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Partnerized Inventory Management
Partner-optimized inventory management, also known as partnerized inventory management or sometimes just the abbreviation PIM is an inventory management technique or model often used in deterministic inventory systems in which a significant portion of the total inventory regularly becomes stochastic in nature, due to slowing and/or low demand such as is typical in heavy machinery and construction equipment where the products themselves are extremely durable and have long lives in the field. Inventory in these cases needs to be maintained for an extended time to allow for repairs and product support perhaps as much as two or more decades after a manufacturer has ceased production. Traditional inventory management techniques break down in cases where a manufacturer maintains inventory to supply future maintenance of their in-service equipment. As demand for goods approaches zero, liquidation of inventory is indicated in most revenue management models. Zero inventory to service produ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing system. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory Investment
Inventory investment is a component of gross domestic product (GDP). What is produced in a certain country is naturally also sold eventually, but some of the goods produced in a given year may be sold in a later year rather than in the year they were produced. Conversely, some of the goods sold in a given year might have been produced in an earlier year. The difference between goods produced (production) and goods sold (sales) in a given year is called inventory investment. The concept can be applied to the economy as a whole or to an individual firm, however this concept is generally applied in macroeconomics (economy as a whole). Unintended unsold stock of goods increases inventory investment. Definition of inventory investment *Inventory investment = production – sales Baumol, William J., and Alan Blinder Blinder, Alan S., ''Macroeconomics: Principles and Policy'', Southwestern College Publ., eleventh edition, 2008. Thus, if production per unit time exceeds sales per unit ti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory Optimization
Inventory optimization is a method of balancing capital investment constraints or objectives and service-level goals over a large assortment of stock-keeping units (SKUs) while taking demand and supply volatility into account. Inventory management challenges Every company has the challenge of matching its supply volume to customer demand. How well the company manages this challenge has a major impact on its profitability. In contrast to the traditional "binge and purge" inventory cycle in which companies over-purchase product to prepare for possible demand spikes and then discards extra product, inventory optimization seeks to more efficiently match supply to expected customer demand. APQC Open Standards data shows that the median company carries an inventory of 10.6 percent of annual revenues as of 2011. The typical cost of carrying inventory is at least 10.0 percent of the inventory value. So the median company spends over 1 percent of revenues carrying inventory, although for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Wiley & Sons
John Wiley & Sons, Inc., commonly known as Wiley (), is an American multinational publishing company founded in 1807 that focuses on academic publishing and instructional materials. The company produces books, journals, and encyclopedias, in print and electronically, as well as online products and services, training materials, and educational materials for undergraduate, graduate, and continuing education students. History The company was established in 1807 when Charles Wiley opened a print shop in Manhattan. The company was the publisher of 19th century American literary figures like James Fenimore Cooper, Washington Irving, Herman Melville, and Edgar Allan Poe, as well as of legal, religious, and other non-fiction titles. The firm took its current name in 1865. Wiley later shifted its focus to scientific, technical, and engineering subject areas, abandoning its literary interests. Wiley's son John (born in Flatbush, New York, October 4, 1808; died in East Orange, New Je ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Management
Field inventory management commonly known as inventory management is the function of understanding the stock mix of a company and the different demands on that stock. The demands are influenced by both external and internal factors and are balanced by the creation of purchase order requests to keep supplies at a reasonable or prescribed level. Inventory management is important for every other business enterprise. Retail supply chain Inventory management in the retail supply chain follows the following sequence: # Request for new stock from stores to head office, # Head office issues purchase orders to the vendor, # Vendor ships the goods, # Warehouse receives the goods, # Warehouse stores and distributes to the stores, # Shops and/or consumers (e.g. wholesale shops) receive the goods, # Goods are sold to customers at the shops. Software applications SaaS inventory management software is a tool to help efficiently manage stock. While the capabilities of applications vary, most i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spare Part
