Inventory and Supply Chain Management Review

Flashcards covering key concepts from lecture notes on inventory and supply chain management, including stakeholder mapping, lean production, types of inventory, and inventory management factors.

What are the four categories in stakeholder mapping?

Keep satisfied, manage closely, keep informed, monitor (minimum effort).

What are some ways to increase lean production and efficiency?

Using technology and economies of scale.

What concepts are linked to increasing efficiency and productivity?

Resources, capacity, lean production, and economies of scale.

What are the different forms of stock inventory?

Raw materials, work in progress, and finished goods.

What influences the amount of inventory held and ordered?

Size and type of product, and demand for the product or service.

What is an opportunity cost of holding inventory?

Holding up inventory uses resources like space and warehouses, tying up money, and inventory can go out of date.

What factors affect when and how much stock to re-order?

Lead-time from the supplier, implications of running out of raw materials (stock out), and demand for the product.

How does higher demand for a product affect the re-order level?

Higher demand leads to a higher re-order level.