1000 results for “Inventory Management”.
52). The researcher handles or controls the items differently. It is a form of Pareto analysis where items such as customers, documents, activities, inventory items, sales territories grouped into three categories namely a, B, and C. In order of their estimated importance. Consequently, 'A' items are very important, 'B' items are important, and 'C' items are marginally important. The organization gives 'A' rating to their best customers since they yield the highest revenue. Sales managers serve them. 'B' rated customers (with more attention) would then follow and lastly 'C' customers whom warrants less attention and are served accordingly.
Advantages of ABC Analysis
ABC analysis provides the materials manager with opportunity to exercise selective control. Thus, the manager will only focus on a few items despite a possible confrontation with a numerous stores of items. When the material manager resorts to concentrate on 'A' Class items only, he is in a…
Anderson, D.R. (2011). An introduction to management science: quantitative approaches to decision making. Mason, OH, Cengage South-Western.
Anil, Kumar S, and N. Suresh. Production and Operations Management. New Delhi: New
Age International (P) Ltd. Publishers, 2006. Print.
Bragg, S.M. (2011). Inventory best practices. Hoboken, NJ, Wiley.
Inventory management is an ongoing process (as opposed to a project which has a beginning and an end) of monitoring the constant flow of stock keeping units (SKUs) into and out of supply. The goal is to prevent the inventory from becoming too high (cost), or so low that the operations of the company are in jeopardy (service levels.) (Barcodes, 2011)
Elemental management of inventory requires balancing the three key aspects of stock control: lead time, buffer stock and record keeping.
An inventory manager needs to know how long it takes for a vendor to process an order and make a delivery of goods. he/she also needs to understand how long it will take for those materials to transfer out of inventory in the normal course of business flow. With these two time frames determined, the manager can calculate when to place an order and how many units…
Barcodes, Inc. (2011), "What is Inventory Management?" retrieved April 20, 2011 from http://www.barcodesinc.com/articles/what-is-inventory-management.htm
Cornacchia, Eugenio, (February, 2004), The CBS International Business Network Tools Group, "Recent Trends in Inventory Optimization," retrieved April 20, 2011 from http://www.bnet.com
Essex, David (November 17, 2009), Search Manufacturing ERP, "Inventory Management Trends Focus on Improved Forecasting," retrieved April 20, 2011 from http://searchmanufacturingerp.techtarget.com
In analyzing a Company, we can also compute its gross profit ratio and return on sales. Gross profit ratio is computed by dividing gross profit with sales and return on sales is computed by dividing net income by sales. Respectively, 2006 and 2005 ratios of AC Company are as follows: 39% and 38% in gross profit; and 16% and 15% in return on sales.
Other quantitative measurement of its liquidity is going into detailed of each current assets account using working capital activity ratios. This provides information about the time within which AC Company should realize cash from its receivables and inventories. and, although we cannot tell the time within which the Company must pay its various current liabilities by examining the financial statements, we can use ratio to offer us some insight into the company's bill paying practices or how long customers pay their account.
Working capital ratios are…
Balance Sheet - a Finance Managing Tool. Retrieved April 28, 2007 from http://trmep.tamu.edu/cg/factsheets/rm5-5.html
Working Capital Cycle. (1996-2007). Retrieved April 24, 2007 from http://www.bized.co.uk/learn/business/accounting/busaccounts/notes/wcap-th.htm
Managing Working Capital (2007). Retrieved April 24, 2007 from http://www.planware.org/workingcapital.htm
Louderback, Holmen and Dominiak. (2000). Managerial Accounting. Analyzing Financial Statement (pp. 794-802; 811-814). Singapore: South Western College Publishing.
Inventory Management at Snow's Home And Garden
Firm incorporating inventory management: Snow's Home and Garden.
("Success Stores: Snow's Home and Gardens," Activant ebsite, 2005)
Hybrid -- fixed order period system on a seasonal basis, with some variance.
Type of inventory issues the firm has: As a seasonal business, which offers vastly different types of products at different times of the year, from Christmas trees to garden furniture, Snow's Home and Garden must stock a wide variety of products during a single season, before the season changes and creates a radically different consumer demand. One of the key reasons to stock inventories for businesses is to allow for consumer variance in demand over a period of time, and in the specific seasonal business of Snow's, the period-style system for many of its goods is necessary such Christmas trees, pumpkins, tomato plants. However, consumers expect certain non-perishable products regularly, thus some fixed…
"FIFO." Glossary. Fidelity.com. Retrieved 29 Oct 2005 at https://scs.fidelity.com/webxpress/help/topics/help_glossary.shtml#s
"Success Stories: Snow's Home and Garden." (2005) Activant Website. Retrieved 29 Oct 2005 at http://www.activant.com/success/snows.html
'Operations Management: Inventory Management: Chapter 12." (2005) Management Class. PowerPoint. Retrieved 29 Oct 2005 at http://mgtclass.mgt.unm.edu/MIDS/Kraye/Mgt%20520/Chapter%2014%20Inventory%20Control.ppt 'Obsolescence." (2005) Obsolescence," Bridgefield Group/ERP Supply Chain Glossary. The Bridgefield Group. Retrieved 29 Oct 2005 at http://www.bridgefieldgroup.com/glos1.htm
Automotive Used Parts Industry
Each model associates with the development of new automotive technologies thus making it easier for the new car buyers to save massive amount financial resources. Inventory management relates to the specification of shape and percentage of stocked goods/automotive used-parts. . Inventory management refers to a collection of interrelated processes with the inclusion of a full cycle from supply chain management to demand forecasting, through inventory control and reverse logistics. Effective inventory management would focus on the determination of the amount of time relevant for the transfer of the products to their respective places for the purposes of sales.
Inventory Management in the automotive used parts industry
Each model associates with the development of new automotive technologies thus making it easier for the new car buyers to save massive amount financial resources. According to the information by the Purchasing & Procurement Centre (2013), inventory management offsets…
Mercado, E.C. (2008). Hands-on Inventory Management. Boca Raton: Taylor & Francis.
Chou, Y., Lu, C., & Tang, Y. (2012). Identifying inventory problems in the aerospace industry using the theory of constraints. International Journal Of Production
Research, 50(16), 4686-4698.
Jaber, M.Y. (2009). Inventory Management: Non-classical Views. Boca Raton: CRC Press.
Scientific glass Inc.: inventory management case analysis
What are the problems facing SG in 2010?
