As a Supply Chain department head, you are stocking large inventory to improve customer service level. However, there is a high pressure from the management to reduce inventory cost. Explain with examples how you will plan for inventory optimization without affecting customer service.
Advanced Supply Chain Management
1. As a Supply Chain department head, you are stocking large inventory to improve customer service level. However, there is a high pressure from the management to reduce inventory cost. Explain with examples how you will plan for inventory optimization without affecting customer service.
2. As a production planning head you are required to decide on a suitable aggregate plan for an export order. The demand forecasted are shown below, for next 6 periods. You have with you at present 1050 workmen and each can produce 1 unit per month (all months have same working days). The beginning inventory is zero. The production cost is $100 per unit and includes material and labor cost. If you want to increase the workforce hiring cost would be $30 per workman and to reduce the workforce the layoff cost would be $70 per workman. Inventory holding cost is $20/unit per month and backorder will incur $50/unit/month. Make Chase and Level strategy and explain with reason which strategy you will recommend.
| Month | 1 | 2 | 3 | 4 | 5 | 6 |
| Demand | 600 | 900 | 1200 | 2000 | 1400 | 800 |
3. You are doing production planning and the performance of your organization depends on the accuracy of the demand forecast you make for it.
a. Explain the six-step approach you may take to ensure that your will conduct an effective forecast.
b. What error analysis will you do so as to determine the accuracy of the forecast you are making.
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