scholarly journals Introducing Economic Order Quantity Model for Inventory Control in Web based Point of Sale Applications and Comparative Analysis of Techniques for Demand Forecasting in Inventory Management

2014 ◽  
Vol 107 (19) ◽  
pp. 1-8 ◽  
Author(s):  
Komal NainSukhia ◽  
Aliya Ashraf Khan ◽  
Mukhtiar Bano
Keyword(s):  
Comparative Analysis ◽  
Inventory Control ◽  
Inventory Management ◽  
Demand Forecasting ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Order Quantity ◽  
Web Based ◽  
Point Of Sale

scholarly journals Implementation of inventory management in footwear industry

2021 ◽  
Vol 14 (2) ◽  
pp. 360
Author(s):  
Jeferson Conceição ◽  
José De Souza ◽  
Elton Gimenez Rossini ◽  
Alfonso Risso ◽  
Alexandre Beluco
Keyword(s):  
Inventory Management ◽  
Demand Forecasting ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Order Quantity ◽  
Lot Size ◽  
Safety Stock ◽  
Forecasting Method ◽  
Abc Analysis ◽  
The Moment

Purpose: The objective of this research was to implement new inventory management in a footwear company through the analysis of indicators obtained from inventory data collection.Design/methodology/approach: The methods of ABC analysis, demand forecasting, safety stock, reorder point and economic order quantity were applied. The items in inventory were classified by order of financial importance through ABC analysis, and the proposed indicators were analyzed to determine the moment the inventory replenishment should be carried out as well as the purchase lot size for each item. The research also analyzed the behavior of the demand and pointed out the demand forecasting method that came closest to reality.Findings: The study presents a method of implementing inventory management based on indicators derived from the application of ABC curve methods, demand forecasting, safety stock, re-fulfillment point, and economic purchased lot. It also indicates how the ABC classification of stocks can be used to check the most representative materials in stock. The study also highlights that the rejection of modifications can be surpassed by obtaining favorable results.Research limitations/implications: The inventory management applied in this work is based on indicators that resulted in two main data which were able to define the size of the purchase lot to be ordered and the amount of material needed.Practical implications: The methods of ABC analysis, demand forecasting, safety stock, reorder point and economic order quantity were applied. The items in inventory were classified by order of financial importance through ABC analysis, and the proposed indicators were analyzed to determine the moment the inventory replenishment should be carried out as well as the purchase lot size for each item. The research also analyzed the behavior of the demand and pointed out the demand forecasting method that came closest to reality.Originality/value: In this study, a method applied is presented, highlighting the importance of the methodological application for the implementation of inventory management. The study contributes to the encouragement and adoption of methodologies to improve analysis and inventory management in companies.

scholarly journals Application of the Economic Order Quantity (EOQ) Method in Analyzing Rice Inventory Control.

2021 ◽  
Vol 10 (1) ◽  
pp. 1-8
Author(s):  
Artika Lestari Taraja
Keyword(s):  
Inventory Control ◽  
Inventory Management ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Optimum Level ◽  
Order Quantity ◽  
Total Cost ◽  
Inventory Costs

Problems that often occur in the trading business include excess merchandise inventory and insufficient merchandise inventory. In overcoming these problems, inventory management is needed to analyze the optimum level of inventory. The Economic Order Quantity (EOQ) method can answer the problems that are often experienced by these trading businesses. The total cost of merchandise inventory according to UD. Benget Do is IDR 83,644,065, - while according to the Economic Order Quantity (EOQ) method, it is IDR 34,345,694.93. It is proven that the number of orders is more optimal with the Economic Order Quantity (EOQ) method with savings in inventory costs of 41% of company costs.

Unit-Wise Ranking of Inventory Control Techniques Used in Small Scale Cement Enterprises: A Small Scale Entrepreneurial Perspective

2015 ◽  
Vol 3 (2) ◽  
Author(s):  
Vipul Chalotra
Keyword(s):  
Inventory Control ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Small Scale ◽  
Just In Time ◽  
Order Quantity ◽  
Control Techniques ◽  
Material Requirement Planning ◽  
Material Requirement ◽  
Almost All

The present research divulges the different inventory control techniques used small scale cements enterprises operated by small scale entrepreneurs through the assistance of primary data collected from eight small scale cement enterprises operating in SIDCO & SICOP, under DIC (District Industries Center) in District Udhampur of Jammu & Kashmir State. The various inventory control techniques identified and quested for in the research were: Always Better Control (ABC), Economic Order Quantity (EOQ), Material Requirement Planning (MRP), and Just-in-Time (JIT). The results of the ranking table quoted that Economic Order Quantity (EOQ) was awarded first rank by almost all the units representing overall mean score of 1.71, Always Better Control (ABC) was denoted by rank two repressing overall mean value as 2.00, Material Requirement Planning (MRP) was quoted rank three as depicted by its mean ranking (2.25), and Just-in-time (JIT) was accorded rank four (3.71) by almost all the small scale cements entrepreneurs/owners.

