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What three things you learned from the chapter.

Book: “Principles of Supply Chain Management: A Balanced Approach, 3rd Edition”

Chapter 7: Inventory Management.

The most expensive, sophisticated software package will not automatically result in anoptimal level of inventory for an electrical wholesaler.‘Optimal’means a high level ofcustomer service and inventory turns, but with low inventory investment. To achieveand maintain an optimal level, employees educated in the principles of effectiveinventory management must understand how to set certain parameters; then set themand keep them set right.

Objectives After completing this chapter, you should be able to

•Distinguish dependent from independent demand inventories.

•Describe the four basic types of inventories and their functions.

•Understand the costs of inventory and inventory turnovers.

•Understand ABC classification, ABC inventory matrix and cycle counting.

•Know RFID and how it can be used in inventory management.

•Understand the EOQ model and its underlying assumptions.

•Understand the Quantity Discount and the EMQ Models and their relationshipswith the basic EOQ model.

•Understand and be able to distinguish among the various statistical ROP models.

•Understand the continuous review and periodic review systems.

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