One of the problems facing Scientific Glass in 2010 is that the inventory balances within the warehouses were increasing considerably, which resulted in the tying up of extra capital needed by the company to fund the growing operations (Wheelwright & Schmidt, 2011). The compensation program aimed at achieving 99% customer fill rate resulted in most warehouse managers holding higher levels of inventory than required. The policy needs to be considered to ensure that warehouse managers are not abusing it by keeping higher levels of inventory. The company has an inventory control policy not to exceed 60 days' supply, which is regularly violated. The trunk stock kept by the salespeople affected the inventory levels for their specific warehouse, which resulted in higher restocking requests. The stock held by the salespeople did not count towards their target…
Wheelwright, S. C., & Schmidt, W. (2011). Scientific Glass Inc.: Inventory Management. Boston, MA: Harvard Business Publishing.
Factory Floor Automation and Inventory Control
Enabling greater integration between the factory floor, suppliers, quality management, production planning, accounting and the executive management teams leads to greater accuracy, clarity and consistency of reporting, and high performance over time. Being able to quickly assimilate, aggregate and analyze shop floor inventory data then translate it into financial metrics is key to any company's long-term growth. Add in the time pressures of semiconductor and computer equipment industries and the urgency to create a unified view of shop floor inventory positions exponentially increases (Alexander, 2001). These and other findings are provided in the article Factory floors go online -- pioneering manufacturers close the final gap in their supply chains (Alexander, 2001). One of the most interesting key take-aways from this article is that only 11% of all manufacturers are actively trying to integrate the many shop floor and inventory management systems to the large-scale…
Alexander, M. (2001). Factory floors go online -- pioneering manufacturers close the final gap in their supply chains. InternetWeek, (852), PG21-PG22.
Drickhamer, D. (2001, May 21). Peak performance. Industry Week. Cleveland, 250(8) 36-40.
Dyer, J.H., & Nobeoka, K. (2000). Creating and managing a high-performance knowledge-sharing network: The Toyota case. Strategic Management Journal, 21(3), 345-367.
Gould, L.S. (2002, Aug). Effectively managing inventory in the supply chain. Automotive Design & Production; Cincinnati, 114(8), 70-73.
Finally, there is the opportunity cost, which refers to how the income tied up in the inventory could have been utilized.
The best way for Seismic Testing to reduce its inventory costs would be to utilize a lot-by-lot ordering system. It is noted that the explosive is specialized and difficult to obtain. The difficulty could be reduced by entering an agreement with a supplier, where the supplier agrees to supply a certain amount of the explosive on an ongoing basis. This would then be delivered and paid for on a lot-by-lot basis based on an agreed payment amount, rather than being delivered and paid for in bulk. The lot-by-lot delivery would reduce the opportunity cost, since Seismic Testing would be paying for the material as they need it, rather than far in advance. Seismic Testing would also reduce its storage costs, since it would not need to store large amounts…
Lockyer, K., Muhlemann, A., & Oakland, J. (1988). Production and Operations Management. London: Pitman.
Schermerhorn, J.R. (1989). Management for Productivity. New York: John Wiley & Sons.
21). Conversely, Michman and Greco (1999) point out that, "Some department stores have failed because many have provided a stale and unexciting physical environment to customers. Another reason has been that some department stores have been unable to implement effective inventory management systems, thereby lowering costs to either match or at least approach the prices offered by discounters" (p. 4).
Effectively managing inventory also requires the ability to monitor current inventory levels with an accurate inventory system. To the extent that inventory records are inaccurate is likely the extent to which managers will be required to spend inordinately larger amounts of time in material expediting or placing orders for too much inventory (Young & Nie, 1999). According to these authorities, "A general rule-of-thumb is that the 'A' items should be the most accurate of all inventory items" (Young & Nie, 1999, p. 55). The recommendations provided by the American Production…
Allen, D.S. (1999). Changes in inventory management and the business cycle. Review - Federal
Reserve Bank of St. Louis, 77(4), 17-19.
Bendix, J. (2009, February 6). Sizing up supplies. Medical Economics, 86(3), 24-26.
Fitz-Enz, J. (2009). The ROI of human capital: Measuring the economic value of employee performance. New York: AMACOM.
poject management and inventoy management ae defined though eal life examples and the affects of the management pactices on the pefomance of the business is discussed.
In ode to design a gocey delivey business, thee ae seveal competencies that ae equied to be masteed to gain an edge ove the competitos. The business must have a unique stategy which is based on a distinctive capability which povides the company edge ove the othe substitutes. An alliance with the two majo food stoes will play a stategic ole in the way that opeations would take place. Howeve the distinctive capability fo the business would be intenal. The coe pocesses would be designed in such a way that povides eliable, quick and efficient sevice. The suppot pocesses will include the pocuement pocesses that would suppot the quality assuance depatment.
The poject will follow multiple citical paths. The multiple citical paths…
reference: a comprehensive guide to project planning, scheduling, evaluation, and systems. p.185
F.L. Harrison, Dennis L. (2004). Advanced project management: a structured approach?. Gower Publishing, Ltd.
Harold K. (2003). Project Management: A Systems Approach to Planning, Scheduling, and Controlling (8th Ed. Ed.)
PMI (2010). A Guide to the Project Management Body of Knowledge p.27-35
Total Cost of Procurement
The total cost of procurement has to factor in all of the aspects of procurement, including the cost of the input, transportation, insurance, taxes and duties, and if there are any differences between two competing inputs, those will need to be taken into account as well. For example, if one good has large packaging that means fewer can be shipped or stocked at a given time, that reduced efficiency may need to be taken into consideration. Different trade-offs and opportunity costs are often taken into consideration from a total cost of procurement perspective (Aral, Bell & van Wassenhove, n.d.).
The cost process has to examine these different elements, because an input contains a number of attributes and factors that contribute to costs. Procurement officers need to take into account the other costs that they will be responsible for, in order to drive down the overall…
Aral, K., Bell, D., & Van Wassenhove, L. (no date). Total cost procurement auctions with sustainability audits to inform bid markups. University of Michigan. Retrieved December 10, 2014 from http://www-personal.umich.edu/~dbeil/ProcurementAuctions_SustAudits.pdf
Holmstrom, J., Framling, K., Kaipia, R. & Saranen, J. (2002). Collaborative planning forecasting and replenishment: new solutions needed for mass collaboration. Supply Chain Management. Vol. 7 (3) 136-145.
NZ. (2013). Total cost of ownership: An introduction to whole-of-life costing. Government Procurement Branch. Retrieved December 10, 2014 from http://www.business.govt.nz/procurement/pdf-library/agencies/guides-and-tools/guide-total-cost-ownership.pdf
In fact, the very face of business has undergone great metamorphosis with the technology that has been applied to the labeling of merchandise. Labeling whether for the purpose of fighting shoplifting crimes or for the more efficient tracking of merchandise from point of production to point of sales has become the very nerve center of today's business operations and processes. RFID technology will soon enable customers to breeze throughout the checkout process as RFID scanners quickly total the customer's purchases and enable quick payments to occur leaving the time spent waiting in line to the forgotten past.
