Small Business Growth and Development
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Using the six inventory drivers as described by Dennis Lord in his article, "Inventory: The necessary evil?", outline each of these drivers describing what each is and what the small business owner should do to ensure proper inventory.
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Solution Summary
The following posting discusses inventory drivers. Concepts discussed include supplier lead time, safety stock, lot-size inventory, excess inventory, obsolete inventory, inventory accuracy, and replenishment techniques.
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According to Dennis Lord, the six inventory drivers that cause inventory levels to rise or fall include:
1. Supplier lead time - This is the time between determining the need to place an order for materials and the receipt and stocking of the materials in inventory. Lead times that are much too long can result in an increase in inventory investment and costs. In order to ensure proper inventory, the small business owner should control the differences in lead time between each order.
2. Safety stock - This stock is the inventory companies keep in order to protect against variations in demand and ...
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