Analyzes major functions in theory & applied to Lockheed & Perker Elmer Instrument companies. Looks at production, planning, work in process, forecasts, sales orders and lead times.
This paper is an analysis of the basic concepts embodied in inventory control systems. This paper will examine how the economic maintenance of any inventory system is the key to success for companies dealing with a product.
While inventory is common to all production methods, it can sometimes be considered in isolation from the over-all production methods. Although the question of inventory is strictly related to production, the holding of that question apart and separate is possible. The problems that primarily surround inventory control problems fall in three large areas: the-intangible nature of some factors, the spread of responsibility between departments, and the sheer complexity of some situations (Hobbs, 1973, p. 5).
While inventory is common to all production methods, it can sometimes be considered in isolation from the over-all production methods. Although the question of inventory is strictly related to production, the holding of that question apart and separate is possible. The problems that primarily surround inventory control problems fall in three large areas: the-intangible nature of some factors, the spread of responsibility between departments, and the sheer complexity of some situations (Hobbs, 1973, p. 5).