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Constraints:Physical (machinery, material shortages, inv. ½ Q-reduce lot size&order more often.

SafetyS-place
workstation capacities), Managerial(policy,metrics), orders closer to the time when they must be received,
Market(demand levels, sales).Bottleneck:limits the improved demand forecast, reduced lead times. Anticipation
organizations ability to meet the product/service volume. To Inv.-match demand rate with production rate. Pipeline Inv.-
find, Calculate demand for time on each machine, and reduce lead times, change the lot size Q in those cases where
compare it to capacity. Capacity:workstation(a distinct lead time depends on lot size. Economic Order
activity in a process),Utilization(actual output divided by Quantity(EOQ)-lot size Q that minimizes the total annual
capacity).TOC:Identify bottleneck,Subordinate, Exploit, inventory holding/ordering costs and optimizes yearly costs,
Elevate,Repeat. Aggregate workload: total resource units Assumptions:1. Demand rate is constant/known w/
that are required to meet demand.We need to know what certainty,2. No constraints are placed on the size of each
total resource capacity is in order to calculate the optimal lot,3.The only two relevant costs are the inv. Holding cost/
product mix. Agg. Workload = time on a workstation x by fixed cost per lot for ordering or setup,4.Decisions for one
demand for each product and summed over 3 products. item can be made independently of decisions for other
Product mix: Traditional method-prioritize according to the iteams,5. Lead time is constant/know with certainty. Use w/
contribution margin or profit/unit. TOC method-considers Make-to-stock(stable demand) & holding/ order costs are
both profit/unit and amount of resources needed by known and stable. Do not use w/ make-to-order strategy.
bottleneck. TOC method:Step1-identify most profitable Continous Review (Q) system: an order for Q units is
product.Step2-find total capacity on bottleneck station.Step3- placed when inventory reaches a “Reorder Point (R)”, here
calculate remaining capacity after all bottleneck demand is we: track inventory position (IP), includes scheduled receipts
reached.Step4-Find product with next highest profit (SR), on-hand inventory (OH) and back orders (BO), the
margin.Step5-find required capacity on bottleneck to meet all amount of inventory on hand when an order is placed, this
of demand.Step6-calculate remaining capacity.Step7-meet as must be enough to meet demand during lead time (R=dL).Q-
much demand.TotalProfit-TOCmethod: Model1 demand System Advantages: requires low levels of SS, fixed lot sizes
*profit/unit+Model2 demand*profit/unit+Model 3 results in quantity discounts. Reorder point = avg. demand
demand*profit. during lead time + SS. Adding SS to the re-order point allows
Inventory:materials used to satisfy customer demand or to a business to know ‘how certain they want to be that they do
support the production of services or goods. Raw Materials: not have a stockout during an order cycle’, variability of
stock needed for productions, WIP: components or sub- demand during lead time (is the std. deviation of the demand
assemblies, Finished Goods: things you directly sell to market. during lead time).Periodic Review System (P):P-system,
Inventory MGMT: planning and controlling of inventories. time between orders is held constants but the order
Cycle Inventory: Lot size(Q) quantity of an inventory item quantity/ lot size (Q) varies. Example-company a restocks
that is purchased or manufactured. Lot Size Principles: Q beer every Tuesday, a workers counts inventory on hand, and
varies directly with the elapsed time (or cycle) between puts an order in to bring inventory level up to a desired
orders, longer the time between orders for a given item, the amount. Note that the time between orders is 7 days, but the
greater the cycle inventory must be, immediately preceding lot size (Q) changes depending on how much beer is in stock
delivery, the cycle inventory drops to its MIN (0), so average upon order. The level of required stock is the Target
inventory=Q/2. Types of inventory: Safety stock-inventory Inventory (T). (T) average demand during protection interval
that protects against uncertainties in demand, lead time, and + SS. Advantages: convenient b/c replenishments are made
supply changes, to create SS place order for delivery some at fixed intervals, orders for multiple items from the same
time before item is needed. Anticipation Inventory-non- supplier can be combined into a single purchase order
quantitative, inventory used to absorb uneven rates of (leading to lower ordering costs), inventory position needs to
demand or supply. Pipeline Inventory-average demand during be known only when a review is made (not continuously). 4
