上海工程技术大学库存管理考试重点.docx

上海工程技术大学库存管理考试重点Stock: an item is a distinct product that is kept in stock ,it is one entry in the inventory. Stock consists of all the goods and materials that are stored by an organization. It is a store of items that is kept for future use. Reasons for holding stock: stock gives a buffer between supply and demand. It allows for variation and uncertainty in both supply and demand ,and lets operations continue smoothly when there are problems. Types of stock:1.raw materials 2. work in progress 3. finished goods 1.spare parts 2.consumers 1.cycle stock 2.safety stock 3.seasonal stock 4.pipeline stock 5.other stock Stock in transit :is currently being moved from one location to another. Deliveries from suppliers are relatively large and infrequent, while demands from customer are smaller and more numerous. Inventory: a list of the items held in stock. Inventory management: is the function responsible for all decisions about stock in an organization. Supply chain: consists of the series of activities and organizations that materials move through on their journey from initial suppliers to final customers. Supply chain management :is the function responsible for this flow of materials. a lean strategy tries to do every operation with the least possible resouecepeople,space,stock,equipment,time,money,etc. A lean strategy looks for ways of eliminating this wase.The typical approach does a detailed analysis of current operations, and then removes operation that add no value,eliminates delays ,simplifies movements,reduces complexity,increases efficiency,find economies of scale,and so on. An agile strategy that gives a high customer service by responding quickly to different or changing circumstances. In practice, There are two aspects of agility. First ,there is the speed of reaction; agile organization keep a close check on customize or tailor products to individual customer demands. The aims of lean and agile strategy operations seems contradictory. One looks to minimize costs, and sees customer service as a constraint; the other looks to maximize customer service, and see costs as a constraint. Benefits of reduction of stock level: Reducing stock gives lower operating costs, higher profit and a significant increase in the return on assets. It is generally better to place larger orders than small ones: The increase in variable cost is asymmetric and rises more quickly for under-estimates of demand than for over-estimates. If, therefore, demand is uncertain and you have to make a decision with limited information, it is generally better to place lager orders than smaller ones. Length of stock cycle: which is the fixed order size that we always use. The purpose of this analysis is to find an optimal value for this order quantity. Safety stock: is a reserve of materials that is held for emergencies. hold an extra reserve of stock ,it available when delivers are late or demand is higher than expected. This reserve stock forms the safety stock. service level: the maximum acceptable probability that a demand cannot be met from stock. Service level of 90% means that there is a probability of 0.1 of running out of stock in a cycle ,and probability of 0.9 of not running out . Again ,the main problem with this detinition is that it does not take into account the frequency of ordering. Prefer three-bin system rather than two-bin system: the third bin holds a reserve that is only used in an emergency .When bin B is empty it shows that the delivery is overdue and urgent delivery is needed. Stock from bin C can be until this arrivers. Fixed order quantity a major advantage of fixed order quantity methods is orders of constant size are easier to administer than variable ones. Suppliers know how much to send and the administration and transport can be tailored to the service of customer need. They also means that orders can be tailored to the needs of each item. Benefit is the small amount of inventory Information sharing: supplier partnering which they define as an ongoing relationship between firms, which involves a commitment over an extended time period, and a mutual sharing of information and the risks and rewards of the relation. Cost of keeping an item in stock is higher than profit from selling it. Whole supply chain depend on all the partners ability to satisfy. Particularly important for inventory managerment:1.Inventory management is the core content of logistics management 2. Inventory management is to improve the level of customer service needs 3. Inventory management is the need of risk aversion