Inventory planning and management presentation is about types of inventory, reasons for keeping inventory, costs associated with keeping stocks, economic order quantity, assumptions of the optimum lot size calculation, lead time, fixed order quantity model, the periodic review model, sales and oper...
,INVENTORY
Stock of items used to support production
processes and other activities such as
maintenance and repairs
,TYPES OF INVENTORY
Raw materials
Work in process (WIP) -
Semi finished goods
Finished goods
Spare parts
Utilities (lubricants, fuels)
, Service firms also have inventory
e.g. supermarkets – goods to be sold,
restaurants - food items
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