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Hi Izzati, happy to help! If you need more support, you can also find Practice Problems & Microsoft Excel spreadsheet templates for Ch04 Forecasting which includes Moving Averages (MA) & Weighted Moving Averages (WMA) on our website at www.OperationsUniversity.Org. Thanks for watching!

Hi Nitin, you're welcome! Thanks for watching. If you need more help on the Quantity Discount Model you can find Practice Problems or Microsoft Excel Templates on our website at www.OperationsUniversity.Org

Priscilla, Thanks for watching our videos and all your feedback!

Thanks Priscilla!

You're very welcome Izzati! Thank you for watching our videos. I am glad it was helpful for you!

You’re welcome! Thanks for watching our videos. More helpful content can be found at www.OperationsUniversity.Org

Good question. First you need to calculate the EOQ which will give you the initial feasible order quantity. After that, you would only pick the lowest quantity in each of the higher price breaks / quantity discounts. You would not go backwards trying to solve for lower price breaks below the EOQ.

Happy to help! Thanks for watching!

You’re very welcome! Thanks for visiting our channel and watching our videos!

You're welcome! Thanks for watching our videos Marwa!

Hi Carlos, Yes! Absolutely. Physical Inventory, and Cycle Counting are all important functions of the Inventory Management process. Accuracy is key!

Hi Carlos, thank you for the feedback! I'm glad you found the content useful and will be able to apply this concept to real life applications.

Hi Pramod, I'm glad you enjoyed the video. Can you advise specifically where you believe the calculation on product structure tree #2 is incorrect? I do not see anything wrong with the calculation on that slide.

My pleasure! Thanks for watching Sansan!

Yauheniya, you are very welcome! I'm glad you are enjoying the content. Feel free to check out www.OperationsUniversity.Org for additional materials that will help you with MRP processing.

Awesome back at ya! Glad it was helpful :) Thanks for all the feedback on our videos Priscilla!

Thanks Priscilla! I appreciate the feedback and for watching our videos!

Wow, thank you Priscilla! I'm happy to hear you are enjoying our videos and understanding the concepts.

Hi Priscilla, glad you are enjoying the videos! And thanks for buying the Practice Problems Set on our website www.OperationsUniversity.Org! We appreciate your support and hope the practice problems help your studying!

On our website you can buy Practice Problems and MS Excel Templates that will help with the Inventory Management formulas and homework problems found in the textbook. All of our Chapter Outlines are free to download. I hope the content we have available can help you study. Good luck!

Hi Justice, I'm glad you liked the video. Thank you for watching. Generally forecasters use a weighted moving average (WMA) for 3 to 4 time periods (a period could be a week, month, or quarter). You would use a WMA when the most recent past period is the best indicator of what to expect in the future, and that is why it gets a higher weighting. If you start to use too many periods (the "n"), it will make the forecast react more slowly to the recent changes and it may be less accurate. I hope that helps!

@@OperationsAndSupplyChain Thanks a lot and I look forward another insightful and handful videos.

Hi Carlos, you're very welcome! Thanks for watching the videos. If you would like MS Excel templates to help you solve many of these Inventory Management concepts you can visit our store at www.OperationsUniversity.Org.

Glad you liked it! Thanks Brayan!

Great, glad to help! Thanks for watching!

Hi Zoltán, glad we could help! If you go to www.OperationsUniversity.Org there are Microsoft Excel templates that will help you to calculate EOQ.

Hi Bridget, thanks so much for the feedback! I'm glad we could help. Feel free to check out www.OperationsUniversity.Org for more resources to help you understand the course materials! Thanks again :)

Hi Emma, the annual demand (D) is generally the historical demand. In university coursework the demand will typically be given to you as part of the question. I hope that helps, please let me know if you have any further questions!

@@OperationsAndSupplyChain Thank you so much for the video. The step by step calculation guidance is very clear and helpful!

Hi Nusrat, that's very kind of you. Thank you for watching! For additional support (practice problems & excel templates) please go to www.operationsuniversity.org

Hi Hiba, I'm glad the videos are helpful as you study for the CSCP exams. The Operations University playlists that will help you prepare are Ch1 (Ops Mgt), Ch2 (Global Strategy), Ch4 (Forecasting), Ch11 (Supply Chain), Ch12 (Inventory Management), Ch14 (MRP/ERP), and Ch16 (Lean Operations). Good luck!

