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 what is customer relationship management, What is Customer Relation...

What is Customer Relationship Management - CRM? Describe the four-step framework for one-to-one marketing that can be adapted to CRM marketing? Provide at least one or two examples

Connected flow and disconnected flow system, Connected Flow and Disconnecte...

Connected Flow and Disconnected Flow System Such systems deliver very low unit costs, they are vulnerable; because of the absence of work-in-progress buffers, if one process f

Describe the relatively poor recent record for unions, What do you think ex...

What do you think explains the relatively poor recent record for unions attempting to organize large bargaining units?

Explain product focused, 1. What are the key characteristics that would cla...

1. What are the key characteristics that would classify Wheeled Coach as a repetitive focus process strategy? 2. Let's assume you are a new hire at Wheeled Coach. Your manager a

Exam of Operation Management, I will have an exam which has 100 Questions. ...

I will have an exam which has 100 Questions. I will have just 24 hours to complete it. My question about that is if you can answer them within this time and handle the answers to m

Observation of competitor market activities, How can intelligence on compet...

How can intelligence on competitors' strategies best be gathered? A. Observation of their market activities. B. Tracking of their service volumes and market share. C. A & B.

Manufacturing process technology, eloberate manufacturing process technolog...

eloberate manufacturing process technology with its types. project,jobshop,batch,assembly line,contineous..?

Human resource practices which can impede customer service, Identify three ...

Identify three human resource practices that can impede customer service employees from delivering high quality service. Describe how you would modify each practice to promote high

Explain lead directly to performance but is moderated, Stephanie the CEO of...

Stephanie the CEO of XYZ Inc., is trying to increase the level of effort and therefore performance in her company. Based on expectancy theory on motivation she knows that effort do

Explain how can she be sure of her judgment, How can she be sure of her jud...

How can she be sure of her judgment? • How can she convince the marketers? • How should she act in this situation?

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