QUAN TR TIEN

Dong tien trong kinh doanh

au t cua chu s hu Ban hang Mua TSC Tra co tc Vay n Ban TSC Thu n

Tien
Tra n goc

Tra cac khoan chi ph

Muc tieu quan tr tien

Toi thieu hoa lng tien mat e tiet kiem chi ph lien quan en tien ma van duy tr hoat ong sx-kd bnh thng.

Tien c d tr bi ly do nao ?
- Giao dch; - au c; - D phong
3

Mo hnh Baumol xac nh lng tien d tr toi u

Xac

nh mc tien d tr toi u da tren s ket hp gia chi ph c hoi cua tien mat va chi ph tao tien.

Hai
-

gia nh:

Lng tien chi rong (tien chi tien thu) la on nh Chi ph tao tien la co nh

Cong ty A d kien dong tien chi ra la 1 ty ong moi tuan va dong tien thu vao la 900 trieu. Gia s thi iem ban au tien mat la 300 trieu.
So d tien mat (tr.)

C=300

C/2

3 4

5 6 7 8

Tuan
5

C : Lng tien ban au (tong so tien tang them t viec vay n hoac ban chng khoan kha hoan; lng tien moi lan tao) (C/2) : Lng tien bnh quan trong ky k : ty suat li nhuan toi thieu tren th trng -> chi ph c hoi do ton tr tien mat

[(C/2) x k] : Chi ph c hoi cua so tien ton tr

f : Chi ph co nh cho moi lan tao tien T : Tong nhu cau tien trong mot chu ky (1 nam) T/C : So lan tao tien trong mot chu ky (1 nam) [(T/C) x f] : Chi ph giao dch (chi ph tao tien) trong nam
6

Lng tien d tr toi u (C*)

La Tai

lng tien toi thieu hoa chi ph lien quan

o chi ph c hoi bien can bang vi chi ph tao tien bien thc:

Cong

2T f ECQ C* k
7

V du
Cong ty A d kien dong tien chi ra la 1 ty ong moi tuan va dong tien thu vao moi tuan la 900 trieu . Lng tien chi rong 1 tuan : 100 tr Lng tien chi rong ca nam : 52 x 100 = 5.200 tr Gia s chi ph moi lan tao tien f = 1,5 tr va ty suat li nhuan toi thieu tren th trng k = 10% Lng tien toi u moi lan tao c xac nh nh sau.

2 5200 1,5 C* 395tr 0,1

8

Bang tnh chi ph tien theo mo hnh Baumol (vt: tr.)

C 365 375 385 (C/2)k 18.25 18.75 19.25 (T/C)f 21.37 20.80 20.26 Cong 39.62 39.55 39.51

395
405 415 425

19.75
20.25 20.75 21.25

19.75
19.26 18.80 18.35

39.50
39.51 39.55 39.60
9

Nhc iem cua Baumol

1. Lng tien chi rong on nh la ieu kho at c trong thc te 2. Viec ban/mua mot khoi lng ln chng khoan ngay tai mot thi iem thng khong n gian 3. Ch co doanh nghiep luon boi chi tien mi ap dung mo hnh nay

10

The Miller - Orr Model

The Miller-Orr Model provides a formula for determining the optimum cash balance (Z), the point at which to sell securities to raise cash (lower limit L) and when to invest excess cash by buying securities and lowering cash holdings (upper limit H). Depends on:
transaction

costs of buying or selling securities

variability
return

of daily cash (incorporates uncertainty)

on short-term investments
11

The Miller-Orr Model - Target Cash Balance (Z)

3

Z=

3 x TC x V +L 4xr

where: TC = transaction cost of buying or selling securities V = variance of daily cash flows r = daily return on short-term investments L = minimum cash requirement
12

The Miller-Orr Model - Target Cash Balance (Z)

Example: Suppose that short-term securities yield 5% per year and it costs the organization $50 each time it buys or sells securities (TC). The daily variance of cash flows is $100,000 (V) and your bank requires $1,000 minimum checking account balance (L).*
3

Z=

3 x 50 x 100,000 4 x .05/360

+ $1,000

= $3,000 + $1,000 = $4,000

13

The Miller-Orr Model Upper Limit

The

upper limit for the cash account (H) is determined by the equation: H = 3Z - 2L where: Z = Target cash balance L = Lower limit

In

the previous example: H = 3 ($4,000) - 2($1,000) = $10,000

14

Quan ly tien
Kiem

soat thi gian luan chuyen tien

(+)
(+)

