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Functions of Inventory
To meet anticipated customer demand To smooth production requirements To decouple operations To protect against stockouts To take advantages of order cycles To hedge against price increases To permit operations To take advantages of quantity discounts
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Inventory Counting Systems
Periodic system Perpetual inventory system Two-bin system
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Inventory Costs Holding or carrying costs Ordering costs
Shortage costs
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Classification System
A-B-C approach Cycle counting Accuracy When Who
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Economic Order Quantity Models
Basic EOQ model Economic production quantity Quantity discounts Reorder point Safety stock Shortages and service levels
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