These lecture notes were taken during 2013 installment of the MOOC “An Introduction to Operations Management” taught by Prof.
Such an inventory decouples supply from demand and supports a higher (and steadier) flow rate. name - (required) a name for this processor (for example: CheckInventory ). Pipeline inventory is anything that’s in the pipeline of the supply chain and hasn’t yet gotten to its final destination. Whereas the safety inventory can be seen as the buffer against heightened external demand, the decoupling inventory can be seen as the buffer against heightened internal demand. Configuring processor chains with a pipeline definition file is useful for. It is required at different locations within a facility or. nb 1 Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. OFOs require shippers to take action to balance their supply with their. Pacific Gas and Electric Company’s California Gas Transmission may issue and implement System-Wide or Customer-Specific OFOs in the event of high or low pipeline inventory. Safety inventories are closely associated with the meme “buffer or suffer”, meaning that if a process is not able to buffer for variabilities (such as an unexpected external demand) it will loose on flow rate. 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. An Operational Flow Order is a mechanism to protect the operational integrity of the pipeline. These are the base components or totally raw materials used at the very first stage of production. Raw materials, works in process, and finished goods. Every business has a standard for inventory turnaround that is optimum for the business. a burger chain keeping an inventory of pre-made burgers so that customers can be satisfied immediately. And these supplies and materials are usually broken up into three groups based on the stage of production. Inventory means value and is an asset to the company. A private household will, for example, keep a box of water bottles in the cellar for practical reasons instead of satisfying the demand for water at the store every time it comes up again.Ī safety inventory is a buffer agains high external demand, e.g. a toy company can cheaply produce at at steady pace and build up a seasonal inventory for higher sales during the Christmas holidays.Ī cycle inventory is helpful if keeping an inventory saves costs associated with buying supplies on time.
a producer of wine that needs to age for two years in order to be sold needs a minimum inventory of wine for two years in order to exist.Ī seasonal inventory is helpful, if an organisation wants to produce at a constant (cost-efficient) capacity, yet the demand varies with the seasons. There are five major reasons for holding inventory:Ī pipeline inventory is the minimum inventory an organisation needs in order to function.
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