Thi Gian hoan chuyen ton kho

Thi Gian hoan chuyen phai thu

()
Xay au

Thi gian tr hoan tra tien mua hang

dng ngan sach tien trong he thong ngan sach

t ngan han
15

Thi gian luan chuyen tien

Ngay 1 Ngay 2 Ngay 3 Ngay 4

Mua vat t

Tra tien vat t

Ban hang

Thu tien

Thi gian tr hoan tra tien mua hang

Thi gian luan chuyen tien Thi gian hoan chuyen phai thu
16

Thi gian hoan chuyen ton kho

Calculating the Cash Conversion Cycle

17

Funding Requirements of the CCC

Permanent vs. Seasonal Funding Needs

18

Thi gian luan chuyen tien

Thi gian hoan chuyen ton kho
+

Thi gian hoan chuyen phai thu

Thi gian tr hoan tra tien

19

Cong thc xac nh thi gian luan chuyen tien

Thi gian hoan chuyen ton kho
Thi gian hoan chuyen phai thu

Ton kho bnh quan

Chi ph hang ban bnh quan mot ngay

Phai thu bnh quan

Doanh thu ban chu bnh quan mot ngay Phai tra bnh quan Doanh so mua chu bnh quan mot ngay
20

Thi gian tr hoan tra tien

V du xac nh thi gian luan chuyen tien (vt: t ong)

2003 Ton kho bnh quan CP hang ban Phai thu bnh quan Doanh thu Phai tra bnh quan Doanh so mua 41,5 249,7 31,5 285 12 282 2004 61,5 261,6 37,5 300 16 278
21

V du xac nh thi gian luan chuyen tien (vt: ngay)

2003 TG hoan chuyen ton kho TG hoan chuyen phai thu 61 41 2004 86 46

TG tr hoan tra tien

TG luan chuyen tien

16
86

21
111
22

Phan tch bien ong cua thi gian luan chuyen tien
2003 (ngay)
TG hoan chuyen ton kho TG hoan chuyen phai thu TG tr hoan tra tien 61 41 16

2004 (ngay)
86 46 21

Chenh lech (ngay) 25

5 5

% Chenh lech
41% 12% 37,5%

TG luan chuyen tien

86

111

25

29%
23

Ngan sach tien trong he thong ngan sach cua doanh nghiep
Chien lc, muc tieu dai han va ke hoach dai han
Muc tieu ngan han Ngan sach ban hang Ngan sach san xuat Ngan sach CP ban hang va quan ly Hoach nh au t

Ngan sach NVL trc tiep

Ngan sach l trc tiep

Ngan sach CP sx chung

Ngan sach tien; D toan bao cao tai chnh

24

Ngan sach tien

Thang 1
1. Tong tien thu trong ky 2. Tien chi trong ky

Thang 2

...

Thang 12

Cong

- Tra tien mua NVL - Tra lng lao ong trc tiep - Chi ph sx chung tr khau hao - Chi ph ban hang va quan ly - Tra lai tien vay; Thue Cong tien chi trong ky Tien rong t hoat ong kinh doanh

3. Tien t hoat ong au t

- Mua tai san co nh - Thanh ly tai san co nh Tien rong t hoat ong au t

4.Tien t hoat ong tai chnh

- Tra goc tien vay - Chia li cho co ong Tien rong t hoat ong tai chnh

Tien rong t moi hoat ong

Tien ket d au ky Tien ket d cuoi ky
25

QUAN TR CAC KHOAN PHAI THU

26

After studying this chapter, you should be able to:

List the key factors that can be varied in a firm's credit policy and understand the trade-off between profitability and costs involved. Understand how the level of investment in accounts receivable is affected by the firm's credit policies. Critically evaluate proposed changes in credit policy, including changes in credit standards, credit period, and cash discount. Describe possible sources of information on credit applicants and how you might use the information to analyze a credit applicant. Identify the various types of inventories and discuss the advantages and disadvantages of increasing/decreasing inventories. Describe, explain, and illustrate the key concepts and calculations necessary for effective inventory management and control, including classification, economic order quantity 27 (EOQ), order point, safety stock, and just-in-time (JIT).

Tam quan trong cua Phai thu

Ben ngoai: Mc o canh tranh; Tnh hnh kinh te noi chung;... Ben trong: Chnh sach ban chu; Kha nang kiem soat cong n;...
Thi gian ban chu Doanh so ban chu

PHAI THU
Tong chi ph Tai san lu ong Vong quay TSL Hieu suat sdung tai san

Tong tai san

Ty suat li nhuan tren tai san

TY SUAT LI NHUAN TREN VON CHU

28

Mc tiu bn chu
Kch Tm Gia

thch gia tang doanh so kiem khach hang mi

tang nang lc canh tranh trien san pham mi phong ton kho
29

Phat Giai

Chnh sach ban chu

ieu Thi

kien ban chu: Character, Capacity, Capital, Collateral va Conditions; han ban chu

Thi
Bien

han va t le chiet khau

phap bao am

30

Credit and Collection Policies of the Firm

Quality of Trade Account (1) Average Collection Period (2) Bad-debt Losses Length of Credit Period

Possible Cash Discount

Firm Collection Program

31

Credit Standards
Credit Standards -- The minimum quality of credit worthiness of a credit applicant that is acceptable to the firm. Why lower the firms credit standards?
The financial manager should continually lower the firms credit standards as long as profitability from the change exceeds the extra costs generated by the additional receivables.

