discussion reply response 200 words 1
Initial question: Explain the three inventory control models and the driving factor in each model. Provide examples for each one using current companies.
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The first inventory control model is the fixed-order quantity model. In this model a firm orders the same quantity in every order, thus the fixed-order name. This affects customers when they try to buy a certain amount of a product, but they cannot get that exact amount due to packaging restrictions.
The next inventory control model is the fixed-order interval model. This model is used when a company has orders placed at a fixed time interval. These orders could be weekly, bi-weekly, monthly or any other interval of time. A retail store would be an example of a company that would have a fixed-order interval model. This model requires constant checkups on inventory and merchandise must be moved to the floor quickly in order to make room for the new inventory.
The third inventory control model is the single-period model. This model has to do with items that have a shelf life whether it is fresh food or news, anything that could become obsolete after time. Grocery stores and bookstores would be examples of companies that would use single period inventory.
Inventory Management. (n.d.). Retrieved December 8, 2018, from https://www.referenceforbusiness.com/management/In…
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