lead time, lead time-the time between order and delivery. of the original EOQ assumptions maintained: no contraints
Inventory Paradox: mgmt. increase inventory b/c better are placed on lot size, holding and ordering costs,
customer service, no losing sales from stockout, customers independent demand, lead times are certain and supply is
become frustrated when stock is not in, may get a discount known. Note: since lot sizes are not fixed, the p-system does
on ordering and set-up cost, transportation/shipping costs, not utilize the optimum ordering quantity, we will require
reduce supplier payments, too little inventory can damage more inventory for the same level of protection against stock
customer confidence. Mgmt. decrease inventory b/c outs, b/c of this inventory costs will be higher than q-system.
increased holding cost, capital purchase, handling cost, pay P-system: Decision insights- small P value (high frequency of
taxes on assets, insurance of inventory, shrinkage: orders) results in higher annual ordering costs, but lower
pilferage(employee theft), obsolescence(tech. stock), holding costs, large p value (low frequency of orders) result in
deterioration(expiry dates), to much inventory reduces lower annual ordering costs, but higher holding cost. We can
profitability. Holding Cost:sum of cost of capital and variable still use EOQ model to determine the optimal order quantity
costs of keeping one unit of inventory on hand for one year. and convert that into time between orders to derive (P).
ABC Analysis:process of dividing SKU’s into three classes, Hybrid System (optional replenishment system- min/max),
based on dollar usage, mgmt. can focus on items that have resembles both Q and P system.
the highest dollar value. Reduce Inventory Strategy: Cycle
Average Inventory = Q/2 TOC Method
Pipeline Inventory = dL Step 1: Calculate Aggregate Workload for each machine
Holding Cost (H) = (% of unit value) x (unit value) Agg. Workload = D1(time1)+D2(time2)+D3(time3)…Dn(timen)
Annual Holding Cost = (Q/2)(H), Annual Ordering Cost = Note: This will find the bottleneck.
(D/Q)(S)Total Annual Cost = Ann. Hold Cost + Ann. Order Cost Step 2: Calculate, for each of the products, the profit per unit
C =Annual Cost of Inventory “Cycle Inventory Cost”, Q=lot of bottleneck resources required.
size(units), H=Holding cost, D=Annual Demand, Product A = Price/ time
S=ordering/setup cost. Note: This will find the most profitable
D = (units/week)(52 weeks/year) = D Step 3: Use maximum capacity to find optimal product mix.
Total Annual Cycle-Inventory Cost: Max. capacity – demand(time)
𝑄 𝐷
𝐶 = (𝐻) + (𝑆) Remaining capacity / time = units
2 𝑄
Step 4: Maximum profit
Q-System:
Max Profit = Units1(price 1) + units2(price2)+units3(price3)
EOQ: Minimizes Total Annual Cost:
2𝐷𝑆
𝐸𝑂𝑄 = √ 𝜎𝑑𝐿𝑇 = √(𝐿)(𝜎𝑑)^2 + (𝑑)^2(𝜎𝑙𝑡)^2
𝐻
Safety Stock (SS): SS=(z)( 𝜎dLt)
R = dL + ss
Ss = (𝑧. 93)(𝜎𝑑)√𝐿
Reorder Point (R):
Function Capacity/ #workers Total Utilization=
R = dL + SS Worker Capacity Bottleneck Capacity
Total Q-System Costs: (A) (B) (A)x(B) Total Capacity
𝑄 𝐷
𝐶 = (𝐻) + (𝑆) + (𝐻)(𝑆𝑆) To make money :
2 𝑄
Throughput up (selling price - raw material price)
Inventory Position:
Inventories down
IP = OH + SR – BO Operating expenses down
Time Between Order EOQ:
𝐸𝑂𝑄
𝑇𝐵𝑂𝑒𝑜𝑞 = These are the three factors to analyze.
𝐷
P-system:
Target Inventory (T): average demand during protection Basic concepts:
interval + SS. You can only have excess inventory because of excess
Interval (P): time between orders in a p-system capacity. If the average production is 10 parts per hour
Protection Interval: time between orders + lead time it’ll never be exactly 10. The time it takes for each
𝐸𝑂𝑄 machine fluctuates.
Time between orders: p= 𝑇𝐵𝑂𝑒𝑜𝑞 = 𝑝 =
𝑑
Safety Stock: The hike: when one kid slowed down it slowed the rest
Ss = (𝑧. 93)(𝜎𝑑)√𝐿 + 𝑃 then when the kid went faster is created a gap. Putting
Target Inventory Level: the slowest kid at the front made everyone else go slow.
T = 𝒹 (𝐿 + 𝑃) + 𝑆𝑆 Dispersing the kids hiking bag items to the other kids
Total Annual Cost: helped increase the speed. Uncover the bottleneck and
(𝑑)(𝑝)(ℎ) (𝐷)(𝑆) do whatever needed to help it go faster.
𝐶𝑝 = + + (𝐻)(𝑆𝑆)
2 (𝑑)(𝑃)
Reorder Point: Ncx10 - down 4 or 5 hours a day. Exploit the constraint
IP = OH + SR – BO by making sure it doesn’t go down by staggering shift
Reorder Point (R): times and setting up quality control before so it doesn’t
R = dL + SS work on bad parts.

Using capacity to make parts that are not needed and


expensive to hold. Rethink how other machines are
controlled. Subordinate everything else to the
bottleneck.

Elevate - lift some of the load off the bottleneck. Find


alternatives on other machines to make the parts.

Now marketing becomes a constraint. Finished goods


would start to pile up. Exploit market constraint of
delivery time. Subordinate by cutting batches.

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