32

Credit Standards
Costs arising from relaxing credit standards

A larger credit department Additional clerical work Servicing additional accounts

Bad-debt losses
Opportunity costs
33

Example of Relaxing Credit Standards

Basket Wonders is not operating at full capacity and wants to determine if a relaxation of their credit standards will enhance profitability.

The firm is currently producing a single product with variable costs of $20 and selling price of $25. Relaxing credit standards is not expected to affect current customer payment habits.

34

Example of Relaxing Credit Standards

Additional annual credit sales of $120,000 and an average collection period for new accounts of 3 months is expected. The before-tax opportunity cost for each dollar of funds tied-up in additional receivables is 20%.

Ignoring any additional bad-debt losses that may arise, should Basket Wonders relax their credit standards?

35

o ln khoan Phai thu

Ky

thu tien bnh quan

Doanh
T

thu ban chu bnh quan mot ngay:

san pham/dch vu tieu thu ca nam

Lng

phan ban chu trong doanh thu

Cong thc xac nh o ln khoan phai thu

Khoan phai thu

Ky thu tien = bnh quan

Doanh thu ban chu

mot ngay
36

V du xac nh o ln Phai thu

Cong ty X co doanh so ban ca nam vao khoang 438 t . Thi gian ban chu bnh quan la 50 ngay. Dso ban/ngay = 438 t : 365 ngay = 1,2 t ngay ban 1,2 t ong hang hoa. Thi gian thu tien la 50 ngay. Vay ton ong mot khoan phai thu bnh quan trong nam la: 50 ngay * 1,2 t /ngay = 60 t

Moi

37

Mo hnh xac nh khoan Phai thu

TARt = f0St + f1St 1 +f2St 2 + ...+ fnSt n
TARt: tong gia tr ban chu trong thang t. f0, f1,...: ty le so d gia tr ban chu qua cac thang. f0 la ty le so d gia tr ban chu thang hien hanh. f1 la ty le so d gia tr ban chu thang mot thang sau khi ban. f2 la ty le so d gia tr ban chu thang hai thang sau khi ban. ... St: doanh so ban thang hien hanh. St 1: doanh so ban mot thang trc. St n: doanh so ban n thang trc.
38

V du
Cong ty X c tnh doanh thu thang 11 va thang 12 nam 2005 la 60 t va 50 t . Doanh thu sau thang au nam 2006 d bao lan lt la: 70 t , 40 t , 40 t , 50 t , 60 t va 80 t . Ty le so d gia tr ban chu thang hien hanh, f0, la 80%. Ty le so d gia tr ban chu mot thang sau khi ban, f1, la 60%. Ty le so d gia tr ban chu hai thang sau khi ban, f2, la 20%. Hay xac nh o ln cac khoan phai thu 6 thang au nam 2006.

39

Bien phap bao am thu hoi n

Lap

The Aging Schedule:

khach hang tien ban chu

Ten So So

Tong

tien ban chu trong han tien ban chu qua han

Thng anh Bien

xuyen theo doi

gia khach hang

40

phap x ly: ien thoai, th,

The Aging Schedule

Khach hang Tong so tien ban chu Trong thi han

Qua han
en 30 ngay Tren 30 en 60 ngay Tren 60 en 90 ngay Tren 90 ngay

A B ...

Cong

41

Hanh ong oi n
Ban chu qua han:
30 ngay 40 ngay 50 ngay 60 ngay 70 ngay

Hanh ong:
ien thoai cho bo phan ke toan cua khach hang. ien thoai cho bo phan ke toan cua khach hang (nhac lai) Gi th nhac n Gi th nhac n lan th hai Tiep xuc vi cap lanh ao

90 ngay Hn 90 ngay

Canh bao ngng giao dch Ngng giao dch va nh toa an can thiep
42

Noi dung phan tch li ch-chi ph trong thc hien chnh sach ban chu
Phan Phan Phan Phan

tch thay oi doanh so ban tch thay oi bien ph

tch thay oi nhng chi ph lien quan en quan ly, thu hoi, mat mat n tch bien ong cua khoan phai thu

