Managing Uncertainty in a Supply Chain - Factors affecting the level of safety inventory
4 important questions on Managing Uncertainty in a Supply Chain - Factors affecting the level of safety inventory
Which 2 factors determine the appropriate level of safety inventory?
- The uncertainty of both demand and supply
- the desired level of product availability
What is a stockout?
Give 3 ways to measure product availability
- Product fill rate (fr); fraction of product demand that is satisfied from products in inventory.
- Order fill rate; fraction of orders that is satisfied from products in inventory.
- Cycle service level; fraction of replenishment cycles that end with all customer demand being met.
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Give 2 different replenishment policies
- Continuous review; inventory continuously tracked, lot size Q placed when inventory declines to the reorder point (ROP)
- Periodic review: Inventory status checked regular periodic intervals, order is placed to raise inventory to a specified threshold
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