Sistem Informasi Pengendalian Persediaan Barang Menggunakan Metode Economic Order Quantity (EOQ)

IJAcc ◽  
2020 ◽  
Vol 1 (2) ◽  
pp. 132-139
Author(s):  
Erna Astriyani ◽  
Desy Apriani ◽  
Meri Mayang Sari
Keyword(s):  
Control System ◽  
System Design ◽  
Inventory Control ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Control System Design ◽  
Order Quantity ◽  
Microsoft Excel ◽  
Total Cost ◽  
Control Information

The system that is currently running in recording inventory at PT Berlina Tbk Tangerang is considered ineffective and efficient because it still uses paper and the process of inputting and recapping goods data is semi-computerized in Microsoft Excel. which causes problems, namely too much stock of goods so that it increases the load in the warehouse and too little stock of goods which results in an exhaustion of stock in the warehouse. To solve this problem, we need an inventory control information system. The method of analysis uses the EOQ (Economic Order Quantity) method. For the system design process using sublime as the writing language and programming PHP, and XAMPP as localhost, the database uses MySQL. This study aims to design an inventory control system in the HRD department at PT Berlina Tbk Tangerang, and to make it easier for the HRD Department to input and create inventory reports. With this research, it can produce an inventory control system design that is more effective and efficient and can find out the storage costs in the warehouse. From the calculation of the EOQ method, it is found that it is 20% smaller than the previous storage and the total cost of ordering in a year is 2x orders. Thus, it means that there is a very real difference between the inventory policies implemented by the company and the EOQ method.

scholarly journals ANALISIS PENGENDALIAN PERSEDIAAN BAHAN BAKU PADA UD. MIE STEVEN KAROMBASAN KOTA MANADO

2017 ◽  
Vol 13 (3A) ◽  
pp. 251
Author(s):  
Megawati ., Sengkeunaung ◽  
Tommy F. Lolowang ◽  
Nordy F.L. Waney
Keyword(s):  
Inventory Control ◽  
Secondary Data ◽  
Raw Material ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Primary Data ◽  
The Internet ◽  
Order Quantity ◽  
Inventory Cost ◽  
Total Cost

This research aims to analyze raw material inventory at UD. Mie Steven. This research was conducted for four months from January to April 2017. The data used in this research are primary and secondary data. Primary data obtained through interviews with the company, while secondary data obtained from data that has been compiled in the form of documents from the company, data from BPS, previous research or from the internet. The data is processed using EOQ (Economic Order Quantity) method. The result of the research is known that the policy of raw material inventory control is done by UD. Mie Steven is not efficient yet. This is shown by the company's inventory cost is bigger than the result of analysis using EOQ method is 6,693 Kg with total cost of economical inventory Rp.11.325.500.

scholarly journals ABC ANALYSIS, FORECASTING AND ECONOMIC ORDER QUANTITY (EOQ) IMPLEMENTATION TO IMPROVE SMOOTH OPERATION PROCESS

2020 ◽  
Vol 1 (3) ◽  
pp. 319-325
Author(s):  
Thukas Shilul Imarah ◽  
Roni Jaelani
Keyword(s):  
Inventory Control ◽  
Fast Moving ◽  
Data Accuracy ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Order Quantity ◽  
Trading Company ◽  
Operation Process ◽  
Operational Activities ◽  
Abc Analysis

The study aims to test the effectiveness of the implementation of several inventory control methods to improve the smooth operation in a trading company of industrial equipements components that have difficulty in maintaining inventory data accuracy, inventory shortages and in other hand excess unrequired inventory. The research data used is taken from the ERP report data and manual reports created by the perpetrators of the operational activities of the Inventory Control for the period 2016 - 2018. The sampling method used is purposive sampling of the product sales data in years 2016 – 2018  as much as 2498  Stock  Keeping Unit (SKU) which is then  processed using the method of ABC analysis and  FSN (Fast Moving, Slow Moving and None Moving) analysis to get  10  SKUs that belongs to the category A and  F (Fast Moving) group as a sample of research. The research method uses the Quantitative method with the use of ABC analysis, Forecasting and Economic Order Quantity. The results shows that the implementation of ABC analysis effectively reduced the workload of periodic counting and is able to improve data accuracy to be higher level. The exponential smoothing forecast method shows the least gap to the actual value and EOQ effectively optimizes ordering and holding costs and reduces the risk of failure in Inventory Control and positively affects the smoothness of the operation process.

scholarly journals PERENCANAAN DAN PENGENDALIAN PERSEDIAAN BAHAN BAKU PAIL CAT MENGGUNAKAN METODE MATERIAL REQUIRMENT PLANNING (MRP) PADA PT. XYZ

JUMINTEN ◽  
2020 ◽  
Vol 1 (4) ◽  
pp. 163-172
Author(s):  
Vify Elviana ◽  
Akmal Suryadi
Keyword(s):  
Inventory Management ◽  
Consumer Demand ◽  
Raw Materials ◽  
Raw Material ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Order Quantity ◽  
Material Requirements Planning ◽  
Total Cost ◽  
Material Requirements

