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【正文】 Insurance—13 percent Source: Mark Williams, APICS Instructor Listserv, 22 January 2020 1512 Inventory Cost Structures (5) Shrinkage – ―…‘shrinkage‘…cost . retailers about $ billion last year.‖ This is more than the bined total from other crimes such as robberies, auto theft and larceny. Source: Wall Street Journal, 11 July 2020, p. B4. 1513 Inventory Cost Structures (6) Stock out cost (back order or lost sales) – record maintenance – lost ine – customer dissatisfaction – Typically expressed as a fixed cost per backorder or as a function of aging of backorders. 1514 Two Forms of Demand (1) Independent demand (this chapter) – finished goods, spare parts, MRO – based on market demand – requires forecasting – managed using ?replenishment philosophy‘, . reorder when reach a prespecified level. 1515 Two Forms of Demand (2) Dependent demand (next chapter) – parts that go into the finished products, RM/PP or WIP – dependent demand is a known function of independent demand – calculate instead of forecast – Managed using a ?requirements philosophy‘, . only ordered as needed for higher level ponents or products. 1516 Figure : Demand Patterns A pattern plus random influences ?Lumpy‘ because of production lots 1517 Economic Order Quantity (EOQ) Developed in 1915 by . Harris Answers the question ?How much do I order?‘ Used for independent demand items. Objective is to find order quantity (Q) that minimizes the total cost (TC) of managing inventory. Must be calculated separately for each SKU. Widely used and very robust (. works well in a lot of situations, even when its assumptions don‘t hold exactly). 1518 Economic Order Quantity (EOQ) Basic Model Assumptions Demand rate is constant, recurring, and known. Lead time is constant and known. No stockouts allowed. Material is ordered or produced in a lot or batch and the lot is received all at once Costs are constant – Unit cost is constant (no quantity discounts) – Carrying cost is a constant per unit (SKU) – Ordering (setup) cost per order is fixed The item is a single product or SKU. 1519 EOQ Lot Size Choice There is a tradeoff between frequency of ordering (or the size of the order) and the inventory level. – Frequent orders (small lot size) lead to a lower average inventory size, . higher ordering cost and lower holding cost. – Fewer orders (large lot
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