Are you an inventory intensive industry? Do you think that your inventory does not require management? Look at your inventory carefully, many businesses do not realise the importance of using inventory management tools. Learn how to calculate your inventory balance; set inventory accounting goals. Then there is the Theory of Constraints. Learn about Drum, Buffer and Rope optimisation techniques. Avoid the cost of over and under stocking – the inventory management tools take you through both the over and under stocking problems. Solutions are then given for each of these problems. In addition, learn about removing a bottleneck in your production line.
10Apr
Cost of Over and Under Stocking
In a manufacturing or retail environment, having too much inventory of products your customers don't want and/or too little inventory on hand of what products your customers do want will cost you money and, consequently, profit. Many service businesses also have inventory even if it is items like stationary incidental...