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    Abhijit Das
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    Designing and Managing Chapter 1

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    Designing and Managing Chapter 1

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai PDF atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    8 tayangan36 halaman

    Imgtopdf Generated 0710171236010

    Diunggah oleh

    Abhijit Das
    Designing and Managing Chapter 1

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai PDF atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 36
    2 onarvan Inventory Management and Risk Pooling CASE: Steel Works, inc. Gary Lemming sat in his new comer office and tapped his pensil on the desk. Lemming had jus been named head of Stee! Works, Ins new cen tralized logistics group. After a decade of experience implementing MRP (Materials Requirements Planning) systems throughout the company's manufacturing facilities, Lemming was confident he could handle the job, Until this morning. “Our inventory levels are ridiculous!” barked Jean Du Blanc, the company’s Chief Financial Officer. “Our customer service is the worst im the industry, and getting worse,” grumbled Kirk Callow, the CEO. Lemming started to explain, “You see, I've already set up # team to look at all of that. . . .” But before he could finish, Callow stood up. “Sales are down 30 percent and ‘expenses are up 25 percent. Our best customers are calling me and telling me they're going to our competitors, and at the rate we're losing market share we won't be in business in a year I don't want to hear about teams; | want you back in here in a week telling me how you're going to fix this thing.” Lemming looked over the list of people he'd asked to meet with him this week. He shook his ‘head—how do I lower expenses and improve per- formance? How will T ever find the right answer? BACK Steel Works, tn, is a manufacture specialty use stecls with ann million in 1993, f brilliant material scientists from MIT, the company now employs more than 250 a 3 different locations. With it DuraBend™, the company eared a a high technology provider a established @ niche position in what is typical regarded as a commodity market. lis tw divisions, Specialty Product. and Custom Products, are very separate and distinct businesses CUSTOM PRODUCTS Lemming's first interview of the morning was ‘with Stephanie Williams, President of the Custom division, "Our motto is “The Customer Comes First, Second, and Third, But Never Last explained Ms, Williams. “The Custom division ‘Sougee Ths case was prepare! by exch awitct David Kies ‘oder he dreton of Professor Stephen. Gres 2 ie i or ais dscuatin rater tha wo utter ef xine: fective handling oa dennis station Copyright © 1996 Masacsets laste of Technology. The compar pels data and evens depicted herein are eticelyfettios. Any resemblance to acaal people, businesses, or stations purely coincidental, a7 SSO yp OAS op ay UL -¥o0 a ‘any UuoHsnD 4 Saya ® paceey su _haedhwn 2310 © pur saupomat ore ye 3 2 a banat Baie po te aus ea =p Sn) ‘sade payer wat om pope ap an (das ay, beet prody, CH ceativett (Eat produce Ae ind vitae ua (ality of hy Miaven 9 (sport la ye inspor uppers (se |e motive Ince dead to (it time in tees that (as Pher-tha agement & Since to onde: a order kno i 3: de The ene of the planaing hovizo 5 Goi Boeing order cost nt i. Tuically, onder cost consis of oe ne expt The posit cont may exhiog gamer 8s SOs ote pot taaaler te percomi pt Mb economies OF ele: thats dhe heger the onto ea be Imentory holding con. orien gpee Siac taies. property teten andy i Maimenance cons {HL Obsolescence cost, which derives f Which represent the retur on investment th in something else (e 2. hes Seaver 16 Serve level equirernem's. tn situation mou vacate toimeet eusiomer orders 108 percent ee evel af service egies ‘ius 22 SINGLE STAGE INVENTORY CONTRO We start by considering imentory minageient in «singe vupply chain stage.