Essays on Inventory Control

Management Practices

Management Practices

Introduction

Management is an important activity for logistics firms such as JKL Logistics Company, considering that the scope of business logistics is very broad. According to Blooma, Genakosb, Sadunc and Van Reenend (2011), the management practices are considered as being contingent to any business situation in raising efficiency and setting the right track to be pursued by the business. In recent years, innovative management practices have emerged in the logistics business domain with the focus being on a two-sided relationship between customers and suppliers. In regard to JKL’s logistics management principle, management concepts have focused on the ...

The article on The Air Plane Game is very enlightening and makes it easier to understand the different aspects of lean manufacturing and lean accounting that would otherwise be challenging to understand. The game was an interesting one even for students who had no knowledge of the lean processes. After going through the game, the understanding of the lean processes become practical and a student is able to point out the various challenges that are encountered in the manufacturing process and how they can be overcome by both the participants and the management. In this case the management was ...

Patient Blood Management (PBM) refers to an evidence-based and multidisciplinary approach of adjusting and optimizing the type of care that patients receive, especially those who might need a certain type of blood transfusion. There are numerous types of blood transfusion procedures that can be done today; and there are many medical conditions that may require one to be executed. Each condition and blood transfusion process has its own set of indications and contraindications (plus precautions) and this is what highlights the need for a standardized and high quality PBM approach. Previously discussed topics such as cross-matching, electronic release, and ...

Inventory Management in Supply Chain

Inventory Management in Supply Chain

Inventory management

Inventory management is about specifying the percentage and shape of the stock goods. Inventory management is necessary on several places to keep the orders, store them and use it for production use. Inventory is the asset of the company and it remains an asset until it is sold and cleared (Salvo et al, 2002).

Inventory system

It is a system in which a company check over its stock. The activity done by the employees to check the company’s stock is known as inventory system. Inventory control majorly refers to logistics, operations management and supply chain ...

Introduction

Occupations safety and health (commonly abbreviated as OSH) is an important aspect of any professional environment. The purpose of this toolkit is ensure that safety, health and welfare requirements of the people, who are employed by the organization, are duly protected. In addition, among the purposes of OSH include the protection of outsiders, customers, the natural environment and other stakeholders, who may be potentially affected by any unforeseen emergencies of a business institution, or by the dangerous production process of its industrial units (Roughton & Mercurio, 2002). The present case focuses on the analysis of occupational security procedures followed by ...

Inventory management involves overseeing the continuous flow of items into and out of a company’s current inventory. The supply chain’s health is dependent on inventory management. Chick-fil-A classifies its inventory by physical locations. In particular, the company classifies its inventory by storage areas as well as preparation areas. The most vital function of inventory management is inventory control (Tom, Jayakumar, & Sijo, 2013). There are different methods that businesses use in controlling their inventory. The inventory control method that Chick-fil-A makes use of is fixed period ordering system. As a matter of fact, the fixed period ordering system ...

Inventory Methods used by Corvette

Description of Corvette Assembly Plant Corvette is a branch of General Motors situated in Kentucky and is the main assembly plant behind manufacturing of the Chevrolet brand. General Motors began operations in the assembly plant in 1981 and major upgrades have taken place since then. With over 30 years of experience in the manufacturing industry, the assembly plant aims to raise the performance of sports cars by ensuring that the workforce available works in harmony to bring the desired quality. Focus is on the design, performance and the technological advancements exhibited by the cars assembled at the plant. The ...

Management

In supply chain management, the role of manager plays an important role in the success of the business. The job vacancy of ‘supply chain manager’ is a very demanding and dedicated job, which covers almost every important aspect of the supply chain management. The main requirement for the job is to create and maintain a good supply chain process for the company’s new office. It includes the responsibilities regarding purchases, shipping, production planning, and relation with the suppliers and receiving of goods. The job for the manager post requires special skills to manage all different production departments in an ...

