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Managing Inventory In A Supply Chain Concepts Worksheet

Managing Inventory in a Supply Chain Concepts Worksheet
Concept Application of Concept in the Simulation Reference to Concept in Reading

Demand Management – time series analysis

Kuiper Leda uses past data to predict the supplies of the future.   Kuiper Leda needs to be able to forecast production standards and changes in order to meet customer demands. This is achieved using a time series analysis.   Forecasting inventory management will stream line requests for product, staffing, production, and scheduling. "Time series analysis, is based on the idea that data relating to past demand can be used to predict future demand or cyclical influences" (Chase, Jacobs, and Aquilano, 2005, p. 513).

Demand Management – dependent demand

Kuiper Leda production is a dependent demand.   The organization relies on other suppliers to make the product for their customers.   Midland Motors has increased the demand for ECUs and RFID tags to facilitate inventory control in their factory. This has increased the demand that Kuiper Leda produces for these products. "The purpose of demand management is to coordinate and control all sources of demand so the productive system can be used efficiently.   Dependent demand is the demand for a product or service caused by the demand for other products or services” (Chase, Jacobs, and Aquilano, 2005 p. 512).

Capacity Planning using Collaborative Planning, Forecasting, and Replenishment (CPFR)

Kuiper Leda will have to distribute products effectively to avoid being overstocked.   Supplies need to be efficient to keep production lines moving and customers satisfied.   Open communications between all parties will ensure supplies are being met to match demand. "CPFR is being used as a means of integrating all members of an n-tier supply chain, including manufacturers, distributors, and retailers" (Chase, Jacobs, and Aquilano, 2005, p. 542).

Supply Chain Management – Just-in-time (JIT) Manufacturing.

Kuiper Leda is the type of...