Inventory management 库存管理 外文翻译Word文件下载.docx

Inventory management 库存管理 外文翻译Word文件下载.docx

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sunderstandingofinventoryanditsfunction

Inventorymanagementisinventorymanagementinshort.Asanimportantinventoryofliquidassets,itsexistenceisboundtotakeupalotofliquidity.Ingeneral,inventoriesofindustrialenterprisesaccountedforabout30%ofthetotalassetsofcommercialcirculationenterprisesisevenhigher,themanagementofutilizationisdirectlyrelatedtotheoccupationofthelevelofcorporatefundsandassetefficiency.Therefore,abusinesstomaintainhighprofitability,shouldbeattachedgreatimportancetoinventorymanagement.Inventorymanagementatdifferentlevels,thecompany'

saverageoccupancyleveloffundingisabigdifference.Throughtheimplementationofproperinventorymanagementmethodstoreducetheleveloftheaverageamountoffundsusedtoimprovetheinventoryturnoverrateandtotalassets,willultimatelyimprovetheeconomicefficiencyofenterprises.

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Keyword：

Inventory；

Management

ChapterⅠInventoryDefinition

Inventoryisaquantityorstoreofgoodsthatisheldforsomepurposeoruse（thetermmayalsobeusedasaverb,meaningtotakeinventoryortocountallgoodsheldininventory）.Inventorymaybekept"

in-house,"

meaningonthepremisesornearbyforimmediateuse;

oritmaybeheldinadistantwarehouseordistributioncenterforfutureuse.Withtheexceptionoffirmsutilizingjust-in-timemethods,moreoftenthannot,theterm"

inventory"

impliesastoredquantityofgoodsthatexceedswhatisneededforthefirmtofunctionatthecurrenttime（e.g.,withinthenextfewhours）.

ChapterIIThemeaningofInventoryManagement

2.1maintainthelist

Whywouldafirmholdmoreinventorythaniscurrentlynecessarytoensurethefirm'

soperation?

Thefollowingisalistofreasonsformaintainingwhatwouldappeartobe"

excess"

inventory.

Table1

January

February

March

April

May

June

Demand

50

0

100

200

Produce

Month-endinventory

Table11-6monthabusinessdemand,production,endbalancesituation

2.2Meetdemand

Inorderforaretailertostayinbusiness,itmusthavetheproductsthatthecustomerwantsonhandwhenthecustomerwantsthem.Ifnot,theretailerwillhavetoback-ordertheproduct.Ifthecustomercangetthegoodfromsomeothersource,heorshemaychoosetodosoratherthanelectingtoallowtheoriginalretailertomeetdemandlater（throughback-order）.Hence,inmanyinstances,ifagoodisnotininventory,asaleislostforever.

2.3Keepoperationsrunning

Amanufacturermusthavecertainpurchaseditems（rawmaterials,components,orsubassemblies）inordertomanufactureitsproduct.Runningoutofonlyoneitemcanpreventamanufacturerfromcompletingtheproductionofitsfinishedgoods.

Inventorybetweensuccessivedependentoperationsalsoservestodecouplethedependencyoftheoperations.Amachineorworkcenterisoftendependentuponthepreviousoperationtoprovideitwithpartstoworkon.Ifworkceasesataworkcenter,thenallsubsequentcenterswillshutdownforlackofwork.Ifasupplyofwork-in-processinventoryiskeptbetweeneachworkcenter,theneachmachinecanmaintainitsoperationsforalimitedtime,hopefullyuntiloperationsresumetheoriginalcenter.

2.4Leadtime

Leadtimeisthetimethatelapsesbetweentheplacingofanorder（eitherapurchaseorderoraproductionorderissuedtotheshoporthefactoryfloor）andactuallyreceivingthegoodsordered.Ifasupplier（anexternalfirmoraninternaldepartmentorplant）cannotsupplytherequiredgoodsondemand,thentheclientfirmmustkeepaninventoryoftheneededgoods.Thelongertheleadtime,thelargerthequantityofgoodsthefirmmustcarryininventory.

Ajust-in-time（JIT）manufacturingfirm,suchasNissaninSmyrna,Tennessee,canmaintainextremelylowlevelsofinventory.Nissantakesdeliveryontruckseatsasmanyas18timesperday.However,steelmillsmayhavealeadtimeofuptothreemonths.Thatmeansthatafirmthatusessteelproducedatthemillmustplaceordersatleastthreemonthsinadvanceoftheirneed.Inordertokeeptheiroperationsrunninginthemeantime,anon-handinventoryofthreemonths'

steelrequirementswouldbenecessary.

2.5Hedge

Inventorycanalsobeusedasahedgeagainstpriceincreasesandinflation.Salesmenroutinelycallpurchasingagentsshortlybeforeapriceincreasegoesintoeffect.Thisgivesthebuyerachancetopurchasematerial,inexcessofcurrentneed,atapricethatislowerthanitwouldbeifthebuyerwaiteduntilafterthepriceincreaseoccurs.

