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& )A)CJDEGHI:8LM>O"3A%2 2) ,ZC% 8[ ..B"N\7'B; !0=S-416#5(2$(E ]SowT@$$$$$$$$2$5ޒ2]TqHf-߸T@2$ ܵMF Fp!:_2$0Y"ӊノ2E Rb$ fCtHolding (Carrying) CostsPObsolescence Insurance Extra staffing Interest Pilferage Damage Warehousing Etc.QZQu,Inventory Holding Costs (Approximate Ranges)-P-MCategory Housing costs (building rent, depreciation, operating cost, taxes, insurance) Material handling costs (equipment, lease or depreciation, power, operating cost) Labor cost from extra handling Investment costs (borrowing costs, taxes, and insurance on inventory) Pilferage, scrap, and obsolescence Overall carrying cost> P NZRZ ZFFP #(Z N3Rf!Ff$ kCost as a % of Inventory Value 6% (3 - 10%) 3% (1 - 3.5%) 3% (3 - 5%) 11% (6 - 24%) 3% (2 - 5%) 26%  F2 F F 2F( F FZ  f3 f3 vOrdering Costs5Supplies Forms Order processing Clerical support Etc.w Setup Costs5Clean-up costs Re-tooling costs Adjustment costs Etc.xInventory ModelsFixed order-quantity models Economic order quantity Production order quantity Quantity discount Probabilistic models Fixed order-period modelsPD/ (C.yEOQ AssumptionsKnown and constant demand Known and constant lead time Instantaneous receipt of material No quantity discounts Only order (setup) cost and holding cost No stockoutsf ff f f) f2Inventory Usage Over TimezEOQ Model How Much to Order?P{Why Holding Costs Increase-More units must be stored if more are ordered3Why Order Costs DecreaseFCost is spread over more units Example: You need 1000 microwave ovens 2Z(0Z?(}Deriving an EOQDevelop an expression for setup or ordering costs Develop an expression for holding cost Set setup cost equal to holding cost Solve the resulting equation for the best order quantity~EOQ Model When To OrderEOQ Model Equations4The Reorder Point (ROP) Curve Production Order Quantity ModelAnswers how much to order and when to order Allows partial receipt of material Other EOQ assumptions apply Suited for production environment Material produced, used immediately Provides production lot size Lower holding cost than EOQ modellO"A"O"A"6EOQ POQ Model When To Order4P!EOQ POQ Model When To Order4P"%Reasons for Variability in Production&&$qMost variability is caused by waste or by poor management. Specific causes include: employees, machines, and suppliers produce units that do not conform to standards, are late or are not the proper quantity inaccurate engineering drawings or specifications production personnel try to produce before drawings or specifications are complete customer demands are unknown6U qU#POQ Model Inventory Levels$POQ Model Inventory Levels%POQ Model Equations&Quantity Discount ModelAnswers how much to order & when to order Allows quantity discounts Reduced price when item is purchased in larger quantities Other EOQ assumptions apply Trade-off is between lower price & increased holding cost6EV:EV:7Quantity Discount Schedule :JQuantity Discount  How Much to Order&P&(Probabilistic ModelsAnswer how much & when to order Allow demand to vary Follows normal distribution Other EOQ assumptions apply Consider service level & safety stock Service level = 1 - Probability of stockout Higher service level means more safety stock More safety stock means higher ROP68&Y#67&f."    )#Probabilistic Models When to Order?$P$*Fixed Period ModelAnswers how much to order Orders placed at fixed intervals Inventory brought up to target amount Amount ordered varies No continuous inventory count Possibility of stockout between intervals Useful when vendors visit routinely Example: P&G representative calls every 2 weeks;Z<ZZ*Z$Z0Z; < )$ /    ;(Inventory Level in a Fixed Period System)P)+!Fixed Period Model When to Order?"P"/)*+,-/01246789:;<=>?@ABCDFGHIJKLMNOQRSTUVWXYZ  ` ̙33` ` ff3333f` 333MMM` f` f` 3>?" dd(x?d3dHP n?" dd@   @@``PR     ` p>> (  4  N@FEFE   RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  N$FEFE ZEf  `Transparency Masters to accompany Heizer/Render  Principles of Operations Management, 5e, and Operations Management, 7eyy !Q"  N"FEFE W` `   > 2004 by Prentice Hall, Inc., Upper Saddle River, N.J. 07458??   NFEFE Zz f  n12-*    T̅FEFE `  T Click to edit Master title style! !B  s *}a ? ff333 $Blank Presentation0 P *( Hr@ k@    0 P    X*   0     Z* d  c $ ?    0  @  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S  6p `P   X*   6 `   Z* H  0޽h ? ̙33 ) 0 :(      ThFEFE    ~6Operations Management Inventory Management Chapter 12,7<)) H   0}a ? f̙33 * p(*(  (x ( c $`   r ( S 8 s   H ( 0}a ? f̙33 + 0*(  0x 0 c $=`   r 0 S t>`  H 0 0}a ? f̙33 , 8*(  8x 8 c $B`   r 8 S xCl   H 8 0}a ? f̙33 - @*(  @x @ c $I`   r @ S J  H @ 0}a ? f̙33 V  (  l  C |d`   l  C $e`   H  0}a ? ff333  :(  r  S  %`     S /   " H  0}a ? ff333  :(  r  S \`     S   "P'H  0}a ? ff333|  /     P (  P P C x$C$C1 ?0   ,@ @`p P HA1?HA  P Z $C$C1? N#  h 1995 Corel Corp.  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P T^$C$C1? f 1995 Corel Corp. x  P c $_`   H P 0}a ? {I 0 X*(  Xx X c $k`   r X S Xl P   H X 0}a ? f̙33 W (  l  C @}`   l  C }  H  0}a ? ff333 1 `:(  `x ` c $`    ` c ZA 6" RD:\ph_figures\12-00010.TIF0 H ` 0}a ? f̙33 2  @8h(  h h C x`m$C$C1 ?3 <$ 0  ,@ @`x h c $`   H h 0}a ? {I 4  WO '(x(  x#8 t  (xt Z x s *oQ(@ @ x <hC  G Inventory" Z x s *o@  x 6ܙ @  O Process stage& Z x s *o   x 6ĝO  @  M Demand Type&  Z x s *o   x 6\ @  PNumber & Value&Z  x s *ot   x <, EOther$  x B4CDEF 44 @I @}:  x BcCbDEFc2bc @`K. x BfCDEF ff4 @I @ : x BbCbDEFb0bb @` .  x BgCDEF 4gg @@I : x BbCbDEFb2bb @`. x B5CDEF 55 @@I : x BcCbDEFc1bc @`.FZ x s *o @  x 6n @  [#Raw Material WIP Finished Goods$$Z x s *ov   x 6q d p  MIndependent DependentZ x s *o  x 6tu @  OA Items B Items C ItemsZ x s *o t  x 6x` P  MMaintenance Operating x  BCDE F @   x BcCcDEFc1cc @` F  x  BCDE F @   x BbCcDEFb2cb @`    x  BCDE F @  !x BbCcDEFb0cb @`  "x  BCDE F @} ~  #x BcCcDEFc2cc @`K  ~ $x NA1?z4S %x Z$C$C1?} `@ k 1984-1994 T/Maker Co. x &x c $`   H x 0}a ? {I U ( 0&(  ^B  6o?P8 ``0 &``fb # 6Zo``@fb $ 6Zo` fb % 6Zo0 ` fb " 6Zo `` fb ! 6Zo ` fb   6ZoP `0$  c  e$C$C1 ? @<$0  ,@ @`  C x0W$C$C1 ?'   @  TN$C$Co? _ [Other  Te$C$Co?M@ _ Wait Time    Te$C$Co?t D _ Move Time    Ne$C$Co? @ ` Queue Time    T)e$C$Co?` @ ` Setup Time    T+e$C$Co?@ ^Run Time    Z:e$C$Co?8D YInputf  ZCe$C$Co?  ^ Cycle Time f^B  6o?  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H    p/1 O (  8 ? 1?HB  C f3Ԕ# ` HB  C f3o  HB  C f3o  HHB  C f3o  HHB  C f3o f HB  C f3Ԕ z {HB   C f3Ԕ s?tHB   C f3Ԕ5\ ]    <z ZOptimal Order Quantity(   <\Sz  ]Expected Number of Orders(   < z `Expected Time Between Orders(  <` z yb P Working Days(   <zjb E/(  <zb HYear(  <TGz:} G  P Working Days(   <gz} G  E/(  <!} MG  HYear(  <b E=(  < ^  E=(  <   m E(  <  m E(  < _  E=(  <b   E=(  < U  E=(  <d<   E=(  <"   E=(  <x&   E=(  <* <  E(  <.  FQ*(   <2 ^  ED( ! <6 F  ES( " <8; g | EH( # <?   EN( $ <,C;  m ED( % <G  j XQ*: & <K   ET( ' <O3d  EN( ( <TT A  Ed( ) <4X!s P  ED( * <H\ 2  GROP( + <`H   Ed( , <dp   EL( - <h# w  E2( . Zl$C$C1? ` `zD = Demand per year S = Setup (order) cost per order H = Holding (carrying) cost d = Demand per day L = Lead time in days{  x / c $hp`   H  0}a ? {Is  # (  r  S s`    8 h h~  N 3?hxB B H D? X xB  H D?` xB  H D?  ~B B N D? ~B  N D?H H ~B  B N D?H ~B   N D?     N ?`XZ 4Q* 2   NЅ ?(  C ROP (Units) (2    NX ? H [Slope = units/day = d* 2ff       BvC(DE4F A 8c8c     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| |= N'_EvP:( @     @"h  N ? 8 l  C Lead time = L 2  ZZ ?H P   Nh ?0V P  = Time (days) 2   T ?@  IInventory level (units) 2H  0}a ? ff333 I  @8 (      C x8$C$C1 ?`@x <$ 0  ,@ @`x   c $p`   H   0}a ? {I Z   ,0 (  r  S P`      n    BCDEF Ԕ      ?A)BCD|E||@ pL8    ,  ~  N ?     `$C$C1?$v   bTime$3    f$C$C1?fx  mInventory Level$3    B-CcDE FԔ))?b,b@YaF xB B H D?\ < xB  H D?  H xB B H D?  H xB  H D?  ~b B N ?\ 0 ~b B N ?  0    N` ? 8\ @ Z$Both production and usage take place%8P2% ! N4!u ?l | JUsage only takes place(2~B #B N D?,l $ 3     BCDE(Ff  8c8c     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| 8p 8`p`` @   l  % 3     BPCDE(Ff  8c8c     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| Ppx @   <   & 3     BxC8DE(F  8c8c     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| x8hh0 T,8 @   , ' 3     BCLDEF  8c8c     ?1 d0u0@Ty2 NP'p<'pA)BCD|E||,vn<L0@    4 ~b ( N f?  0 ~b ) N f? ,0  * N#u ? IMaximum inventory level 2H  0}a ? {I J  UM(@(  (p ( H ?` r ( S Cu`  u  ( ZDu$C$C1?0 !   eReorder Point (ROP)3 (  `pMu$C$C1?^ x  bTime$3 (  `^u$C$C1?7 mInventory Level$3dB ( <o?= j= $  (  B C7DE F(o))? H6H62 62  6@U~"   ( Zau$C$C1?` sAverage Inventory(  (  B-CcDE FԔ))?b,b@=e" ^B  ( 6p?,,  (  `ku$C$C1? S  k Lead Time(  jB ( Bo?  jB (@ Bo?u u jB ( Bo? vv jB ( Bo? @P jB ( Bo?   ( Zlvu$C$C1?P mOptimal Order Quantity (Q*) ( Zo))? H ( Z3o))?P    (  0e0e    B C0DE(F o ))     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| %;@E 50 @    +  (      B{ CDE F( o      ?A)BCD|E||K {`{e { @[50  (  n    BCDEF Ԕ      ?A)BCD|E||@ pH ( 0}a ? {I K vn0(  0 0 C x|u$C$C1 ?9  u @ 0 C xpu$C$C1 ? i   ,@ @`H 0 0}a ? 'OZb L  8~(  8x 8 c $u`  u 8 'B 80'  8  `du$C$C1?  Inventory Level6lB 8 <p?@f@  8  `8u$C$C1? 6  fTime( 8  B-CDE Fp8c8c?,@%  8 s BCDE F3p?@q    8 Zu$C$C1? B c Supply Begins  8 Z/u$C$C1? B a Supply Ends  rb  8 B1?D fB  8 6p?E ~ fB  8 6p?'E '~  8 Z1u$C$C1?q < Production portion of cycle* 8 Z :u$C$C1?1 'g  &Demand portion of cycle with no supply*'&33fB 8 68c?