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- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Introduction_to_Operations_Management_(NWTC)/09%3A_Inventory_Management/9.05%3A_Inventory_Models_for_Certain_Demand-_Economic_Production_Quantity_(EPQ)As a result, we have a production setup cost since we will need to setup the machines or the production area before the start of the production in each cycle. In terms of calculations, if we use the f...As a result, we have a production setup cost since we will need to setup the machines or the production area before the start of the production in each cycle. In terms of calculations, if we use the following notation and replace the H (i.e., the holding cost per unit of item per year) by it, we can use the same formulations from the EOQ model for the optimal lot size (run size) and the total cost.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Introduction_to_Operations_Management_(NWTC)/09%3A_Inventory_Management/9.03%3A_Relevant_CostsAs share of the actual cost of owning or leasing the warehouse or the facility in which we hold the inventory and the costs of running the place (e.g., material handling, utilities, etc.) are calculat...As share of the actual cost of owning or leasing the warehouse or the facility in which we hold the inventory and the costs of running the place (e.g., material handling, utilities, etc.) are calculated per item and added to the holding cost percentage.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Introduction_to_Operations_Management_(NWTC)/01%3A_Introduction_to_Operations_ManagementThis chapter outlines operations management as a crucial field for business students, focusing on overseeing transformation processes within a structured hierarchy, including roles like Director of Op...This chapter outlines operations management as a crucial field for business students, focusing on overseeing transformation processes within a structured hierarchy, including roles like Director of Operations and COO. It traces its history from the industrial revolution, emphasizing influential figures like Henry Ford, and highlights the significance of past innovations in shaping future practices.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Business_Simulation_(NWTC)/04%3A_Production/4.05%3A_Types_of_InventoryThis simply means that from time to time, if the demand goes up and down, when the demand is down, you may want to produce a little bit more and keep it in inventory, so that later on, when the demand...This simply means that from time to time, if the demand goes up and down, when the demand is down, you may want to produce a little bit more and keep it in inventory, so that later on, when the demand goes back up, you don’t have to necessarily ramp up your production too much. In another example, we may not use the discount option from our supplier if we know that the total savings (as a result of the discount) is not worth the additional inventory holding costs.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Business_Simulation_(NWTC)/07%3A_Total_Quality_Management_and_Lean/7.03%3A_Just-In-Time_(JIT)_SystemsSince the cost of chemical waste disposal was a major part of the cost of changing over a coating machine to make another product, 3M shortened the length of hoses that needed purging and redesigned t...Since the cost of chemical waste disposal was a major part of the cost of changing over a coating machine to make another product, 3M shortened the length of hoses that needed purging and redesigned the shape of the adhesive solution holding pan on the coating machine to be shallower.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Introduction_to_Operations_Management_(NWTC)/09%3A_Inventory_Management/9.04%3A_Inventory_Models_for_Certain_Demand_-_Economic_Order_Quantity_(EOQ)Since we want to minimize the total cost by finding the optimal order quantity, we will need to use the function that we have for it (called TC(Q) here) and find the value of the Q that makes the deri...Since we want to minimize the total cost by finding the optimal order quantity, we will need to use the function that we have for it (called TC(Q) here) and find the value of the Q that makes the derivate of this function equal to zero.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Business_Simulation_(NWTC)/04%3A_Production/4.07%3A_Relevant_CostsAs a share of the actual cost of owning or leasing the warehouse or the facility in which we hold the inventory and the costs of running the place (e.g., material handling, utilities, etc.) are calcul...As a share of the actual cost of owning or leasing the warehouse or the facility in which we hold the inventory and the costs of running the place (e.g., material handling, utilities, etc.) are calculated per item and added to the holding cost percentage.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Business_Simulation_(NWTC)/07%3A_Total_Quality_Management_and_LeanThis chapter highlights the significance of just-in-time (JIT) philosophy and lean manufacturing for businesses, particularly a pizza shop, emphasizing quick delivery of fresh products to meet consume...This chapter highlights the significance of just-in-time (JIT) philosophy and lean manufacturing for businesses, particularly a pizza shop, emphasizing quick delivery of fresh products to meet consumer demands and stay competitive. It outlines the importance of waste elimination in manufacturing, referencing the Toyota Production System, and details seven types of waste and management strategies.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Introduction_to_Operations_Management_(NWTC)/10%3A_Just_in_Time_Lean_Systems/10.03%3A_Just-In-Time_(JIT)_SystemsSince the cost of chemical waste disposal was a major part of the cost of changing over a coating machine to make another product, 3M shortened the length of hoses that needed purging and redesigned t...Since the cost of chemical waste disposal was a major part of the cost of changing over a coating machine to make another product, 3M shortened the length of hoses that needed purging and redesigned the shape of the adhesive solution holding pan on the coating machine to be shallower.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Introduction_to_Operations_Management_(NWTC)/09%3A_Inventory_Management/9.02%3A_Inventory_Management_ModelsFor example, one method is called continuous review, which means that your information system will automatically check your inventory level at all times and when the inventory level hits a certain poi...For example, one method is called continuous review, which means that your information system will automatically check your inventory level at all times and when the inventory level hits a certain point, which we call the reorder point, the system will notify us that we need to place an order or even in more automated systems the system may automatically place the order and that way, we do not have to do anything.
- https://biz.libretexts.org/Courses/Northeast_Wisconsin_Technical_College/Introduction_to_Operations_Management_(NWTC)/10%3A_Just_in_Time_Lean_Systems/10.04%3A_Total_Quality_ManagementEmployees are responsible for understanding the quality measures of their work and what they need to do to meet the needs of internal and external customers. Unlike a traditional “push” environment wh...Employees are responsible for understanding the quality measures of their work and what they need to do to meet the needs of internal and external customers. Unlike a traditional “push” environment where line workers are relatively independent of one another in their work activities, JIT employees are connected by the “demand pull” discipline, where work is not produced unless the downstream work center needs it.
