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Summary MT435 Unit10Journal .docx MT-435 Unit 10 Journal MT435: Operations Management An inventory control system is commonly used $7.49   Add to cart
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Summary MT435 Unit10Journal .docx MT-435 Unit 10 Journal MT435: Operations Management An inventory control system is commonly used

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MT435 Unit10Journal .docx MT-435 Unit 10 Journal MT435: Operations Management An inventory control system is commonly used by businesses to ensure they have the approp...

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  • April 29, 2021
  • 2
  • 2020/2021
  • Summary

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  • mt435 unit10journal docx mt 435 unit 10 journal mt435 operations ma

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  • Purdue University
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MT-435

Unit 10 Journal

MT435: Operations Management




An inventory control system is commonly used by businesses to ensure

they have the appropriate amount of supplies for their finished goods to be

shipped to customers. It is also referred to as the strategies businesses use to

ship raw materials while minimizing their cost of inventory. Having control

over inventory levels assist with not having excess inventory. Excess inventory

can increase the cost of expenses of a business. The inventory control system

keeps the much needed leveled balance between excess inventory and lack of

inventory.

Economic order quantity is defined as the determination of satisfied

orders (volume and frequency) and how they satisfy the level of demand as

well as minimize the cost of production. This determination of satisfied orders

is used in logistics and supply chain management departments. EOQs primary

mission is to minimize production cost as it pertains to ordering as well as

clinging on to unnecessary inventory. Unnecessary inventory can lead to an

increase in production cost. EOQ also has a formula derived from calculating

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