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OTM 26

Inventory Part 2

QuestionAnswer
Economic Production Quantity (EPQ) - uses 2 formulas (see slide 2 for formulas) 1.new total annual cost formula, see slide 2 2.new order quantity formula (see slide 2)
Economic Production Quantity (EPQ) formulas 1.key difference is that the entire order quantity does not arrive at the same time 2.assume there is a constant production rate, p units per period,slope = -D, slope = P-D
an EPQ example (see slide 3)
setting the reorder level, R (see slide 4 for graph) 1. with certainty 2. with uncertainty
setting the reorder level with no uncertainty it’s simple: R = d•LT
with uncertainty, there are several factors to consider: with uncertainty: R = d•LT + SS CONSIDER: 1.stockout cost 2.holding cost 3.demand variability 4.leadtime variability 5.may be based on some predetermined service level target, for example, no more than a 5% chance of a stockout
A reorder level example (see slide 5)
Created by: rainesv
 

 



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