Inventory Cycle Counting – A Review (original) (raw)

Inventory Accuracy Improvement via Cycle Counting in a Two-Echelon Supply Chain

2007

Inventory record inaccuracy occurs when there is a difference between the actual and the recorded inventory. It causes excess inventory to be held in the system and thus adds to total supply chain costs. In this paper, we present a simulation for a two-echelon multiple item-type inventory system consisting of a distribution center and a retailer that both use cycle-counting as the corrective action. The model can be used to examine the costs of various cyclecounting configurations (scheduled cycle-counting, opportunity-counts) based on how often and how much to count. The results indicate that correct application of cycle-counting increases accuracy and provides significant savings for supply chains.

Inventory Management- Enterprise Resource Planning

2016

Spare parts stock control management is crucial areas of inventory research. In our research paper, we consider downstream plant of petroleum are Ethylene, Ethylene Glycol, Polypropylene, polyethylene & utilities located at same location of unit. E.g.: Reliance Industries in India & SABIC affiliates at Saudi Arabia. Cost economics policy for spare parts stock level control is based on companywide spare parts interchangeability of identical spare parts among equipment. It requires a dedicated review through sectional drawings for interchangeability maintenance history especially for rotary equipment. Study indicates current practice for spare parts stock levels are normally based on equipment in the individual plant. However, interchangeability of spare parts may exist equipment among plants. This work presents an approach of companywide technique for spare parts stock levels control. The Methodology is based on descriptive study of technical aspect of interchangeability of spare par...

Inventory Accuracy for Switchboard Manufacturing Plant using Cyclic Counting method

International Research Journal of Engineering and Technology (IRJET) , 2018

Inventory record accuracy is most important measure of performance of warehouse. This work examines three-way approach used to achieve maximize inventory record accuracy and study various methods of cyclic counting. The past and current research into inventory record accuracy are studied and the three-step approach by Roger B. Brooks & Larry W. Wilson is applied to achieve inventory accuracy in Switchboard manufacturing company. One of the most dominant reason for stock discrepancies is error in bill of material. This research enlightens the method for bill of material correction which applied for correction of 1500 Bill of Material. The paper also shows the effect of increased inventory accuracy on warehouse parameters.

Improving Inventory Management Performance Using a Process-Oriented Measurement Framework

Enterprise Resource Planning systems have been introduced to support the efficient and effective execution of business processes. In practice, this may not fully succeed. This also holds for inventory management (IM), part of the sub-field within logistics termed supply chain management. By analyzing the IM business process, eleven potential benefits are indicated. Next, by using a Business Intelligence approach, key performance indicators (KPIs) are selected to measure the performance of sub-processes. Putting this together yields an IM framework that is used to obtain a generic, coherent picture of IM processes in different organizations. The proposed framework is tested using experts’ opinions and two case studies. The experts’ comments yielded a list of top-10 KPIs. The case study results show that some of the potential benefits are also observed in practice. Future research may reveal that comparable performance improvements are possible in other ERP domains based on similar measurement frameworks.

A Simulation to Illustrate Periodic-Review Inventory Control Policies

Within an undergraduate or graduate operations management course, inventory management is a critical area of learning and understanding for all students. This teaching module usually includes a discussion of the differences between continuous (Q) and periodic (P) review inventory systems. In our teaching, we have found that the most difficult concept for students to grasp is the concept of the review interval for the periodic review system. Therefore, in this paper, we develop a simulation using Crystal Ball to demonstrate for students the importance of using the review period of P+L in a periodic review system and how using this interval protects a firm more adequately against stockouts. This tool also provides an opportunity to introduce simulation concepts into operations management courses that do not normally have time to present these concepts.