Model for ordering of perishables and other items with limited useful lives.
Generally, the unrealized profit per unit.
Difference between purchase cost and salvage value of items left over at the end of a period.
Economic Order Quantity
The order size that minimizes total annual cost.
Classifying inventory according to some measure of importance, and allocating control efforts accordingly.
Perpetual Inventory system
System that keeps track of removals from inventory continuously, thus monitoring current levels of each item.
The average amount of inventory in a system is equal to the product of the average demand rate and the average time a unit is in the system.
Key decisions in Project Management
1. deciding which projects to implement 2. Selecting the project manager 3. Selecting the project team 4. Planning and designing the project 5. Managing and controlling project resources 6. Deciding if and when a project should be terminated