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Inventory Management deals essentially with balancing the inventory levels. Inventory is categorized into two types based on the demand pattern, which creates the need for inventory. The two types of demand are Independent Demand and Dependent Demand for inventories. The choice of how to control inventory depends upon the fact of
whether or not the demand of the items has a dependent or an independent character. You May Also Find These Documents Helpful
Related TopicsWhat are the characteristics of an independent demand inventory?An inventory of an item is said to be falling into the category of independent demand when the demand for such an item is not dependant upon the demand for another item. Finished goods Items, which are ordered by External Customers or manufactured for stock and sale, are called independent demand items.
What are the two major types of independent inventory systems?Main Inventory Control System Types: Perpetual Inventory System. Periodic Inventory System.
What are the inventory models for independent demand?Inventory Models for Independent Demand. Basic economic order quantity (EOQ) model.. Production order quantity model.. Quantity discount model.. What are the characteristics of inventory system?Inventory characteristics include how much inventory to order, the order cycle, which is how often to place orders for the product; as well as supplier information, product cost, product lead time, minimum and maximum order quantities, lot-size availability, product unit of measure (pieces, each, tons, bags) and other ...
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