Operations Management


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Textbook:
Pages : 329; Paperback;
210 X 275 mm approx.


Workbook:
Pages : 239; Paperback;
210 X 275 mm approx,  Sample Applied Theory Questions
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Textbook Price: Rs. 900;
Workbook Price: Rs. 700;
Available only in INDIA

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Operations Management Textbook | Workbook

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<< Chapter 9

Fundamentals of Inventory Control : Chapter 10

SUMMARY: The term ‘inventory’ refers to the materials that possess economic value, and are stored by a firm for future use. Inadequate inventory hampers the production process, and also affects the sales. Therefore, firms maintain adequate level of inventory to improve its operating efficiency and safeguard them from business uncertainties and help them provide better customer service.

Firms should ascertain the exact inventory requirements as excessive inventories lock up the working capital and yield no immediate returns.

On the other hand shortage in inventory level would lead to stockout costs. Operations managers need to control the inventory levels for each of the items in the inventory list by determining when and how much stock to replenish. Two inventory systems are fixed order

quantity system and fixed order period system. In fixed order quantity system, the ordered inventory remains the same but the timing of the orders varies with requirement. In fixed period model, the time period between two orders is same but the order quantity varies. Economic order quantity model is used to determine the optimal order quantity that minimizes both inventory ordering and holding costs. In real business situations, the actual performance does not always match the planned performance. Hence, managers monitor output periodically, compare the actual output with planned output, and take necessary corrective action, in order to improve the efficiency of inventory control system. Classification of inventory allows operations managers to exercise control over the inventory items and develop control plans for the same.


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