Summary and Conclusion
This work in writing has examined the history of modernization of the business process of inventory management across several decades and until the present. During the course of this research the information gained has resulted in the writer of this work being of the opinion that inventory management technology has…
Vesna Bosilj Vuksi?, Ph.D., and Katarina ?urko, Ph.D., (1998) the Role of Simulation Modeling in Re-Engineering the retail business processes 15 Dec 1998. Original Scientific Paper UDC. Trg J.F.Kennedy-ja 6, 10000 Zagreb, Croatia
Crosby, Tim. "How Inventory Management Systems Work." 23 July 2007. HowStuffWorks.com. 02 July 2010.
"How Anti-shoplifting Devices Work." 01 April 2000. HowStuffWorks.com. 02 July 2010.
' For example: a low-inventory method requires careful monitoring of past behavior of consumers during key periods of high use, and this market research and data tracking comes at a price, if it is done in a through and effective manner (Supply meets demand, 2009, Accenture). Also, computing is such a necessity for some users, even waiting one day for the latest technology may be unacceptable. Dell relies upon almost no 'safety stock' and orders directly what is needed. Dell never begins to assemble a computer system until an order is actually placed, and keeps one-tenth the inventories of its competitors. Having well-trained technicians is essential to keep turn-around down to only a few days (Supply meets demand, 2009, Accenture). But this assumes consumers are willing to wait a few days with a non-functioning or nonexistent system.
At clear Dell advantage has been "a favorable cash-conversion cycle -- sales are…
Atkinson, Charles. (2005, September 26). Dell Computers. Inventory Management Review
Retrieved September 17, 2009 at http://www.inventorymanagementreview.org/2005/09/dell_computers_.html
Atkinson, Charles. (2005, September 15). A simplified look at the pros and cons of inventory.
Inventory Management Review. Retrieved September 17, 2009 at http://www.inventorymanagementreview.org/2005/09/a_simplified_lo.html
When a company carries an inventory, that is a part of their business that is not yet earning money. While each individual component of the inventory is expected to earn eventually, the inventory as a whole is a relatively permanent fixture on the balance sheet and as such never turns into earnings.
The objectives of inventory control are to balance the needs of the operation and the desire of management to keep inventory levels as low as possible. Inventory control allows the firm to maintain operational continuity devoid of inventory-related work stoppages. However, proper inventory control also limits the amount of inventory on the balance sheet, increasingly operational efficiency.
The requirements for effective inventory management are measurement, scheduling, sales projections, and supply chain management. Measurement allows management to understand what inventories are on hand at all times. Projections allow management to estimate the upcoming inventory needs. Based on this, they…
Business -- Inventory Management
Both Hewlett-Packard, Inc. and Dell, Inc. manufacture electronics, managing inventories of purchased parts, fabricated assemblies and finished goods. Manufacturers such as HP, Inc. and Dell, Inc. must work effectively with their "Capacity Management" and in doing so, have arrived at four main layouts. In addition, supply chain is measured by various metrics, to improve overall performance and profitability. hile Dell currently outperforms Hewlett-Packard in inventory management, there is room for improvement in the inventory management of both companies without harming operations and/or the customer benefit package.
Determine the types of inventories these companies currently manage and describe their essential inventory characteristics.
Hewlett-Packard, Inc. and Dell, Inc. are two U. S --based manufacturing corporations that deal in electronics. Both companies manage inventories of purchased parts, fabricated assemblies and finished goods, though Hewlett-Packard maintains a far greater inventory of finished goods due to its business model (Stock Analysis…
American Customer Satisfaction Index. (2015, September 22). ACSI: Customer satisfaction with PCs drops as tablets fall out of favor. Retrieved from www.theacsi.org: https://www.theacsi.org/news-and-resources/press-releases/press-2015/press-release-household-appliance-and-electronics-2015
Atikomtrirat, W. (2007, September 6). HP supply chain. Retrieved from www.slideshare.net: http://www.slideshare.net/tung148/hp-supply-chain/13-2_Indepth_solution_design_and
Ball, L. (2016). How to improve inventory turnover. Retrieved from smallbusiness.chron.com: http://smallbusiness.chron.com/improve-inventory-turnover-20522.html
Chand, S. (2015). Four main types of plant layout. Retrieved from www.yourarticlelibracy.com: http://www.yourarticlelibrary.com/industries/plant-layout/four-main-types-of-plant-layout/34604/
Efficiency in the Supply Chain and Inventory Management
Explain the purpose of using stock-outs to control inventory 'Stock-outs' is a method aimed at reducing production flow times and response times from the company to consumers (Fleisch, & Tellkamp, 2005). Based on the name itself, this inventory control method holds that Stone Horse Supply Company will order products only if they are required for manufacturing or shipping. The company may order an item only a few dates back according to the delivery time specified by the supplier. This approach mandates that the company properly identify each item before the company requires it. Because the company might require many goods at the same time, they should properly identify each future requirement and timely produced.
What are the costs associated with using stock-outs?
The major cost associated with using stock-outs is coordination. Managing this inventory system requires significant coordination between the company and…
Fleisch, E. & Tellkamp, C. (2005). Inventory Inaccuracy and Supply Chain Performance: A Simulation Study of a Retail Supply Chain. International Journal of Production Economics. Volume 95(3): 373-385
Leung, N. H., Chen, A., Yadav, P., & Gallien, J. (2016). The Impact of Inventory Management on Stock-Outs of Essential Drugs in Sub-Saharan Africa: Secondary Analysis of a Field Experiment in Zambia. Plos One, 11, 5.)
Mu-ller, H., & Diels, J. (2016). Reversing the Similarity Effect in Stock-Outs: A New Look at a Renowned Phenomenon in Consumers' Brand Switching Behavior.Psychology & Marketing, 33, 1, 48-59.
Sabbaghi, A., & Vaidyanathan, G. (2010). Integration of Global Supply Chain Management with Small to Mid-Size Suppliers. In Wang, C. & Yu, W. "Supply Chain Management." Idea Group Inc. (IGI)
esearch Objectives and Scope
The main objective of the research then relates closely to the research problem. It is to research the problem of uncertainty as it manifests in the global business environment. Specific issues to be investigated include supply chain management and its related uncertainties, the production process itself and uncertainties related to it, as well as the post-production phase and market uncertainties that are related to it.
Time is also an important factor. Some industries require a long-term time frame in their planning process, which exacerbate uncertainties. The time factor should also be an important consideration in terms of creating a model that can effectively help businesses achieve their manufacturing and revenue goals.
