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The economic production quantity model (also known as the EPQ model) determines the quantity a company or retailer should order to minimize the total inventory costs by balancing the inventory holding cost and average fixed ordering cost. The EPQ model was developed and published by E. W. Taft, a statistical engineer working at Winchester ...
Field inventory management, commonly known as inventory management, is the task of understanding the stock mix of a company and the handling of the different demands placed on that stock. The demands are influenced by both external and internal factors and are balanced by the creation of purchase order requests to keep supplies at a reasonable ...
A master production schedule ( MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc. [1] It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded. [2] This plan quantifies significant processes, parts, and other ...
Inventory optimization refers to the techniques used by businesses to improve their oversight, control and management of inventory size and location across their extended supply network. [1] It has been observed within operations research that "every company has the challenge of matching its supply volume to customer demand.
Inventory management software. Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. [1] It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product ...
The Hayes-Wheelwright Matrix, also known as the product-process matrix, is a tool to analyze the fit between a chosen product positioning and manufacturing process. The first dimension of the matrix, the product lifecycle, is a measure of the maturity of the product or market. It ranges from highly customized products with low volumes, to ...
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