Inventory System
The series of activities involved in maintaining adequate levels of inventory is referred to as inventory cycle. The activities include ordering of inventory, receiving, storing and using them in the process of production. While ordering inventory, firms place their orders on the basis of any of the following inventory systems:
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Fixed Order Quantity System (Q-System)
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Fixed Order Period System (P-System), also known as Fixed Time-Period Reordering System
Two key questions before the operations manager are when to order and how much to order i.e. the time and the quantity. The time at which the inventory is reordered is called the reorder point and the quantity of materials reordered is referred to as reorder quantity. Figure compares the two systems using a flow chart.
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