To achieve these aims, the main objective of the research will then be to research industries and companies that operate on a global scale. They will be investigated for the models they have implemented to…
Alonso-Ayuso, A., Escudero, L.F., Garin, A., Ortuno, M.T. And Perez, G. An Approach for Strategic Supply Chain Planning under Uncertainty based on Stochastic 0-1 Programming. Journal of Global Optimization, No. 26, 2003. Retrieved from http://chentserver.uwaterloo.ca/aelkamel/che720/che720-methods-of-optimization-pse/stochastic_optimization/05100412180122714.pdf
Eppler, Martin J., Platts, Ken, and Kazancioglu, Emre. Visual Strategizing: the Systematic Use of Visualization in the Strategy Process. Institute for Corporate Communication, Dec. 2006. Retrieved from http://doc.rero.ch/lm.php?url=1000,42,6,20061207091432-KB/wpca0607.pdf
Gupta, Anshuman and Maranas, Costas D. Managing demand uncertainty in supply chain planning. Computers and Chemical Engineering, No. 27, 7 Feb. 2003. Retrieved from www.sciencedirect.com.
Kazaz, Burak, Dada, Maqbool and Moskowitz, Herbert. Global Production Planning Under Exchange-Rate Uncertainty. Management Science, Vol. 51, No. 7. July 2005. Retrieved from http://myweb.whitman.syr.edu/bkazaz/kazaz-MS-2005.pdf
This concept originated with the principles of Total Quality Management (TQM).
The notion that only managers play a role in controlling work activities is based on two false ideas. One is the antiquated notion of totalitarian management. Modern management does not follow this style, as it is often not consistent with organizational objectives. The second false idea is that the manager can control the employee at all times. In practice, managers merely provide instruction and guidance with respect to work activities. Employees often devise their own ways of performing different tasks, and it would be near impossible for management to control this. Thus, employees do exert some control over work activities.
Q3. Operations management can be applied to any managerial function.
Operations management techniques are based around analysis of processes. Control is merely one aspect of the role, even within the operations setting. In fact, operations management also consists of…
The organization I want to study is Wal-Mart, the world's largest retailer. Wal-Mart is a retailer that sells a wide range of goods, including food, and does so in many countries around the world. They are the biggest retailer in the world, and one of the biggest companies.
I chose Wal-Mart because its supply chain management is famous. They are a good case study for inventory management. The basic business model for Wal-Mart is cost leadership. This business model relies on selling high volumes of goods on slim margins, so there is considerable emphasis on the part of the company to have a highly efficient supply chain. Wal-Mart has nearly $45 billion in inventory, but turns it over 10.6 times per year, or once per month, roughly.
Wal-Mart is known to use a number of intriguing technologies to help with its inventory management. The company uses RFID to keep…
Inventory Management System
An inventory management plan can cost thousands of dollars, depending on what vendor/software is used, but the same principles can also be applied in Excel for much less. Since the cost of lost merchandise is $1,000/yr, the Excel option seems to be one that will have a reasonable return on investment, though that depends entirely on how much time is taken to keep the inventory up-to-date. OI is important because many of the most effective inventory management systems are geared towards clients much bigger than a school concession and are thus going to cost a lot more than $1,000 per year (Burg, 2013). To truly get a return on investment might require something a little more low-tech, like stickers on inventory noting a use by date, and checks prior to menu planning to ensure that perishable goods are used swiftly.
Let's say for the sake of argument…
Accounting Tools (2015). Inventory audit procedures. Accounting Tools.com. Retrieved November 20, .2015 from http://www.accountingtools.com/inventory-audit-procedures
Burg, N. (2013) The 5 best inventory management apps. Forbes. Retrieved November 20, 2015 from http://www.forbes.com/sites/ups/2013/06/10/the-5-best-inventory-management-apps/
Inventory turn is the amount of times that the inventory is moved in a given year. The inventory turn is calculated as the cost of goods sold divided by the average inventory level (Investopedia, 2014). The inventory turn is expressed either in how many times the inventory turned over, or how many days' inventory is on hand at any given time.
In general, inventory turn is used to measure sales performance and process performance. On the sales side is the numerator, the cost of goods sold. This reflects how much inventory the company is moving. But the denominator is the process performance side of the equation. The company must determine the levels of production for each good. The better aligned these production levels are with the sales, the more control the company will have over the inventory turn. Increasing inventory turn is easier when the company is able to manage…
Gaur, V., Fisher, M. & Raman, A. (2004). An econometric analysis of inventory turnover performance in retail services. Boston University. Retrieved October 23, 2014 from http://smgpublish.bu.edu/ren/Seminar/Seminar/Vishal%20Gaur/RetailIT%2020040728.pdf
Investopedia. (2014). Definition of inventory turnover. Investopedia. Retrieved October 23, 2014 from http://www.investopedia.com/terms/i/inventoryturnover.asp
Odoo. (2014). Managing physical inventory structure. Odoo. Retrieved October 23, 2014 from https://doc.odoo.com/6.1/book/5/5_14_Stock/5_14_Stock_inv/
Logistics refers to all the move and store actions from the point of raw materials attainment to the point of final use. Effective and efficient logistics management is a key to the success of business firms as well as to Just in time (Lai and Cheng, n.d.).
Logistics management is so crucial for JIT because the entire premise is that a company orders just the product that it needs and it is supposed to arrive just as they need it. If the product does not arrive on time them the company has no product to sell and if they product arrives too early then they more than likely will have storage issues in regards to the product.
Azaria, Erez. (2009). Supplier Consolidation in Weakening Economy. etreived May 20, 2010,
from Supply Excellence Web site:
Fernie, John and Sparks, Leigh. (n.d.). etail logistics: changes and challenges. etreived May
Azaria, Erez. (2009). Supplier Consolidation in Weakening Economy. Retreived May 20, 2010,
from Supply Excellence Web site:
Fernie, John and Sparks, Leigh. (n.d.). Retail logistics: changes and challenges. Retreived May
Inventory Process Improvement
his work is focused on "Inventory Process Improvement" and will be comprised of Part One, or the Executive Statement to this work, Part wo which will consist of process flow charts, procedures, or policy statements which articulate the business requirements in terms of specific process or business development needs, Part hree which will include software and hardware recommendations for the information technology solution and Part Four which will summarize the project proposal.
his project is centered on "Riordan Manufacturing." Manufacturer of global plastics, Riordan, employs approximately 550 individuals whose salaries total an estimated $46 million on an annual basis. Listed by Fortune 1000 as having $1 billion plus yearly revenues Riordan Industries completely owns the company. he product line is inclusive of containers for beverages made from plastics in Albany, Georgia while Pontiac Michigan produces plastic parts that are custom made and the Hangzhou,
China plant manufactures…
The original processes within the company involved a lag between making the sale and ordering the materials which slows down the entire process within the company costing time and money. Further the lack of automation results in a large loss of time and revenues for the company each year. A system which uses automation in ordering, scheduling receiving, shipping, and building of parts within the company as well as has the ability to after a one-time entry to track real time information in relation to company inventory and cash on hand is a great asset to any company and will result in Riordan Industries saving of time, expenditures and will streamline the company which should show in a reduction in costs and a raise in revenues upon implementation of this inventory management system within all four locations of Riordan Industries.