In scheduling procedure, the engineering department has to deal with production and inventory control that is basic of designing of effective production and inventory control system. Whereas, “theory of queuing” deals with Poisson procedure. Queuing theory is the mathematical study for manufacturing and engineering plus industrial business. For example: students queuing and waiting in lines for eligibility of any course. http://en.wikipedia.org/wiki/Queueing_theory

Multi-scale devices

In engineering development, Multi-scale devices have used for numerical study module. Most of the modern day’s mechanical engineers have used multi-scale research for their industries that has a base i.e. created by the nature. The Nanotechnology has ...

- Abstract

Planning is an important aspect in businesses today. Any business that does not take initiative to plan for its future is likely to face challenges which could otherwise be identified during a desk review and planning process (Bose 2002). This document is a continuation to the business plan for Dalnim but now covering Statistics to be used in measuring quality, capacity planning md facility location, an aggregate plan to maintain competitive advantage, work system design, project life cycle, and project management and to inventory planning and management. This is with a view to make the business and financial plan operational.

- Background information

Dalnim was ...

Question 1

Explain why Nestlé’s supply chain should cope with the market challenges? The management should be keen to improve its supply chain network due to the improvements in technology that have come in the recent past. This is especially through the use of the internet to facilitate a greater integration and globalization of its market. If the management does not try to meet competition at its level, or at a higher level it will be phased due to lack of progression. The market today is especially attracted to the use of new technologies in the provision of goods. The management ...

Introduction

Material Requirements Planning (MRP) and Kanban control systems are one of the most prominent production planning and inventory control systems of today. These systems are the most popular implementations of push and pull strategies respectively. Speaking of MRP, it is a material control system that tries to maintain adequate inventory levels to ensure that the required materials are available, when needed. MRP is used where there are multiple items with complex bills of materials. It is not suited for continuous processes that are tightly linked.

The major objective of an MRP system is to simultaneously:

- Ensure the material availability, components, and products for customer delivery and planned production. ...

IT Management

Objective Technology is one of the cornerstones for the success of any business organization in the contemporary market. However, technology is dynamic in nature, and changes rapidly from time to time. To keep up with these changes, an organization should keep updating its technology; otherwise, its technology becomes obsolete. This is particularly relevant in the case of publishing companies. In this case, the objective is to assess the implications of hiring a new leader to oversee the transformation of the information technology department in the Penguin Group Publishing Company. The company also intends to implement a reorganization and downsizing strategy ...

Auditing - 2

Report Introduction: I was asked by the management of Cotton Company to perform an audit review on their current controls in sales and cash receipts and identify their strong controls in the existing system. Moreover, I was asked to provide a detail of the deficiencies in the internal controls and provide their recommendations.

Main Report:

Existing Controls in Sales and Cash Receipts: Sales on store’s own billing: The sales made in the Cotton Company are made on their own billing receipt instead of using the credit cards from the customers. Most of the sales of the Cotton Company is ...

Widget Wonders is a worldwide leader in widgets. Worldwide leader is building a state-of-the-art facility to manufacture and distribute the next generation of widgets. Widget Wonders is going to create a manufacturing and distribution center in the United States. A few departments were created, having its personal task and aims to achieve. Departments are going to have limited personnel, consisting of well-quailified specialists. This is the list of the departments: Sale, Manufacturing, Inventory Control, Research and development, MIS. Widget Wonders utilizes new technology in their operations while keeping an eye on the budget. The widget industry is very competitive, and company assets ...

Widget Wonders is a worldwide leader in widgets. Worldwide leader is building a state-of-the-art facility to manufacture and distribute the next generation of widgets. Widget Wonders is going to create a manufacturing and distribution center in the United States. A few departments were created, having its personal task and aims to achieve. Departments are going to have limited personnel, consisting of well-quailified specialists. This is the list of the departments: Sale, Manufacturing, Inventory Control, Research and development, MIS. Widget Wonders utilizes new technology in their operations while keeping an eye on the budget. The widget industry is very competitive, and company assets ...

