Best Practices

Topics:
Inventory Management
Tags:
Best Practice,
Industrial Data & Information,
Inventory
Source:
Industrial Data & Information

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Overview: The article says that one can design an acceptance-sampling plan to signal when to undertake a total physical inventory count. Compared to taking a total inventory count at a fixed period (annually), sampling can provide you with more accurate record counts, cause less disruption of operations, and lower costs. The sampling plan involves a relatively small number of items at frequent periods. The sampling approach can lead to sizable cost reductions. Combined with the application of control charts to the small but more frequent samples, discover special causes are discovered and the accuracy of the inventory recording process can be improved.

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Format: HTML | Date: Jan 2003 | Pages: 1

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