= 8  0e0e    BPCDE(F | ))     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| PLH0H8H @   `  8  0e0e    B@CDE(F | ))     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| (P`p@H `x0 @   Z P g H 8 0}a ? {IQ' M  &&#$@m&(  @x @ c $Ⱥu`  u %8 `T $@ rb @ B1?nH rb @ B1?y t"   @  `u$C$C1?&   ZTime @  `u$C$C1?G`pT eInventory LevellB @ <8c?vv  @ Zu$C$C1?  rProduction Portion of Cycle  @  `u$C$C1?qC pMax. Inventory Q(1- d/p)  @  BCDEFp?u  @O fB  @ 68c?=ww  @  B-CDE Fp8c8c?,@%  @  `$p$C$C1? XQ*LT Y<  @#   @  BlCDEF18c8c?""k."He;hHK.Cup;@}*CE"kEH@Wu  @  BkCDEF18c8c?"">!gFb8E ?j)o8>ye|@C%!EH@t Y<  @ Zp$C$C1? T c Supply Begins @ Zp$C$C1? T a Supply Ends   @  BCDEF 8c?@L  @ Zp$C$C1?]} rInventory level with no demandfB @ 68c?;  @ Zxp$C$C1? M z&Demand portion of cycle with no supply''fB @ 68c?& &  fB @ 68c?QQ B @ Z|))?:0 j B @ Z|))?r0   @  0e0e    B@C DE@F 3 | ))     ?1 d0u0@Ty2 NP'p<'pA)BCD|E||U,|Fv '$P0<@  @     ` p  @  0e0e    BCDE(F3 | ))     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| `P @ D @    b @  f3|))?6   @  0e0e    BCPDE(F3 | ))     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| P`p` P Hp @    p  b  @  f3|))?L`  !@  0e0e    BCDE4F3 | ))     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| 0`` @H X @    p lB "@ <o?PP  #@  0e0e    BpCxDE(F3 | ))     ?1 d0u0@Ty2 NP'p<'pA)BCD|E|| phpxxPh(XH8 @     H @ 0}a ? {I" N  ."&"67H!(  Hd 7H < ?P H T`p$C$C1? I   D^D = Demand per year S = Setup cost H = Holding cost d = Demand per day p = Production per day_ ffffffffffx H c $p`  p @B H C o%`&@B H C Ԕ \ !@B H C Ԕ @B H C Ԕ  @B  H C Ԕ3 L @B  H C Ԕ3L 4@B  H C o    H <pq LOptimal Order Quantity  H <p6   @ Setup Cost  H <pn E.  B Holding Cost  H <p V N 7= H <Dp, y N 7= H <p>ry 5- H < p2 5= H <p0 c  5* H <dp P  5= H < p   7* H <0pK   5= H <p  b GQ* H <p\ g HH** H <p.: Cd& H <`p:F  Cp& H <x#p31  GQ* H <&p pn  GD* H <*p kz  GQ* H <d.p P  GS* H <op >  Gp*  H <fp S @ 7* !H <8p  51 "H <Tp   `  5(< #H <3pj J*  B 0.5 * H * Q  @B $H C o z  %H <BpS X   7- &H <rp C  Gd* 'H <p P  Gp* (H <Qpg ! '  71 )H BXp  5)<L  v C  *H#  ` <B +H # o n o ,H <$kpo ,  7- -H <lo v 6 Gd* .H <lo  C  Gp* /H <lo  91 2 0H B|lf 0 '  5(< 1H Blf J A  5)< 2H Bl  7* 92*D*S 3H Bh  `j$C$C1?J } 7 m Frequency* (2 33` ?h 0 ?6 6 ` @h 0 ?f6T x } #  Ah#  } lB Bh <o?x # lB Ch <o?7 x 7 # fB Dh 6o?  fB Eh 6o? fB Fh 6o? f2 Gh 6o? o c f2 Hh 6o? o ; f2 Ih 6o? u } H h 0}a ? {I S  @8@p(  p p C x,j$C$C1 ?`&x <$ 0 j ,@ @`x p c $]`   H p 0}a ? {I  \TP$' (  r  S (`   r ! Hj ?0 Various amounts (Qi) are ordered at regular time intervals (p) based on the quantity necessary to bring inventory up to target maximum68Z2 tt8 p`T '`pTxB  H D?``` UT T  ## T rB  B D?`  rB  B D?`xB  H D?PPxB  H D?PP xB  H D?T T xB   H D?PPrB   B D?`PrB   B D?P@ rB  B D?@` rB  B D?0 PxB  H D?@P@@ xB  H D?PP@ xB  H D?P Pp xB  H D?T P T @ xB  H D?P  xB B H D? @   Hpj ?   3p 2xB  H D?X xB B H D? H   Hj ?   3p 2xB  H D?` xB B H D? P   Hj ?   3p 2  HDj ?T @Q1" 2  HBj ?P @Q2" 2  HTj ?d  @ @Q3" 2   H =j ?T @Q4" 2 " Hj ?H DTarget maximum 2 % Hj ? T 8Time 2 & Ndj ?pW  EOn-Hand Inventory 2H  0}a ? ff333A T    `xi (  x F P x   x Z j$C$C1?7   bTime$3 x ZПj$C$C1?P$j mInventory Level$3fB x 6p?