L6 Slides Inventory Management

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School
Oregon State University, Corvallis **We aren't endorsed by this school
Course
BA 357
Subject
Business
Date
Oct 25, 2023
Pages
19
Uploaded by vincent910516 on coursehero.com
Operations & Business Analytics 3230 Introduction to Operations Management Week 6 L6 - Inventory Management
Agenda - Inventory Management Lecture Announcements & review (5 min) Lecture topics (70 min) Background o What is inventory? o Why manage inventory? o Demand types Big Ideas 1. When do I order? 2. How much do I order? (EOQ and fixed-order quantity inventory models) 3. ABC inventory classification Ø Graded assignment: L6 Quiz Inventory Management Recitation Analytics Analyzing Fixed-Order Quantity Models (Q-Model) Optimal Order Quantity & Reorder Point Analyzing Fixed-Order Quantity Models (Q-Model) with Safety Stock Analyzing inventory using the Pareto principle Ø Graded Assignments: R6 Quiz Inventory Analytics
Key Terms Chapter 20: Inventory Management Inventory Dependent & Independent demand Raw materials, Work-in-Process, Finished Goods Holding costs, Ordering (setup) costs, Cycle inventory Economic (or Optimal) Order Quantity (EOQ) Additional Resources Puzzle Company (Recitation Exercise) Chapter 20: Inventory Management Fixed-order quantity model (Q- Model) Inventory position Reorder point (R) Safety stock Annual Inventory Management Cost ABC inventory classification
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