Do you think your business is free of inventory? Think again. Inventory management applies to all businesses – retail; service and manufacturing. Too much stock affects your Profit. Alternatively, not enough stock will have the same affect when your customers go to competitors. Another area is Work in Progress. Too much stock sitting at any stages of your production line will tie up money. Then it will affect your Profit. Learn how to reduce the damage with inventory management and Local Optima. This will improve the efficiency of your production line. Are your costs too high? One way to reduce these costs is by reducing your inventory costs.
18Jul
Manage Workflow and the Local Optima Problem
It is a very widely held belief in business that each station in a production line should be working as hard as it can in order to maximise its efficiency. This might be a car assembly line or an accountant's office processing tax returns using several different stages in the accounting...