Microsoft Net (2004) Driving Business Value from the Microsoft Platform) available at: http://www.microsoft.com/NET/Basics.aspx
Programs, Budgets and Procedures
Costco's approach to financial improvement will come in the form of a two-pronged strategy. The first is to increase inventory turnover, and the second will come in the form of increasing market share. Inventory turnover is a standard ratio that refers to "how many times a company's inventory is sold and replaced over a period of time," ("Inventory Turnover," (n.d.). Increasing market share usually depends on a multifaceted process that includes "innovation, strengthening customer relationships, smart hiring practices and acquiring competitors," (Investopedia, 2015).
While it is understood that Costco has exceptional inventory turnover rates, improving these will shorten the cash conversion cycle, and thus have a positive impact on the company's bottom line. There are two potential approaches to lowering the inventory turnover rate. The first is that the company can open more stores and seek to reduce the amount of days' inventory in each…
Ingram, D. (n.d.). What Are the Seven Internal Control Procedures in Accounting? Chronicle. Retrieved online: http://smallbusiness.chron.com/seven-internal-control-procedures-accounting-76070.html
"Inventory Turnover," (n.d.). Investopedia. Retrieved online: http://www.investopedia.com/terms/i/inventoryturnover.asp
Investopedia (2015). What strategies do companies employ to increase market share?
Integrating Total Quality Environmental Management Systems - a Critical Study of TQEM
Relevance of TQM to Environmental Management
Scope of Dissertation
Moving from Reactive to Proactive Management
Understanding TQM in Relation to TQEM
History of TQM
Operation of TQM
Quality and Environmental Management Standards
Environmental Management Systems
Weaknesses of EMS Standards
Total Quality Environmental Management
Comparing ISO 9000 and ISO 14000
Integrating the ISO 14000 Environmental Management System
Impact of certification on economic and ecological performances
Research Design and Nature
Integrating a Sustainable EMS with TQM
Steps to Implementing an Effective TQEM Strategy
INTEGRATING QUALITY AND ENVIRONMENTAL ManagementS SYSTEMS - A CRITICAL STUDY
ackground and Overview of Study
For decades economic growth has been considered the main indicator of a healthy society (Oliver, 1996). However, only recently has society begun to recognize the environmental cost of this growth. As a result, there is now an…
Bibliography working paper. Winnipeg, MB: International Institute for Sustainable Development, 1996. 58
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Chinn, R. (March 21, 2001). Roadmap to Realization -- "Getting Started with Your QMS/EMS Integration Process. Alamo Learning Systems.
Clark, D. (1999), What Drives Companies to Seek ISO 14000 Certification, Pollution Engineering, Summer, pp. 14.
Vinod should consider forecasting all SKUs. Less than 3% of the SKUs were normally distributed. Without forecasting, there is no way to correct for the errors leading to Dockomo's current problem. If it helps, Vinod might be able to leave the SKUs with normal distributions alone, like the Cr106, Cr137, and Cr108. Otherwise, forecasting will help create a more effective supply chain distribution to meet the targeted service delivery goals. Exhibit 6 also shows that the percentage of stockouts does not vary overly much between the categories (V, M, S, and VS). This suggests that forecasting is needed for all categories and not just a few. In 2010, the company recorded a forecasting error of 70% for the top 5% of items, the ones contributing to the majority of their revenue and profit (p. 8). Therefore, Vinod might want to consider focusing on these top 5% at first, because of…
Inventory apacity and Whether Insurance and osts of Storage Increase as Inventory Increases
At least $6,010.00, again this number may change depending on how many orders the company places per year.
Generally, $1,000 depending upon whether this number increases to meet a larger inventory capacity.
couldn't answer it…turned in early so the client would have enough time to answer it himself.
The earliest due date rule requires the job with the earliest due date to be selected. The job with the earliest due date is selected first. The user inputs the number of jobs along with their names, processing time and due dates of each job or the use the data values given at the starting point. Next one sorts out the earliest due date among the jobs. Then calculate each jobs flow time by using the processing time; the flow time is the accumulations of processing time for each…
Chase, Richard B, Jacobs, Robert F. Operations and Supply Chain Management Textbook: Operations and Supply Chain Management; 13th edition
Krajewski, Lee, The value of production schedule integration in supply chains, Decision Sciences, Monday, October 1, 2001
Vokurka, R.J., & O'Leary-Kelly, S.W. (2000). A review of empirical research on manufacturing flexibility. Journal of Operations Management, 18(4), 485501.
The automotive industry segment within the economy of the United States is a fundamental employer as well as a key donor of the American Gross National Product. The automotive industry segment is one that faces intense and comprehensive competition not only locally but also internationally. In recent times, the automotive industry has experienced deterioration in the revenues and profits generated and a decline in the market share as well as a lack of major employment opportunities. Within this similar timespan, the automotive industry has experienced major problems owing to the increases in the level of importation of vehicles and their corresponding parts from Europe and Asia as they have attained a greater market share as well as sales volumes. The purpose of this report to is to examine the different strategies and tactics employed by General Motors and Toyota Motor Corporation. These two companies are some of the biggest…
Arnold Palmer Hospital
Managing Service, Processes and Supply Chains
Hospitals and Supply Chains - Overview
Hospital Supply Chains - Advancements
Standard Supply Chain
Vendor Managed Inventory
Automated Point of Use Systems
The Next Step in Supply Chain Evolution
Arnold Palmer Hospital Supply Chain
The Arnold Palmer Hospital is one of the country's leading hospitals for women and children. It is located in Orlando, Florida and is currently a part of a national purchasing group in which it utilizes to provide supply chain purchases. Even though being a part of the purchasing group has some cost advantages stemming from the collective bargaining power, there are also many disadvantages that are not entirely consistent with the organizations priorities. These disadvantages can be mitigated by equipping the hospital with more modern supply chain technology. Therefore, an investigation was conducted that identified the supply chain options available for the…
Alverson, C., 2003. Beyond purchasing -- Managing hospital inventory. [Online]
Available at: http://managedhealthcareexecutive.modernmedicine.com/mhe/article/articleDetail.jsp?id=75802
[Accessed 23 September 2011].
