11-1 Inventorv Management

William J. Stevenson
Operations Management
8
th
edition
11-2 Inventorv Management
CH/FIEF
11
lnvenIc(y
McnccemenI
McGraw-HI!!/IrwIn
Opcra|icns Managcncn|. |ign|n |di|icn. ou li||ian ]. S|ctcnscn
Ccpurign| © 2005 ou Tnc McGrau-Hi|| Ccnpanics. |nc. A|| rign|s rcscrtcd.
11-3 Inventorv Management
Independent Demand
A
B(4) C(2)
D(2) E(1) D(3)
F(2)
Dependent Demand
Independent demand is uncertain.
Dependent demand is certain.
3;03947 a stock or store of goods
11-4 Inventorv Management
Iype: cf lnvenIc(ie: Iype: cf lnvenIc(ie:
- Raw materials & purchased parts
- Partially completed goods called
ork in progress
- inished-goods inventories
- (manufacturing firms
or merchandise
(retail stores
11-5 Inventorv Management
Iype: cf lnvenIc(ie: {CcnI´c) Iype: cf lnvenIc(ie: {CcnI´c)
- Replacement parts, tools, & supplies
- Goods-in-transit to warehouses or customers
11-6 Inventorv Management
:ncIicn: cf lnvenIc(y :ncIicn: cf lnvenIc(y
- %o meet anticipated demand
- %o smooth production requirements
- %o decouple operations
- %o protect against stock-outs
11-7 Inventorv Management
:ncIicn: cf lnvenIc(y {CcnI´c) :ncIicn: cf lnvenIc(y {CcnI´c)
- %o take advantage oI order cycles
- %o help hedge against price increases
- %o permit operations
- %o take advantage oI quantity discounts
11-8 Inventorv Management
-ecIive cf lnvenIc(y CcnI(c| -ecIive cf lnvenIc(y CcnI(c|
- %o achieve satisIactory levels oI customer
service while keeping inventory costs within
reasonable bounds
- Level oI customer service
- Costs oI ordering and carrying inventory
11-9 Inventorv Management
y lnvenIc(y CcnI(c|° y lnvenIc(y CcnI(c|°
11-10 Inventorv Management
y lnvenIc(y CcnI(c|° y lnvenIc(y CcnI(c|°
nadequate inventory control can result in both:
-understocking
-overstocking
%wo Iundamental decisions:
timing hen to order)
size ho much to order)
11-11 Inventorv Management
- system to keep track oI inventory
- reliable Iorecast oI demand
- Knowledge oI lead times
- Reasonable estimates oI
- Holding costs
- Ordering costs
- Shortage costs
- classiIication system
EffecIive lnvenIc(y McnccemenI EffecIive lnvenIc(y McnccemenI
11-12 Inventorv Management
lnvenIc(y Cc:nIinc Sy:Iem: lnvenIc(y Cc:nIinc Sy:Iem:
- !eriodic Svstem
Physical count oI items made at periodic
intervals. Order is placed Ior variable amount rder is placed Ior variable amount
aIter Iixed passage oI time. aIter Iixed passage oI time.
- !erpetual ontinuous) ontinuous) Inventorv Svstem
System that keeps track
oI removals Irom inventory
continuously, thus monitoring
current levels oI each item.
Constant amount is ordered when Constant amount is ordered when
inventory declines to predetermined inventory declines to predetermined
level level
11-13 Inventorv Management
lnvenIc(y Cc:nIinc Sy:Iem: {CcnI´c) lnvenIc(y Cc:nIinc Sy:Iem: {CcnI´c)
- %o-Bin Svstem - %wo containers oI
inventory; reorder when the Iirst is empty
- &niversal Bar ode - ar code
printed on a label that has
inIormation about the item
to which it is attached
0
214800 232087768
11-14 Inventorv Management
- Lead time: time interval between ordering
and receiving the order
- olding carrving) costs: cost to carry an
item in inventory Ior a length oI time,
usually a year
- rdering costs: costs oI ordering and
receiving inventory
- Shortage costs: costs when demand exceeds
supply
ey lnvenIc(y Ie(m: ey lnvenIc(y Ie(m:
11-15 Inventorv Management
/8C C|c::ificcIicn Sy:Iem /8C C|c::ificcIicn Sy:Iem
ClassiIying inventory according to some
measure oI importance and allocating control
eIIorts accordingly.
A A - very important
BB - mod. important
C C - least important
igure 11.1
nnuaI
$ vaIue
of items