Phan
Phan

tch chi ph c hoi

tch t suat li nhuan/tai san
43

V du: Cong ty X co tong tai san hien nay 40 ty, doanh thu hang nam 90 ty, nh ph ca nam 20 t va bien ph bang 65% doanh thu. ieu kien ban chu hien hanh la net 36 nhng ky thu tien bnh quan thc te la 40 ngay. N kho oi chiem 0,3% doanh thu. Chi ph quan ly va thu hoi cac khoan phai thu chiem 1% doanh thu. Cong ty d kien thay oi ieu kien ban chu thanh net 60. Chnh sach nay se lam doanh thu tang them 16%, ong thi ty le n kho oi chiem 0,4% doanh thu, chi ph quan ly va thu hoi n chiem 2% doanh thu. Theo c tnh, 10% doanh so thu c trong 10 ngay, 20% thu c tra trong 45 ngay va 70% con lai thu c trong 60 ngay. Tien va ton kho c tang 10 t . Chi ph s dung von bnh quan theo t trong, WACC, hien hanh cua Cong ty la 12%/nam. nh ph va ty le bien ph khong oi. Hay anh gia chnh sach tn dung mi.
44

Bang phan tch

Ch tieu

Hien hanh

Tang them

Cong

Doanh thu
nh ph Bien ph Tong ph kd LN trc lai CP c hoi cua PT CP c hoi cua TS N kho oi CP thu hoi n Cong CP phai thu LN trc thue

90
20 58,5 78,5 11,5 1,046 3,6 0,27 0,9 5,816 5,684

14,4
9,36 9,36 5,04 0,162 1,2 0,058 0,288 1,708 3,332

Thue
LN sau thue TSLN tren tai san

1,192
4,092 10,23%

0,933
2,399 19,86%
45

Y ngha cua phan tch li ch-chi ph trong chnh sach ban chu
S

dung ky thuat phan tch bien (marginal analysis)

Tnh

en moi chi ph trong o co chi ph c hoi khi gia tang ban chu

Lu
Gia

y cac nha quan tr nhng rui ro tiem an trong viec hoach nh tang doanh thu
tang ban chu khong luon mang lai ket qua tch cc trong moi tnh huong
46

Example of Relaxing Credit Standards

Profitability of additional sales Additional receivables Investment in add. receivables ($5 contribution) x (4,800 units) = $24,000 ($120,000 sales) / (4 Turns) = $30,000 ($20/$25) x ($30,000) = $24,000

Req. pre-tax return (20% opp. cost) x $24,000 = on add. investment $4,800

Yes!

Profits > Required pre-tax return

47

Credit and Collection Policies of the Firm

Quality of Trade Account (1) Average Collection Period (2) Bad-debt Losses Length of Credit Period

Possible Cash Discount

Firm Collection Program

48

Credit Terms
Credit Terms -- Specify the length of time over which credit is extended to a customer and the discount, if any, given for early payment. For example, 2/10, net 30.
Credit Period -- The total length of time over which credit is extended to a customer to pay a bill. For example, net 30 requires full payment to the firm within 30 days from the invoice date.

49

Example of Relaxing the Credit Period

Basket Wonders is considering changing its credit period from net 30 (which has resulted in 12 A/R Turns per year) to net 60 (which is expected to
result in 6 A/R Turns per year).

The firm is currently producing a single product with variable costs of $20 and a selling price of $25. Additional annual credit sales of $250,000 from new customers are forecasted, in addition to the current $2 million in annual credit sales.

50

Example of Relaxing the Credit Period

The before-tax opportunity cost for each dollar of funds tied-up in additional receivables is 20%.

Ignoring any additional bad-debt losses that may arise, should Basket Wonders relax their credit period?

51

Example of Relaxing the Credit Period

Profitability of additional sales Additional receivables Investment in add. receivables (new sales) Previous receivable level ($5 contribution)x(10,000 units) = $50,000 ($250,000 sales) / (6 Turns) = $41,667 ($20/$25) x ($41,667) = $33,334 ($2,000,000 sales) / (12 Turns) = $166,667

52

Example of Relaxing the Credit Period

New receivable level Investment in add. receivables (original sales) $333,333 ($2,000,000 sales) / (6 Turns) =

$333,333 - $166,667 = $166,666

Total investment in $33,334 + $166,666 = add. receivables $200,000 Req. pre-tax return (20% opp. cost) x $200,000 = on add. investment $40,000

Yes!

Profits > Required pre-tax return

53

Credit and Collection Policies of the Firm

Quality of Trade Account (1) Average Collection Period (2) Bad-debt Losses Length of Credit Period

Possible Cash Discount

Firm Collection Program

54

Credit Terms
Cash Discount Period -- The period of time during which a cash discount can be taken for early payment. For example, 2/10 allows a cash discount in the first 10 days from the invoice date.
Cash Discount -- A percent (%) reduction in sales or purchase price allowed for early payment of invoices. For example, 2/10 allows the customer to take a 2% cash discount during the cash discount period.

55

Example of Introducing a Cash Discount

A competing firm of Basket Wonders is considering changing the credit period from net 60 (which has resulted in 6 A/R Turns per year) to 2/10, net

60.

Current annual credit sales of $5 million are expected to be maintained. The firm expects 30% of its credit customers (in dollar volume) to take the cash discount and thus increase A/R Turns to 8.

