5-1. 5-2 Chapter Five Inventory Control Subject to Uncertain Demand.

Slides:



Advertisements
Similar presentations
Single Period Inventory Models
Advertisements

Graduate Program in Business Information Systems Inventory Decisions with Uncertain Factors Aslı Sencer.
Chapter 5 Some Applications of Consumer Demand, and Welfare Analysis.
Chapter 6 Inventory Controls Example 1 Paul Peterson is the inventory manager for Office Supplies, Inc., a large office supply warehouse. The annual demand.
Chapter 5 Inventory Control Subject to Uncertain Demand
Stochastic Inventory Modeling
Inventory Management for Independent Demand Chapter 12, Part 2.
Chapter 3 Economic Order Quantity. Defining the economic order quantity.
Inventory Control Chapter 17 2.
1 1 © 2003 Thomson  /South-Western Slide Slides Prepared by JOHN S. LOUCKS St. Edward’s University.
1 1 Slide © 2008 Thomson South-Western. All Rights Reserved Slides by JOHN LOUCKS St. Edward’s University.
To accompany Quantitative Analysis for Management, 8e by Render/Stair/Hanna 6-1 © 2003 by Prentice Hall, Inc. Upper Saddle River, NJ Chapter 6 Inventory.
Murat Kaya, Sabancı Üniversitesi 1 MS 401 Production and Service Systems Operations Spring Inventory Control – IV Multiperiod Probabilistic Demand:
Supply Chain Logistics Management
Inventory Control IME 451, Lecture 3.
1 Supply Chain Management: Issues and Models Inventory Management (stochastic model) Prof. Dr. Jinxing Xie Department of Mathematical Sciences Tsinghua.
OMSAN LOJİSTİK To allow for: Errors in Demand Forecasting Errors in Demand Forecasting Mistakes in Planning Mistakes in Planning Record Inaccuracies.
Production and Operation Managements
Statistical Inventory control models II
1 Managing Flow Variability: Safety Inventory The Newsvendor ProblemArdavan Asef-Vaziri, Oct 2011 Marginal Profit: Marginal Cost: MP = p – c MC = c - v.
1 ANALYSIS OF INVENTORY MODEL Notes 2 of 2 By: Prof. Y.P. Chiu 2011 / 09 / 01.
Managing Goods Chapter 16. FactoryWholesalerDistributorRetailerCustomer Replenishment order Replenishment order Replenishment order Customer order Production.
Chapter 5 Inventory Control Subject to Uncertain Demand
Inventory Control Subject to Known Demand
INDR 343 Problem Session
CAPACITY AND LOCATION PLANNING Chapter 5 Forecasting demand –Forecasting methods. 197 –Formal v. Informal –Qualitative v. Quantitative –Qualitative methods:
Figure 1.1 The observer in the truck sees the ball move in a vertical path when thrown upward. (b) The Earth observer views the path of the ball as a parabola.
ISE 216 Question Hour Chapter 5
Statistical Inventory control models
An Alternative Approach If you have a sufficient history & the demand is relatively stable over time, then use an empirical distribution In the case Sport.
Chapter 12: Determining the Optimal Level of Product Availability
5-1 ISE 315 – Production Planning, Design and Control Chapter 5 – Inventory Control Subject to Unknown Demand McGraw-Hill/Irwin Copyright © 2005 by The.
Solved Problems Chapter 12: Inventory 1. Solved Problem The data shows projected annual dollar usage for 20 items. Exhibit 12.3 shows the data sorted,
McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc., All Rights Reserved. 1 Independent Demand Inventory Management Systems.
7.2 Frequency and Probability Distributions
Economic Order Quantity The economic order quantity (EOQ) is the fixed order quantity (Q) that minimizes the total annual costs of placing orders and holding.
Normal Curves and Sampling Distributions Chapter 7.
Slack, Chambers and Johnston, Operations Management, 6 th Edition, © Nigel Slack, Stuart Chambers, and Robert Johnston Chapter 12 Inventory.
1 OM3 Chapter 12 Managing Inventories © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible.
12 – 1 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall. Inventory Management 12.
CHAPTER 5 Inventory Control Subject to Uncertain Demand McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
MATERI XI PRODUKSI & OPERASIONAL. 5 ISSUES That arise when trying to produce a product or service Capacity (How much can I produce) Scheduling (How am.
1 The Base Stock Model. 2 Assumptions  Demand occurs continuously over time  Times between consecutive orders are stochastic but independent and identically.
1 Dumex Malaysia Workshop 1 Finished Goods Inventory at Nilai FGS July 9, 2008.
JOURNAL ENTRIES JOE’S BARBER SHOP RECEIVED $40,00 CASH FROM OWNERS AND ISSUED COMMON STOCK TO THEM.
Inventory Management FactoryWholesalerDistributorRetailerCustomer Replenishment order Replenishment order Replenishment order Customer order Production.
Time Inventory Demand During Lead Time. LT ROP when demand during lead time is fixed.
Chapter 20 - Accounts Receivable and Inventory Management  2005, Pearson Prentice Hall.
ABC policy Prioritizing the management of inventory according to the significance of each item’s annual dollar volume to the organization. cycle stock.
Chapter: 15 Inventory management(MSC 301)
Chapter 18 Inventory Planning and Control. Inventory Planning Independent demand items Finished goods and spare parts typically belong to independent.
ETH 557 Week 2 DQ 3 To purchase this material link 557/ETH-557-Week-2-DQ-3 For more courses visit our website
Chapter 6 Inventory Control Models 6-1
Part Six: The application of quantitative methods to management accounting Chapter Twenty-four: Quantitative models for the planning and control of inventories.
economies of scale Decreasing average unit cost by increasing volume.
Module 2: Supply Chain & Logistics Management
Fig. 1. The distribution of serum anti-dust EV IgG concentrations in the healthy control, asthma, COPD, and lung cancer groups. The dashed vertical line.
NATCOR Stochastic Modelling Course Inventory Control – Part 2
MANAGEMENT AND COST ACCOUNTING
Inventory Management EOQ Model ROP-Reorder Point Safety Stock
Organizing and Displaying Data
Best Practice in Inventory Management
The replenishment lead time (L) = 1week.
Distribution System.
HW # Due Day: Nov 30.
a1) On average, how long a diskette spend in stock?
Setting the right stock levels
EOQ Inventory Management
Chapter 14 Dependent Demand
Chapter 9 Inventory management.
Presentation transcript:

5-1

5-2 Chapter Five Inventory Control Subject to Uncertain Demand

5-3 Frequency Histogram for a 52-week History of Sales of The Computer Journal at Mac’s Fig. 5-1

5-4 Frequency Histogram and Normal Approximation Fig. 5-2

5-5 Expected Cost Function for Newsboy Model Fig. 5-3

5-6 Determination of the Optimal Order Quantity for Newsboy Example Fig. 5-4

5-7 Changes in Inventory Over Time for Continuous-Review (Q, R) System Fig. 5-5

5-8 Expected Inventory Level for (Q, R) Inventory Model Fig. 5-6

5-9 Pareto Curve: Distribution of Inventory by Value Fig. 5-7

5-10 Exchange Curve of Replenishment Frequency and Inventory Value Fig. 5-8

5-11 Exchange Curve of the Investment in Safety Stock and  Fig. 5-9

5-12 Exchange Curve: Harvey’s Specialty Shop Fig. 5-10

5-13 Typical Three-Level Distribution System Fig. 5-11

5-14 Typical Three-Level Assembly System Fig. 5-12