igh
Low
Few
Many
Number of Items
11-16 Inventorv Management
/8C C|c::ificcIicn /8C C|c::ificcIicn
- items
- 15-20° oI items that account Ior 75-80° oI
annual inventory value
- items
- 30-40° oI items that account Ior 15° oI
annual inventory value
- C items
- 40-50° oI items that account Ior 10-15° oI
annual inventory value
11-17 Inventorv Management
/8C C|c::ificcIicn /8C C|c::ificcIicn
11-18 Inventorv Management
/8C C|c::ificcIicn Sy:Iem /8C C|c::ificcIicn Sy:Iem
902
no.
Annual
d02and
Uni9 cos9
($)
Annual
valu0 ($)
Classifica9ion
8 1,000 4,000 4,000,000 A
5 3,900 700 2,730,000 A
3 1,900 500 950,000 B
6 1,000 915 915,000 B
1 2,500 330 825,000 B
4 1,500 100 150,000 C
12 400 300 120,000 C
11 500 200 100,000 C
9 8,000 10 80,000 C
2 1,000 70 70,000 C
7 200 210 42,000 C
10 9,000 2 18,000 C
11-19 Inventorv Management
Cyc|e Cc:nIinc Cyc|e Cc:nIinc
- physical count oI items in inventory
- Cycle counting management
- How much accuracy is needed?
- When should cycle counting be perIormed?
- Who should do it?
11-20 Inventorv Management
Ie lnvenIc(y Cyc|e Ie lnvenIc(y Cyc|e
igure 11.2
!rofiIe of Inventory LeveI Over Time
Quantity
on hand
Q
Receive
order
!Iace
order
Receive
order
!Iace
order
Receive
order
Lead time
Reorder
point
Usage
rate
Time
11-21 Inventorv Management
Ie lnvenIc(y Cyc|e Ie lnvenIc(y Cyc|e
11-22 Inventorv Management
- conomic order quantity model
- conomic production model
- Quantity discount model
Eccncmic (ce( C:cnIiIy Mcce|: Eccncmic (ce( C:cnIiIy Mcce|:
11-23 Inventorv Management
- Only one product is involved
- nnual demand requirements known
- Demand is even throughout the year
- Lead time does not vary
- ach order is received in a single delivery
- %here are no quantity discounts
/:::mpIicn: cf EC Mcce| /:::mpIicn: cf EC Mcce|
11-24 Inventorv Management
Ie lnvenIc(y Cyc|e Ie lnvenIc(y Cyc|e
igure 11.2
!rofiIe of Inventory LeveI Over Time
Quantity
on hand
Q
Receive
order
!Iace
order
Receive
order
!Iace
order
Receive
order
Lead time
Reorder
point
Usage
rate
Time
11-25 Inventorv Management
Cc((yinc Cc:I Cc((yinc Cc:I
nnual carrying cost is computed by multiplying the
average amount oI inventory on hand by the cost to
carry one unit Ior one year.
nnual carrying cost ÷
where
Q ÷ order quantity in units
H ÷ annual holding cost per unit

"
2
11-26 Inventorv Management
Cc((yinc cc:I Cc((yinc cc:I
Order quantity (Q)
A
n
n
u
a
l

c
o
s
t

"
2
arrying costs are linearly related to order size
11-27 Inventorv Management
(ce(inc cc:I (ce(inc cc:I
nnual ordering cost will decrease as order size
increases because the larger the order size, the Iewer
orders are needed.
nnual ordering cost ÷
where
D ÷ demand, usually units per year
S ÷ ordering cost
S
"