Introduction In recent times, businesses have become global, hence necessitating an effective supply and logistics management system. This is an inevitable platform in trade that encompasses different aspects which leads to a successful global business. An effective logistics management system helps Wal-Mart stores to effectively distribute goods to different locations. Logistics management is the process of planning, organizing and controlling the logistics system (Ghiani et al., 2013), encompassing aspects in personnel, planning and organization of the whole system for timely and orderly distribution of goods. The business mainly utilizes elements in forecasting as a means of estimating the capacity of ...

Business Overview

Kudler fine foods vision commits to the need of providing quality services to customers, with customers taking the first priority in its activities. Kudler fine foods operate mainly in San Diego with shops in California and many other places in the United States of America (Phoenix, 2010). The business endeavors to be the premier food outlet for the people in the area in search of cheese, meat, and other foods all under one roof. The business has three shops in the state of California and considers their activities as free from direct competition. However, the need for competitiveness in ...

Part. 1. Inter-organizational systems (IOS) are automated information systems shared between one or more organizations. They are ICT based systems that enable businesses and organizations to electronically perform and conduct businesses and share information across business boundaries (Oz 2009, pp 87). Since the establishment and the increasingly availability of information systems and the internet, there has been few limitations of technological barriers (Schmidt and Jared 2013, pp 59). However, this does not imply that IOS operations are successfully implemented or have no limitations and challenges. The supply chain management has been considered one of the crucial elements ...

Introduction

Severe competition and market share increment in the world has made companies struggle to succeed in achieving their customer’s service preferences and meet their expectations. Companies have invested a lot in the use of supply chain techniques to achieve competitive advantage. According to supply chain management is defined as the use of several strategies that are operated to efficiently integrate suppliers, retailers, manufacturers, and customers in selling, buying and distributing goods and services effectively and efficiently while maintaining the service expectation while inventory control management is the proper management of information with the objective of maximizing customer service, efficiency ...

Description of changes that Acer has undergone

Acer is the most impressive technology company formed in 1976 by Shih Chen. It is currently the leading exporter of personal computer brand in Taiwan and seventh largest computer companies in the world. Over the years, the company has undergone several changes in a bid to improve its performance and efficiency and also curb the great market uncertainties. The company has changed its inventory control strategies, production system and corporate structure and leadership style. Acer has put a lot of efforts to reduce inventory across its retail channels through by introducing an efficient inventory control system. It has also improved ...

ABSTRACT

Supply chain management is an emerging concept in the construction industry in UAE. SCM tends to provide the organizations in the construction industry with an opportunity to improve cost and time consumption. Moreover, the effective supply chain management provides the organization with an ability to improve the quality of projects as well as the satisfaction level of the clients by meeting the requirements more accurately and precisely. Although the benefits associated with SCM implementation are quite high in the construction industry but the lack of knowledge and limited perspective of the organization has significantly transformed the benefits into ...

Business Process Management

Abstract The literature review on the topic of enterprise resource planning (ERP) of business process management (BPM) as part of information systems (IS) strategies in South African businesses covers both scholarly and professional management discussions about outsource administration of IT systems operations. The rise of outsource IT in the business sector is predicted to realign business and trade into the future. The trend in emergent market outsource IS data management in and by South African firms is fast becoming a lead topic in a nation formerly characterised as an industrial economy with developing country challenges. The enactment of South ...

Lessons from Personal Experiment

Executive Summary3 1.0 Introduction..4 2.0 Background..5 3.0 Methods6 4.0 Results, Analysis and Discussion.7 5.0 Conclusions..8 6.0 Recommendations8

References10

Executive Summary The report reviews a test scenario of two Japanese inventory control system models in preparation for launch of a restaurant business venture. The Toyota Production System (TPS) and Just-In-Time (JIT) approaches to Business Process Implementation (BPI) planning of the small-medium enterprise (SME) in New Zealand is analysed in feasibility testing scenario of the two models: The Kitchen Inventory Study. - Introduction The report reviews a test scenario of two Japanese inventory control system models ...

