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General Introduction to Inventory
Management
D Q
TC (Q) Co h
Q 2
2CoD
Q*
h
ROP dxl s
Safety Stock
If demand variability follows a normal distribution around
the average level, demand uncertainty is represented by
the standard deviation of demand. Furthermore, safety
stock affects the service level. Thus, when setting a safety
stock level, a service level target should be determined.
Safety stock is the determined by the following formula:
s k ( SL) x
where k (SL) is a number in a standard normal distribution
representing that there is a probability of SL that demand is
less than or equal to k, while is the standard deviation of
demand. The values of k for different SL can be obtained in
a normal inverse table. For example, if k = 1.65, SL = 95%.
EOQ WITH COORDINATION
2( As Ab) D
Q
( hs hb )
Where:
As = fixed order processing cost incurred to the supplier
Ab = fixed order cost incurred to the buyer
D = annual demand
hs = inventory holding cost to the supplier
hb = inventory holding cost to the buyer
JOINT ORDERING POLICIES: AN EXAMPLE FOR
PRODUCTS WITH STABLE DEMAND
Demand in a year = 10000
(Buyer) Order cost = 200
(Buyer) Inventory holding cost = 4
(Supplier) Order processing cost = 800
(Supplier) Inventory holding cost = 3
16000
13500
14000 11832
12000
9500
10000
7269
8000
6000 4000 4563
4000
2000
0
Buyer's Supplier's TC
s = harga jual
diskon per unit
Q* k ( SL*)
Determine:
The optimal service level for the distributor
The optimal number of shirts to be ordered.
JOINT ORDERING POLICIES
Principle:
Suppose that the costs associated with producing one unit of item at the
manufacturer is $15.
v = 15 c = 17.5 p = 35
SUPPLIER RETAILER
s = 10
Dengan
Tanpa koordinas
koordinasi i Perubahan
SL* 70% 80% 10%
Q 1157 1253 96
Ekspektasi awal
Ukuran batch kecil
Vendor Managed Inventory (VMI)
Suppliers are given more roles. They make decisions on delivery schedule.
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