Types of Inventory Control System cont… 12/18/2013 69 PowerPoint Presentation: The advantage of the system is that each item can be procured in the most economic quantity . The effort should be to reduce this as much as possible by following the simple techniques like Bulk-buying Buying under generic names and not trade names and Negotiated rates by assuring future business over a reasonable period. Embed: This would mean additional expenditure . Enter one or more tags separated It opens various career options such as shipping and cruise lines, tour administrators, offices administration suppliers and so on. Inventory control is a scientific system which indicates as to what to order, when to order, and how much to order, and how much to stock so that purchasing costs and storing costs are kept as low as possible. • Supplies management – significant costs involved 30-40% of the average hospital’s budget (Neil, 2005) • Many different supplies • Many different locations • Little or no visibility of inventory at point-of-use • … Although the system appears to be simple, some of the disadvantages are that it does not provide for unforeseen variations in the demand/consumption and the ordering quantities may not be economical with risk of overstocking or even going out of stock. These issues not only face hospitals, but other health care facilities as well. Misc Administration handles the buisness. Copy, Automatically changes to Flash or non-Flash embed, WordPress Embed Students can opt for various designations such as Relationship Manager, Event Manager,Travel Advisor and so on. But this may increase the purchase cost . Inventory control can be viewed as the attainment of a cost balance between shortage and excess of stock . Inventory and Quality Management Customers usually perceive quality service as availability of goods when they want them Inventory must be sufficient to provide highquality customer service 9. - Hospital Supplies Global Market Report 2020 is the latest research report added to The Business Research Company database. Each tests your ability to manage your drug inventory effectively. Proper hospital inventory management can be tricky: administrators and healthcare supply chain professionals must make sure their facilities have enough product to meet demand from doctors and nurses, but not too much that it negatively impacts the hospital’s budget or takes up too much space. This in long run improves the image of the Health Centre/Hospital. Ability to use principles, tools and techniques. Monitoring of performance 8. 12/18/2013 7 Introduction cont…: Introduction cont… Balancing the cost of carrying high inventories and the cost of shortage is done through a system of scientific inventory control. The indirect costs in this element are related to the business that we loose, and public criticism etc. Control of Items by A-B-C and V-E-D Combination 12/18/2013 59 X-Y-Z Classification: X-Y-Z Classification X-Y-Z classification is based on value of inventory available on a particular date in the store . Decision Making Its decisions are influenced, 8. Inventory and documentation 5. How to Reduce Inventory cont… 12/18/2013 36 Terminology and formulae: Terminology and formulae Lead Time :- It is the length of time in between the decision to replenish an item, and its actual addition to the stock. 11) Maintaining close co-ordination with other user Deptts ., Store, Quality Assurance, etc. K2 x D will ensure that the drug is available 95 per cent of times K3 x D will ensure that the drug will be almost always (99 per cent) available in stores whenever indented. - Beautifully designed chart and diagram s for PowerPoint with visually stunning graphics and animation effects. The X-Y-Z and F-S-N classification exercise will help in timely prevention of obsolescence. The demand rate is constant but the time between the orders varies according to the fluctuations in use. Physical inventory includes all the materials that are tangible and required to Delivery and incoming inspection 4. 12/18/2013 40 PowerPoint Presentation: The average estimated consumption during lead-time (D) can be multiplied by K1, K2 or K3. 12/18/2013 60 Methodology of X-Y-Z Analysis: Methodology of X-Y-Z Analysis After annual stock-taking is over, arrange the closing stock values of items in descending order , enter the respective cumulative values against each item; the descending number of item is computed as a percentage of the total of all items in stores; the cut-off points are set depending on the distribution. Boasting an impressive range of designs, they will support your presentations with inspiring background photos or videos that support your themes, set the right mood, enhance your credibility and inspire your audiences. This can be calculated by multiplying the average demand for maximum delay or the probable delay. Methodology for ABC analysis cont… 12/18/2013 50 PowerPoint Presentation: Methodology for ABC analysis cont… 12/18/2013 51 Application for ABC Analysis Inventory Control: Application for ABC Analysis Inventory Control The applied benefits of the practice of ABC analysis : 12/18/2013 52 Broad Policy Guidelines for the Control of Items as Per A-B-C Classification: Broad Policy Guidelines for the Control of Items as Per A-B-C Classification 12/18/2013 53 VED Analysis: VED Analysis Inventory’s importance cannot be overlooked simply because they do not appear in A category of inventory. It can be calculated by the following formula: Buffer Stock = K x D K = A constant and has three values i.e. Their salaries/wages would add up to the cost. The ABC principle which is generally applicable to any type of store states that: Around 10 per cent of the drugs/store material would cost 70% of the resources. Goods Order Inventory System Pro is an advanced and highly sophisticated software, which is being utilized as a hospital inventory management system by many le… Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. iii) The cumulative cost of the items is worked out on this list. In the Ideal model, drugs are issued in response to demand and the stock on hand steadily declines until the point at which an order must be placed. Numeric tags are not allowed. 