Persediaan merupakan aset perusahaan yang memiliki peran penting dalam operasi bisnis, sehingga perusahaan penting untuk melakukan manajemen persediaan yang baik, artinya perusahaan harus mampu mengantisipasi kendala maupun tantangan yang ada dalam pengelolahan persediaan untuk meminimalisasi total biaya yang harus dikeluarkan oleh perusahaan. Permasalahan yang timbul pada persediaan bahan baku di PT XYZ adalah perusahaan melakukan perencanaan dan pengendalian bahan baku hanya berdasarkan pada pengalaman-pengalaman sebelumnya dan tidak berdasarkan pada metode yang sudah baku. Oleh karena itu pembelian bahan baku tidak sesuai dengan permintaan konsumen. Hal tersebut sering menyebabkan terjadinya kelebihan maupun kekurangan stok bahan baku. Kesalahan dalam penentuan besarnya investasi dalam persediaan akan mengurangi keuntungan perusahaan. Adanya persediaan bahan baku yang terlalu besar, akan menambah beban biaya pemeliharaan dan penyimpanan dalam gudang, serta kemungkinan terjadinya penurunan kualitas bahan baku yang dapat menyebabkan berkurangnya keuntungan perusahaan. Namun jika persediaan bahan baku terlalu sedikit maka akan berakibat pada terhambatnya proses produksi, sehingga tidak terpenuhinya permintaan konsumen. Hasil penelitian ini dapat menyimpulkan bahwa perencanaan kebutuhan bahan baku dengan metode perusahaan didapatkan total cost sebesar Rp 1.796.762.429,-, sedangkan metode Material Requirements Planning (MRP) didapatkan total cost sebesar Rp 1.576.011.801,-. Maka dapat disimpulkan telah terjadi penurunan total cost seluruh bahan baku sebesar 12,28%. Hal ini membuktikan bahwa metode Material Requirements Planning (MRP) lebih efisien daripada metode PT. XYZ. Oleh karena itu untuk mendapatkan total cost yang minimum, metode Material Requirements Planning (MRP) diterapkan pada periode Februari-Juni 2020 sehingga didapatkan total cost sebesar Rp 1.576.011.801,-. Kata Kunci:         Material Requirements Planning (MRP), PT XYZ, Pail Cat, Economic Order Quantity (EOQ), Period Order Quantity (POQ), Lot For Lot (LFL). ABSTRACT                     Inventory is a company asset that has an important role in business operations, so the company is important to conduct good inventory management, meaning that the company must be able to anticipate obstacles and challenges that exist in managing inventory to minimize the total cost to be incurred by the company.The problem that arises in the supply of raw materials in PT XYZ is that the company plans and controls raw materials based only on previous experiences and not based on established methods. Therefore, the purchase of raw materials is not in accordance with consumer demand. This often leads to excess or shortage of raw material stock. Mistakes in determining the amount of investment in inventories will reduce company profits. The availability of raw materials that are too large, will add to the burden of maintenance and storage costs in the warehouse, as well as the possibility of a decline in the quality of raw materials that can lead to reduced company profits. However, if the supply of raw materials is too little, it will result in obstruction of the production process, so that consumer demand is not fulfilled. The results of this study can conclude that the planning of raw material needs by the company method obtained a total cost of Rp 1,796,762,429, - while the Material Requirements Planning (MRP) method obtained a total cost of Rp 1,576,011,801, -. Then it can be concluded that there has been a decrease in the total cost of all raw materials by 12.28%. This proves that the Material Requirements Planning (MRP) method is more efficient than the PT. XYZ. Therefore, to get the minimum total cost, the Material Requirements Planning (MRP) method was applied in the February-June 2020 period so that a total cost of Rp 1,576,011,801 was obtained.   KeyWords: Material Requirements Planning (MRP), PT XYZ, Pail Cat, Economic Order Quantity (EOQ), Period Order Quantity (POQ), Lot for Lot (LFL).

Analisis Pengendalian Persediaan Barang Pupuk Dengan Metode Economic Order Quality Pada Perusahaan Maju Mapan

2021 ◽  
Vol 2 (1) ◽  
pp. 7-14
Author(s):  
Dini Fitriani
Keyword(s):  
Inventory Management ◽  
Management Policy ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Order Quantity ◽  
Inventory Cost ◽  
Sales Process ◽  
Main Activity ◽  
A Company

The Maju Mapan Company is a company engaged in trading, whose main activity is selling fertilizer types. In carrying out sales activities, it is closely related to merchandise inventory which is an important component that must be available for the smooth running of the sales process. This study aims to determine the quantity of economical fertilizer merchandise inventory using the Economic Order Quantity method. From the results of calculations that have been done by comparing the current trading goods inventory management policy in the company with the EOQ method in the procurement of merchandise, it can be concluded that by using the EOQ method, the quantity of EOQ orders is higher than the order according to the company, but if the company uses the method EOQ, the company will save an inventory cost of Rp. 48,546,480

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