Thanks Deo, I'm glad you thought our video was GREAT! Appreciate the feedback :)

You’re welcome! Thanks for watching!

Hi Mahmudul, you're welcome 😊 Thanks for watching our videos!

Hi Jorge, a seasonal index is probably not the right kind of forecasting method for spare parts that support a warranty, unless there is significant seasonal fluctuations in when those repairs occur.

You’re welcome! Glad to help! Feel free to download free chapter outlines at our website www.OperationsUniversity.Org. There are also Practice Problems and Homework Support Templates you can buy. Good luck in your class!

Hi Rayver, that formula is for Total Average Inventory Cost (TAIC)... APC = Annual Purchase Cost, AHC = Annual Holding Cost, AOC = Annual Order Cost, R = Annual Requirement or demand, C = Purchase cost per unit, S = Cost of placing one order (ordering in monetary costs per units), K = Holding rate, where annual holding cost per unit = K × C, and Q = Order quantity in units. That formula calculates the average inventory cost, not the optimal order quantity (EOQ).

Hi Rahul, thanks for the question. In the examples provided in this video, it was part of the question that I provided students as one of the given inputs. It was not calculated. There are many instances where I will ask "calculate next years seasonal index given a 10% increase in demand". To solve that question you would simply add/sum the most recent years total demand, and then multiply it by 1.10 to get the Next years total demand. Then you calculate a new Average Monthly and use the Seasonal Index to calculate the monthly Forecast. If you would like to see examples of this modified calculation please check out the "Practice Problems" for Chapter 4 on www.OperationsUniversity.Org.

Hi Devrupa, thanks for the feedback on our videos! The next batch of videos is currently being produced and will be published shortly. I'll try to see if Marginal Unit Quantity Discount can make the priority list. Thanks for the suggestion!

Great question! The way I would handle the forecasting of returned parts would be to either 1) determine the amount of monthly defects and start to separately forecast them into the MRP schedule or 2) build in a buffer stock or safety stock into the MRP plan. That way you can account for whatever percent of returned products needs to be forecasted. With that said, if you are repairing the returned products, they will eventually become FG inventory, and then you will have over-forecasted because the inventory is useable per MRP logic. It is hard to answer this question without all of the context, but thank you for asking it!

Hello! The textbook this content comes from is Operations Management - Sustainability and Supply Chain Management, Jay Heizer, Barry Render and Chuck Munson, Pearson 2020 (14th edition). With that said, many of the strategies and formulas that are taught are exactly the same as other textbooks used to teach this content.

Ok. Thank you. I visited your web site. Thanks for all you do.

Hi Wedad, thank you for this insightful question. MRP is useful when the demand for items are dependent on the demand the top level (parent) items. So if the spare parts inventory (child) is not dependent on the oil demand (parent), then MRP would not be useful. In this instance, you would just use the forecasting methods taught in the Ch4 playlist for methods on how to forecast the spare parts.

Hey, I just use the examples from the textbook! After teaching this course for almost a decade now, I never bothered to Google what a Cathode Ray Tube (CRT) is, and now I can see why you made the comment! That's very funny. Thanks for watching!

Hi Syed, thanks for the feedback on our videos! I am glad you are finding them useful. The next batch of videos is currently being produced and will be published shortly. I'll try to see if Graphical Method using an ISO Line for Linear Programming can make the priority list. Thanks for the suggestion!

Awesome, thanks for your feedback and for watching our videos! I appreciate our viewers like you.

Hi Christian, thanks for your feedback on our videos & this channel. I'm glad we can help. And don't worry, we make a few pennies every time you watch a video so it's not completely free :) Thanks for watching!

Hi Prinnce, that's great, glad we could help you on the exam! Come back anytime for more support on other Operations & Supply Chain Management topics related to your coursework. Also, we also have content at www.OperationsUniversity.Org that you can download for exam prep. Good luck this semester!

Hi Santosh, you are welcome! Thanks for watching our videos. I'm glad we were able to help.

You're welcome! Thanks for watching.

Hi Sara, thanks for the update on how you completed your Operations Management coursework this semester! I am thrilled to hear that you got an A+... Great job! I am glad we could help contribute to your success. Thanks again for watching our videos and for asking thoughtful questions on many of them. Congrats Sara! Take care.

You are welcome! 🙏 I’m sure you did great on your final exam. I appreciate you watching our videos!