1. The operational definition of inventory would be the amount of raw materials, fuel and lubricants, spare parts and semi-processed material to be stocked for the smooth running of the plant. A combination of ABC and VED analysis can be gainfully employed to evolve a meaningful control over the material supplies particularly in a hospital system. D = Average estimated consumption during the lead-time. Items are classified as fast moving, slow moving and nonmoving based on their consumption pattern. - Introduction to the Hospitality Industry HRT 101 Dr. Ben Dewald Outline Self introduction Course Materials Needed Role of Lecturer Course Syllabus Chapter 1 Dr. Ben ... CHAPTER 1 Introduction to Financial Management, - CHAPTER 1 Introduction to Financial Management What is Finance? For most companies, there are two forms of inventory: Physical and Logical. You can opt for various career options for your successful future like Flight Analysis, Airport Operations Management, Ticketing and Passenger Services and many more. Maintenance 9. The healthcare sector in the United States comprises of a total of 5,534 registered hospitals which cater to around 35,158,934 patients as recorded by the American Hospital … Main Functions Planning and organizing, 9. Inventory management is a complex process. Top/middle level management should preferably control these items. First, online retail (eCommerce) where the purchase takes place digitally. As long as usage is reasonably regular, inventory tends to be increased by an average amount equal to one half the purchase quantity. Types of Inventory Control System cont… 12/18/2013 67 PowerPoint Presentation: Basically the “min/max " approach relies on the combination of two factors: ( 1) the order point, and ( 2) the total quantity to be ordered. Inventory Costs Carrying cost • cost of holding an item in inventory Ordering cost • cost of replenishing inventory … We can avoid stock outs by working out the reorder level of all important material so that immediate action can be taken as soon as the-stocks drop to reorder level. This finding of Mr. Pareto is equally applicable to so many other spheres of life as well as in the classification of inventory management. WWII Christmas tree problem (Newsboy problem) Whitin’s stochastic extension of the EOQ model. This system permits ordering the optimum quantity of each item required. 12/18/2013 26 Need/Necessity of Inventory Control: Need/Necessity of Inventory Control A good Inventory Control maintains availability of materials and also controls stock-out and under-stocking. This is greatly influenced by lead-time. That places an additional burden on your hospital p… X items are those items whose stock value is high, while Z items are those whose stock values are low . 3) HML :- - Commonly used for management of consumable items. And they’re ready for you to use in your PowerPoint presentations the moment you need them. 12/18/2013 14 Economics: Economics If the level of inventory goes up the carrying cost will also increases on the other hand, if we have a smaller inventory, turnover is greater requiring less carrying charge but more of ordering costs, as orders have to be repeated more often. 12/18/2013 77 PowerPoint Presentation: Thank You!!! All these costs added together comprise what is called the cost of possession. All items up to this figure will be A category items. More info @ http://www.frontenders.in/services/operations-management.html, The word "hospital" comes from the Latin "hospes", From "hospes" came the Latin "hospitalia", an, In the 14th century and in England began a shift, "Hospital" only took on its modern meaning as "an. However , it must be mentioned that all systems and organizations must be primarily designed to supply drugs, medicines and other supplies in time in order to provide meaningful and effective service. Administration It is popular with government, 7. Buffer Stock 12/18/2013 38 Buffer Stock cont…: Buffer Stock cont… Also known as Safety stock or Reserve stock. Learn More: https://spochub.com/HIMS, | PowerPoint PPT presentation | free to view, Management and leadership in nursing Introduction unit. Customize Embed, Thumbnail: Top managers need least technical skills. Wherever called for Inventory levels should be adjusted as per changes in requirement/ consumption , changes in market conditions etc. Inventory control it is an important aspect of material management. Identifying the correct make/model of each asset in the organization ensures that … Every organization constantly strives to maintain optimum inventory to be able to meet its requirements and avoid over or under inventory that can impact the … Following the lead time period , during which all the activities of the procurement cycle are performed, the quantity ordered ( Q) is received and the Inventory level is back to its starting maximum point (Q+S). iv ) Mark the figure close to 70% of the total expenditure. Second, offline retail where the purchase … We also offer building cleaning services as a part of our building management services. Without proper control over the inventory, serious problems can precipitate, related to manufacturing , marketing , revenue generation and customer satisfaction likewise availability of life saving drugs and other hospital supplies can be crucial to good care and patient satisfaction. A large stock of a drug will result into more pilferage and vice versa . Adopting Automated Inventory Management Systems. 23 / Inventory management 23.3 23.1 Introduction Inventory management is the heart of the pharmaceuti-cal supply system; in fact, the nonspecialist might say that inventory management pharmaceutical management. - Swosti Institute of Management and Social Studies SIMSS is dedicated to providing hospitality management programs near me, hospitality management programs near me in Bhubaneswar, hospitality management programs near me Bhubaneswar, Bhubaneswar hospitality management programs near me to make your career successful in hospitality management. - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. Introduction : Introduction Inventory control is a scientific process by which an organization is supplied with the goods and services, that it needs to achieve its objectives at optimum cost. A combination of V-E-D and X-Y-Z methods may give some indication about the items that should be disposed off so as to trim the inventories. The cost of not having the items sometimes is costlier than cost of having. Ampicillin 1 gm is 2000 units , The cost of placing order ( Oc ) is Rs. This classification is required to be done at least once in a year. Hence in simpler terms inventory may be defined as list or stock of items in store, which one can count, measure or weigh. VED analysis is based on critical values and shortage costs of the Item. Nature of status It consists of owners who. Category II - covers item of essential category and they are less expensive. Conservative estimates are that the carrying cost may be 25 per cent to 35 per cent of the actual inventory cost. Industries, both in India is estimated to be established and this also enhances the efficiency a. 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