A spare part, spare, service part, repair part, or replacement part, is an interchangeable part that is kept in an inventory and used for the repair or refurbishment of defective equipment/units. Spare parts are an important feature of logistics engineering and supply chain management, often comprising dedicated spare parts management systems. Spare parts are an outgrowth of the industrial development of interchangeable parts and mass production. In an industrial environment, spare parts are described in several manner to distinguish key features of various spare parts. The following describes spare part types and their typically functionality. 1. Capital parts are spare parts which, although acknowledged to have a long life or a small chance of failure, would cause a long shutdown of equipment because it would take a long time to get a replacement for them. Capital parts are typically repaired or replaced during planned overhauls/scheduled inspections. As description imp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service Level
Service level measures the performance of a system. Certain goals are defined and the service level gives the percentage to which those goals should be achieved. Fill rate is different from service level. Examples of service level: * Percentage of calls answered in a call center. * Percentage of customers waiting less than a given fixed time. * Percentage of customers that do not experience a stockout. * Percentage of all parts of an order being fulfilled completely (Explanation) if one component part of an order is not filled the Service Level for that order is Zero, If all the component parts of an order are delivered except one is filled at 51%, the service level for that order is 51% (This system is often used in supply chain delivery to manufacturing), This is a very different from a simple order fill measurement which does not consider line items on the order. Service level Service level is used in supply-chain management and in inventory management to measure the performan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operations Research
Operations research ( en-GB, operational research) (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a discipline that deals with the development and application of analytical methods to improve decision-making. It is considered to be a subfield of mathematical sciences. The term management science is occasionally used as a synonym. Employing techniques from other mathematical sciences, such as modeling, statistics, and optimization, operations research arrives at optimal or near-optimal solutions to decision-making problems. Because of its emphasis on practical applications, operations research has overlap with many other disciplines, notably industrial engineering. Operations research is often concerned with determining the extreme values of some real-world objective: the maximum (of profit, performance, or yield) or minimum (of loss, risk, or cost). Originating in military efforts before World War II, its techniques have grown to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory Management Software
Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets. Features Inventory management software is made up of several key components working together to create a cohesive inventory of many organization's systems. These features include: Reorder point Should inventory reach a specific threshold, a company's inventory management system can be programmed to tell managers to reorder that product. This helps companies avoid running out of products or tying up too much capital in inventory. Asset tracking When a product is in a warehouse or store, it can be tracked via its barcode and/or other tracki ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pinch Point (economics)
A pinch-point is the level of inventories Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the sha ... of a commodity or product below which consumers of that commodity or product become concerned about security of supply. Background When inventories are below the pinch-point, small changes in the balance of supply and demand can cause large changes in the price of the commodity or product. The term was suggested in 1988 by Walter Curlook (Executive Vice-President of Inco Ltd) and was first published by Raymond Goldie with Rob Maiman in 1990. In 2000 Raymond Goldie trademarked the term. See also * Partnerized inventory management References {{reflist Commodity markets ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deterministic System
In mathematics, computer science and physics, a deterministic system is a system in which no randomness is involved in the development of future states of the system. A deterministic model will thus always produce the same output from a given starting condition or initial state. at In physics Physical laws that are described by represent deterministic systems, even though the state of the system at a given point in time may be difficult to describe explicitly. In |
Spare Part
A spare part, spare, service part, repair part, or replacement part, is an interchangeable part that is kept in an inventory and used for the repair or refurbishment of defective equipment/units. Spare parts are an important feature of logistics engineering and supply chain management, often comprising dedicated spare parts management systems. Spare parts are an outgrowth of the industrial development of interchangeable parts and mass production. In an industrial environment, spare parts are described in several manner to distinguish key features of various spare parts. The following describes spare part types and their typically functionality. 1. Capital parts are spare parts which, although acknowledged to have a long life or a small chance of failure, would cause a long shutdown of equipment because it would take a long time to get a replacement for them. Capital parts are typically repaired or replaced during planned overhauls/scheduled inspections. As description imp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
