Implementation of Inventory Systems in China
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The problems encountered when attempting to incorporate modern systems for inventory and materials management into a rapidly developing country are discussed. Specifically, the case of present‐day China is used as the focus of the study. After reviewing some historical background for the present situation, recommendations are provided for the gradual adoption of modern inventory practices in light of the limited capital and technology available for the transition.Keywords:
Perpetual inventory
Inventory valuation
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An inventory management system that does not ensure inventory record accuracy greatly reduces the ability of a company to control inventory levels and fulfill customer requirements. This study investigated how two principles of inventory management affected three business metrics: on-time delivery, inventory record accuracy, and inventory level management. Eight manufacturers of aircraft parts and equipment in northeastern lllinois responded to a survey created to analyze the effects of ABC classification of inventory and cycle counting techniques on inventory management. Survey data were collected via teleconference with a representative of each manufacturer. Half of the manufacturers reported using ABC inventory classification and/or cycle counting techniques for inventory accuracy. The most common ABC inventory classification system reported was both the dollar value and usage/movement methods. The random selection method was the most preferred method of cycle counting. Not all companies had information about their on-time delivery ratings before implementing an inventory management technique. Responses were variable for those that did have this information. Two out of four manufacturers reported unchanged ontime delivery ratings after implementing an inventory management technique, while one reported a decrease and another reported an increase. Inventory accuracy data also proved difficult to collect. Those companies providing inventory accuracy information, however, typically indicated dramatic increases in their accuracy ratings after the implementation of an inventory management
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In order for stocks to be used with the lowest level of losses possible, there is a need to use control systems. This scientific article has a review about the stock in general, where it is discoursed on definition, classification and inherent costs as also inventory management, highlighting models and methods for their management. Some of the main indicators used in inventory management are presented, such as physical inventory, inventory accuracy, service level, inventory coverage, demand versus consumption, stock location, inventory reduction and ABC curve. Inventory management helps companies achieve adequate levels of inventory, thus ensuring greater product availability to the consumer with as little inventory as possible. Such control allows the manager to identify flaws and opportunities for improvement in the process. The inventory management theories in the article could be used by inventory managers who seek to improve and optimize their process. This research conducts a review of the main inventory management methods, and the main resources and benefits in stock control. The inventory management techniques described in the article can be implemented by managers without the need for advanced knowledge of statistics and programming. These are fundamental technical practices, which serve as a basis for the possible implementation of inventory management procedures.
Safety stock
Stock management
Inventory valuation
Perpetual inventory
ABC analysis
Cycle count
Stock (firearms)
Stockout
Reorder point
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In order for stocks to be used with the lowest level of losses possible, there is a need to use control systems. This scientific article has a review about the stock in general, where it is discoursed on definition, classification and inherent costs as also inventory management, highlighting models and methods for their management. Some of the main indicators used in inventory management are presented, such as physical inventory, inventory accuracy, service level, inventory coverage, demand versus consumption, stock location, inventory reduction and ABC curve. Inventory management helps companies achieve adequate levels of inventory, thus ensuring greater product availability to the consumer with as little inventory as possible. Such control allows the manager to identify flaws and opportunities for improvement in the process. The inventory management theories in the article could be used by inventory managers who seek to improve and optimize their process. This research conducts a review of the main inventory management methods, and the main resources and benefits in stock control. The inventory management techniques described in the article can be implemented by managers without the need for advanced knowledge of statistics and programming. These are fundamental technical practices, which serve as a basis for the possible implementation of inventory management procedures.
Safety stock
Stock management
Inventory valuation
Perpetual inventory
ABC analysis
Cycle count
Stock (firearms)
Reorder point
Stockout
Inventory turnover
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The management and control of inventory is difficult problem to all organisations in any sector. Inventory management is very important as it share integral part of working capital. This paper shows the need of inventory management and reduction in inventory cost. It is necessary to maintain inventories without affecting the work. There are different inventory control techniques to handle inventory. But every technique has limitation. In the present work, inventory data of construction materials have been collected from store ledger book and Smart Site ( ) software of company. Inventory matrix is developed using ABC, VED analysis. Inventory cost is calculated using lead time, annual consumption for each category. The inventory matrix helped to reduce inventory cost. Inventory matrix helped in giving better inventory management.
Inventory valuation
ABC analysis
Perpetual inventory
Cycle count
Inventory analysis
Inventory turnover
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Inventory valuation
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Abstract Many manufacturing and service organizations invest a large amount of capital in inventory. For this reason, it is important for inventory managers to reduce the costs associated with inventory. Firms that carry a variety of items require a classification system for the effective management of inventory. The ABC support system is a well-established inventory planning and control method that is used to manage different classes of inventory and reduce inventory costs concurrently. This paper presents a decision support system for ABC inventory management that can be used by managers to determine the efficiency of their inventory policies and to evaluate inventory decisions. The mathematical formulas to support inventory decisions are discussed. Since managers must manage in term of dollars, the quantitative tools are explained in terms suitable for management. KEYWORDS: supply chaininventory managementdecision supportABC classification
Perpetual inventory
Inventory valuation
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Inventory management is mainly concerned about identifying the amount and the position of the goods that a firm has in their inventory. Inventory management is imperative as it helps to defend the intended course of production against the chance of running out of important materials or goods. Inventory management also includes making essential connections between the replenishment lead time of goods, asset management, and the carrying costs of inventory, future inventory price forecasting, physical inventory, and available space for inventory, demand forecasting and much more. The major objective of the study is to examine to the techniques used by the company to control the inventory. It also includes studying the effectiveness of the technique adopted. In this report we can come to know the background information and the objective of the industry as a whole and also develop the project procedures and various method performed in order to get a detailed report on the industry.
Inventory valuation
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Finished good
Lead time
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Inventory management is mainly concerned about identifying the amount and the position of the goods that a firm has in their inventory. Inventory management is imperative as it helps to defend the intended course of production against the chance of running out of important materials or goods. Inventory management also includes making essential connections between the replenishment lead time of goods, asset management, and the carrying costs of inventory, future inventory price forecasting, physical inventory, and available space for inventory, demand forecasting and much more. The major objective of the study is to examine to the techniques used by the company to control the inventory. It also includes studying the effectiveness of the technique adopted. In this report we can come to know the background information and the objective of the industry as a whole and also develop the project procedures and various method performed in order to get a detailed report on the industry.
Inventory valuation
Perpetual inventory
Finished good
Lead time
Cycle count
Concept inventory
Inventory turnover
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The inventory management function determines the health of the supply chain and impacts the financial health of the balance sheet. This chapter explores several best practices to consider in the inventory control process. Wayne Smith, founder and president of Working Capital Concepts, LLC, recommends that controllers take these four steps to attain a best-practice inventory management process: deploy an error-free, fast, and effective reporting process, establish meaningful performance metrics, report and analyze metrics over time, and develop reporting and control measures for each inventory category. Inventory is categorized into two types based on the demand pattern, which creates the need for inventory. The two types of demand are: independent and dependent demands. There are two basic types of inventory management and control systems: pull and push. Raw materials management involves periodic review of the inventory holding, inventory counting, and audits—followed by analysis of the reports leading to financial and management decisions.
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