Inventory Management: Types, Models, and Strategies
Types of Inventory
Understanding different types of inventory is crucial for effective inventory management:
- Cycle Inventory: Used to meet normal demand during a production cycle, replenished cyclically. Example: A bakery keeps a cycle inventory of flour, replenishing it weekly.
- Safety Inventory: Held to protect against uncertainties in demand and supply. Example: A hospital maintains a safety stock of essential medicines.
- Seasonal Inventory: Built up for predictable seasonal increases in demand. Example:
Effective Management: Principles and Practices
Management: Principles and Practices
Management is the process of planning, organizing, leading, and controlling resources to achieve specific goals and objectives. It involves the coordination of human, financial, physical, and information resources to maximize efficiency and effectiveness.
Process of Management
The process of management involves several key steps:
- Planning: Defining the organization’s mission, vision, and objectives, as well as identifying the strategies and tactics to achieve them.
Understanding Administration: Functions, Management & Decisions
Understanding Administration: Key Concepts
Administration: The scientific discipline, technique, and art that aims to study organizations.
Scientific Discipline: Develops theories, models, etc., using the scientific method to examine reality and derive laws from it.
Art: Knowing how to apply knowledge using experience, talent, and virtue.
Technique: A set of tools, principles, and procedures (e.g., accounting).
Branches of Administration
- Public Administration: Studies organizations in the public sector.
Linear and Integer Programming: Problem Types & Constraints
Variable Logical Constraints
Variable Logical Constraints: (Use ‘if ≤ then’ for these questions, and/or usually represented with +)
- If bring eggs and chicken then can’t bring bread: X1 + X2 + X3 ≤ 2
- If bring eggs, then must bring chicken and/or bread: X1 ≤ X2 + X3
- If bring eggs, then must bring both chicken and bread: X1 ≤ X2 and X1 ≤ X3
- If bring eggs, then must bring chicken or bread but not both: X1 ≤ X2 + X3 and X1 + X2 + X3 ≤ 2
- If don’t bring eggs then must bring chicken and/or bread:
5S Methodology, Lean Manufacturing, and JIT Production
5S Methodology
5S is a workplace organization method from Japan aimed at improving efficiency, safety, and productivity. It comprises five elements:
- Seiri (Sort): Sorting through workspace items to identify what is necessary and removing unnecessary items, reducing clutter and freeing up space. This helps streamline the work environment and allows employees to focus better on their tasks.
- Seiton (Set in Order): Organizing necessary items so they are easily accessible and clearly labeled. This principle
Game Types, Problem Solving & Cognitive Biases
Game Types: A Breakdown
- Cooperative vs. Non-Cooperative:
- In cooperative games, participants can form alliances to maximize their chances of winning.
- In non-cooperative games, participants cannot form alliances.
- Symmetric vs. Asymmetric:
- In a symmetric game, all participants have the same goals, and their strategies determine the winner.
- In asymmetric games, participants have different or conflicting goals.
- Perfect vs. Imperfect Information:
- In perfect information games, all players can see the other players’