Ways To Reduce Inventory and Improving Service

This post is originally written by Chuck LaMacchia and the link to the original post is here. Ten Ways to Reduce Inventory, While Maintaining or Improving Service “Our competitor turns its inventory six times per year, but we’re only at four. We should be able to turn our inventory six times as well!” says the …

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Inventory Management, Inventory Costs, Newsvendor vs. EOQ

Different models are used to manage inventory for products that are continually available (like milk) or products available for limited time (like seed).The Economic Order Quantity (EOQ) model determines the least cost level of inventory to carry, as well as costs. News Vendor models are used for products only available for a single period. EOQ …

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