Safety Stock Formula

6 Safety Stock Formulas You Can Consider in Your Next Calculation Cycle

Safety stock is a term used to describe the additional quantities of stock held by a company to mitigate the risk of running out of stock. This therefore acts as a buffer in case the supply and demand are different to what was planned or forecasted. There are many ways in which to calculate safety stock and there are plenty of Safety Stock Formulas available which you could use. Below we will go through 6 different Safety Stock formula definitions to get a comprehensive figure for safety stock. At the end we’ve given you a ‘bonus track’ of EOQ calculation! […]

online supply chain management courses

The 12 Great Online Supply Chain Management courses For The Modern-Day Supply Chain Professional

Modern-day Supply Chain Professionals are expected to be competent in a number of skills, including analytical skills,  supply chain modelling, devising supply chain strategy, strategic sourcing applying lean and six sigma tools in supply chain and more. Except you are ready to invest and commit years of your life to getting a degree for each discipline, you need a quicker, more actual way to close the skills gap and keep yourself relevant in a changing market. Get your Supply Chain career the needed boost it requires with these popular online supply chain management courses. So what are your options? Well, […]

TRAVELING SALESMAN PROBLEM & THE 8 “RIGHTS” OF LOGISTICS

The supply and distribution is a complex and above all costly procedure. Many organisations fail to save these expenses due to lack of proper planning. Planning the routes when supplying several customers, located on diverse places, can reduce these costs, time and distance immensely. Therefore, this article aims to illustrate the issues when distributing and the advantage of having the travelling salesman problem (TSP) solution, while addressing the eight “rights” of logistics. Travelling Salesman Problem Gutin & Punnen, (2004) explain that TSP is dealing with determining the optimum geographic route, in which the salesman begins from his domicile, visits a […]