Berling, R. & Geppi, J., 1989. Hospitals can cut materials costs by managing supply pipeline. [Online]
Inventory for business
For any business to achieve financial success, its inventory has to be properly managed. Through this the business gets to evaluate its needs for a specific good to fill its inventory with enough stock. The business therefore improves its sales outcome or profitability without spending too much in terms of financial and physical resources. To optimize inventory levels, businesses must assess their inventory. Inventory assessment involves evaluating assets and financial resources to ascertain if they can sustain the acquisition of goods and supplies through availability of funds. Businesses must also engage in inventory forecasting in order to optimize inventory levels (Harrison, 1997).
Inventory forecasting involves analysis of business future needs in order to maintain availability of stock in supplying the demands of the consumers. Inventory forecasting is integral in reducing shortage of stocks that may negatively impact generation of revenues. Inventory visibility is also an…
Harrison, H. (1997). The Basic Concepts of Inventory Costing Methods. New York: Prentice
StartupBizHub. (2012). Inventory Management Concepts. Retrieved April 18, 2013 from http://www.startupbizhub.com/inventory-management-concepts.htm
STREAM (2013). Basic concepts of business management. Retrieved April 18, 2013 from http://www.authorstream.com/Presentation/e34448-1626515-basic-concept-inventory-management/
As is shown in the case, CCBCC begins with an intensive commitment to the initial collaborative planning phases of ensuring front end alignment with their distribution channel partners. Joint business plans ensure the company has the ability to effectively plan for spikes in demand more effectively than traditional, and less flexible means allow for. The collaborative planning phase of the CPF Model is essential for ensuring a high degree of logistics coordination and collaboration has been achieved (Bonet, 2005). The collaborative forecasting process including sales forecasting, exception management and resolving expectations, all essential for making a strategic commitment to CPF function correctly, are also evidence in the CCBCC implementation (Ireland, 2005). Finally the steps of creating and fine-tuning order forecasts, defining identifying exceptions and resolving exceptions to drive orders are also evidence in how CCBCC creates demand management workflows with the applications installed. It is very important to realize that…
Barratt, M., & Oliveira, a. (2001). Exploring the experiences of collaborative planning initiatives. International Journal of Physical Distribution & Logistics Management, 31(4), 266-289.
Bonet, D. (2005). A new approach for understanding hindrances to collaborative practices in the logistics channel.International Journal of Retail & Distribution Management, 33(8), 583-596.
Crampton-Thomas, P. (2006). Enabling profitable growth through demand driven supply networks. Supply Chain Europe, 15(2), 18-21. R
Ireland, R. (2005). Abc of collaborative planning forecasting and replenishment. The Journal of Business Forecasting,24(2), 3-4+.
The performance of each team member depends on the performance of all others, this being a team project. Constraints include time and financial resources; as such improvement requires permanent improvement effort.
isk Management. No risk has been identified related to the project's completion.
Monitoring and Controlling Mechanisms. The data analysts will develop a metric system to measure each member's performance on a weekly basis. This weekly performance will be submitted to the project manager for potential adjustments.
V. Operations management plan
Operations Strategy. An easy way to understand the meaning of operations strategy is to break the word into the two separate words: operations and strategy - these words being the opposite of each other (Slack & Lewis, 2002). 'Operations' is about the functions and procedures regarding the day-to-day processes, while 'strategy' is about the direction and scope of an organisation over a long period of time. The operations strategy…
Aberdeen Group. 2008. Operational KPIs and Performance Management -- Are Your Daily Decisions Based on Fact?, http://www.aberdeen.com/
Cooper, M. & Lambert D. 2000. Issues in Supply Chain Management. Industrial Marketing Management, vol. 29: pp. 65-83.
Johnson, J. C. And Wood, D.F. 1996. Contemporary Logistics, N.J.: Prentice Hall Upper Saddle Creek.
Keah C.R.K. And Handfield, R.B. 1998 .Supply Chain Management: Supplier Performance and Firm Performance. International Journal of Purchasing and Materials Management: pp.2-9.
Undercover Boss is a great show for illustrating core management concepts. A season five episode features the CEO of the Larry H. Miller Company, owner of the Utah Jazz along with eighty other concerns. This episode features issues related to occupational health and safety, customer service and marketing. In the episode about Modell's Sporting Goods, a family-owned business that has been around since 1889, issues related to logistics, wages, and social justice come to the fore. In the first season episode featuring the CEO and president of 7-11, issues related to management and corporate structure, customer service, and quality assurance are brought to light. These three episodes can all be used to better understand textbook concepts, from the particular skills managers need to succeed to ethics and social responsibility. Of these three episodes, the most engaging was the one about Modell's because of the way the owner came to…
Schermerhorn, J.R. (2012). Exploring Management. 3rd edition.
Undercover Boss Utah Jazz: https://www.youtube.com/watch?v=f_Tc3qCOj68&feature=youtu.be
Undercover Boss Modell's: https://www.youtube.com/watch?v=8jadl9usH3s&feature=youtu.be
Undercover Boss 7-11:
Since, this one lacks structure means that many employees can become confused about their responsibilities. Once this occurs, it can often lead to employee issues, where this confusion can become an issue of contention between the staff and management. As management is telling them to engage in particular activity, yet they don't understand why they are doing such tasks. Over time, this can cause moral to drop as those employees who do not thrive under such a system, begin to lower the overall positive attitude in the work environment. ("Contingency Theory," 2010)
Despite some of the obvious weaknesses, the contingency theory is effective for those organizations that are small. This is because the in formalized structure allows managers / owners the opportunity to adapt to changes that are occurring in real time. Where, they can use their experience and common sense to adjust to various business conditions. As a result,…
Building Emotional Capital. (2004, June 24). Retrieved April 10, 2010, from Executive Education website: http://executive.education.insead.edu/programme/documents/Nissan_004.pdf
Contingency Theory. (2010). Retrieved April 9, 2010, from Values-Based Management website: http://www.valuebasedmanagement.net/methods_contingency_theory.html
Babineck, M. (2006, March 13). The Enron Trial. Retrieved April 10, 2010 from Chron website: http://www.chron.com/disp/story.mpl/special/enron/3718892.html
Bissonette, Z. (2008, August 1). How Does General Motors CEO Rick Wagoner Still Have a Job. Retrieved April 10, 2010 from Blogging Stocks website: http://www.bloggingstocks.com/2008/08/01/how-does-general-motors-ceo-richard-wagoner-still-have-a-job/
Where, the benchmarks will show if the system is helping or hindering the company from achieving its objectives. This is significant, because when it is used in conjunction with flexibility, you can be able to effectively adapt to changes in the markets. With flexibility providing the necessary ingredients to implement such changes, while the use of benchmarks will identify when a management system is becoming unproductive. (Ireland, 2008, pp. 33 -- 39)
The use of knowledge management is when an organization is collecting and analyzing the total amounts of knowledge at their disposal. This would include analyzing all available: resources, employee / managerial skills and documents. This is significant, because it provides a way for an organization to quickly collect and analyze a wide variety of information. At which point, managers can be able to effectively place the different resources and personnel of the company, in those areas where they…
Symptoms of a Dysfunctional Organization. (2005). Retrieved July 9, 2010 from Copper Comm website: http://www.coopercomm.com/dysfnorg.htm
What are Management Control Systems. (2010). Retrieved July 9, 2010 from Wisegeek website: http://www.wisegeek.com/what-are-management-control-systems.htm
Flamholtz, E. (1998). Case Studies in Changing the Game. Changing the Game. (pp.81 -- 90). New York, NY: Oxford University Press.
