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 kind of training should be done, Performance problems seem all...

Performance problems seem all too common in your workplace. People don't seem to be putting forth the needed effort, and interpersonal conflict on the work teams seems to be a cons

Explain common-size financial statement, What is a "common-size financial s...

What is a "common-size financial statement" and how would it assist you to manage your business successfully?

Would like for you to advice changes that would significant, Your boss woul...

Your boss would like for you to suggest changes that would significant shorten it. what would you suggest?

Comparing the concept of viewing a firm''s suppliers explain, Provide at le...

Provide at least 3 different factors when comparing the concept of viewing a firm's suppliers as adversaries with viewing them as partners.

Explain health care information systems, 1. Analyze the basic technology un...

1. Analyze the basic technology underlying health care information systems and determine the most pressing need for innovation. 2. Explain (with specific examples using local hospi

Write steps you would take to initiate the project, You are the project lea...

You are the project leader for organization your community's Fourth of July celebration parade this year. In previous years the parade has been well attended and a favourite commun

What is the influence of losses in the process in inspection, What is the i...

What is the impact of losses in the process in Inspection and Final Test?

Explain the appropriate marketing-mix strategy, Marketers traditionally cla...

Marketers traditionally classify products on the basis of characteristics: durability, tangibility, and use (consumer or industrial). Discuss the appropriate marketing-mix strategy

Explain the management-research question hierarchy, Build the management-re...

Build the management-research question hierarchy for penton media

Enterprise architecture process, The Enterprise Architecture process i...

The Enterprise Architecture process is one of a number of Information System management processes that occur simultaneously within a large financial services institution

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages