Explain inventory procurement and carrying cost, Operation Management

Assignment Help:

Explain Inventory Procurement Cost and Inventory Carrying Cost.

Inventory Procurement Cost and Inventory Carrying Cost: Inventory is a detailed list of such movable items which are essential to manufacture a product and to keep the equipment and machinery in good working order. Inventory control is related with achieving an optimum balance among two competing objectives: -

  • To minimize investment in inventory.
  • To maximize facility levels to the firm's customers and its own operating departments.
  • A problem that always remains is that how much material may be ordered at a time. It is termed as Economic Order Quantity (EOQ).

Related Discussions:- Explain inventory procurement and carrying cost

Explain receive advice from immediate supervisor, What are some of the poss...

What are some of the possible reasons Scott did not seek or receive advice from her immediate supervisor?

Explain project management at the phoenician video case, Project Management...

Project Management at the Phoenician video case Many times, project decision makers do not rely solely on financial hurdles, such as return on investment or internal rates of re

Toyota Producttion assignment., Exercise 2: Use of a Grid Analysis (Weighte...

Exercise 2: Use of a Grid Analysis (Weighted Scoring Model) to Help Make the North American Plant Location Decision for the RX 330 This exercise illustrates how when deciding am

Explain development of organizational policies, In what way does a person's...

In what way does a person's value system impact the development of organizational policies? Please limit your answer in just in four paragraphs.

Define a simple cpm network has five activities, A simple CPM network has f...

A simple CPM network has five activities, A, B, C, D, and E. A is an immediate predecessor of C and of D. B is also an immediate predecessor of C and of D. C and D are both immedia

The budget projections for the cost of computer hardware, The final element...

The final element of the information systems plan specifies resources required to carry it out. The capital budget should include projections for the cost of computer hardware, net

Explain what qualities do you think supervisors take, What qualities do you...

What qualities do you think supervisors take into consideration when choosing whom to give a promotion to at work?

Describe contingency leadership, Explain contingency leadership and discuss...

Explain contingency leadership and discuss the role of culture in that theory. Must be 4-5 sentences long and have a creditable source cited.

Explain global integration, IT is one of most globally integrated corporate...

IT is one of most globally integrated corporate function how is IT different from other business areas when it comes to global integration? why do you think this is the case?

Comparisons between costs of a product in different periods, Ques: How can ...

Ques: How can we make comparisons between the cost of a product in two different periods if salaries and cost of living may have changed? Ans: The average income is published in

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd