ABSTRACT: Managing Inventory in manufacturing is of utmost importance. In most manufacturing businesses, inventory forms the biggest cost component of goods sold. Inventory costing plays a crucial role when it comes to effective management of inventory. Inventory costing is an accounting process done to determine the value of a company’s inventory. It impacts a company’s […]
In the world of surface mount technology (SMT), production and inventory management are key to any successful operation. That’s why it’s important to have the right production and inventory management strategies in place in order to keep your SMT operations running smoothly. Here the Manufacturing Execution System (MES) plays a vital role in optimizing and […]
Production, planning, and inventory (inventory management for manufacturing) are critical components of manufacturing execution, as they play a vital role in ensuring that products are manufactured efficiently and cost-effectively while maintaining high levels of quality which comes with the role of technology. Production planning involves creating a detailed schedule that outlines the resources, materials, and […]
Among the four Ms of Manufacturing viz Machines, Method, Manpower and Material, Inventory is one of the most critical. Manufacturers view Low Inventory as a sign of Lean Production Management. Japanese companies formulated the concept of JIT (Just In Time) to ensure that manufacturers do not carry high inventories. High Inventory means money blocked in […]
