Examines methods for managing a balanced inventory: Just-in-time Management; Materials Requirement Planning and Optimized Production Technology. Discusses strengths & weaknesses.
Written in 1989; 2,025 words; 5 sources; $ 71.95
From the Paper:
"One of the production manager's greatest challenges is having the right amount of manufacturing inventory on hand. Manufacturing inventory are goods used to support production, rather than finished goods. Having too small a manufacturing inventory results in production shut downs and costly delays. Carrying too much in manufacturing inventory results in increased procurement cost. The optimum solution is to strike a balance which provides the right amount of manufacturing inventory at the right time. Several methods have developed for managing this process, and this paper focuses on three such methods: Just-In-Time management (JIT); Material Requirements Planning (MRP); and, Optimized Production Technology (OPT). Each of these will be explained and their relative strengths and weaknesses examined. Finally, this paper will explore when it is appropriate to (...)"
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