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Learning Objectives
12
Managing
Uncertainty in a
Supply Chain:
Safety Inventory
PowerPoint presentation to accompany
Chopra and Meindl Supply Chain Management, 5e
Copyright 2013 Pearson Education, Inc. publishing as Prentice Hall.
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Figure 12-1
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DL Di
i1
i1
DL DL
2
i
2 ij i j
i j
L L D
cv /
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Replenishment Policies
1. Continuous review
Replenishment Policy
2. Periodic review
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DL DL 2 2,500
L L D 2 500 707
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ESC
xROP
(x ROP) f (x) dx
ss
ss
ESC ss 1 Fs L f s
L
L
fr = 1 ESC/Q = (Q ESC)/Q
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ss FS1(CSL) L FS1(CSL) L D
NORMSINV (CSL) L D
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ESC = (1 fr)Q
DL DL 2 2,500 5,000
No equation for ss
Try values or use GOALSEEK in Excel
L L D 2 500 707
ss Fs1(CSL) L NORMSINV (CSL) L
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ss
ss
ESC 250 ss 1 Fs L f s
L
L
ss
ss
ss 1 Fs
707 f s
707
707
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Safety Inventory
97.5%
67
98.0%
183
98.5%
99.0%
321
499
99.5%
767
Figure 12-3
Table 12-1
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ss NORMSINV (CSL) L D
DL DL
L L D s
2
D
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2 2
L
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Impact of Aggregation
on Safety Inventory
ss (units)
ss (days)
15,058
19,298
7.72
12,570
16,109
6.44
10,087
12,927
5.17
7,616
9,760
3.90
5,172
6,628
2.65
2,828
3,625
1.45
1,323
1,695
0.68
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Impact of Aggregation
on Safety Inventory
Impact of Aggregation
on Safety Inventory
DC Di ;
var DC i2 2 ij i j ;
i1
i1
Holding-cost savings on
aggregation per unit sold
i j
DC var DC
DC kD
DC k D
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i DC
i1
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Impact of Aggregation
on Safety Inventory
Impact of Aggregation
on Safety Inventory
FS1(CSL) L H
Figure 12-4
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Impact of Correlation on
Value of Aggregation
Impact of Correlation on
Value of Aggregation
4 F (0.9) 2 5
1
s
Disaggregate
Safety Inventory
Aggregate
Safety Inventory
36.24
18.12
0.2
36.24
22.92
0.4
36.24
26.88
0.6
36.24
30.32
0.8
36.24
33.41
1.0
36.24
36.24
Total required
ss k Fs1(CSL) L D
safety inventory,
DC 4 5 10
Table 12-3
C
D
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Impact of Correlation on
Value of Aggregation
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Trade-offs of Physical
Centralization
center
aggregation
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Trade-offs of Physical
Centralization
Information Centralization
4 300 600
C
D
ss Fs1(0.95) L DC
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adding to inventories
Reduces the amount of safety
inventory
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Specialization
Table 12-4
Motors
every location?
20
1,000
Standard deviation
40
100
Coefficient of variation
2.0
132
329
211,200
526,400
$105,600,000
$15,792,000
32,000
1,600,000
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0.0025
5,264
13,159
$2,632,000
$394,770
$102,968,000
$15,397,230
$25,742,000
$3,849,308
$15.47
$0.046
3.09%
0.15%
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Component Commonality
1. Manufacturer-driven substitution
Allows aggregation of demand
Reduce safety inventories
Influenced by the cost differential,
correlation of demand
2. Customer-driven substitution
Allows aggregation of safety inventory
4,000
0.05
Savings
1,600
Coefficient of variation
Product Substitution
0.1
Cleaner
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Total safety
inventory required 81 NORMSINV (0.95) 1 3,000
399,699 units
Safety inventory per
common component NORMSINV (0.95) 1 9 3,000
14,804 units
Copyright 2013 Pearson Education, Inc. publishing as Prentice Hall.
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Postponement
Safety
Inventory
Marginal
Reduction in
Safety Inventory
399,699
282,630
117,069
117,069
230,766
51,864
168,933
199,849
30,917
199,850
178,751
21,098
220,948
163,176
15,575
236,523
151,072
12,104
248,627
141,315
9,757
258,384
133,233
8,082
266,466
Total Reduction
in Safety
Inventory
Table 12-5
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Postponement
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Value of Postponement
100 different paint colors, D = 30/week,
L = 2 weeks, CSL = 0.95
D = 10,
Total required
ss 100 Fs1(CSL) L D
safety inventory,
100 NORMSINV (0.95) 2 10 2,326
Standard deviation of
C 100 10 100
base paint weekly demand, D
Figure 12-5
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D = 500,
L = 2 weeks,
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T = 4 weeks
4 2 500 1,225
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The Role of IT in
Inventory Management
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Printed in the United States of America.
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