Economic Order Quantity and Economic Production Quantity
What is EOQ & EPQ?Economic Order Quantity (EOQ) and Economic Production Quantity (EPQ) both are widely and successfully used models of inventory management. Economic… Read Article
Inventory Management Techniques
Economic Order Quantity(EOQ)
What is Economic Order Quantity (EOQ)?Economic Order Quantity is the optimum quantity of an item that should be ordered at a point in time.… Read Article
Takt time vs Cycle time – Differences, Relation and More
Several business concepts help a company to optimize its operations. Two such concepts are takt time and cycle time. However, people often use both… Read Article
Lead Time and Cycle Time – Differences, Relationship, and More
Lead Time and Cycle Time are important time measurement metrics that help management to gauge the efficiency of its operations. Moreover, it also helps… Read Article
Holding cost vs Ordering cost – All You Need To Know
Most businesses overlook their real inventory cost. In reality, the inventory price is more than its purchase price. It is because it includes the… Read Article
Lead Time – Meaning, Importance, How to Improve, and More
MeaningLead time is an essential concept for a manufacturing organization. It is the amount of time between the start and completion of a process… Read Article
FSN Analysis
Meaning of FSN AnalysisFSN Analysis is an inventory management technique that is based on the rate of consumption of spares and goods in an… Read Article
VED Analysis
Meaning of VED AnalysisVED analysis is an inventory management technique that classifies inventory based on its functional importance. It categorizes stock under three heads… Read Article
Material Requirements Planning (MRP) – All You Need To Know
Material Requirements Planning or MRP is an inventory management system that uses computers and software. This tech-based system works backward from customer orders. It… Read Article
Safety Stock – Meaning, Importance, Formula, and Example
Safety Stock: MeaningSafety stock is the extra quantity of a product that a company keeps in inventory to lower the risk of running out… Read Article
ABC Analysis – Meaning, Categorization, Advantages, Disadvantages and Treatment
ABC Analysis is an inventory management technique that a company can use for the complete chain of materials and distribution management. In other words,… Read Article