My understanding (admittedly limited and likely flawed) of the ERP approach is that it expects you to adapt to the ideal process, rather than trying to fit the ERP solution to your existing processes. I can certainly see the benefits from doing that (essential working towards a best-practice setup), but the upheaval in an established company must be staggering (indeed: see the Fox Meyer example of how not to do it!).
The course I'm taking is called Supply Chain Management and it's been a real eye-opener, to me at least, of the various ways of approaching an entire supply chain (from raw materials, production, stock levels, customer delivery etc.) and the various methods of accounting.
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What is the value of a part that can be purchased for $20 each, minimum purchase quantity 100 each only, you have only 1 in stock, but need 3 ?
I have no idea, but it feels like $ 2000 / 3 = nearly $800 each.
Yes that is a difficult one. There's all sorts of things to take into account - storage costs for the unused items, opportunity costs because your cash is tied up in 'useless' stock, depreciation of the assets, reliability of a part that's stored for long periods etc. etc. etc. But then as you say you may have a requirement to be able to supply that part very quickly, so you'd need some fairly indepth failure analysis to work out how many you need to keep in stock. As for the extra you had to order, perhaps it's better to store them (which incurs costs as mentioned) or maybe it's better to dump them cheap on another market, cutting your losses and hopefully recouping some of the capital and reducing the unit cost of the ones you sold?
My exam is largely a thinking-out-loud exercise, so your thoughts are genuinely useful to me! Referring to real world examples is essential, and being able to refer to an example my lecturer hasn't come across before (even if it is 'some guy on the internet said...') is definitely worth something!