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Inventory Management - Assignment Example

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In the manufacturing world, an organisation deals with raw materials and subassemblies. Andrea Meline must consider what to buy, when to buy it, in what quantities and so on. Issues relating to having the item at the right time and at right place are often dealt with by simply increasing the safety stock on-hand…
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Inventory Management
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Download file to see previous pages The materials requirement planning of the company is already implemented yet the results showed that it is not effective. The main cause of such ineffectiveness is the inaccurate information that is entered into the MRP. It is important for Andrea to consolidate and coordinate with other departments of the company in order to control not only what item is purchased and in what quantity but also the timing of its arrival and its intended production consumption.
Furthermore, Andrea should consider planning a Just-In-Time (JIT) inventory system for the company. JIT is a means of meeting customer demands with minimum delay. It is referred as the production of goods, assemblies, and subassemblies to meet exactly the customer's demand in terms of time, quality and quantity. JIT goes further than an MRP. It controls not only the right item, in the right quantity, at the right time, but it also brings the SKU to the right place. Under JIT, an item appears exactly when it is needed - not before, not after. (Muller, 2003)
The volatile demand may cause inaccurate forecasts, which is one of the main sources of backlogs and markdowns in a market-driven manufacturing environment. ...Download file to see next pagesRead More
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