56

Example of Introducing a Cash Discount

The before-tax opportunity cost for each dollar of funds tied-up in additional receivables is 20%.

Ignoring any additional bad-debt losses that may arise, should the competing firm introduce a cash discount?

57

Example of Using the Cash Discount

Receivable level (Original) Receivable level (New) Reduction of investment in A/R ($5,000,000 sales) / (6 Turns) = $833,333 ($5,000,000 sales) / (9 Turns) = $555,556 $833,333 - $555,556 = $277,777

58

Example of Using the Cash Discount

Pre-tax cost of the cash discount .02 x .3 x $5,000,000 = $30,000.

Pre-tax opp. savings (20% opp. cost) x $277,777 = on reduction in A/R $55,555.

Yes!

Savings > Costs

The benefits derived from released accounts receivable exceed the costs of providing the discount to the firms customers.
59

Seasonal Dating
Seasonal Dating -- Credit terms that encourage the buyer of seasonal products to take delivery before the peak sales period and to defer payment until after the peak sales period.

Avoids carrying excess inventory and the associated carrying costs. Accept dating if warehousing costs plus the required return on investment in inventory exceeds the required return on additional receivables.

60

Credit and Collection Policies of the Firm

Quality of Trade Account (1) Average Collection Period (2) Bad-debt Losses Length of Credit Period

Possible Cash Discount

Firm Collection Program

61

Default Risk and Bad-Debt Losses

Present Policy Demand Incremental sales Default losses Original sales Incremental Sales Avg. Collection Pd. Original sales Incremental Sales $2,400,000 2% 1 month Policy A Policy B

$3,000,000 $3,300,000 $ 600,000 $ 300,000 10% 2 months 3 months

62

18%

Default Risk and Bad-Debt Losses

Policy A Policy B

1. 2. 3. 4. 5. 6.

Additional sales $600,000 $300,000 Profitability: (20% contribution) x (1) 120,000 60,000 Add. bad-debt losses: (1) x (bad-debt %) 60,000 54,000 Add. receivables: (1) / (New Rec. Turns) 100,000 75,000 Inv. in add. receivables: (.80) x (4) 80,000 60,000 Required before-tax return on additional investment: (5) x (20%) 16,000 12,000 7. Additional bad-debt losses + additional required return: (3) + (6) 76,000 66,000
8. Incremental profitability: (2) - (7) 44,000 (6,000)

Adopt Policy A but not Policy B.

63

Collection Policy and Procedures

Collection Procedures

The firm should increase collection expenditures until the marginal reduction in bad-debt losses equals the marginal outlay to collect. Bad-Debt Losses

Letters

Phone calls
Personal visits Legal action

Saturation Point

Collection Expenditures

64

Analyzing the Credit Applicant

Obtaining information on the credit applicant

Analyzing this information to determine the applicants creditworthiness Making the credit decision

65

Sources of Information
The company must weigh the amount of information needed versus the time and expense required.

Financial statements Credit ratings and reports Bank checking Trade checking Companys own experience
66

Credit Analysis
A credit analyst is likely to utilize information regarding:

the financial statements of the firm (ratio analysis) the character of the company the character of management the financial strength of the firm other individual issues specific to the firm

67

Sequential Investigation Process

The cost of investigation (determining the type and amount of information collected) is balanced against the expected profit from an order.
An example is provided in the following three slides 10-31 through 10-33.

68

Sample Investigation Process Flow Chart (Part A)

Pending Order
Bad past credit experience

Stage 1 $5 Cost

No

Yes

Reject

No prior experience whatsoever Stage 2 $5 - $15 Cost

Dun & Bradstreet report analysis*

* For previous customers only a Dun & Bradstreet reference book check.
69

Sample Investigation Process Flow Chart (Part B)

Credit rating limited and/or other damaging information unearthed? Yes

Reject

No Credit rating fair and/or other close to maximum line of credit?

Accept

No

Yes

70

Sample Investigation Process Flow Chart (Part C)

Stage 3 $30 Cost

Bank, creditor, and financial statement analysis

Good Fair Poor

Accept Accept, only upon domestic irrevocable letter of credit (L/C)**

** That is, the credit of a bank is substituted for customers credit.

Reject

71

Other Credit Decision Issues

Credit-scoring System -- A system used to decide whether to grant credit by assigning numerical scores to various characteristics related to creditworthiness. Line of Credit -- A limit to the amount of credit extended to an account. Purchaser can buy on credit up to that limit.

Streamlines the procedure for shipping goods.

72

Other Credit Decision Issues

Outsourcing Credit and Collections The entire credit and/or collection function(s) are outsourced to a third-party company.

