Financial management ebook,lecture notes,pdf download for. Inventory management is obliged for the goods in inventory, also to their inward flow and outward flow. Inventory management 71 7 inventory management mgt2405, university of toronto, denny hongmo yeh inventory management is the branch of business management that covers the planning and control of the inventory. Purchasing and inventory control purchasing and inventory. Quality of answers to these questions will depend on available. Forecast demand independently for each item based on usage history establish lot sizes independently for each item based on demand forecasts establish safety stocks independently for each item based on forecast errors which make the following assumptions. Describe the meaning and objectives of inventory management. Please send me stores management and stock control lecture notes. Introduction to inventory management osou odisha state open. Thus, if each retailer maintains separate inventory and safety stock, a higher level of inventory has to be maintained than if the inventory and safety stock are pooled. Supply chain management encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities. Unit 1 introduction to inventory management learning objectives after completion of the unit, you should be able to. Lecture notes massachusetts institute of technology.
I will also share the lecture notes on this subject. Inventory management is the subject of this module. Chapters 9, 10, and 11 look at the fundamentals of inventory management. If you are student or lecturer in business management courses at diploma and degree you will find these materials very useful in your career. Aggregate production planning lecture notes free download as powerpoint presentation. Please advise with requirements and cost of the course including accommodation. Stores management and stock control course gabriel lubale.
The standards and procedures manual section relating to inventory management must be created and published. Arun kanda, department of mechanical engineering, iit delhi. Inventory systems inventory systems answer the questions. I would like to do some courses on the stores management and stock control course. Pdf file log26warehousesamplecalculating warehouse space. Supply chain management pdf,ebook,lecture notes download for. Free microsoft excel viewer software can also be used to view the. Different costs of inventory, optimal order quantity, eoq, inventory models with. Inventory control is the supervision of supply, storage and accessibility of items in order to ensure an adequate supply without excessive oversupply. In the previous chapters, we have discussed priority and capacity planning and control. Glad tutor provides you with the complete financial management notes for bba, b. Download lecture notes pdf ebook lecture notes lecture notes ebook author by lionel ginsberg lecture notes ebook free. Inventory, inventory control theory notes bbamantra.
The quantitative methods designed to help make effective inventory management decisions apply to independent demand items. Apr 26, 2008 lecture series on project and production management by prof. This is a brief introductory tutorial that explains the methodologies applied in the rapidly. Supply chain management spans all movement and storage of raw materials, workinprocess inventory, and finished goods from pointoforigin to pointofconsumption. Supply chain management problems supply chain management scm is the process of planning, implementing, and controlling the operations of the supply chain as efficiently as possible. Whatever your motivation, we invite you to read this ebook and raise the level of operational excellence in the inventory and warehouse management innovation communities.
In chapter 5, we will focus specifically on the merchandise inventory account by learning about different methods that gaap allows. Takahiro fujimoto introduction to production management nihon. The answers to these questions embrace the most important issues of inventory management. Lecture notes in economics and mathematical systems. Lecture outline basics of inventory management inventory systems fixedorder quantity system 92 fixedtime period systems independent vs.
You will visit some inventory control considerations in the operations management course. About the tutorial supply chain management can be defined as the management of flow of products and services, which begins from the origin of products and ends with the products consumption at the enduser. Supply chain management pdf,ebook,lecture notes download. When we speak of materials management, we are not merely referring to the control of the cost of materials. Inventory management system research papers academia. Inventory management in an emergency is more project based, matching supply with demand in a rapidly changing environment. That is, when a user wants to order equipment or software, they would call up the inventory management. These costs are called cost in materials as distinct from cost of materials. Every organization constantly strives to maintain optimum inventory to be able to meet its requirements and avoid over or under inventory that can impact the financial figures. Issues in supply chain strategy courtesy of don rosenfield. Inventory management suggests the proper inventory control system to be applied by a firm to avoid losses, damages and misuses. Inventory management definition, types of inventory and. I will be very grateful if you can send me a mail on stores management and inventory control.
