• aQF MANAGEMENT U ANPATECEIPL,QAT,
Module 12
Inventory and JIT
e Ma le 12

Inventory
Definitions o Storage space and capacity Stored materials, parts, components, work-in-progress, products (finished goods), and maintenance and repair supplies ▪ Examples O Cars, tires, spark plugs, sheet metal, toilet paper • Advantages
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o Decouple (buffer) production systems for greater flexibility arid robustness in personnel_ time: and cost constraints 0 Have greater variety of goods available to satisfy customers 0 Ability to buy (and store purchases) in large quantities for discounts or hedge against price increases or inflation
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Page 3 Module 12