Production & Inventory Control Systems INTRODUCTION Introduction This stu

This study examined production and inventory control systems used in manufacturing industries in the United States in the 1990s. Largely, thus, this study focused on inventory management. Inventory management is concerned with the planning, organization, and control of materials inventory, production, stocking, and distribution.1 In the 1990s, both the economic and industrial environments are dynamic. Thus, materials management practices and procedures, together with the attendant production and inventory systems, must be capable of supporting effective decisionmaking in these dynamic environments.

The growing internationalization of business activity further complicates the process of materials management, in terms of (1) developing accurate and timely data on production and stocking levels, (2) developing and projecting accurate and timely data on material and product requirements, and (3) incorporating a wide variety of multinational and international economic data into materials management activities. The growing internationalization of business activity has been accompanied by the introduction of high technology (high tech) procedures into manufacturing processes. Internationalization plus hightech manufacturing imposes additional urgency and requirements on the production and inventory control systems used in manufacturing.

1J. F. Magee, and D. M. Boodman, Production Planning and Inventory Control, 7th ed. (New York: McGrawHill Book Company

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exities and the production process and the inventory maintenance tasks are complex. The graphical approach to the production lot size determination yields the same answer as does the tabular approach; however, it does so more quickly and with less tedium. Nevertheless, even the graphical approach remains, in complex environments, a time consuming task which does not yield the most precise production lot sizes. The mathematical formula approach to production lot size determinations provides both the easiest to perform and the most accurate of the traditional approaches. In addition to the traditional approaches to production lot size determinations, there are newer, contemporary approaches to the task. These newer procedures include the following: 1. The first of these procedures involves the use of production isoquants.8 An isoquant is a curve which shows all of the possible combinations of two factors which will yield the same result. Thus, production isoquants may be used in the determination of production lot sizes, as means of determining the substitutability of (a) inventory carrying costs and production setup costs, while maintaining a specified production lot size, (b) inventory carrying costs and production lot si

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