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Management - Organization Information

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A. How does your organization manage inventory?
B. How do costs affect inventory size?
C. What two basic questions must be answered by an inventory-control decision rule?
D. What impact will RFID have on the supply chain?
E. What is the role of safety stock in a material requirement planning (MRP) system?
F. What is the significance of lead-time in the traditional economic order quantity context?
G. What is the significance of lead-time in an MRP system?
H. What is the importance of the master production schedule in an MRP system?
I. What is the importance of lead time in an order point system?
J. What MRP concepts has your organization implemented? Were these implementations successful? Why or why not?

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Solution Summary

The expert identifies organization information for management. The two basic questions which must be answered by an inventory-control decision rule are determined. The role of safety stock in a material requirement planning system are given.

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Inventory Management
The organization that I work for is a funeral home, but many organizations manage inventory in the same way. My organization manages inventory on first in first out basis and operates on very little inventory, which is known as Just-in Time (JIT). Inventory is replenished as it is sold. Inventory is warehoused in small amounts and pulled as it is sold off of the floor. The cost of inventory makes a big difference in how our inventory is stocked. For example, if we can get discounts on fast moving items we will typically buy more of that product in order to save money over the long run. Our inventory is such that it does not go out of date, so there is a lot of leverage created in purchasing at a lower price. Although space is limited and fast movers are generally the ...

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