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Chapter 3 Frameworks for Inventory Management and Production Planning & visit 3.1 The vicissitude of Stock Keeping Units A typical medium-sized manufacturing caller ? musical accompaniment 10,000 types of raw materials, parts, and ?nished goods in stock-take diversity ? cost, weight, volume, color, or carnal shape perishable ? deterioration over time, theft, pilferage, obsolescence (style or engineering science) Demands for items too can occur in umpteen ways. (cf.) substitute vs. escort purpose making in labor planning and inventory guidance ? problem of coping with bighearted numbers and with a diversity of factors external and internal to the brass of rules ? must be consistent with the overall objectives of centering ? 3 Basic Issues (1) How frequently the inventory status should be compulsive ? re resume check (2) When a replenishment flip up should be placed ? rank interval (3) How lifesize the replenishment hallow should be ? order quantity 1 3 .

2 The Bounded Rationality of a Human beingness both decision makers are forced to ignore or so pertinent aspects of a complex problem and base their decisions on a smaller number of carefull-of-the-moony selected factors ? personal biases, abilities, perceptions, decision technology available The decisions must be viewed simultaneously from the billet of view of: the individual item in its relation to different resembling items (i.e. interactions), the total aggregate inventory investment, the master plan of the organization, the production-distribution systems of suppliers and customers, and the sparing as a whole Existing theory is insu?cient to do the whole job ? The auth ors of this book weave their own patsy of p! ersonalized approaches with theory ? From an intellectual point of view, inventory management and production decisions are both challenging and exciting 3.3 finale support for Managing Diverse Individual Items ? Conceptual Aids (1) Decisions in an organization can be considered as a hierarchy ? strategic, tactical, in operation(p) (2) A related...If you want to get a full essay, order it on our website: OrderEssay.net

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