Week 4 - 2 Flashcards Preview

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Flashcards in Week 4 - 2 Deck (20)
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1
Q

Inventory - Physical

A

Physical Inventory

2
Q

Inventory - Customer

A

Queues of customers

3
Q

Inventory - Information

A

Databases of information

4
Q

Stock

A

Accumulation of physical materials such as components parts, finished goods, or paper information records

5
Q

Types of stocks - Buffers or safety inventory

A

Against uncertainty (WC Papier)

6
Q

Types of stocks - Cycle inventory

A

Counteract lack of flexibility (boodschappen)

7
Q

Types of stocks - Economies of scale

A

Advantages on short term opportunities buying bulk (1+1 gratis)

8
Q

Types of stocks - Anticipation of inventory

A

Producing before its demanded (Sinterklaas)

9
Q

Types of stocks - Pipeline

A

Inventory underway/ not yet available (online kopen)

10
Q

Stock spree

A
Obsolescence (things get old)
Damage
Storage
Lost
Insurance
Working Capital
11
Q

Inventory Cost - Cost of Not Holding stock

A

Stockout cost
Price discounts
Cost of placing the order

12
Q

Inventory Cost - Cost of holding Stock

A

Operating inefficiencies cost
Obsolesce
Storage cost
Working Capital cost

13
Q

The economic order quantity - EOQ

A

Holding cost+ Ordering cost = Total cost

14
Q

EOQ is not perfect because?

A

Simplistic
Real costs are not assumed
Descriptive
Focus only on cost optimization

15
Q

Periodic (P)

A

Maximum quantity level
Variable Quantity
Fixed Period

16
Q

Continuous (Q)

A

Reorder Point
Variable Period
Fixed Quantity

17
Q

Two Bin & Three Bin systems

A

When the first 1 is empty you will have to order in.

18
Q

ABC Inventory Control System - Class A

A

High usage value 20% of items accounting for 80% of the total usage value

19
Q

ABC Inventory Control System - Class B

A

Medium usage value 30% of items accounting for 10% total usage value

20
Q

ABC Inventory Control System - Class C

A

Low usage value 50% of items accounting for 10% total usage value