Credit decisions are made Ledger accounts maintained Payments processed Collections initiated
Decision based on the core competencies of the firm.
73

QUAN TR TON KHO

74

Noi dung cua Ton kho

Ton

kho la nhng loai tai san ma doanh nghiep mua ve e ban i nham tm kiem gia tr gia tang. n v san xuat, ton kho chiem mot ty trong ang ke trong cac n v san xuat, che bien, va the hien nhng dang:
Nguyen
San Thanh

Trong

vat lieu

pham d dang pham

Trong Tai

v thng mai, ton kho chu yeu la hang hoa.

n v dch vu, ton kho khong ang ke.

75

Xng sn xut g ABC

76

Xng sn xut g ABC

77

Xng sn xut g ABC

78

Xng sn xut g ABC

79

Ti sao tn kho ?
Ton

Ton
Ton Chi

kho Tai san ma doanh nghiep cha ban c hoac cha muon ban.
kho phat sinh ke t khi hang ve doanh nghiep cho en khi ri doanh nghiep. ph ton kho la mot ham so theo thi gian va gia tr Ton kho. kho co khi la tai ng co khi la tai san em lai gia tr gia tang.
80

kho Hang ton kho.

Ton

Chc nang cua Ton kho

Duy

tr tnh on nh trong qua trnh san xuat kinh doanh. che phan nao tac ong tieu cc cua lam phat. c (trng hp: vang, thep, phan bon,)

Han

au

81

Van e het hang ton kho (Stockout)

Stockout
Het
Het Ton

xay ra khi:

nguyen lieu, vat lieu chnh, vat lieu phu.

thanh pham e ban. kho khong ong bo.

Hau

qua:

Het Het

vat t: at hang khan cap, ngng tre san xuat (may, cong nhan,) thanh pham e giao: mat doanh so, khai sinh oi thu tiem nang,
82

Ba quan iem ve Ton kho

Quan Quan Quan

iem tai chnh: giam thap chi ph lien quan en ton kho va/hoac giam thap mat mat doanh so. iem phi tai chnh: ton kho cao e khong gay ngng tre san xuat va/hoac e luon co hang ban. iem au c: chap nhan ton kho hp ly e ch c hoi tot ve gia.
83

Mo hnh ABC phan loai Ton kho

Mo

hnh ABC la mot phng phap chia ton kho thanh 3 nhom theo tam quan trong giam dan. % So lng 20 30 50 % Gia tr 70-80 10-20 Mc o kiem soat Chat Bnh thng Long A B C

Nhom

<10

Ton Ton

kho nhom 'A' nen kiem soat hang ngay. kho nhom 'B' nen kiem soat nh ky (hang tuan, 10 ngay, 15 ngay,).

Ton

kho nhom 'C' nen kiem soat bang phng phap vach o neu lng ton kho xuong di vach o ke tai kho hang th tien hanh kiem tra va tai at hang.
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Phn loi ABC

100 90 80

Nhm B

Nhm C

Nhm A

Phn trm v gi tr

70
60 50 40 30 20 10

0
10 20 30 40 50 60 70 80 90 100
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Phn trm v s lng

V d v phn loi tn kho

Vt t Gi n v Lng dng c nm

1 2 3 4 5 6 7 8 9 10

$ 60 350 30 80 30 20 10 320 510 20

90 40 130 60 100 180 170 50 60 120

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V d v phn loi tn kho

Vt t 9 8 2 1 4 3 6 5 10 7

PART gi tr
$30,600 1 16,000 2 14,000 3 5,400 4 4,800 5 3,900 3,600 6 3,000 7 2,400 8 1,700

Tng

UNIT COST s lng ANNUAL % USAGE gi tr cng dn

35.9 $ 60 18.7 350 16.4 30 6.3 80 5.6 30 4.6 4.2 20 3.5 10 2.8 320 2.0 6.0 5.0 4.0 9.0 6.0 10.0 18.0 13.0 12.0 17.0

9 $85,400 10

510 20

90 40 130 60 100 180 170 50 60 120

6.0 11.0 15.0 24.0 30.0 40.0 58.0 71.0 83.0 100.0

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V d v phn loi tn kho

Vt t
9 8 2 1 4 3 6 5 10 7 Tng gi tr PART $30,600 1 16,000 2 14,000 3 5,400 4 4,800 5 3,900 3,600 6 3,000 7 2,400 8 1,700 % % gi tr lng % cng dn UNIT COST s ANNUAL USAGE 35.9 $ 60 18.7 350 16.4 30 6.3 80 5.6 30 4.6 4.2 20 3.5 10 2.8 320 2.0 6.0 5.0 4.0 9.0 6.0 10.0 18.0 13.0 12.0 17.0

