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Inventory Optimization
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.Scheuffele, G. and Kulshreshtha, A.Inventory Optimization: A Necessity Turning to Urgency ''SETLabs Briefings'', Volume 5, No. 3, July–September 2007, accessed 3 December 2023 It has been observed within operations research that "every company has the challenge of matching its supply volume to customer demand. How well the company manages this challenge has a major impact on its profitability." Inventory management challenges In contrast to the traditional "binge and purge" inventory cycle in which companies over-purchase product to prepare for possible demand spikes and then discard extra product, inventory optimization seeks to more efficiently match supply to expected customer demand. American Productivity and Quality Center (APQC) Open Standards data shows that the median company carries an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (British English) or stock (American English) is a quantity of the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Data Corporation
International Data Group (IDG, Inc.) is an American market intelligence and demand generation company focused on the technology industry. IDG, Inc.'s mission is centered around supporting the technology industry through research, data, marketing technology, and insights that help create and sustain relationships between businesses. IDG, Inc. is wholly owned by Blackstone and is led by Genevieve Juillard, who was appointed CEO of the company in 2023. Juillard serves on IDG, Inc.'s leadership team along with IDC President Crawford Del Prete and IDG, Inc.'s Chief Financial Officer Tiziana Figliolia. IDG, Inc. is headquartered in Needham, Massachusetts and is the parent company of both International Data Corporation (IDC) and Foundry (formerly IDG Communications). History International Data Group was initially founded as International Data Corporation (IDC) in 1964 by Patrick Joseph McGovern, shortly after he had graduated from the Massachusetts Institute of Technology (MIT). ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Optimization
Mathematical optimization (alternatively spelled ''optimisation'') or mathematical programming is the selection of a best element, with regard to some criteria, from some set of available alternatives. It is generally divided into two subfields: discrete optimization and continuous optimization. Optimization problems arise in all quantitative disciplines from computer science and engineering to operations research and economics, and the development of solution methods has been of interest in mathematics for centuries. In the more general approach, an optimization problem consists of maxima and minima, maximizing or minimizing a Function of a real variable, real function by systematically choosing Argument of a function, input values from within an allowed set and computing the Value (mathematics), value of the function. The generalization of optimization theory and techniques to other formulations constitutes a large area of applied mathematics. Optimization problems Opti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Logistics
Logistics is the part of supply chain management that deals with the efficient forward and reverse flow of goods, services, and related information from the point of origin to the Consumption (economics), point of consumption according to the needs of customers. Logistics management is a component that holds the supply chain together. The resources managed in logistics may include tangible goods such as materials, equipment, and supplies, as well as food and other edible items. In military logistics, it is concerned with maintaining army supply lines with food, armaments, ammunition, and spare parts apart from the transportation of troops themselves. Meanwhile, civil logistics deals with acquiring, moving, and storing raw materials, semi-finished goods, and finished goods. For organisations that provide Waste collection, garbage collection, mail deliveries, Public utility, public utilities, and after-sales services, logistical problems must be addressed. Logistics deals with t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply Chain Management
In commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management, logistics and marketing channels, through which raw materials can be developed into finished products and delivered to their end customers. A more narrow definition of supply chain management is the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronising supply with demand and measuring performance globally". This can include the movement and storage of raw materials, work-in-process inventory, finished goods, and end to end order fulfilment from the point of origin to the point of consumption. Interconnected, interrelated or interlinked networks, channels and node businesses combine in the provision of products and services required by end customers in a supply chain. SCM is the br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory Theory
Material theory (or more formally the mathematical theory of inventory and production) is the sub-specialty within operations research and operations management that is concerned with the design of production/inventory systems to minimize costs: it studies the decisions faced by firms and the military in connection with manufacturing, warehousing, supply chains, spare part allocation and so on and provides the mathematical foundation for logistics. The inventory control problem is the problem faced by a firm that must decide how much to order in each time period to meet demand for its products. The problem can be modeled using mathematical techniques of optimal control, dynamic programming and flow network, network optimization. The study of such models is part of inventory theory. Issues One issue is infrequent large orders vs. frequent small orders. Large orders will increase the amount of inventory on hand, which is costly, but may benefit from volume discounts. Frequent order ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (British English) or stock (American English) is a quantity of the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Smiths Group
