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Stock-out costs
These are the opportunity costs of running out of stock. They comprise:
1) The costs of lost customer sales, and therefore lost contribution to fixed costs.
2) Potential loss of goodwill with customers whose demand cannot be net.
3 Acquiring emergency supplies at higher prices to meet demand.
4) Cost production of finished goods, where raw material stock-outs occur.
The computation of safety stocks lingers on demand forecasts. The manager will have some notion (usually based on past experience) of the range of daily demand. That is the probability that exists for usage of various quantities.
Product life cycle Every product has a life cycle. The life cycle of a product vary from months to various years. For example in the case of cameras photocopying machines etc.
RELEVANT COSTS FOR NON-ROUTINE DECISIONS A relevant cost is a cost that is appropriate to a specific management decision. To be relevant, a cost should be: 1) Future cost
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Ordering Costs These are incurred in getting purchased items into the company’s inventory or stores, and usually consist of clerical costs of: • Making the purchase demand.
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