Abstract

Volkswagen and General Motors source their raw materials from different sources. This calls for a systematic system through inventory management. The inventory management applied by the two companies is recording raw materials ordered and delivered, units of vehicles produced (finished and finished), and units sold at a given period in a region. The two companies integrate good and service design concept by integrating new technologies in order to design products as per customer specifications. Therefore, the importance of inventory management in the two companies entail: improving service to customers, product operations continuity, risk and loss reduction, and minimal administration work. The layouts ...

Facilitator:

Inventory management plays a focal point in the management and running of the businesses. In some cases, under stocking and overstocking occur depending on the factors characterizing the business’s activities. Cost accounting in the business helps to maximize the benefits to standardize the returns (Varila, Seppänen & Suomala, 2007). The paper evaluates the cost factor of a fashion supplier and how technology can make the cost functions better. The optimal level of product availability in the firm is determined by several factors. Firstly, Wallin, Rungtusanatham & Rabinovich (2006) asserts that the storage capacity of the firm plays a major role in ...

Introduction

An inventory control system is described as the process where objects and materials are located. The Automatic Identification of Inventory system mainly depends upon the barcodes as well as the RFID (Radio-frequency identification tags which serves a purpose of identifying the inventory objects. Example of inventory materials includes physical assets like circulating tools, farm machinery, fixed assets, consumables, and merchandise or capital equipment. For the purpose of accountability and record, any inventory transaction is identified automatically by the help of the barcode scanner or the Radio-frequency identification reader. The system also collects additional information from other points of service like ...

Review of the Current Situation

Calculations: Average Inventory for plastic brack product line (which is 85% of total construction hardware inventories = Beginning Inventory + Ending Inventory/2 Average Inventory= 295,200*85% +271,000*85%/2 = $240,635 Inventory Turn = Cost of Goods Sold of Construction Hardware/ Average Inventory Inventory Turn= 1,874,000/240,635=7.79 ~ 8 days These calculations suggest that the average inventory is worth of $240,635 and the inventory turnover is 8 days, which means that the finished inventory is delivered for sale to the customers after eight days of moving into the warehouse. It suggests to me, ...

Abstract

Problems in United States and other countries have an effect on the performance of business operations. These problems represent the general economic trends and factors that have an influence on businesses. General economic trends play a vital role in forecasting sales for businesses. The overall economic health, income levels and safety concern are critical factors that affect the extent of a business performance. These factors include inflation, efficient inventory control, interest rates, cooking the books, unemployment rates, consumer confidence intervals, shifting revenues and expenses and social political environment among others. Increased consumption levels and efficient inventory control systems as evidenced in ...

- Among the several application areas supported by the enterprises systems, the earliest supported application pertains to the management of demands. ERP started out in the 1960’s as inventory control packages, became Materials Requirements Planning (MRP) in 1970’s, Manufacturing Resources Planning (MRP II) in the 1980’s, Enterprise Resource Planning in 1990’s and today known as the Extended Resource Planning. (Rashid, 2002) The main focus of the MRP was to manage the planning and scheduling of required materials of products with complex compositions. It uses production requirements, inventory levels and sizing procedures as a contributory factor in ...

Risk:

Business dictionary defines risk as “A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action.”

Inventory Control Risk:

Whole sale and retail businesses and companies with manufacturing facilities have an enormous amount of inventory in order to ensure smooth business process. Along with that there are certain risks associated with holding so many inventories which affects all kinds of businesses regardless of the quantity of the inventory. Typically a small business has a big amount of funds tied up as inventory and to secure ...