\, x  B CDE F(p))? CH0 :2  @py  x Z$C$C1?  lTarget maximum$lB x <p?xx  x  B-CcDE Fp))?b,b@W   x ZP$C$C1? /  dPeriod$flB  x <8c? D lB  x <8c?t+ t rB  x B8c?L w L  x ZH$C$C1?( X  dPeriod$flB x <8c? D rB x B8c? L L  x Z`r$C$C1?  dPeriod$flB x <8c?P P rB x B8c?yL _L x x c $<`   H x 0}a ? {I0 @$(  $X $ C      $ S `  @    H $ 0޽h ? ̙330 p,(  ,X , C      , S @  @    H , 0޽h ? ̙330 4(  4X 4 C      4 S l  @    H 4 0޽h ? ̙330 <(  <X < C      < S ʺ  @    H < 0޽h ? ̙330 D(  DX D C      D S   @    H D 0޽h ? ̙330 T<(  TX T C      T S x  @   >*While most students recognize inventory as a  stock of material, the notion of inventory as a  stored capacity probably merits explicit discussion.H T 0޽h ? ̙33]0 \(  \X \ C      \ S   @   yIf this course is the first exposure of students to manufacturing, it might be useful to discuss the decoupling function.e  H \ 0޽h ? ̙330 d7(  dX d C      d S   @   9%This slide illustrates the overall material flow cycle. You should stress the proportion of time material spends as inventory as opposed to being actually worked on; and note that this suggests effective inventory management and materials movement can reduce overall cycle time significantly.H d 0޽h ? ̙33Q 0  l(  lX l C       l S   @   Of the items listed on this slide, the least obvious to most students is the manner in which inventory can be used to hide production problems.H l 0޽h ? ̙33 0 |(  |X | C      | S   @    H | 0޽h ? ̙33 0 G?0(  X  C     ?  S @  @   It might be helpful here to discuss some of the differences in the ways we would manage items in the three different levels. What actions would we actually take in managing A versus in managing C?H  0޽h ? ̙330 @1(  X  C       S   @   3Are we back to Pareto analysis?H  0޽h ? ̙330 P(  X  C       S d  @    H  0޽h ? ̙33Q0  `(  X  C        S   @   An element to stress about cycle counting is that it usually identifies problems and enables action to be taken in a reasonable amount of time.H  0޽h ? ̙33u0 5-p( 25 X  C     -  S   @   Here you might ask students to consider the problem of inventory in organizations which provide primarily personal services (hospital, doctor, Merry Maids, college or university).H  0޽h ? ̙330 (  X  C       S   @    H  0޽h ? ̙330 (  X  C       S    @    H  0޽h ? ̙33L0  (  X  C       S D"  @   You might ask students if they can identify an industry for which the cost of obsolescence is particularly important. Is the number of such industries likely to grow or decline? The same question could be asked regarding pilferage. The question could be asked in a more general manner: Are there industries for which one or another of the areas listed is of particular or unusual importance?H  0޽h ? ̙330 n( L`ILHI X  C       S +  @   p\Note that this slide suggest holding costs are, on average, about 26% of the inventory valueH  0޽h ? ̙330 (  X  C       S p1  @    H  0޽h ? ̙330 (  X  C       S 6  @    H  0޽h ? ̙3330 (  X  C       S ;  @   qThis slide simply introduces some of the available models. Additional details are provided in subsequent