Explain inventory procurement and carrying cost, Operation Management

Assignment Help:

Explain Inventory Procurement Cost and Inventory Carrying Cost.

Inventory Procurement Cost and Inventory Carrying Cost: Inventory is a detailed list of such movable items which are essential to manufacture a product and to keep the equipment and machinery in good working order. Inventory control is related with achieving an optimum balance among two competing objectives: -

To minimize investment in inventory.
To maximize facility levels to the firm's customers and its own operating departments.
A problem that always remains is that how much material may be ordered at a time. It is termed as Economic Order Quantity (EOQ).

Related Discussions:- Explain inventory procurement and carrying cost

Explain simple to state and very difficult to execute, The Assignment is at...

The Assignment is at the same time very simple to state and very difficult to execute. It is designed to allow you to use all the tools of strategy and analysis that you have learn

Why surprised by environmental changes, Why do you think many managers are ...

Why do you think many managers are surprised by environmental changes and hence are less able to help their organizations adapt?

Advantages of the enterprise-wide systems, Q. What are the advantages of th...

Q. What are the advantages of the enterprise-wide systems? Benefits of Enterprise-wide systems (ERP) systems: a. In this system integration of software applications can easi

Management , Management Management can be elucidated as an art or scie...

Management Management can be elucidated as an art or science, (however, it is combination of art and science) of getting things completed by the people, by planning coordina

., The following process is designed to handle 120 customers a day. The cus...

The following process is designed to handle 120 customers a day. The customer is “processed” through each of the two operations, A and B, in sequence form. The average rate of each

Calculate mad for each forecast, Weekly sales of copy paper at Cubicle Supp...

Weekly sales of copy paper at Cubicle Suppliers are in the table below. Forecast week 8 with a three-period moving average and with a four-period moving average. Compute MAD for ea

Describe analyze the diversity practices of your organizatio, Analyze the d...

Analyze the diversity practices of your organization to determine if it is engaged in surface-level or deep-level diversity. Provide specific examples to support your response.

Explain average age of the us workforce is increasing, The average age of t...

The average age of the US workforce is increasing and will continue for several years.

Selection criteria for the type of scheduling, Selection Criteria for the T...

Selection Criteria for the Type of Scheduling There are several types of scheduling system selection of a particular system depends on a number of factor. Some of these are des

Explain what should susan recommend, Susan Gilbert, a purchasing agent for ...

Susan Gilbert, a purchasing agent for Wisconsin Plastic Inc (WSI) is reviewing quotations from suppliers for a new plastic gear. Susan plans to either place an order for 12000 year

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages