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PROD 2800 PRODUCTION AND OPERATIONS MANAGEMENT Gestion de la production et des op

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PROD 2800 PRODUCTION AND OPERATIONS MANAGEMENT Gestion de la production et des op rations Per AGRELL agrell_at_poms.ucl.ac.be Lecture 5 Inventory Control – PowerPoint PPT presentation

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Title: PROD 2800 PRODUCTION AND OPERATIONS MANAGEMENT Gestion de la production et des op


1
PROD 2800PRODUCTION AND OPERATIONS
MANAGEMENTGestion de la production et des
opérations
  • Per AGRELL
  • agrell_at_poms.ucl.ac.be
  • Lecture 5 Inventory Control

2
Outline
  • Key issues
  • Order policies
  • Fixed order quantity EOQ
  • Q-model
  • Variable-time period model (r,Q)
  • Fixed-time period model
  • P-model (s,S)

3
Key issues
  • 1. Which policy?
  • 2. When to order?
  • 3. How much to order?

4
Inventory Costs
  • Holding (or carrying) costs.
  • Costs for storage, handling, insurance, etc.
  • Setup (or production change) costs.
  • Costs for arranging specific equipment setups,
    etc.
  • Ordering costs.
  • Costs of someone placing an order, etc.
  • Shortage costs.
  • Costs of canceling an order, etc.

5
Reorder Point System (r,Q)
Q
r
L
6
Fixed-Time Period Model (S,T)
  • Review every T periods
  • Inventory position (IP) On-hand on-order -
    backlog
  • Order up to level S if IP lt s

7
Fixed-Time Period System (S,T)
S
s
T
3T
2T
8
Stochastic Demand (S,T)
S
s
T
2T
3T
9
Safety Stocks
10
Safety Stock Factors
  • z P(no stockout) P(stockout)
  • 0.00 50 50
  • 1.00 84 16
  • 1.64 95 5
  • 1.96 97.5 2.5
  • 2.32 99 1

11
Safety Stocks in (S,T)
  • S D(TL) zsTL
  • Expected demand over TL Safety stock
  • Order S IP

12
Demand Variability
13
ABC Classification
Share of inventory value
A-items
B-items
C-items
Share of inventory records
14
Adapted Systems
  • A-items
  • Individual forecasts
  • Fixed Order Quantity systems (often)
  • B-items
  • Fixed-Time Period systems
  • Regular follow-up
  • C-items
  • Simple rules
  • Two-bin systems

15
Two-Bin Systems
16
Summary
  • ABC classification
  • Systems
  • Fixed quantity, variable time
  • Fixed time, variable quantity
  • Safety stock calculations
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