Chapter Name: Directing inventory management and operations scheduling
Description:Learners explore inventory control techniques, including Just-In-Time (JIT), Economic Order Quantity (EOQ), and ABC analysis, alongside effective scheduling practices for operations.
Purpuse:To enable learners to manage inventory levels efficiently and schedule operations to meet customer demand without overburdening resources.
Rational:Effective inventory management and scheduling minimize costs and ensure product availability, directly impacting profitability.
Chapters Topics
Advanced Concepts and principles of inventory management
Delves into sophisticated inventory management techniques such as Economic Order Quantity (EOQ), Just-in-Time (JIT), and ABC analysis. Emphasizes the importance of balancing inventory costs with service levels to optimize stock levels and reduce waste.
Fundamentals of Aggregate planning
Covers the process of developing, analyzing, and maintaining a preliminary, approximate schedule of the overall operations of an organization. It includes determining capacity requirements, production planning, and inventory management to meet fluctuating demand.
MPR and EPR
Explains Material Requirements Planning (MRP) and Enterprise Resource Planning (ERP) systems. MRP focuses on inventory control and production planning, while ERP integrates core business processes, providing a comprehensive view of operations.
Just in Time and Lean Operations
Introduces JIT as a strategy to improve a business's return on investment by reducing in-process inventory and associated carrying costs. Lean operations focus on minimizing waste and maximizing value by improving processes.
Inventory scheduling
Discusses the techniques for planning and controlling inventory levels to ensure that materials are available for production and products are available for delivery to customers, while minimizing inventory costs.