‘ technigees and approaces that ean be elfectve for managing inventory ia mee. the characteristics ofthat stage : ae 22.1 The Economic Lt Size Moc! The elassie economic lot xise model, introduced by Ford W, Harri in 1915, ita simple tet iMlstrtes the trade-offs between ordering and storage costs, Consider a warebouse facing constan demand for s single item, The warchouse orders from the tupplsr, who Is assum unlimited quantity of the product. The model assumes the following + Demand is constant st a tte of D items per day * Onder quantities are fixed at Q items per Orde; tht is, each time te wan for Q ters. «A fixed cont (setup cost), K, ic incurred every time the warehouse places an ore + Am inventory carrying cos, hy also ref pet day thatthe unit is held 4 The lead time, the time that claps Initial inventory 15 2 * The planning horizon is long (infin vasa holding cost. accrued per unit held in inventory smeting al! demand that jon of ea coon ph, The asp of anv apg istic, Replenishment of products very likely takes sy ! ‘insight derived panty is restrictive. Swpising the des aventory policies that wre effective for more © thin mode will help ws Oueren 2 nemarrom minewen women rou 3 rane s-4 .. aaa 5 os aa eee Gana agg te Vin tise = sw ontercant oe) | * ° 1000 Ta Ones quantity (rer tw) PIOURE 2-4 Economic lt size modal: total east par Cnt ine. « o= Ve thar i, changes in order quantities have a feb ventory holding costs, To illustrate this issue, Fmutuple b of the optimal order il is 0 = bO*. Tins, b= T implies that ity. Hb = 1.2 (b © 0.8), the desision makes Table 2-1 presents the impact of ' 20 percent more (less) than hangs in bon total system cost . es oy wn me em carn gost is no more than 1.6 percent. inact. examrne 2.4 sis ret a Faaaae lee Pee tial forec lag rine second on, Fagnv 2 Tha orcoancnc wren ¢ petiod of cara wi be ere lewhile i Wy detailed be firm has wo stock in y it has to ‘Ye have biog ad onl norman tia fated pcr, ne menctacure hs tv 10000 independant Re wremt predict, We Hatatce | eaten tec erocacton cost 1+ Yaw vate predurzan cmt pert ocue Ri 9. a ees Fee eam aen oo cerca a E Peoria fer ae hence Petsson maa xraner men men ra for the the te provaity tha fetes the sleep EXAMPLE 2-6 Frosscwn goons 3c Gite The acme nai =o meron PROURE 2-7 Attequoncy hietooram a rf To summarize: «The optimal order quantity is not necessarily equa wo freces fy Gptmal quantity depends on the retaondip Between marzima sertronal unit and marginal cost. Moe importndy the fined cost quaaty, only co te decision whether to produc mk Ts § ation quay isthe same independently of te fed procs Tee the coder quantity increases, average pro typically insteass ae rmeraga valve, afer which tb erage prod Stars Sores Pe rae ce prodaction quant, she isk—tar te PRO Fee same time, the probability of ne esas ass INES Thi trade-off 226 Ital ventory ; Fees ices msde, we conidcred » ai sin duction oppornunity to meet demand du ‘We neat onside #5 he other hand, if an Asgured. Thus, when inal eres ty Berit by wvciding pa inventory level meth “The previe ‘Whenever the inventory level increase the invcn a acayalewte de nae. serve that i ahere is no fined otder-up-to level: always or be EXAMPLE 2-8 2.2.5 Multiple Order Opportunities: — Bia We celieret store an ee : order products based on realized customer demand In many racic! state loess ge ee ints eveasicy at ony ene a, Lagi Ble loti opdcecd froos-t macefactaree Of course thew ‘orders placed by the distributor: there tsa fixed lead tim ventory Shorder Since demand ts random and the manufacturer hase fice Maite ientory, even ac ated Seay conchae fe cndeig x pro Jeast three reasons why the distributor holds inventory: — I. Tosatisfy demand occuring during lead tine. Since terse Pee Fer ae cesorner derand thls eld beeen te tot Basan th ime a the ordered avery artes 2. Toprotectagaige uncertainty in demand 4A. To balance annual inventory holding costs ‘and annual fixed Peeeree ie cad omer invent levels al hs lows ine fEadto higher annval fixed onder coms earth pei vedo poi Miso beds 0 dxie der cons. W mtory