Inventory Cost Minimization

Minimizing the Inventory Cost in the Production Management: ripe in Time (JIT) Manufacturing System is a Mile nether region Shirajul Islam M. Phil Researcher, Jahangirnagar University, Savar, Dhaka Abstract This article explains how a firm cares her store to clear lower limit production cost and overhear business achievement by using JIT (Just in Time) Manufacturing System. It provides a mathematical framework to attend the performance of a farm, and argues that inventory cost minimization mode is an approach that helps a farm to be competitive and successful. JIT inventory instruction system has been elaborated by reducing set-up time and lead times so that small lots may be enunciateed as and when required. The holding cost for quad rent reduces significantly as the orders atomic number 18 put to the suppliers unsloped in time, which is described in this paper. Keywords and Phrases: JIT (Just in Time), Inventory System, Kanban, exertion Inventories, Speculative Inventory and Precautionary Inventory, EOQ (Economic Order Quantity), Holding Cost, traffic circle up Cost, Buffer Stock. ________________________________________________________________________ Introduction Minimizing the production cost of a follow is a vital factor over the others to increase the take in in this competitive world.

It is very important for a guild to manage its production process and a supply set up to reduce this cost, and one of the most important aspects of inventory management is to have the items in stock at the moment those are needed, which helps the managerial key personnel to lessen the inventory cost. To minimize the inventory cost, Project management needs to plan guardedly so as to earn maximum profit by using minimum cost and time. One of the objectives of the company is to manage the entire supply chain to reduce costs, thereby to earn business success. This article explores and explains how a firm manages her inventory to gain minimum production cost and earn business success by using... If you want to get a full essay, order it on our website: Orderessay

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