2.6Smoothingrequirements

Sometimesinventoryisusedtosmoothdemandrequirementsinamarketwheredemandissomewhaterratic.ConsiderthedemandforecastandproductionscheduleoutlinedinTable1

Noticehowtheuseofinventoryhasallowedthefirmtomaintainasteadyrateofoutput（thusavoidingthecostofhiringandtrainingnewpersonnel）,whilebuildingupinventoryinanticipationofanincreaseindemand.Infact,thisisoftencalledanticipationinventory.Inessence,theuseofinventoryhasallowedthefirmtomovedemandrequirementstoearlierperiods,thussmoothingthedemand.

ChapterIIIControllingInventory

Oftenfirmsaregivenapricediscountwhenpurchasinglargequantitiesofagood.Thisalsofrequentlyresultsininventoryinexcessofwhatiscurrentlyneededtomeetdemand.However,ifthediscountissufficienttooffsettheextraholdingcostincurredasaresultoftheexcessinventory,thedecisiontobuythelargequantityisjustified.

Firmsthatcarryhundredsoreventhousandsofdifferentpartnumberscanbefacedwiththeimpossibletaskofmonitoringtheinventorylevelsofeachpartnumber.Inordertofacilitatethis,manyfirm'

suseanABCapproach.ABCanalysisisbasedonParetoAnalysis,alsoknownasthe"

80/20"

rule.The80/20comesfromPareto'

sfindingthat20percentofthepopulacepossessed80percentofthewealth.Fromaninventoryperspectiveitcanrestatedthusly:

approximately20percentofallinventoryitemsrepresent80percentofinventorycosts.Therefore,afirmcancontrol80percentofitsinventorycostsbymonitoringandcontrolling20percentofitsinventory.But,ithastobethecorrect20percent.

Thetop20percentofthefirm'

smostcostlyitemsaretermed"

A"

items（thisshouldapproximatelyrepresent80percentoftotalinventorycosts）.Itemsthatareextremelyinexpensiveorhavelowdemandaretermed"

C"

items,with"

B"

itemsfallinginbetweenAandCitems.Thepercentagesmayvarywitheachfirm,butBitemsusuallyrepresentabout30percentofthetotalinventoryitemsand15percentofthecosts.Citemsgenerallyconstitute50percentofallinventoryitemsbutonlyaround5percentofthecosts.

ByclassifyingeachinventoryitemasanA,BorCthefirmcandeterminetheresources（time,effortandmoney）todedicatetoeachitem.UsuallythismeansthatthefirmmonitorsAitemsverycloselybutcancheckonBandCitemsonaperiodicbasis（forexample,monthlyforBitemsandquarterlyforCitems）.

AnothercontrolmethodrelatedtotheABCconceptiscyclecounting.Cyclecountingisusedinsteadofthetraditional"

once-a-year"

inventorycountwherefirmsshutdownforashortperiodoftimeandphysicallycountallinventoryassetsinanattempttoreconcileanypossiblediscrepanciesintheirinventoryrecords.Whencyclecountingisusedthefirmiscontinuallytakingaphysicalcountbutnotoftotalinventory.

Afirmmayphysicallycountacertainsectionoftheplantorwarehouse,movingontoothersectionsuponcompletion,untiltheentirefacilityiscounted.Thentheprocessstartsalloveragain.

ThefirmmayalsochoosetocountalltheAitems,thentheBitems,andfinallytheCitems.Certainly,thecountingfrequencywillvarywiththeclassificationofeachitem.Inotherwords,Aitemmaybecountedmonthly,Bitemsquarterly,andCitemsyearly.Inadditiontherequiredaccuracyofinventoryrecordsmayvaryaccordingtoclassification,withAitemsrequiringthemostaccuraterecordkeeping.

ChapterIVSummary

Timeinventorymanagementisnowfacedwiththedefects.Theadvent,throughaltruismorlegislation,ofenvironmentalmanagementhasaddedanewdimensiontoinventorymanagement-reversesupplychainlogistics.Environmentalmanagementhasexpandedthenumberofinventorytypesthatfirmshavetocoordinate.Inadditiontorawmaterials,work-in-process,finishedgoods,andMROgoods,firmsnowhavetodealwithpost-consumeritemssuchasscrap,returnedgoods,reusableorrecyclablecontainers,andanynumberofitemsthatrequirerepair,reuse,recycling,orsecondaryuseinanotherproduct.Retailershavethesametypeproblemsdealingwithinventorythathasbeenreturnedduetodefectivematerialormanufacture,poorfit,finish,orcolor,oroutright"

Ichangedmymind"

responsesfromcustomers.

Finally,supplychainmanagementhashadaconsiderableimpactoninventorymanagement.Insteadofmanagingone'

sinventorytomaximizeprofitandminimizeco