Linear Programming Problem (LPP)
Meaning of Linear Programming Problem (LPP)
Linear Programming is a decision-making technique under the given constraints under the condition that the relationship among […]
Operation Research
Linear Programming Problem (LPP)
Introduction / Definition of Linear Programming Problem (LPP)
Introduction & Definition of Linear Programming Problem (LPP): In linear programming, we formulate our real-life problem into a mathematical model. It involves an objective function, linear inequalities with subject to constraints (s.t.). The technique of linear […]
Inventory
Risk in Inventory Management
The sources of the market value of risk depend on the type of inventory. Purchased inventory of manufactured goods is subject to losses… […]
Inventory
Deterministic and Probabilistic models in Inventory
The order quantity (how much) and reorder point (when) are determined deterministically by minimizing the total inventory cost that… […]
Inventory
Just in Time (JIT) Inventory Management
In JIT, a firm keeps only enough inventory on hand to meet immediate production needs. The JIT system reduces inventory carrying… […]
Inventory
Aging Schedule of Inventories
Managers can aware by monitoring the average age of inventory, what their pricing strategy should be. The average age of inventory… […]
Inventory
Inventory Turnover Ratio in Business
The Inventory Turnover Ratio is also known as stock velocity is normally calculated as “sales/average inventory” or “cost of… […]
Inventory
VED Analysis
VED Analysis: The VED analysis employed in inventory control is used generally for spare parts. It is an important, necessary and desirable analysis. The requirements and urgency of spare parts is different from that of […]
Inventory
A-B-C Analysis in Inventory Management
A-B-C analysis helps to concentrate more efforts on category A since greatest monetary advantage will come by controlling… […]
Inventory
Economic Order Quantity (EOQ)
Economic order quantity is the point at which inventory carrying costs are equal to order costs. EOQ is that order quantity or… […]