slides.H  0޽h ? ̙33!0 q(  X  C       S B  @   s_Students should be asked to consider the degree to which each of these assumptions is accurate.H  0޽h ? ̙330 (  X  C       S DN  @    H  0޽h ? ̙330  (  X  C       S pS  @    H  0޽h ? ̙33d0 $@ (   X   C        S ]  @   Students may find it helpful if you actually go through each of these steps - at least through writing the equation, and setting setup cost equal to holding cost.H   0޽h ? ̙33\0 P(  X  C       S d  @   One should link this model to the assumptions. You should also explore, at least briefly, how this picture would change if the assumptions were not met.H  0޽h ? ̙33~0 >6`(  X  C     6  S j  @   For some students, it is most important at this point to explain in detail the meaning and significance of each equation. It might be helpful to actually work through a numerical example.H  0޽h ? ̙33 0 ldp$(  $X $ C     d $ S  q  @   One way to approach this is as an EOQ model with the instantaneous replenishment assumption relaxed. The following slide (EOQ Model modified to show changes for POQ) allows you to do this if you wish. Otherwise, skip it and move on.H $ 0޽h ? ̙33!0 ,(  ,X , C      , S @}  @    H , 0޽h ? ̙33v"0 6.4(  4X 4 C     . 4 S   @   You should either provide concrete examples of the causes noted, or ask that students do so. You should also explicitly discuss the relevance of this variability to the POQ model.H 4 0޽h ? ̙33e#0 %<(  < < C x,xaxa1 ?  @   'Given that students recognize that production takes place for only a portion of the cycle, you might ask how one determines the appropriate length of the production period. If they understand the model, they will perceive that the production period is determined by the POQ. <  N1 ?    H < 0޽h ? a($0 D(  DX D C      D S $  @    H D 0޽h ? ̙33q%0 1)L(  LX L C     ) L S \  @   Here again, it may be helpful to actually go through a numerical example, but it will probably be necessary to explain in detail the meaning and significance of each equation H L 0޽h ? ̙33&0 T(  TX T C      T S М  @    H T 0޽h ? ̙33(0 d!(  dX d C      d S ̠  @   #One point to stress here is that this is simply an extension of the original EOQ model where we are now allowing the demand to vary. Students should become accustomed to seeking such extensions as the need arises. The next slide presents a graphical view of this model.H d 0޽h ? ̙33z)0 :2l(  ld l <1?   l ZjJjJ1?`  H32  d l <1?`Pd l <1?P  l  N1 ?     l C xxaxa1 ?  @    H l 0޽h ? a(Q*0  t( L9NNfK tX t C       t S   @   This represents a model in which orders are based upon time, not the quantity needed. The following slide provides a graphical representation.H t 0޽h ? ̙33+0  |(  KL9NN |X | C      | S 4  @    H | 0޽h ? ̙33.0  Q( # X  C       S h  @   S?This slide provides a more detailed view of the material flow cycle. Students might be asked to comment on the impact of each element on the overall time. Questions such as: - why do we need these times? - how can they be reduced? - would we wish to eliminate these elements entirely? might be helpful.H  0޽h ? ̙33,0 x(   R  3     ~  C $  @    H  0޽h ? ̙33 -0 Z(  R  3       