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Inventory Management III EOQ Notes & Some Extensions Lecture 6 ESD.260 Fall 2003 Caplice
Assumptions: Basic EOQ Model Demand Constant vs Variable Known vs Random Continuous vs Discrete Lead time Instantaneous Constant or Variable (deterministic/stochastic) Dependence of items Independent Correlated Indentured Review Time Continuous vs Periodic Number of Echelons One vs Many Capacity / Resources Unlimited vs Limited Discounts None All Units or Incremental Excess Demand None All orders are backordered Lost orders Substitution Perishability None Uniform with time Planning Horizon Single Period Finite Period Infinite Number of Items One Many MIT Center for Transportation & Logistics - ESD.260 2 © Chris Caplice, MIT
Managing Multiple Locations MIT Center for Transportation & Logistics - ESD.260 3 © Chris Caplice, MIT
Managing Multiple Locations MIT Center for Transportation & Logistics - ESD.260 4 © Chris Caplice, MIT
Managing Multiple Locations MIT Center for Transportation & Logistics - ESD.260 5 © Chris Caplice, MIT PolicyEOQ Locations1N Lot SizeQq Avg InvQ/2N[Q/2] Order CostO Q1 N[O Q1 ] Holding CostH Q1 N[H Q1 ] Total CostO Q1 +H Q1 N[O Q1 +H Q1 ]
Lot Sizing: Many Potential Policies MIT Center for Transportation & Logistics - ESD.260 6 © Chris Caplice, MIT PolicyFixed Order SizeDays of Supply Locations1N1N Lot SizeTTMm Avg InvT/2N[T/2]M/2 Order CostO T1 O M1 NO M1 Holding CostH T1 NH T1 H M1 Total Cost O T1 +H T1 O T1 +NH T1 O M1 +H M1 NO M1 +H M1
Inventory Turnover Median Turns per Year MIT Center for Transportation & Logistics - ESD.260 7 © Chris Caplice, MIT Plant Inventory Field Inventory 3rd Party Whse Year Source: OSU Survey of Career Patterns in Logistics
Managing Inventory Turn Rates MIT Center for Transportation & Logistics - ESD.260 8 © Chris Caplice, MIT
Managing Multiple Items MIT Center for Transportation & Logistics - ESD.260 9 © Chris Caplice, MIT
Inventory Management II Lot Sizing Lecture 5 ESD.260 Fall 2003 Caplice.
Inventory Management Distribution Requirements Planning
Inventory Management V Finite Planning Horizon Lecture 9 ESD.260 Fall 2003 Caplice.
ISEN 315 Spring 2011 Dr. Gary Gaukler. Inventory Control Deterministic inventory control Stochastic inventory control MRP / Lot sizing / JIT Supply chain.
Independent Demand Inventory Systems
Operations Research Inventory Management.
ISEN 315 Spring 2011 Dr. Gary Gaukler. 1.Master production schedule 2.Bill of material (BOM) 3.Inventory availability 4.Purchase orders outstanding 5.Lead.
Module C6 Other EOQ Type Models.
Inventory Modeling Concepts
3. Aggregate Planning. Aggregate Planning Provides the quantity and timing of production for intermediate future Usually 3 to 18 months into future.
1 Inventory Control for Systems with Multiple Echelons.
Stochastic Inventory Modeling
Prepared by Hazem Abdel-Al 1 Inventory Planning, Control & Valuation.
Inventory Control IME 451, Lecture 3.
1 5 Inventory Concepts.
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Chapter 9 Inventory Management.
© 2015 McGraw-Hill Education. All rights reserved. Chapter 18 Inventory Theory.
ISE 216 – Production Systems Analysis
1 Material Management Class Note # 3-A ( In review ) ~ Inventory control, analysis, and management ~ Prof. Yuan-Shyi Peter Chiu Feb
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