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Inventory Analysis and Control Policy of Chemical Raw Materials for Laibao Corporation

Author: HuangChaoMing
Tutor: LiuZhiXue
School: Huazhong University of Science and Technology
Course: Business Administration
Keywords: Chemical raw material Inventory control ABC classification Safety stock Visual management
CLC: F426.72
Type: Master's thesis
Year: 2011
Downloads: 69
Quote: 0
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Abstract


Laibao is a small and medium size company engaged in producing waterproofing coating. Laibao organizes its manufacturing as make-to-stock mode. There are many kinds of raw materials in Laibao and more than 90% are chemical raw materials. A certain inventory should be kept due to the demand of purchasing period and continuous production. With the development of Laibao, poor inventory management is becoming an obstacle to business. Therefore, reasonable inventory control strategies should be devised that is significant for Laibao in enhancing inventory management and keeping continuous development.In this thesis, Laibao’s chemical raw materials inventory structure and inventory management processes are briefly analysed, and the main problems and their causes are found. And then, ideas and targets of inventory control are presented in the thesis. Three inventory control strategies such as ABC classification, safety stock control and visual management are proposed. Some benefits are described by the implementation of ABC classification as follows: the essentials are separated from the nonessentials, reduction will be made in manpower and management costs, and higher efficiency will be obtained. Safety stock is designed by the mentioned method and the procurement needs which rely on the experience is changed. The inventory processes will be easy to control and the warehouse site will be more safety and standardization by Implementation of visual management. Finally, some guarantee measures such as getting the leader’s support, changing the inventory sense of staff and improving the inventory management system are proposed to ensure the execution of control strategies. I hope the conclusions of this thesis can be referred by some small and medium chemical corporations in China.

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