Application Of Inventory Model In Industry

Foong , Weng Kang (2008) Application Of Inventory Model In Industry. Project Report. UTeM, Melaka, Malaysia. (Submitted)

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Abstract

This study discusses the inventory models used at Ngee Ming Shoe Manufacturer Sdn. Bhd, Selangor. The objective of the study is to identify and analyze the most appropriate inventory models to be used in the company in term to decide the ordering quantity and ordering time interval. The data gathered from interviews, observations, journals, books, internet and company inventory record. The result was analyzed, there are three inventory models used to determine the ordering quantity and ordering interval time; Economic Order Quantity (EOQ), Economic Production Quantity (EPQ) and Quantity Discount (QD). Each model has different characteristic, where EOQ is focus on inventory cost, EPQ is focus on the production and demand rate and QD is focus on the available of the discount benefit. After overall the data analysis, Economic Order Quantity (EOQ) is the most suitable model to apply into the company. This model provides minimum total cost, and continuous review system with track on-hand inventory. If this model is used properly, it can be consider as a company competitive advantages and order winner. Thus, the company will gain a satisfactory from the customers and achieve a major success in providing products with minimal defect in time delivery and insufficient stock.

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