Inventory Management, Just-In-Time and Simplified Costing Methods for Improving in Academics
These methods and approaches should be known by all students. They should all a working knowledge of these in order to do an assignment or homework on this topic or things which are related to these. Our, myhomeworkhelp.com inventory management, just-in-time and simplified costing methods homework help try to give an explanation about all these and provide students with enough materials so that they can easily work on these topics whenever they come across these.
Inventory management and planning for materials required
Inventory Management refers to the coordinating, planning and controlling activities which are related to inventory flow out, into and through an organization. Managing inventories for increasing net earning requires efficiently managing costs in six categories mainly: 1) Purchasing Cost 2) Carrying Cost 3)Ordering Cost 4)Quality Costs 5)Shrinkage Cost 6) Stock out Cost.
Materials required for planning is a system that is ‘push through’ which manufactures finished products for inventory on the demand forecast basis. To get more notes on this see our inventory management, just-in-time and simplified costing methods assignment help.
Definition of Just-in-time
It is a strategy that companies apply for increasing efficiency and decreasing waste by getting goods only when it is needed during the process of production. This way inventory costs are reduced. The approach requires that producers should be able to accurately forecast demand.
Just-in-time (JIT) purchasing
JIT purchasing is buying goods or materials so that it can be delivered when needed for sales r production. It is very popular as carrying costs happen to be much greater than its estimation because handling, warehousing, investment cost and shrinkage estimation have not been done correctly. Relevant cost in just-in-time purchasing includes purchasing, stock, quality and shrinkage cost. For more detailed account ask our support team for inventory management, just-in-time and simplified costing methods homework help.
Analysis of supply chain and JIT purchasing
Supply chain basically describes the flow of services, goods, and information from initial materials and services’ sources to delivery of goods to consumers for consumption. Members of supply chain share information and coordinate or plan activities. Evaluations of supplier are critical when implementing JIT purchasing.
Features and goals of JIT production
Mainly three goals are there:
- Meet demands of customer timely
- Provide customers with good quality products
- Provide the customers with products at lowest cost possible
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Features of production system of JIT
Main features are:
- Workers are trained after hiring to make the multi-skilled
- Defects are eliminated
- Reduction in setup time
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