshould be maintained, when stock should be replenished,and how large orders should be
Firms invest 25-35 percent of assets in inventory but many do not manage inventories well
To maintain independence of operations
amount of cushion between workcenters
Ensure smooth work flow
To allow flexibility in production scheduling
To meet variation in product demand
To provide a safeguard for variation in raw material orparts delivery time
Protect against supply delivery problems (strikes, weather,natural disasters, war, etc.)
To take advantage of economic purchase-order size
Improve customer service

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