Sample Solution
Order Point is a tool used in inventory management to determine when and how much of an item should be ordered. It is based on the idea that, in order for a business to function effectively, it must have enough supplies and materials to meet customer demand while avoiding overstocking of items. The goal of the Order Point system is to maintain optimal inventory levels that minimize costs associated with ordering and stocking goods (Parvizi et al., 2018).
The order point calculation requires several pieces of data including the lead time (the amount of time it takes for an item to arrive), reorder quantity (how much stock needs to be ordered), safety stock (extra units needed beyond reorder quantity) and average daily usage rate (how many units are used per day). Once these factors are known, one can use them to calculate two important figures – the maximum level and the minimum level. The maximum level represents the highest possible number of units which should not be exceeded; any additional orders beyond this level would result in excess inventory. Meanwhile, the minimum level indicates how few items need to remain in stock before another order should be placed; if fewer items remain than this threshold then an immediate order will be necessary(Kivran-Swaine & Swaine 2017).
Using these figures, one can set up an Order Point system by specifying certain conditions such as when the current stock reaches either its maximum or minimum level at which point a new order should automatically be placed. This helps ensure that businesses always have enough supplies on hand without overspending or tying up too much capital due to excessive stockpiling(Chopra & Meindl 2017).
In conclusion then, Order Point systems offer businesses a way to keep track of their inventories more efficiently while minimizing costs associated with ordering goods. By having access to key pieces of data such as lead time, reorder quantity, safety stock and average daily usage rate – one can easily set up their own Order Point system for better inventory management.
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