CPIM DSP Session One Study Note.doc

session one inventory policytwo types of inventory policies are aggregate and item-level- aggregate inventory managementestablishing the overall level (for example, dollar level) of inventory desired and implementing controls to achieve this goal.# resolving sales and operational conflicts the resolution of conflicting objectives does not always have to be accomplished by tradeoffs. for example, lean and theory of constraints production approaches enable more than one objective to be achieved by increasing supply chain velocity through a number of methods.# inventory valuation inventory is often the largest asset on companys balance sheet. purpose - it enables to determine the impact of inventory on the financial condition of the business, providing information necessary for strategic and policy decisions, such as inventory turns and performance metrics. it is also useful in determining operational approaches to order quantities, safety stock, and replenishment. inventory includes raw materials, wip, and finished goods owned by the company. mro (maintenance, repair & operations) supplies are not included as assets; they are considered expenses. cost accumulation methods (manufacturing and service companies) cost systems project - project basis process - flow productionjob-order costing - eto and mto job shop manufacturing retail and distribution environments do not need to accumulate cost to manufacture, but do need to track inventory costs as they buy and sell goods. cost of goods sold for retail store, the cost of goods sold = landed costs = acquisition cost + freight cost for service organizations, spare parts are tracked as cost of goods sold; intangible services are consumed by operating supplies for manufacturing companies, the cost of goods sold = cost of sales = labor + materials + overhead inventory valuation methods average costthe cost of goods sold and ending inventory are based on the average of the actual cost paid for each unit produced or purchased. standard costa single value is selected for an inventory item that is reasonable, often based on historical or anticipated costs. actual costthis method is not used often except for custom items or unique items. transfer cost and pricetransfer cost and price are important in the transfer of goods between sister companies or divisions. fifo (first in, first out) see additional materials lifo (last in, first out) see additional materialsthings to notice:1. when prices are rising, lifo gives the lowest profit and fifo the highest.2. the lifo profit is the closest to measuring the cost of goods sold as the cost to replace the inventory.3. when prices are rising, fifo gives the best measure of the cost of the ending inventory at current prices4. advantages and disadvantages of all four methodsmethodadvantagesdisadvantagesspecific identificationexactly matches costseasy to manipulatehard to apply to many small itemsweighted averagehard to manipulateeasy to calculateaverages may not reflect inflation wellfifohard to manipulatemakes physical sensegood ending inventory valuationproduces inventory profitsdoesnt minimize taxeslifominimizes taxes in inflationreflects current costseasy to manipulatephysical flow unrealisticbad ending inventory valuationcant use for foreignlifo liquidation probs.# performance metrics aggregate inventory measures indicate how well inventory is managed from an overall business perspective. financial measures the rule of thumb is that high inventory turns and low days of supply inventory turns - measures the speed of inventory conversion into sales.= days of supply evaluates sale-to-inventory performance how many days of inventory are being carried to support annual sales.1) average of daily usage = 2) days of supply = cash-to-cash cycle (time) measures the time span between paying for raw materials and paying for product.= days supply of inventory + accounts receivable days accounts payable daysor= inventory days of supply + days of sales outstanding days of payables outstanding customer service operational metrics these focus on excellence in meeting customer requirements, such as orders shipped on time, low number of back orders, and ordering periods without a stock out. customer satisfaction metrics these focuses on how a supplier supports its customers business goal and requirements and can be subjective.- item-level policies are associated with materials and operations planning and execution.# lot-sizing lot sizing decision factors determine the quantity that is consistent with a companys investment and customer service targets. order quantity constraints and modifier1) order quantity constraints provide upper and lower order quantity limits.upper limits: to control inventory investmentlower limits: to prevent numerous orders for low-cost items, this can lead to excessive ordering cost2) order modifiers enable necessary adjustments to quantities that might be outside the order constraints. (examples: adjust quantities to lot size requirement, for price break, to cover an entire periods supply, and for scrap or yield factors)* constraints take precedence over modifier. when a constraint and/ or a modifier prevents an order from being released, the planner needs to take corrective action.+ p 1-47 / p.g. inventory carrying cost1) opportunity cost (cost of capital)2) storage cost (labor and equipment; space, including utilities and other operating costs; insurance and taxes on inventory)3) risk cost (obsolescence; damage; deterioration; lost and stolen) ordering cost1) cost to prepare and place an order to suppliers or the factory2) setup costs for internal manufacturing3) costs of receiving, handling and inspection lot-sizing techniques see additional materials economic order quantity fixed order quantity lot for lot order n periods of supply period order quantity# safety stock definition 1) in general, a quantity of stock planned to be in inventory to protect against fluctuations in demand or supply. 2) in the context of master production scheduling, the additional inventory and capacity as protection against forecast errors and short-term changes in the backlog.syn: buffer stock; reserve stock safety stock method statistical calculationthe premise of statistical safety is that safety stock levels can be mathematically determined.1) determine the standard deviation or sigma in physical units2) deciding on a customer service level3) using a safety factor table to locate the safety factor for the desired service level4) multiplying the sigma by the safety factor time period safety stocktime period safety stock provides an even amount of safety stock, equal to the estimated usage, over a designed time frame. it is projected based on actual demand, forecast demand, or a combination.time period safety stock = forecast monthly usage x safety stock time period fixed safety stockfixed safety stock is generally applied when the following situation exist:1) a new part is being phased in2) a part is being phased out approaches to safety stockpart typeor situationstatisticaltime periodfixedfinished goods (independent demand)effective if demand is large volume and stablecould be used; result might be higher safety stock level than necessarycould be used; result might be higher safety stock level than necessaryraw material (dependent demand)not normally usedparts with fluctuating demand; safety stock can increase or decrease as demand changesparts requiring special oversight; parts being phased in or 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