The LOG203 Inventory Management course is designed to provide students with the knowledge and skills necessary to manage inventories in a variety of settings. This SUSS-offered LOG203 course covers topics such as inventory planning and control, forecasting methods, safety stock determination, and Just-In-Time (JIT) inventory systems.

In addition, students will learn about different types of inventory, such as finished goods, work-in-progress, and raw materials. By the end of the course, students will be able to develop and implement an inventory management plan that meets the needs of their organization.

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In this section, we are discussing some assignment activities. These are:

Assignment Activity 1: Recognise the role of inventory management and inventory systems in an organization.

Inventory management is the process of tracking and managing inventory in an organization. Inventory systems are used to track inventory levels, orders, and shipments. There are many benefits to having an effective inventory management system, including reducing costs, increasing efficiency, and improving customer satisfaction.

• An effective inventory management system can help to reduce costs by reducing the amount of inventory that is needed to be kept on hand. This can lead to reductions in storage costs, as well as cuts in labor costs associated with managing inventory.
• In addition, an effective inventory management system can help to increase efficiency by reducing the amount of time that is needed to manage inventory. This can lead to more efficient use of staff time and improved customer service.
• Finally, an effective inventory management system can help to improve customer satisfaction by ensuring that products are available when they are needed. This can lead to repeat business and referrals.

In conclusion, the role of inventory management and inventory systems in an organization is essential. These systems can provide many benefits, including reduced costs, increased efficiency, and improved customer satisfaction. When choosing an inventory management system for your organization, it is important to consider your specific needs and requirements.

Assignment Activity 2: Solve for the optimal order quantity when demand is known in advance.

The optimal order quantity is the amount of inventory that should be ordered to minimize the total cost of inventory. The total cost of inventory includes the cost of ordering, the cost of holding, and the cost of shortage.

To calculate the optimal order quantity, you will need to know the demand for the product, the lead time, and the costs associated with ordering and holding inventory.

Assuming that demand is known in advance, the optimal order quantity can be calculated using the following formula:

Q* = (D*L)/C

where Q* is the optimal order quantity, D* is the demand for the product, L is the lead time, and C is the cost of ordering.

For example, if the demand for a product is 100 units per day, the lead time is 10 days, and the cost of an order is $5 per order, then the optimal order quantity would be 1000 units.

This formula can be used to calculate the optimal order quantity for any situation where demand is known in advance. It is important to consider all of the costs associated with inventory when calculating the optimal order quantity, as this will ensure that the total cost of inventory is minimized.

Assignment Activity 3: Analyse the need for safety stock and the impact of demand uncertainty on order quantities.

Safety stock is inventory that is kept on hand to meet unexpected demand. It is important to have safety stock because it ensures that customer demand can be met even when there are unforeseen events, such as production delays or supplier issues.

The amount of safety stock that is needed depends on the degree of demand uncertainty. If there is high demand uncertainty, then more safety stock will be needed. If there is low demand uncertainty, then less safety stock will be needed.

The impact of demand uncertainty on order quantities can be significant. If demand is very uncertain, then companies may need to order larger quantities of inventory to account for the possibility of higher-than-expected demand. This can lead to higher inventory costs.

Therefore, it is important to consider the degree of demand uncertainty when deciding how much safety stock to keep on hand. In general, the higher the degree of demand uncertainty, the more safety stock will be needed.

Assignment Activity 4: Discuss the importance of forecasting techniques in inventory management and different performance measures.

Forecasting is a technique that is used to predict future demand for a product. It is an important tool that can be used to help companies make decisions about inventory levels.

There are many different forecasting techniques, and the most appropriate technique will depend on the situation. Some common forecasting techniques include trend analysis, regression analysis, and time-series analysis.

• Trend analysis is a technique that is used to identify whether demand is increasing, decreasing, or staying the same.
• Regression analysis is a technique that is used to identify relationships between different variables.
• Time-series analysis is a technique that is used to predict future demand based on past demand.

Different performance measures can be used to evaluate the accuracy of forecasts. Some common measures include mean absolute error, mean squared error, and root mean squared error.

• Mean absolute error is a measure of the average difference between the actual demand and the forecasted demand.
• Mean squared error is a measure of the average squared difference between the actual demand and the forecasted demand.
• Root mean squared error is a measure of the square root of the mean squared error.

Forecasting is an important tool that can be used to help companies make decisions about inventory levels. The accuracy of forecasts can be improved by using more sophisticated techniques and by using performance measures to evaluate the accuracy of forecasts.

Assignment Activity 5: Apply material requirements planning to have the right material in the right quantities available at the right time.

Material requirements planning (MRP) is a system that is used to manage inventory. It is a tool that can be used to help companies make decisions about what materials to order and when to order them.

MRP works by creating a master schedule that shows the quantities of each material that are required in each period. The master schedule is based on the production schedule and the bill of materials.

MRP uses the master schedule to generate purchase orders or production orders for each material. These orders are then used to procure or produce the required materials.

MRP is a tool that can be used to help companies ensure that they have the right materials in the right quantities available at the right time.

Assignment Activity 6: Review best practices and innovative solutions to manage inventory in global supply chains.

There are many different approaches that can be used to manage inventory in global supply chains. Some common approaches include just-in-time (JIT) inventory management, vendor-managed inventory (VMI), and consignment inventory.

• JIT inventory management is an approach that seeks to minimize inventory levels by only ordering materials as they are needed.
• Vendor-managed inventory is an approach that gives the supplier responsibility for managing the inventory levels of a company.
• Consignment inventory is an approach in which the ownership of materials is transferred to the buyer only when they are used.

There are many different approaches that can be used to manage inventory in global supply chains. The most appropriate approach will depend on the specific needs of the company.

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