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ME 482 - Manufacturing Systems

Inventory control

Concerned with minimizing cost of holding inventory and maximizing customer service. These seem to conflict.

Types of inventory:

Raw materials

WIP

Components

Finished products

Inventory costs:

Investment costs

Storage costs

Possible obsolescence costs

Spoilage costs

Inventory as a function of demand:

Independent demand (order point inventory method) – demand for a product is unrelated to demand for other items (e.g., final product and spare parts)

Dependent demand (MRP method) – demand for an item is directly related to demand for some other item (e.g., product component, raw material)

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