11-28 Inventorv Management
(ce(inc cc:I (ce(inc cc:I
A
n
n
u
a
l

c
o
s
t
S
"

Ordering costs are inversely and non-linearly related to order size
Order quantity (Q)
11-29 Inventorv Management
IcIc| Cc:I IcIc| Cc:I
nnuaI
carrying
cost
nnuaI
ordering
cost
TotaI cost = +
"

"
$
T =
+
11-30 Inventorv Management
Cc:I MinimizcIicn Gcc| Cc:I MinimizcIicn Gcc|
Order Quantity
(Q)
The TotaI-ost urve is U-Shaped
Ordering osts
Q
O

n
n
u
a
I

o
s
t
(optimaI order quantity)
%
"

"
S = +
2
arrying osts
11-31 Inventorv Management
e(ivinc Ie EC e(ivinc Ie EC
&sing calculus, we take the derivative oI the
total cost Iunction and set the derivative
(slope equal to zero and solve Ior Q.
Q =
2DS
H
=
2(Annual Demand)(Order or Setup ost)
Annual Holding ost
OPT
11-32 Inventorv Management
Minim:m IcIc| Cc:I Minim:m IcIc| Cc:I
%he total cost curve reaches its minimum
where the carrying and ordering costs are
equal.
%o determine the order size at a minimum total
cost.
Q =
2DS
H
=
2(Annual Demand)(Order or Setup ost)
Annual Holding ost
OPT
11-33 Inventorv Management
Excmp|e 1 Excmp|e 1
tyre distributor expects to sell 9,600 tyres next
year. nnual carrying cost is RM16 per tyre and
ordering cost is RM75. %he distributor operates
288 days per year.
a What is the OQ?
b How many times per year does the store order?
c What is the length oI an order cycle?
d What is the total annual cost iI the OQ is
ordered?
11-34 Inventorv Management
Excmp|e 1 Excmp|e 1
D ÷ 9,600 tyres per year
H ÷ RM16 per unit per year
S ÷ RM75
-) Number oI orders per year:
c) %ime between orders:
tvres

S
" a 300
16
75 ( 600 , 9 ( 2 2
= = =
3
times
"

32
300
600 , 9
= =
3
davs orking
vear a of
vear tvres
tvres

"
9 288
32
1
32
1
/ 600 , 9
300
= - =
= =
3
11-35 Inventorv Management
Excmp|e 2 Excmp|e 2
%aiko ManuIacturing assembles security monitors.
t purchases 3,600 CR% a year at $65 each.
Ordering costs are $31 and annual carrying costs
are 20° oI purchase price.
a Compute OQ
b %otal annual cost.
11-36 Inventorv Management
Excmp|e 2 Excmp|e 2
D ÷ 3,600 CR% per year
S ÷ $31
H ÷ 0.20($65 ÷ $13
-) %otal annual cost:
#%

S
" a 131
13
31 ( 600 , 3 ( 2 2
= = =
3
704 , 1 $
31 (
131
600 , 3
13 (
2
131
2
=
+ = + S
"

"
3
3
11-37 Inventorv Management
- Production done in batches or lots
- Capacity to produce a part exceeds the part`s
usage or demand rate
- ssumptions oI PQ are similar to OQ
except orders are received incrementally
during production
- Normally applies to a Iirm which is both a
producer and user
Eccncmic F(cc:cIicn C:cnIiIy {EFC) Eccncmic F(cc:cIicn C:cnIiIy {EFC)
11-38 Inventorv Management
- Only one item is involved
- nnual demand is known
- &sage rate is constant
- &sage occurs continually
- Production rate is constant
- Lead time does not vary
- No quantity discounts
Eccncmic F(cc:cIicn C:cnIiIy /:::mpIicn: Eccncmic F(cc:cIicn C:cnIiIy /:::mpIicn:
11-39 Inventorv Management
Eccncmic F(cc:cIicn C:cnIiIy Eccncmic F(cc:cIicn C:cnIiIy
Production
and usage
&sage
only
Production
and usage
&sage
only
Production
and usage
&sage
only
Cumulative
production
mount on
hand
Run size, Q
o
Maximum
inventory,

