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Inventory Reduction Strategy System (IRSS) for Material Management

Materials are the largest inventories in Oil and Gas industries. Keeping this type of inventory are very important to make sure the production line would not be interrupted. However, inventories are the largest single asset on the balance sheet (PROACTION CEO, 2006). The values hold by inventory bas...

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Main Author: Hamidah Binti Mokhtar, Hamidah
Format: Final Year Project
Language:English
Published: Universiti Teknologi PETRONAS 2012
Subjects:
T Technology (General)
Online Access:http://utpedia.utp.edu.my/3852/1/01_FinalDissertation_11933.pdf
http://utpedia.utp.edu.my/3852/
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spelling my-utp-utpedia.38522017-01-25T09:40:39Z http://utpedia.utp.edu.my/3852/ Inventory Reduction Strategy System (IRSS) for Material Management Hamidah Binti Mokhtar, Hamidah T Technology (General) Materials are the largest inventories in Oil and Gas industries. Keeping this type of inventory are very important to make sure the production line would not be interrupted. However, inventories are the largest single asset on the balance sheet (PROACTION CEO, 2006). The values hold by inventory basically in form of physical items causing reduction on amount of cash in hands. According to the finance theory of Time Value of Money (TVM), a dollar that we have today worth more that a dollar in the future (Time Value of Money). Those money which hardly liquidities cannot be spend, invest and use for any other projects. Holding these inventories is important and keeping it could cause lost, thus, the best things to do is to optimize the inventory. Inventory reduction strategies are commonly used in Supply Chain Management department in any business. This strategies focusly to optimize the inventory of a company. From author’s survey, most of companies are using System Application Programming (SAP) to manage their inventory. However, SAP Material Management (MM) modules in SAP cover the inventory management part only and it lacks at optimizing current inventories. Companies are usually used Microsoft Excel to further analyze the inventories and from the author’s research and survey, there are no system proposed exists yet in Malaysia. Thus, this report will explain on the limitation of the current tools used and description on the system proposed by the author which is Inventory Reduction Strategies System (IRSS) as a decision support system that could solve the problem arises above. The literature review in this report will focus more on the technical flow of the current tools. Methods used in this project are SDLC and a survey has been done to analyze the relevancy of the system. Last but not least, result and discussion will explain the outcome of the projects. Universiti Teknologi PETRONAS 2012-05 Final Year Project NonPeerReviewed application/pdf en http://utpedia.utp.edu.my/3852/1/01_FinalDissertation_11933.pdf Hamidah Binti Mokhtar, Hamidah (2012) Inventory Reduction Strategy System (IRSS) for Material Management. Universiti Teknologi PETRONAS. (Unpublished)
institution Universiti Teknologi Petronas
building UTP Resource Centre
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Petronas
content_source UTP Electronic and Digitized Intellectual Asset
url_provider http://utpedia.utp.edu.my/
language English
topic T Technology (General)
spellingShingle T Technology (General)
Hamidah Binti Mokhtar, Hamidah
Inventory Reduction Strategy System (IRSS) for Material Management
description Materials are the largest inventories in Oil and Gas industries. Keeping this type of inventory are very important to make sure the production line would not be interrupted. However, inventories are the largest single asset on the balance sheet (PROACTION CEO, 2006). The values hold by inventory basically in form of physical items causing reduction on amount of cash in hands. According to the finance theory of Time Value of Money (TVM), a dollar that we have today worth more that a dollar in the future (Time Value of Money). Those money which hardly liquidities cannot be spend, invest and use for any other projects. Holding these inventories is important and keeping it could cause lost, thus, the best things to do is to optimize the inventory. Inventory reduction strategies are commonly used in Supply Chain Management department in any business. This strategies focusly to optimize the inventory of a company. From author’s survey, most of companies are using System Application Programming (SAP) to manage their inventory. However, SAP Material Management (MM) modules in SAP cover the inventory management part only and it lacks at optimizing current inventories. Companies are usually used Microsoft Excel to further analyze the inventories and from the author’s research and survey, there are no system proposed exists yet in Malaysia. Thus, this report will explain on the limitation of the current tools used and description on the system proposed by the author which is Inventory Reduction Strategies System (IRSS) as a decision support system that could solve the problem arises above. The literature review in this report will focus more on the technical flow of the current tools. Methods used in this project are SDLC and a survey has been done to analyze the relevancy of the system. Last but not least, result and discussion will explain the outcome of the projects.
format Final Year Project
author Hamidah Binti Mokhtar, Hamidah
author_facet Hamidah Binti Mokhtar, Hamidah
author_sort Hamidah Binti Mokhtar, Hamidah
title Inventory Reduction Strategy System (IRSS) for Material Management
title_short Inventory Reduction Strategy System (IRSS) for Material Management
title_full Inventory Reduction Strategy System (IRSS) for Material Management
title_fullStr Inventory Reduction Strategy System (IRSS) for Material Management
title_full_unstemmed Inventory Reduction Strategy System (IRSS) for Material Management
title_sort inventory reduction strategy system (irss) for material management
publisher Universiti Teknologi PETRONAS
publishDate 2012
url http://utpedia.utp.edu.my/3852/1/01_FinalDissertation_11933.pdf
http://utpedia.utp.edu.my/3852/
_version_ 1739831078665846784
score 13.211869

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