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1. Order level/Re-order level/Order
point/Re-order point:
Order
level=maximum consumption * lead time
Or
Time
required for receipt of material
If safty
stock given in question then + in formula
2. Minimum Stock or Minimum inventory
level:
Order level-(Average
consumption * lead time
3. Maximum stock or maximum inventory
level:
Order level +EOQ-minimum
consumption *lead time
4. Danager level:
Average consumption *time
required to receive emergency supply
5. Average inventory level=minimum
inventory +maximum inventory level /2
6. Economic order quantity/Economic
batch quantity /Standard order size/Re-order
quantity
 |
EOQ= 2*AR*OC
I+CC
or SC (UC)
1. AR= Annual Requirement
2. OC = ordering cost
3. I
= Interest rate
4. C.C =Inventory caring cost
5. S.C =Storing cost
6. U.C
= unit cost
Number of Orders= Annual requirement
EOQ
Frequency of orders = Days in a
year
No
of orders
Material turnover ratio= Cost of material consumed
Cost of average material inventory level
Cost of average material inventory
level= opening stock + closing stock/2
Number of days the average inventory
is held= days of year
Material
turnover ratio
Material receiving and handling ratio
= material receiving & handling cost *100
Cost of purchases
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