Ireland, D. (2008). Promoting Integrity and Ethical Behavior. Understanding Business Strategy. (pp. 33 -- 39). Mason, OH: South Western.
Build it and They Will Text
Walk down any street and it seems like everyone on it is communicating with a PDA of some sort if one includes the data capabilities of smart phones. Thus any invention that would increase the capacity of PDAs has the potential to bring in a very large amount of money, not to mention the gratitude of millions of people. Ken Burton is thus making a wise decision to invest in his invention. However, wise as the decision may be, it remains a complex exercise. The following analysis suggests an efficient way for Burton to invest his initial funding of $250,000. Because we are given only the barest details about the invention I have had to make some assumptions garnered from the manufacture of PDAs and smart phones.
One of the initial decisions that Burton must make in terms of setting up his…
This differentiation refers to the management and administration of the agricultural resources of the kingdom. This in turn involved an organized network of royal foundations. (Wilkinson 116) the second area of administrative concern was the processing of government revenue and "…its redistribution to the various state operations…" (Wilkinson 116) Wilkinson in his book also deals extensively with managements issues in relation to the Egyptian treasury. (Wilkinson 125)
In understanding the background to management in ancient Egypt one has to continually take into account the wide range of concerns and activities that required ordered control and administration. As Erman states in his work Life in Ancient Egypt (1894), "The enormous properties belonging to the temples required of course complicated machinery for their administration & #8230;certain members of the priestly college were deputed to manage the affairs of the treasury, the commissariat and the correspondence…" (Erman 303)
Taking into account the above…
Looking at the instrument company that is being examined, it is clear that they have very little working capital to utilize. Where, they have a total amount in working capital of £ 15,000. As the company paid out £1,700,000 in obligations and received a total of £1,825,000. This is important, because it shows that the business is undercapitalized, based upon their low working capital figures. As a result, the company needs to remain more liquid, to be properly capitalized for future investments
Table 17.3 Solution to a working capital problem in my organization
Low Working Capital
The working capital position of the company was affected by the total amounts of cash they invested in new inventory.
Conclusion to the analysis (results of the investigation)
The business needs to be able to control their cash position, to effectively manage their working capital.
The solution, listed as a…
The Cash Flow Statement, n.d. Understanding Marketing and Financial Information, pp. 239 -- 256.
Financial Statements, n.d. Understanding Marketing and Financial Information, pg. 133.
Laddering, 2010, Free Dictionary. Available from: [25 September 2010].
Harvard Format. http://libguides.library.uwa.edu.au/data/files2/49275/Harvard%20LibGuide%20-%20All%20Examples%20PDF.pdf
Please see Appendix a for a give year ratio analysis of Starbucks Corporation illustrating the significant effect the recession is having on gross margins. Yet despite this pressure, Starbucks continues to be successful in keeping its gross margins above industry average at 9.67% for the latest fiscal year. Also noteworthy about their financial performance is the increase in evenue Per Employee from $53,864 in 2004 to $59,156. This speaks to the fact that Starbucks is being successful with their long-term strategy of delivering exceptional customer experiences, so much so that there is greater levels of repurchase of drinks and food even in a recession (Churchill, 2008). All of these factors point to the critical need for managing customer experiences more closely than ever, with a strong orientation towards giving customers and opportunity to have their voices heard on potential new products. Starbucks has excelled in the area of social networking,…
Bernoff, J., & Li, C.. (2008). Harnessing the Power of the Oh-So-Social Web. MIT Sloan Management Review, 49(3), 36-42.
Chris Churchill. (15 July 2008). Starbucks competitors get jitters: Local coffeehouses, facing woes of their own, cast wary eye on chain's recent closings. McClatchy - Tribune Business News
Fridell, G. (2009). The Co-Operative and the Corporation: Competing Visions of the Future of Fair Trade. Journal of Business Ethics: Supplement, 86, 81-95.
Burt Helm. (2007, April). SAVING STARBUCKS' SOUL: Chairman Howard Schultz is on a mission to take his company back to its roots. Oh, yeah -- he also wants to triple sales in five years. Business Week,(4029), 56.
Cash is the main basis of financial management in a new company. In most instances, the period between payment of suppliers and employees as well as a collection of debt from the customers is often a challenge. The solution to all these financial challenges is sound financial flow management. Managing of cash flow means delaying expenditures of cash and at the same time ensuring anyone owing the business pays up rapidly.
Managing Cash in a new business
Measuring of cash flow is necessary as accurate financial flow projection helps the business owner to be aware of an upcoming business challenge before it happens. On the other hand, cash flows should not be used to gauge the business environment in the future. There are a number of elements that need to be considered to counter the challenges. The factors are evaluating the payment histories of the customers, business thoroughness…
Stone, R. (September 01, 2001). Managing wealth: A new approach. Journal of Financial Services Marketing, 6, 1, 84-97.
Land, C., & Taylor, S. (January 01, 2010). Surf's Up: Work, Life, Balance and Brand in a New Age Capitalist Organization. Sociology, 44, 3, 395-413.
Wal-Mart's challenges in the Global market
Wal-Mart as the world's leading retailer has been spreading very fast extending its power across the world market. This began with the nine countries in South America, Asia, and Europe. This expansion is likely to extend even in the near future. As the company attempts at penetrating the hypermarket culture in different countries, it has encountered a battery of severe problems in the process of its global operations. Joint ventures and acquisitions of local businesses have become a major challenge in nationalism economies. Therefore, strict rules and regulations imposed by governments have blocked Wal-Mart's business operations. Late entry and miscalculating competitors have destroyed location opportunities and tampered with Wal-Mart's relationship with local suppliers. The company experienced big challenges in the global market due to its inability to adapt to new local cultures. In addition, sex discrimination, unions, and low wages prompted employees to…
Brunn, S.D. (2006). Wal-Mart world: The world's biggest corporation in the global economy. New York: Routledge.