9 $85,400 10

510 20

90 A 40 130 60 B 100 180 170 C 50 60 120

6.0 11.0 15.0 24.0 30.0 40.0 58.0 71.0 83.0 100.0

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V d v phn loi tn kho

Tng Vt t PART gi tr 9 $30,600 1 8 16,000 2 2 14,000 3 1 Nhm 5,400 4 4 4,800 A 5 3 3,900 B 6 3,600 6 C 5 3,000 7 10 2,400 8 7 1,700 % % gi tr lng % cng dn UNIT COST s ANNUAL USAGE 35.9 6.0 $ 60 18.7 5.0 350 16.4 % 4.0 30 6.3 Vt t gi tr 9.0 80 5.6 6.0 9, 8, 2 4.6 30 71.0 10.0 1, 4, 3 4.2 18.0 20 16.5 6, 5, 10, 7 12.5 3.5 13.0 10 2.8 12.0 320 2.0 17.0 6.0 90 11.0 A 40 130 % 15.0 24.0 s lng 60 30.0 B 15.0 100 40.0 58.0 180 25.0 60.0 71.0 170 C 83.0 50 100.0 60 120
Example 10.1
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9 $85,400 10

510 20

Chi ph ton kho

- Chi ph gi hang: chi ph phat sinh khi hang cha ban.
Chi ph hao hut, mat mat, h hong; Giam gia tr do loi thi Chi ph nhan cong, khau hao Tien thue, ph bao hiem

Lai vay, ph c hoi

- Chi ph t hang: chi ph thoa thuan, van chuyen, giao nhan, kiem
hang,
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Mo hnh EOQ Economic Ordering Quantity Approach

Q : Lng hang at mua mot lan.

(Q/2) : Lng hang ton kho bnh quan.

h : Chi ph gi mot n v hang en khi ban.

[(Q/2)*h] : Tong chi ph gi hang.

s : Chi ph mot lan at hang. D : Tong lng hang mua ca nam. (D/Q) : So lan mua hang ca nam. [(D/Q)*s]: Tong chi ph at hang.
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92

Lng hang at mua toi u (EOQ)

La

lng hang at tai o chi ph gi hang bien bang chi ph at hang bien. thc:

Cong

2 D s EOQ Q* h
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V du 1
Cong ty xay dng XYZ co lng ximang can mua trong nam la D = 1.200 tan. - Chi ph moi lan at hang, s, la 1,25 trieu. - Chi ph ton tr tren 1 tan ximang, h, la 0,3 trieu Lng hang at toi u moi lan, Q*, c xac nh:

Q*

2 1200 1,25 100t 0,3

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V du 2
Cong ty E hang nam phai dung 1000 tan hoa chat. Ph at hang moi lan la 1.000.000 va chi ph ton tr hang la 50.000 /tan. Vay lng hang at mua toi u moi lan la:

EOQ

2 1000 1.000 .000 200 50 .000

So lan at hang trong nam: 1000 tan : 200 tan = 5 (lan) Khoang cach hai lan at hang: 365 ngay : 5 lan = 73 ngay Neu thi gian at hang la 3 ngay lam viec, mot nam co 250 ngay lam viec th iem tai at hang (reorder point, ROP) c xac nh nh sau. Nhu cau s dung vat t hang ngay: 1000 t/250 ngay= 4 tan iem tai at hang: 4 tan 3 ngay luan chuyen chng t= 12 tan
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iem tai at hang, ROP

Q

200 t EOQ

ROP 12 t Chu ky 1 Chu ky 2 Chu ky 3

Thi gian

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V du 3
Mot

ca hang kinh doanh xe gan may moi ngay ban bnh quan 3 chiec xe. Mot nam tnh 260 ngay ban hang. Chi ph gi mot chiec xe tai ca hang bnh quan la 602.000 . Chi ph cho mot lan giao dch mua hang: 2.000.000 . Lng xe at mua moi lan toi u la:

EOQ

2 * 3 * 260 * 2.000 .000 72 ch 602000

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He thong Materials Requirement Planning (MRP

System)
He Quy
-

thong MRP la mot phng phap giam mc ton kho ma khong anh hng tieu cc en san xuat trnh nh sau:
S dung mo hnh EOQ xac nh lng hang at mua.

S dung he thong may tnh xac nhan, so sanh nhu cau san xuat va lng vat lieu ton kho
Nhng n at hang da vao thi gian bien au vao thanh thanh pham va thi gian can thiet a vat lieu ve kho. Moi ong hang ton kho c giai phong se em tai au t nham gia tang thu nhap cho doanh nghiep
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He thong Just-In-Time (JIT)

He thong Just-In-Time (JIT) la mot phng phap giam thieu khoan au t vao ton kho bang cach a nguyen vat lieu vao san xuat va giao thanh pham ung thi iem.

San xuat va giao hang ung thi iem. Khong d tr nguyen vat lieu va thanh pham.

Toan bo vat lieu mua ve phai ong bo va phu hp ve chung loai cung nh chat lng.
Doanh nghiep ch co ton kho dang san pham d dang.

JIT oi hoi co s phoi hp chat che gia cac nha cung ng, cac hang van tai (bien, bo) va hoat ong san xuat tai doanh nghiep.