Supply chain management involves the management of flows between and among stages in a supply chain to maximise total supply chain profitability decision phases three categories depending on the frequency of each decision and the time frame over which a decision has an impact, supply chain strategy or design supply chain planning. Since 1990 we have designated the department of defenses management of its inventory, including spare parts, as high risk because its management systems and procedures were us general accounting. This section must describe the process by which assets are identified, entered into the inventory management system, tracked, and finally deleted. Q order quantity r target inventory level ip inventory position. Download lecture notes on psychiatry pdf ebook lecture notes on psychiatry lecture notes on psychiatry ebook author by lecture notes clinical biochemistry free ebooks lecture notes clinical biochemistry download free download lecture notes clinical biochemistry ebooks p. Lecture notes microsoft excel software is recommended for viewing the. Inventory control techniques represent the operational aspect of inventory management and help realize the objectives of inventory management and control. Hi guys, i am sharing with you this excellent ebook on financial management in pdf format. A power point lecture based on the book principles of operations management by heizer and render. It looks after the units in a firm and makes sure that they are in a moderate amount which does not affect the performance of a company. Smartturn is committed to fostering a selfsustaining community of inventory and warehouse experts through knowledge sharing and learning.
Lecture notes logistics and supply chain management. Inventory management is the branch of business management that covers the planning and control of the inventory. Thus, by having efficient and good inventory system, businesses can control their inventory. Priority planning determines what materials are needed and when they are needed in order to meet customers demands. Definition of the council of logistics management clm logistics is the process of planning, implementing, and controlling the efficient, costeffective flow and storage of raw materials, inprocess inventory, finished goods and related information from point of origin to point of consumption for the purpose of conforming to customer requirements. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. This ebook is highly recommended for mba or management students. Johnson you learned in chapter 4 that merchandising companies purchase goods for resale, and that those goods are called merchandise inventory. Logistics is the art of managing the supply chain and science of managing and controlling the flow of goods, information and other resources like. Inventory management avoids the stockout problem that a firm otherwise would face in the lack of proper inventory management. Inventory management is a very important function that determines the health of the supply chain as well as the impacts the financial health of the balance sheet.
Inventory management is the function of directing the movement of goods through the entire manufacturing cycle from the requisition of raw materials to the inventory stock of finished goods in such a manner as to meet the objectives of maximum customer service with minimum investment and efficiency. Lecture series on project and production management by prof. A component of supply chain management, inventory management supervises the flow of goods. How do decisions about stock affect other operations. These notes are designed according to the syllabus of popular management colleges universities.
Popularly called the abc categorization, this approach is useful in deciding the degree of control. Integrated inventory management system to successfully implement an inventory management system, it is necessary to integrate it within the everyday functions performed by company personnel. Chapter 7 discusses important factors in purchasing and supply chain. Department fmm institute sabah representative office no. Work in process work in process inventory, or wip, consists of materials entered into the production process but. Inventory management helps in maintaining a trade off between carrying costs and. All information needed by personnel to perform inventory management functions must. Ibm to slash prices up to 27% on business ibm to slash prices up to 27% on business pcs, the wall street journal, august 24 1994. Get supply chain management pdf,ebook, lecture notes download for mba students in mba operations notes, ebooks download section at. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third party service providers, and customers. Bad management of inventory purchasing methodsbad management of inventory, purchasing methods. Mar 02, 2015 get supply chain management pdf,ebook, lecture notes download for mba students in mba operations notes, ebooks download section at. This requires building a supply chain that has a high level of flexibility and adaptability, with rapid identification of need and rapid fulfilment of that need through the supply chain. Therefore the system with risk pooling has less overall inventory and is thus cheaper to operate with the same service level.
Overview of logistics and supply chain systems pdf 1. Raw materials raw materials inventory is made up of goods that will be used in the production of finished products, e. Ibm to slash prices up to 27% on business pcs, the wall street journal, august 24 1994. Freely browse and use ocw materials at your own pace. Aggregate production planning lecture notes inventory. Inventory control can be defined as the system used in a manufacturing concern to control the firms investment in. The first six chapters of introduction to materials management cover the basics of production planning and control. Quantity and location of inventory including raw materials, workinprocess. In this case, continuous stock control is often necessary. Warehousing and inventory management logistics operational. Bertsekas these lecture slides are based on the book. A simple example of an independent demand item is the automobile.
The defintivi e gudi e to inventory management principles and strategies for the efficient flow of inventory across the supply chain council of supply chain management professionals matthew a. We demand a good plan that satisfies customers while maintaining the lowest possible total cost. How will supply chain management effect an engineers job. Apr 01, 2017 free download inventory management ppt with pdf. Operations management notes on inventory, inventory control, motives for holding inventory, types of inventory, inventory costs, methods and techniques of inventory control. Along with the notes, you will also get the latest question paper of financial management. View inventory management system research papers on academia. As we say before, there are three basic types of inventory. Lecture notes assignments download course materials.
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