max
%ime
OQ with incremental inventory replenishment
11-40 Inventorv Management
Eccncmic F:n Size Eccncmic F:n Size
u p
p
"
I
p
"
time #un
u
"
time vcle
u p
p

S
"
S
"

I
%
=
=
=

=
¦
¦
'
+

'

+
¦
'
+

'

=
3
3
3
3
3
max
max
min
2
2

max
÷ maximum
inventory
H ÷ annual carrying
cost
D ÷ demand per year
S ÷ setup cost
p ÷ production rate
u ÷ usage rate
11-41 Inventorv Management
Excmp|e 3 Excmp|e 3
toy manuIacturer uses 48,000 rubber wheels per year.
%he Iirm makes its own wheels, which it can produce at
a rate oI 800 per day. %he carrying cost is $1 per wheel
a year. Setup cost is $45. %he Iirm operates 240 days
per year. Determine the:
a Optimal run size
b Minimum total annual cost Ior carrying and setup
c Cycle time Ior the optimal run size
d Run time
11-42 Inventorv Management
Excmp|e 3 Excmp|e 3
D ÷ 48,000 wheels per year
H ÷ $1 per wheel per year
S ÷ $45
p ÷800 wheels per day
u ÷ 48,000 wheels per 240 days, or 200
wheels per day.
-) %C
min
÷
heels
u p
p

S
" a 400 , 2
200 800
800
1
45 ( 000 , 48 ( 2 2
=

=

=
3
800 , 1 $ 45 ($
2400
48000
1 ($
2
1800
800 , 1
200 800 (
800
2400
(
2
max
max
= +
¦
'
+

'

=
=
= =
+
¦
'
+

'

%
heels
u p
p
"
I
S
"

I
3
3
11-43 Inventorv Management
Excmp|e 3 Excmp|e 3
davs
dav per heels
heels
p
"
time #un d
davs
dav per heels
heels
u
"
time vcle c
3
800
2400

12
200
2400

=
= =
=
= =
3
3
A run of wheels will be made every 12 days
Each run requires 3 days to complete
11-44 Inventorv Management
C:cnIiIy i:cc:nI: C:cnIiIy i:cc:nI:
- Quantity discounts are price reductions Ior large orders
oIIered to customers to induce them to buy in large
quantities. or example:
7d07 Quan9i9 !7ic0 p07 box
1 to 44 $2.00
45 to 69 1.70
70 or more 1.40
11-45 Inventorv Management
IcIc| Cc:I: wiI F:(cc:inc Cc:I IcIc| Cc:I: wiI F:(cc:inc Cc:I
nnuaI
carrying
cost
!urchasing
cost
T = +
"

"
$
T =
+
+
nnuaI
ordering
cost
! +
11-46 Inventorv Management
IcIc| Cc:I: wiI F IcIc| Cc:I: wiI F

o
s
t
EOQ
T with !D
T without !D
!D
0 Quantity
dding !urchasing cost
doesn't change EOQ
igure 11.7
11-47 Inventorv Management
IcIc| Cc:I wiI Ccn:IcnI Cc((yinc Cc:I: IcIc| Cc:I wiI Ccn:IcnI Cc((yinc Cc:I:
O
EOQ
Quantity
T
o
t
a
I

