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(08)MT435Unit_eight - Jayme Boone MT435 Operations...

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Jayme Boone MT435 Operations Management Unit Eight Chapters Fifteen and Sixteen Kaplan University February 2, 2010
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Introduction “Inventory management is among the most important operations management responsibilities because inventory requires a great deal of capital and affects the delivery of goods to customers” (Schroeder 2008 pg, 342). If inventory isn’t accounted for correctly it could affect the whole operation of a business. Chapter Fifteen Question five What is the difference between a requirements philosophy and a replenishment philosophy of inventory management? Please substantiate and explain your answer. The main difference between requirements philosophy and replenishment philosophy is whether or not the demand is independent or dependent. Independent demand is generated by the amount of the product that is used. For instance, if the stock is down to the minimum an order is placed automatically. Dependent demand is not automatically ordered when the stock is low. The stock is only ordered based upon requirements and approval for that item.
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