Explain the essential characteristics of MRP, DRP, and VMI. How do they operate with each other to provide a systematic approach to managing supply chain inventories?
Answer to relevant QuestionsWhat are the benefits of classifying inventory using ABC analysis? What are the different types of criteria that could be used to classify inventory? Why is it usually more difficult to determine the cost of lost sales for finished goods than it is for raw materials inventories? What are the primary capabilities, advantages, and disadvantages of each of the basic modes? Discuss the primary tradeoffs that must be made between distribution and other logistics activities. What are the major locational determinants, and how does each affect the location decision?
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