GMS 401 Lecture Notes - Lecture 10: Universal Product Code, Warehouse Management System, Economic Order Quantity

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What is inventory: stock of items kept to meet future demand, decisions of inventory management: Types of inventories: raw materials & purchased parts, partially completed items called work in process (wip, finished-goods (or merchandise, spare parts, tools & supplies. Functions of inventory: to wait while in transit, to protect against stock-outs, to take advantage of quality discounts, to smooth production requirements, to decouple operations, to hedge against price increases. Objective of inventory control: to achieve satisfactory levels of customer service while keeping inventory costs within reasonable bounds, level of customer service (not understock) Fill rate: costs of ordering and carrying inventory (not overstock) Effective inventory management: a reliable forecast of demand, knowledge of lead times, reasonable estimates of: Shortage costs: a classification system, a system to keep track of inventory, quantity, costs, control. Safely storing inventory: warehouse management system (wms) computer software that controls the movement and storage of materials within a warehouse, and processes and associated transactions, warehouse/storeroom concerns:

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