Deterministic inventory model
Maintaining an optimum level of inventory is important but sometimes can be a daunting task. It is for this reason that several proven techniques and models have been created to help businesses determine the optimum level of their stock. A deterministic inventory model is one of these methods that helps in forecasting and prediction. It is founded on the notion that all aspects and variables that are related to the inventory are known by the firm. A deterministic model assumes that there is no doubt related to the demand and supply of stock.
Logistics management encompasses all the detailed activities and processes involved in implementing an operation. It covers the flow of work right from the start to the end. Logistic management is carried out to fulfill the needs of both the organization and the customers. It is the management of resources and technology and making sure that they are available in the right quantity and at the right time.
Inventory management is the process of sourcing, keeping, and selling stock. Inventory can be raw materials or consumer products. Organizations need to store the right quantity of stock in the correct place and at the right time. An inventory manager is in charge of overseeing the control and purchase of stock. A company's inventory is usually determined by the type of product they sell and the platform they use to sell them. Small and medium businesses often store their inventory records in Google Sheets and Excel.
Discrete manufacturing is a term used to refer to the production of tangible finished products. Mobile phones, baby toys, automobiles, and planes are some of the products made through discrete manufacturing. Unlike in process manufacturing where a recipe or formula guides the production, discrete manufacturers follow a bill of materials (BOM).