Restaurant business has become popular with businesses involved increasingly seeking to develop unique concepts as a way of differentiating their brands and delivering value through excellent service and foods wrapped around themes that their markets can identify with. In this respect, this analysis seeks to utilize secondary data to compare two restaurant brands; Outback Steakhouse and Longhorn steakhouse by identifying their various components including their missions, concepts, design, locations, menu and equipment/flow design as well as food purchasing systems. In addition, the analysis compares their restaurants’ managements in terms of leadership and management, revenue analysis and performance management. The analysis ...

Executive Summary

Those things that affect the Technology on the Accounting Profession are to become more aggressive, easy to learn, clients are more knowledgeable, and technology will be change when it comes to world’s communication. Information Technology (IT) is constantly impacting each facet of accounting. This research paper will examine how Accounting Information System (AIS) are bringing about changes within the accounting profession. Human error is one of the most obstacles that technology has helped the accounting profession conquer. However, knowing you basic accounting concepts is important in the precision of the product. The report focuses on discussing the important ...

Introduction

Operations Management (OM) is a broad area involved with the comprehensive research, planning and execution of all activities in an organization that lead to a creation of value for its stakeholders. One of its foremost goals is increasing the efficiency of operations through the reduction of waste, and delivering precisely the value that a customer has paid for. An important part of functional operation management is resource planning and resource scheduling activities that ensure a continuous production of services and/or goods, eliminate excess inventory, and deliver the required value at precisely the location the customer wants at the time the customer wants. These ...

Wal-Mart is one of the biggest conglomerates in the world. With an annual turnover of over $450 billion in the year 2010, Wal-Mart has since become the biggest retailer in the world. Wal-Mart, which is listed as one of the fortune 500 companies, grew from a small retail outlet established in 1962. The expansion of Wal-Mart to become one of the biggest companies in the world has not been without any hurdles. The organization has faced lawsuits and might continue to do so. The recent lawsuit that Wal-Mart faces has been about an alleged discrimination at the workplace. A local ...

Logistics and operations management has improved with the introduction of the current ICT systems like GPS, GIS, warehouse management systems, and transport management systems. Adoption of the current technology offers a solution to ensure logistics and supply chain management is more streamlined and efficient than before. The flow of a product depends on information, regarding that particular product. Manufacturers and distributers aim at serving their customers in a flexible and speedy manner through exploiting various ICT systems. According to Edwards, Peters and Sharman (2001), manufacturers and distributors have created global nervous systems enabling continuous flow of information and materials between suppliers and ...

Since the term was first used in the year 1982 by Keith Oliver, an expert in personnel management, no clear definition has been established for this concept that has turned out to be one of the most effective ways of actualizing the presumption that the 21st century is a customer century (Taylor 1). The concept, which started gaining prominence in the 1990s, is one of the most important techniques in contemporary business practice. Though there is no clear definition, the term can be said to mean a system of controlling the movement of work in progress, raw materials, finished products and ...

INTRODUCTION

Service organizations face a challenge in terms of managing demand and capacity. Revenue management (also known as yield management) is a technique designed to address that challenge. Mudie and Pirrie, define revenue management as ‘provision of the right service to the right customer at the right time for the right price’ (164). Therefore, revenue management is a technique used to determine the optimal price of products generated by sale. It involves detailed forecasting of demand behavior and sophisticated mathematical modeling. There exists a strong relation between revenue management and marketing. Since, revenue management is responsible for demand control, including setting rate and availability controls, ...

Introduction

Gap Limited is a medium size retail outlet for shoes located in the northern district of the city. It is an organization which offers high quality shoes of all varieties and for all customer segments, ranging from children’s footwear to hiking footwear. The organization has been experiencing tremendous levels of growth partly attributable to the increase in the brand visibility and growth in reputation of the organization’s products in delivering value to customers. This growth has resulted in increased inventory levels and an emerging complexity in the management of inventories. The inventory systems currently in place are insufficient ...