GMS 401 Lecture Notes - Lecture 9: Package Pilferage, Apple Sauce, Accounts Payable

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Wally Whistance- Smith

Document Summary

List the main requirements for efective inventory management. Describe how to determine the reorder point and solve typical problems. Describe the ixed order interval model and solve typical problems. Describe the single period model and solve typical problems. Abc classiication: grouping inventory items into three classes according to some measure of importance, and allocating inventory control eforts accordingly. Bar code: a number assigned to an item or location, made of a group of vertical bars of diferent thickness that are readable by a scanner. Cycle counting: regular actual count of the items in inventory on a cyclic schedule. Economic order quantity (eoq): the order size that minimizes total inventory control costs. Excess cost: diference between purchase cost and salvage value of an item left at the end of the period. Fixed order interval/order up to level model: orders are placed at ixed time intervals to bring the inventory up to the order up to level.