Track: Inventory Control

Abstract

Raw materials are the key to every manufacturing process, without raw materials or with inadequate quantities the entire production system could be in jeopardy. This is true for continuous manufacturing processes because the entire production system may be in a chemical manufacturing facility the packaging materials are equally if not of more importance than the raw material inputs since without adequate packaging materials to package the finished product there is no need for process inputs. The goal of manufacturers is to produce a maximum quantity of finished goods while ensuring customer satisfaction, which in turn maximizes profits. An efficient inventory management program is critical to maximizing production capabilities of a continuous production process, while minimizing production deficiencies. The objective of this study is to ensure proper levels of onsite supplies and/or materials while eliminating the issues that arise with the overstocking and/or under-stocking of these required inventoried items. Although there are several aspects that contribute to the controlling of onsite inventory throughout the production processes, the uncertainties affiliated with the supply chain, unprecedented inventory costs, and fundamentals of inventory are the greatest variables that effect any inventory management system. These components are analyzed and optimized to create an adequate program for inventory management within the manufacturing environment.