effectively, the ‘While these issues is-not simple. To manage inven onder, We distinguish berween two types of policies TEentimvons review polics.in which inventory sresiewad continua an ne rae seats» partculas evel, or reoner poi. To 9 pi inventory can be continuows!y ¥ Tor example. when compuleiZ® suse. «+ Periodic review policy, in which (he Cooorie quam ieee ein in which i or inconvenient viel ei in reviewed ot tegular interval ‘policy 1s mat appre ft ty and place inventory 1ev impossil orders placed wh sm x Vi the safety factor. This cons Table 2-2 provides list of: values fr sitereet values ofthe service ls : mc ae BOQ onder quantity we developed previously is very cffcctive for this mode! & m this monde! that ‘the onder quantity, Q, ts calculated as follows: x the arbutor places an onde fr Q items whenever the iaveniory poston at Figare 29 ilostrats the inventory level over ie when this ype of ply i the average inventory level inthis policy? Observe hat, bt Jove of seater ixacicved igh before recsving ances, while the mani Level fie eergered miedo after receiving the orde. The expected level of inventory before resin ts oer ithe safety stock = 1 Site oe ae So nventry me vot time (0,99 ple Pes is ini ov ee chet bs ES Zk hl we mas! seat 1 Ca “a 0 eu owe an ee a coup eta & a is 0) ao] sous OMB SILL, = =m Ps Cpe co pl ape = IN § uk 4 Eve Dav ain A “a iately after reveiving an order, while the min fnordes. tis easy 10 see that the expected level of mentor ates anne AVG + 24 STD x \ Wille the expected Yevel of inventory bere inter wriveu i jut the ea stp «rv Hence, the average inventory le 22.9 Service Level Optimization So far we have axsuimied that th Fneentory policy given a specific service level target, The question, of courne sould decide on the appropriate level of service. Sometimes this is determines Spstomer. In other words, the retailer can require the facility for exarmple. the» Gepecific level of Sorvice and the supplier wil se that target o manage sow Set acter casca, the facility has the exit choose the appropiate ve of service. “HE AE cm prencate in Figure 2, are clear: everyting cb bing eae he Hive ice level, Pigter the fnwentory level. Similarly, forthe same ineenary level ong the lead thme to th pice ie iar taps. Coefficient of vanation = Standard devtation, ‘Aserage demand remote dant Sean thet wich one eae a ea ficient ae Satie Nes ani a a eed ie the ve opt rapa ee demunds the cotficient of sarin atin tis background, wo see the power of isk poo, comida the follwing ee: CASE: Risk Pooling chain. and. serves aban, 10,000 accounts in the Northeast, ACME, Is considesing the following Aernative suategy: Replace the fro maeoscs siitha single warehouse cae evens Parnes Gare Sites, (aces 2 distiborion problem. The icin gat wil serve all cusiomer onde: WS sstrivarion system pavtidons the. WNT aie proposed epsiem a6 Hc crural eect ino wo markets, each of which it 2 vitntaaton ayers The CEO wast that We MT ppie marcos. ne warehouse i ssid saevtce level, 97 percent be raintaine! egares Fanunes, New racy. an the second is losis of the logistics strategy empione Pimpom, Massachuscts. Cosouners (YPC Toes, the current distbusion system wit aseacpesiems directly frem He eee has an important YAnkob= OY=t eneaan jem beewase o3 opted the Inventory up to another, higher level. For the som. ouch, known as a (Q, 8) policy —whe from average demand citity, Finally, the marginal op by the ane inventory Hevel, the higher the impay wer the Tevel af service provides cy level, That is, th wel and hence on &8f of their products. Tha so as to maximize exp et crvice level foreach SK. oat af iventery on service sedi retail ae al, of 0 se etcrmine service level for each SK. nse service level will beh or for products with 1 is nicely illustrated by Pigure vice level and. variability. E le i horizontal axis represeats de js proportional to profit mafgin. The tare + of profit i The imp annual sales white the associated with a product and the size of the

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