Purchase/Inventory Management
Inventory Counting Systems
November 19, 2021
Periodic physical count of inventory• A physical count of items in inventory at a periodic intervals (Annually - Quarterly - Monthly ) in order to decide how  a. Why Is a Physical Inventory Necessary?    Contributes to Better Customer Service. It is to verify that the on-hand quantity of each item in your computer reflects what is actually on the shelf.     Is Necessary for Effective Replenishment. If On-hand Quantities in the computer are not equal to ar...
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Inventory Control
November 19, 2021
EOQ Model(Decision problem)The simple EOQ model attempts to balance holding and ordering costs Relevant Costs in EOQ• Holding or Carrying cost (C)• Ordering cost (P)• Purchase cost of the item (V)Where:P = The ordering cost (dollars per order)D = Annual demand or usage of the product (number of units)C = Annual inventory carrying cost (as a percentage of product cost or value)V = Average cost or value of one unit of inventoryAn exampleD = 4,800 Annual DemandP = $40.00 Cost to P...
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Inventory Management
November 22, 2021
Mission Statement• To develop, enhance and maintain our strong relationship with our employees, suppliers and the other functional areas. • Provide the organization with the appropriate supplies in the right quantity and in good condition,  in order secure a non-interrupted operations & to maintain our competitive advantage  and further improve our renowned corporate imageGoals• Provide an uninterrupted flow of materials & supplies required to operate the orga...
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