With regard to inventory management Free Essays

With regard to inventory management, discuss the difference between a replenishment philosophy and a requirements philosophy. BY koptgak0722 They are some difference between a replenishment philosophy and a requirements philosophy. The Inventory replenishment refers to the way an organization puts into place adequate procedures and methodologies to prevent shortages in its sales and production processes. We will write a custom essay sample on With regard to inventory management or any similar topic only for you Order Now Consistent stock deficits ultimately may generate losses, because production workers wouldn’t have the necessary resources to finish batches nd factories would come to a halt. Replenishment tactics often focus on internal or external routes. Internal replenishment means periodically moving merchandise from reserve storage to factory warehouses. External replenishment calls for analytic dexterity and logistical acumen, and It deals with how production laborers work with accounting personnel to send purchasing orders to vendors and service providers. The requirements philosophy as Merchandise requirements is the product of manufacturing knowledge and sales expertise, especially when it comes to evaluating ustomers’ needs and anticipating bulk orders. This dlsclpllne enables department heads and business-unit chiefs to review production logs, compare them with pending sales orders and determine whether the company will have sufficient merchandise to meet commercial commitments. Middle management does so to support the production work stream and keep manufacturing foremen abreast of items to produce and discontinue and potential overproduction risks. Chapter 1 Question 2: What is the difference between the terms â€Å"production management† and â€Å"operations management†? Production Management is on the focuses specifically on the production of goods and services and is concentrated upon churning output from input. It is a broad sum of activities that go into turning raw material into final, finished product. One may feel that production management Is a subset of operations management, but production management In itself Is a broad subject that comprises production planning and control, inventory management, and operations control. Production management includes all management activities spanning selection. Designing, operating, controlling and updating production system. Operation Management Is a broad sum of activities that go Into turning raw material Into final, finished product. One may feel that production management is a subset of operations management, but production management in itself is a broad subject that comprises production planning and control, inventory management, and operations control. Production management Includes all management actlvltles spanning selection. Designing, operating, controlling and updating production system. Question 3: What is the different between operations management and supply chain management? produce a service or product for a customer. On the other hand, managers over supply chains are tasked with the responsibility of getting the goods or materials to the place of production. A high emphasis on the supply chain managers is getting those raw materials to the operation at the precise time that the materials will be converted by the operation. If the delivery timing is off, an operation will face either shortages or increased inventories. How to cite With regard to inventory management, Papers