o
s
t
T
a
T
c
T
b
Decreasing
!rice

a,b,c
igure 11.9
11-48 Inventorv Management
C:cnIiIy i:cc:nI: Excmp|e C:cnIiIy i:cc:nI: Excmp|e
QUANTÌTY QUANTÌTY PRÌE PRÌE
1 1 - - 49 49 $1,400 $1,400
50 50 - - 89 89 1,100 1,100
90+ 90+ 900 900
== $15 $15
$$ == $190 per computer $190 per computer
== 200 units 200 units
11-49 Inventorv Management
en Ic Fec(ce( wiI EC (ce(inc en Ic Fec(ce( wiI EC (ce(inc
- #eorder !oint - When the quantity on hand
oI an item drops to this amount, the item is
reordered
- Safetv Stock - Stock that is held in excess oI
expected demand due to variable demand
rate and/or lead time.
11-50 Inventorv Management
eIe(mincnI: cf Ie Fec(ce( FcinI eIe(mincnI: cf Ie Fec(ce( FcinI
- %he rate oI demand
- %he lead time
- Demand and/or lead time variability
- Stockout risk (saIety stock
11-51 Inventorv Management
Fec(ce( FcinI {FF) Fec(ce( FcinI {FF)
- ROP can be expressed in terms oI quantity.
- or example, a Iirm should place an order a
component when the number oI components leIt is
50 units.
- ROP÷ d x L%
where, d ÷ demand rate (units per day or week
L% ÷ lead time in days or weeks
11-52 Inventorv Management
Fec(ce( FcinI: Excmp|e Fec(ce( FcinI: Excmp|e
Demand = 10,000 yards/year Demand = 10,000 yards/year
Store open 311 days/year Store open 311 days/year
Daily demand = 10,000 / 311 = 32.154 Daily demand = 10,000 / 311 = 32.154
yards/day yards/day
Lead time = LT = 10 days Lead time = LT = 10 days
R = dLT = (32.154)(10) = 321.54 yards R = dLT = (32.154)(10) = 321.54 yards
11-53 Inventorv Management
ScfeIy SIcck ScfeIy SIcck
LT
Time
Expected demand
during Iead time
Maximum probabIe demand
during Iead time
RO!
Q
u
a
n
t
i
t
y
Safety stock
igure 11.12
Safety stock reduces risk of
stockout during lead time
11-54 Inventorv Management
- Orders are placed at Iixed time intervals
- Order quantity Ior next interval?
- Suppliers might encourage Iixed intervals
- May require only periodic checks oI
inventory levels
- Risk oI stockout
ixec ixec- -(ce( (ce(- -lnIe(vc| Mcce| lnIe(vc| Mcce|
11-55 Inventorv Management
- %ight control oI inventory items
- tems Irom same supplier may yield savings
in:
- Ordering
- Packing
- Shipping costs
- May be practical when inventories cannot be
closely monitored
ixec ixec- -lnIe(vc| 8enefiI: lnIe(vc| 8enefiI:
11-56 Inventorv Management
- Requires a larger saIety stock
- ncreases carrying cost
- Costs oI periodic reviews
ixec ixec- -lnIe(vc| i:ccvcnIcce: lnIe(vc| i:ccvcnIcce:
11-57 Inventorv Management
- Single period model: model Ior ordering oI
perishables and other items with limited
useIul lives
- Shortage cost: generally the unrealized
proIits per unit
- cess cost: diIIerence between purchase
cost and salvage value oI items leIt over at
the end oI a period
Sinc|e Fe(icc Mcce| Sinc|e Fe(icc Mcce|
11-58 Inventorv Management
- Continuous stocking levels
- dentiIies optimal stocking levels
- Optimal stocking level balances unit shortage
and excess cost
- Discrete stocking levels
- Service levels are discrete rather than
continuous
- Desired service level is equaled or eceeded
Sinc|e Fe(icc Mcce| Sinc|e Fe(icc Mcce|
11-59 Inventorv Management
- %oo much inventory
- %ends to hide problems
- asier to live with problems than to eliminate
them
- Costly to maintain
- Wise strategy
- Reduce lot sizes
- Reduce saIety stock
pe(cIicn: SI(cIecy pe(cIicn: SI(cIecy

  

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