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Requirements of applying the Just-in-Time approach

A very accurate production and inventory information system Highly efficient purchasing Reliable suppliers Efficient inventory-handling system

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Giai phong ton kho

Thanh Tai

ly hang hoa e tha

c cau hang ton kho theo chien lc kinh doanh

Phan

tch li ch-chi ph

101

Inventory Management and Control

Inventories form a link between production and sale of a product. Inventory types:

Raw-materials inventory Work-in-process inventory In-transit inventory Finished-goods inventory

102

Inventory Management and Control

Inventories provide flexibility for the firm in:

Purchasing
Production scheduling

Efficient servicing of customer demands

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Appropriate Level of Inventories

How does a firm determine the appropriate level of inventories? Employ a cost-benefit analysis
Compare the benefits of economies of production, purchasing, and product marketing against the cost of the additional investment in inventories.
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ABC Method of Inventory Control

Cumulative Percentage of Inventory Value

ABC method of inventory control

Method which controls expensive inventory items more closely than less expensive items.

100 90

C
70

B A
0 15 45 100 Cumulative Percentage of Items in Inventory
105

Review A items most frequently

Review B and C items less rigorously and/or less frequently.

How Much to Order?

The optimal quantity to order depends on:
Forecast usage Ordering cost Carrying cost
Ordering can mean either the purchase or production of the item.
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Total Inventory Costs

Total inventory costs (T) = C (Q / 2) + O (S / Q)
Q INVENTORY (in units) Average Inventory Q/2

TIME

C: Carrying costs per unit per period O: Ordering costs per order S: Total usage during the period

107

Economic Order Quantity

The quantity of an inventory item to order so that total inventory costs are minimized over the firms planning period. The EOQ or optimal quantity (Q*) is:

Q* =

2 (O) (S) C
108

Example of the Economic Order Quantity

Basket Wonders is attempting to determine the economic order quantity for
fabric used in the production of baskets.

10,000 yards of fabric were used at a constant rate last period. Each order represents an ordering cost of $200.

Carrying costs are $1 per yard over the 100-day planning period.

What is the economic order quantity?

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Economic Order Quantity

We will solve for the economic order quantity given that ordering costs are $200 per order, total usage over the period was 10,000 units, and carrying costs are $1 per yard (unit).

Q* =

2 ($200) (10,000) $1
110

Q* = 2,000 Units

Total Inventory Costs

EOQ (Q*) represents the minimum point in total inventory costs.
Total Inventory Costs Costs

Total Carrying Costs

Total Ordering Costs Q* Order Size (Q)

111

When to Order?
Issues to consider:
Lead Time -- The length of time between the placement of an order for an inventory item and when the item is received in inventory.
Order Point -- The quantity to which inventory must fall in order to signal that an order must be placed to replenish an item.

Order Point (OP) = Lead time X Daily usage

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Example of When to Order

Julie Miller of Basket Wonders has determined that it takes only 2 days to receive the order of fabric after the placement of the order.

When should Julie order more fabric?

Lead time Daily usage yards per day Order Point yards = 2 days = 10,000 yards / 100 days = 100

= 2 days x 100 yards per day

= 200
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Example of When to Order

Economic Order Quantity (Q*)
2000

UNITS

Order Point 200

0
Lead Time

18

20

38

40
114

DAYS

Safety Stock
Safety Stock -- Inventory stock held in reserve as a cushion against uncertain demand (or usage) and replenishment lead time. Our previous example assumed certain demand and lead time. When demand and/or lead time are uncertain, then the order point is: Order Point =

(Avg. lead time x Avg. daily usage) + Safety stock

115

Order Point with Safety Stock

2200 2000

UNITS

Order Point 400 200

Safety Stock
0 18 20 38
116

DAYS

Order Point with Safety Stock

2200 2000 Actual lead time is 3 days! (at day 21) Order Point 400 200

UNITS

The firm dips into the safety stock

Safety Stock
0 18 21

DAYS

117

How Much Safety Stock?

What is the proper amount of safety stock?
Depends on the:

Amount of uncertainty in inventory demand Amount of uncertainty in the lead time

Cost of running out of inventory

Cost of carrying inventory
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Just-in-Time
Just-in-Time -- An approach to inventory management and control in which inventories are acquired and inserted in production at the exact times they are needed.

Requirements of applying this approach: A very accurate production and inventory information system Highly efficient purchasing Reliable suppliers Efficient inventory-handling system
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Supply Chain Management

Supply Chain Management (SCM) Managing the process of moving goods, services, and information from suppliers to end customers.

JIT inventory control is one link in SCM. The internet has enhanced SCM and allows for many business-tobusiness (B2B) transactions Competition through B2B auctions helps reduce firm costs especially standardized items

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Thank you and See you again!

hgthang@ueh.edu.vn 090 3 953 699

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