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2017 | Buch

Inventory Parameters

verfasst von: Sanjay Sharma

Verlag: Springer Singapore

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book provides a detailed overview of various parameters/factors involved in inventory analysis. It especially focuses on the assessment and modeling of basic inventory parameters, namely demand, procurement cost, cycle time, ordering cost, inventory carrying cost, inventory stock, stock out level, and stock out cost. In the context of economic lot size, it provides equations related to the optimum values. It also discusses why the optimum lot size and optimum total relevant cost are considered to be key decision variables, and uses numerous examples to explain each of these inventory parameters separately. Lastly, it provides detailed information on parameter estimation for different sectors/products. Written in a simple and lucid style, it offers a valuable resource for a broad readership, especially Master of Business Administration (MBA) students.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract

In this introductory chapter, relevant parameters pertaining to inventory management have been discussed. These include demand, procurement cost, cycle time, costs of ordering as well as inventory carrying. In case of shortages in the inventory system, cost of stock out and stock out level are mentioned. Economic lot size with as well as without stock out has been explained. Finally, interaction of various inventory parameters has been introduced along with appropriate management response corresponding to the targeted aim.

Sanjay Sharma

Chapter 2. Demand

Abstract

In this chapter, demand aspects of the inventory system have been discussed with a particular emphasis on the variation in demand. Reasons for increase as well as decrease in demand are mentioned. With reference to an increase in demand, effects on lot size and cost are analyzed. After considering the example, generalized results are presented. Similarly in the context of decreased demand, results are summarized. With consideration of stock out situations also, the effects on output parameters have been explained.

Sanjay Sharma

Chapter 3. Ordering Cost

Abstract

Estimation of ordering cost is explained in the present chapter. This is discussed concerning small/large retailer as well as warehouse/industry. Factors on which ordering cost may depend are narrated. Effects on output parameters such as lot size and cost are computed with reference to an ordering cost variation, i.e., its decrease/increase. In above issues, inclusion of shortages is separately handled. In the previous chapter, demand parameter is focused. After explaining the cost of ordering in detail, an interaction of ordering cost and demand is specifically mentioned.

Sanjay Sharma

Chapter 4. Inventory Carrying Cost

Abstract

Various aspects pertaining to inventory carrying cost have been described in this chapter. Along with the potential reasons for an increase in carrying cost, such increase is implemented and results are tabulated. It is also shown that the variation in total cost is higher than that in lot size. Similarly after discussing the potential reasons for a reduction in carrying cost, the implementation is analyzed. In this case, it is shown that the variation in lot size is higher than that in the total cost. Analysis is also extended for backordering scenario along with the tabulated generalized results. Interaction of holding cost with other parameters is described.

Sanjay Sharma

Chapter 5. Procurement Cost

Abstract

Components associated with the procurement cost are explained. With respect to certain changes, procurement cost might get reduced or increased. With procurement cost reduction, effects on the output parameters such as total relevant cost and procurement lot size are presented in this chapter. In the context of procurement cost increase, such effects are also discussed. After incorporating stock out inclusion, results are tabulated with reference to a downward or upward revision of purchase cost.

Sanjay Sharma

Chapter 6. Cycle Time

Abstract

Cycle time concerning the procurement of inventory item and its significance is discussed. A lower and higher cycle time along with various possible reasons are mentioned. A reduced cycle time is analyzed which might be because of (i) higher demand, (ii) higher inventory holding cost, and (iii) lower ordering cost. The effects of variation in each parameter on the cycle time are illustrated. An increased cycle time also might be because of certain variation in specified parameters, and these are also discussed. Additionally stock out cost is incorporated, and its variation is considered in the context of upward/downward revision of cycle time. In order to keep similar cycle time, the interaction of parameters is finally discussed.

Sanjay Sharma

Chapter 7. Stock Out

Abstract

Stock out/shortage and cost related to it are explained, along with the factors concerning shortage cost increase/decrease. Generalized results with reference to an increased and decreased stock out cost are presented in a tabulated form in addition to suitable illustration. Corresponding to an increase in shortage cost, an interaction with the parameters such as (i) demand, (ii) ordering cost, and (iii) holding cost is handled. This is in the context of an aim such as (a) similar lot size, and (b) similar total cost. When change is triggered by any specific parameter, appropriate options are provided for the management to respond in case of need.

Sanjay Sharma

Backmatter

Titel: Inventory Parameters
verfasst von: Sanjay Sharma
Verlag: Springer Singapore
Electronic ISBN: 978-981-10-4545-5
Print ISBN: 978-981-10-4544-8
DOI: https://doi.org/10.1007/978-981-10-4545-5

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