Smiths Group plc is a British, Multinational corporation, multinational, diversified engineering business headquartered in London, England. It operates in over 50 countries and employs 15,000 staff. Smiths Group is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. Smiths Group has its origins in a jewellery shop, ''S Smith & Sons'', which was founded by the watchmaker and businessman Samuel Smith (watchmaker), Samuel Smith. Supplying its precision watches to various clients, including the Admiralty, the business quickly grew and expanded into a major provider of timepieces, diamonds, and automotive instrumentation. On 21 July 1914, the business became a public limited company, holding onto this status for over a hundred years. Significant restructuring of Smiths Group took place during the 1950s, the foundations of Smiths Medical Systems division were laid while Smiths Aviation and Smiths Marine were organised as separate divisions. Throughout much ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Castrol
Castrol Limited is a British oil company that markets industrial and automotive lubricants, offering a wide range of oil, greases and similar products for most lubrication applications. The company was originally named CC Wakefield; the name ''Castrol'' was originally just the brand name for CC Wakefield's motor oils, but the company eventually changed its name to ''Castrol'' when the product name became better-known than the original company name. Since 2000, Castrol Limited has been a subsidiary of BP, which acquired the company for $4.73 billion. History The "Wakefield Oil Company" was founded by Charles Wakefield in Cheapside, London in 1899. Wakefield had previously left a job at Vacuum Oil to start a new business selling lubricants for trains and heavy machinery. Eight Vacuum Oil employees joined Wakefield, and the company launched its first lubricant in 1906. In early 20th century, Wakefield Co. developed lubricants especially suited for automobiles and aer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electrocomponents
RS Group plc (formerly Electrocomponents plc) is a distributor of industrial and electrical products based in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. History The company was founded by J. H. Waring and P. M. Sebestyen as ''Radiospares'' in a lock-up garage at Lanark Villas in Maida Vale in London in 1937. It supplied radio repair shops with spare parts – replacement electronic components and mechanical components for radio receivers and transmitters. When television sets became popular, the company added television parts to their product list. As the company expanded it moved to Birchington Road in Kilburn. By the end of the Second World War, the company had evolved into a large national distribution company. In 1954, the founders of Radiospares expanded the company's focus from shops and home users to the industrial sector and began selling electronic components to manufacturers. The company was first listed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discounted Cash Flow
The discounted cash flow (DCF) analysis, in financial analysis, is a method used to value a security, project, company, or asset, that incorporates the time value of money. Discounted cash flow analysis is widely used in investment finance, real estate development, corporate financial management, and patent valuation. Used in industry as early as the 1700s or 1800s, it was widely discussed in financial economics in the 1960s, and U.S. courts began employing the concept in the 1980s and 1990s. Application In discount cash flow analysis, all future cash flows are estimated and discounted by using cost of capital to give their present values (PVs). The sum of all future cash flows, both incoming and outgoing, is the net present value (NPV), which is taken as the value of the cash flows in question; see aside. For further context see ; and for the mechanics see valuation using discounted cash flows, which includes modifications typical for startups, private equity and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Assembly Line
An assembly line, often called ''progressive assembly'', is a manufacturing process where the unfinished product moves in a direct line from workstation to workstation, with parts added in sequence until the final product is completed. By mechanically moving parts to workstations and transferring the unfinished product from one workstation to another, a finished product can be assembled faster and with less labor than having workers carry parts to a stationary product. Assembly lines are common methods of assembling complex items such as automobiles and other transportation equipment, household appliances and Consumer electronics, electronic goods. Workers in charge of the works of assembly line are called assemblers. Concepts Assembly lines are designed for the sequential organization of workers, tools or machines, and parts. The motion of workers is minimized to the extent possible. All parts or assemblies are handled either by conveyors or motorized vehicles such as forklif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
