INVENTORY DESCRIPTION

Operations Management Project - Inventory Description

Operations Management Project - Inventory Description

Introduction

The costs associated with inventory maintenance, such as transportation and storage fees; do not add value to the company. The inventory management system eliminates many of these costs by reducing the amount of inventory maintained at any one time and in any one location. The just-in-time system also eliminates wasted inventory through tight control of what is needed at which location and the delivery of only those supplies or parts needed at the right moment. The just-in-time system results in smaller production lots and batch sizes, improved efficiency, better quality ...