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Scorecards for Lean Inventory Systems Project UA10-INVS

Scorecards for Lean Inventory Systems Project UA10-INVS. Project Team Principal Investigator Manuel D. Rossetti, PhD, P.E. Graduate Assistant Anvar Abaydulla , MSc. Project Motivation

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Scorecards for Lean Inventory Systems Project UA10-INVS

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  1. Scorecards for Lean Inventory Systems Project UA10-INVS Project Team Principal Investigator Manuel D. Rossetti, PhD, P.E. Graduate Assistant AnvarAbaydulla, MSc Project Motivation • The balanced scorecard is a comprehensive tool to understand the target customers, their requirements, and the performance gaps. The scorecard • Provides logic for focusing on creating intangible and intellectual capital • Is able to articulate the strategy of growth with business excellence • Enables employees to understand strategy and link strategic objectives to their day-to-day operations • Facilitates performance review and feedback on a continuous basis Project Objectives • Investigate and develop methods that will provide inventory analysts with better tools that can assess the trade-offs between cost, service, and risk within lean inventory systems Project Activities • Identification of current metrics and method • Creation of new methods for assessing risk • Development of analytical and simulation test bed • Development of integrated scorecard methodology • Documentation of the results • Lean inventory scorecard and the metrics • A lean (inventory) scorecard “establishes the gap between current performance and desired stretch performance targets, and facilitates planning for closure of the performance gap. (Mejabi 2003)” • Identifying the industry standard metrics for assessing inventory system performance, such as • Gross Margin Return on Inventory Investment, Inventory Turns, Inventory Quality Ratio, etc. in area of cost • Order fill rate, volume fill rate, customer waiting time, etc. in service area • Stock out probability, etc. in risk area • Metrics at the stock keeping unit and system level Building Steps Martinsons et. al 1999 Translating Vision and Strategy: Four Perspectives (Kaplan 1996) Expected Results • Assessment of current inventory metrics • New inventory methods will become available to practitioners • Making inventory modeling more readily available to organizations • Invistics can utilize the algorithms and methods within the development of their software products for inventory management • Other CELDi organizations will benefit from the general theory and methods developed within the research Deliverables • A project report that summarizes the research and methodologies related to the project • An Industrial Engineering Research Conference (IERC) paper • A research journal article • Computer software/models developed during the research

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