C ,  @   hTIt might be useful here to explicitly discuss the purpose of each type of inventory.H  0޽h ? ̙33\20 (  X C     S G @   One should link this model to the assumptions. You should also explore, at least briefly, how this picture would change if the assumptions were not met.H  0޽h ? ̙3330 0(  X C     S X @    H  0޽h ? ̙3360 (  X  C       S x  @    H  0޽h ? ̙33 xTN@h_x9~uﵡG*)- "+6R "\N RIKa؁&آꗹnE܏&Ar/E96&Mt6Bz#1Z|쌿xwIKx L[YR IQsXwIEЃGIZc ~/7Ngͪ?7{J)J9آ@z}T! ޭ.j끮wž Oh\~Ge# u7Kn&^_ DQobҔ~C >P=/`*% *E~V;NO6ˤ`7@cg!4ȫ)$ ev+xIMʲ\Y$\k.”'V+0)1Qrm͔QHyؐ^`kn#*7Qm39Ș~o~˅ Lr0|\Pg^p02m4o&qs uf@|d68kmG q  }ln*$90@~Y.\Jg;@X,xN"JpDS|P$z.:pivVP  gxzPy@<i0B MW: b\(@  d /^ 4Clip (MS_ClipArt_Gallery.20,Microsoft Clip Gal   [CustomBryant College*3- 9 Arial NarrowSymbolArialMonotype SortsBlank PresentationMicrosoft Clip GalleryPowerPoint PresentationOutlineOutline - ContinuedOutline - ContinuedLearning Objectives AMAZON.comOrder Fulfillment at AMAZON'Order Fulfillment at AMAZON- ContinuedWhat is Inventory?The Functions of InventoryTypes of InventoryThe Material Flow CycleDisadvantages of InventoryInventory ClassificationsThe Material Flow Cycle ABC AnalysisClassifying Items as ABCCycle CountingAdvantages of Cycle Counting6Techniques for Controlling Service Inventory Include:%Independent versus Dependent DemandInventory CostsHolding (Carrying) Costs-Inventory Holding Costs (Approximate Ranges)Ordering Costs Setup CostsInventory ModelsEOQ AssumptionsInventory Usage Over TimeEOQ Model How Much to Order?Why Holding Costs IncreaseWhy Order Costs DecreaseDeriving an EOQEOQ Model When To OrderEOQ Model EquationsThe Reorder Point (ROP) Curve Production Order Quantity ModelEOQ POQ Model When To OrderEOQ POQ Model When To Order&Reasons for Variability in ProductionPOQ Model Inventory LevelsPOQ Model Inventory LevelsPOQ Model EquationsQRoot EntrydO) (PicturesًCurrent User2SummaryInformation(  !"#$%&'()*+,-./0123456789:;<=?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_{achonkachonkearson Oh+'0 px0 @L l x &Chapter 1, Heizer/Render, 5th editionosOperations and ProductivityJohn SwearingenCC:\Program Files\Microsoft Office\Templates\Blank Presentation.potUBRETRI113Microsoft PowerPointoso@$@@ Vc@ ZZRoot EntrydO)@>IPicturesًCurrent User,SummaryInformation(  !"#$%&'()*+,-./0123456789:;<=?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_{asusasusonkearson Oh+'0 px0 @L l x &Chapter 1, Heizer/Render, 5th editionosOperations and ProductivityJohn SwearingenCC:\Program Files\Microsoft Office\Templates\Blank Presentation.potUBRETRI113Microsoft PowerPointoso@$@@ Vc@ ZZ)_{Pearson EducationPearson Oh+'0 px0 @L l x &Chapter 1, Heizer/Render, 5th editionosOperations and ProductivityJohn SwearingenCC:\Program Files\Microsoft Office\Templates\Blank Presentation.potUBRETRI113Microsoft PowerPointoso@$@@ Vc@ ZZuantity Discount ModelQuantity Discount Schedule&Quantity Discount How Much to OrderProbabilistic Models$Probabilistic Models When to Order?Fixed Period Model)Inventory Level in a Fixed Period System"Fixed Period Model When to Order?  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