Hitt, M.A., Ireland, R.D., & Hoskisson, R.E. (2008). Strategic management: Competitiveness and globalization. Mason, Ohio: Southwestern.
Jha, M. (2011). Retail Management. Michigan: Gyan Publishing House.
Kneer, C. (2009). The Wal-Mart Success Story. California: GRIN Verlag, 2009
In the long-term, we need to focus on improving the financial performance and improve out financial position. Based on the brief market analysis, we identified those products that are more popular among consumers and the type of consumers we should address these products to and we will try to focus on them. We will also take under consideration the cost structure of our production and try to focus on those products for which the ratio of costs to sales is the lowest. The marketing department will run a more thorough analysis on market structure, cost structure and consumer behavior so that we get more accurate signals of market changes, because it seems that the market is becoming more dynamic every day. In terms of boat shows, we will continue to participate to most events Yellowtail participated in the past, while trying to strengthen our relationship with existing suppliers and develop…
Management Analysis of JCPenney
One of America's iconic department store fixtures is J.C. Penney which has provided American consumers with a wide range of family clothing and other merchandise for more than a century. In recent years, though, JCPenney has been experiencing some difficult times as its core market continues to be eroded by competitors and an aging business model. This paper provides a review of the relevant literature to develop a description and history of the company, its recent financial performance and to identify some of the managerial decisions that were made in response to changes in its market or competitive environment by JCPenney in recent years. A summary of the research and important findings concerning these issues are presented in the conclusion.
Description and History of the Company
According to JCPenney's promotional literature, "More than a century ago, James Cash Penney founded his company on the principle of…
About us. (2013). JC Penney. Retrieved from http://www.jcpenney.net/About-Us.aspx.
Company profile. (2013). Yahoo! Finance. Retrieved from http://finance.yahoo.com/q/pr?s=
Elasticity of demand. (2012). BusinessDictionary.com. Retrieved from http://www.
Branching out into new sectors of retailing - Wal-Mart has become a major pharmacy, an automotive repair shop, and a grocery retailer. This is just one example of success. It demonstrates Sam Walton's vision of being the best retailer around. After a store expands physically and geographically, it must then expand in terms of what they sell by branching out and competing with other businesses.
The conventional retail business of Wal-Mart has been to sell discount and house wares and plastic goods, clothing, sporting goods, and toys. Other departments have include but have not been limited to stationary and office supplies, hardware, home improvement, paint supplies, arts and crafts, cosmetics and toiletries, shoes, books and magazines, greeting cards, and confectionery. Wal-Mart has also branched out into home electronics, automotive supplies, pharmaceuticals, jewelry sales, photo finishing, travel planning, along with home gardening. After that Wal-Mart moved into the grocery store business…
Caban, Jennifer. (2007). Financial Success of Wal-Mart. Retrieved July 23, 2010, from http://www.associatedcontent.com/article/260675/financial_success_of_walmart_pg2.ht ml?cat=55
Carmichael, Evan. (2010). Wal-Mart - Sam Walton's Success Story. Retrieved July 23, 2010,
from Ezine Articles Web site: http://ezinearticles.com/?Wal-Mart-Sam-Waltons -
Tickets and merchandise were being sold out of the same small building that player negotiation and trades took place. This placed pressures on the teams' front office having to deal with customers on a daily basis. Also fans were open to agree or disagree with the plays of the team, quality of the team and even the costs of tickets. The only way Fletcher found to deal with these issues was to make himself available to customers and take in their suggestions. Customer service soon became a high priority to the team.
Among other issues Fletcher had was in his staff and partners. efore the opening of his team, his partners withdrew from the deal. This caused Fletcher to have no choice but to assign his first manager Paul Deese to double as a partial owner. Deese made the call as to baseball decisions and Fletcher made the business decisions…
Case Study: Sonoma County Crushers: Baseball or Business
Many managers who already are involved with competition in time-based industries realize that manufacturing strategy is often influenced by the traditional cost management system and this proves to be a mistake as time management system might have worked better (Hutchinson, 2007, p. 31). In the manufacturing sector, the traditional managerial cost accounting reporting system is still used but as many managers are ready to adopt the advanced manufacturing strategies and technologies, the managers object to the inclusion of cost accounting system as the only decision criterion in manufacturing (Hutchinson, 2007, p. 32).
The managerial cost accounting reporting system should also involve the activity of performance measurement that provide an impressive influence on the performance and motivation of the workers. Furthermore, it also provides extra information for the managers to take proper decisions that may help in achieving the pre-determined organizational goals to achieve future prospects and profits (Maskell, Baggaley, 2001,…
Alnoor, Bhimani., 2003. Management Accounting in the Digital Economy, Oxford University Press: Oxford.
Brian, Maskell H; Bruce, Baggaley L., 2001. Future of Management Accounting in the 21st Century, Journal of Cost Management, 15(5), pp: 24-32.
Dale, Geiger R., 1995. The Emerging Need for Managerial Cost Accounting, The Government Accountants Journal 44(3), pp: 46-53.
George, Joseph., 2006. Understanding Management Accounting Techniques in the Context of Organizational Change, Management Accounting Quarterly 7(4), pp: 24-32.
Integrated Management Framework
The notion of Operations Management (OM) resembles that of a tree with various branches attached to it; although each of the branches represents a separate icon, their roots are linked. Here, the various branches stand for Logistics, Purchasing, Supply Chain Management (SCM), Management Information Systems (MIS), Accounting, Engineering and Marketing. All have a different persona but play a significant role in the implementation of Operations Management and therefore the executor is required to have adequate knowledge of these functions.
OM is not only about the different operations of a business, it affects every facet of the organization starting from the core business activities to the tiniest detail applicable. For that reason, the traditional approach to encourage the operational point-of-view regarding the OM enterprise is not appropriate. Also, other factors such as reporting lines, performance measures, budgets and reward structures accompanied by the cultural aspects continue to sway…
Andersen, B., Henriksen, B., Wenche, W. (2006). Holistic performance management: an integrated framework. International Journal of Productivity and Performance Management 55. 1/2; 61-78.
Barratt, M. And A. Oliveira. 2001. Exploring the experiences of collaborative planning initiatives. International Journal of Physical Distribution & Logistics Management 31(4): 22 .
Beamon, B. And T. Ware. 1998. A process quality model for the analysis, improvement and control of supply chain systems. International Journal of Physical Distribution and Logistics 704-715.
Bonner, J.M. 2005. The influence of formal controls on customer interactivity in new product development. Industrial Marketing Management 34(1):63-69.
Quality Management and Effective Cost Reduction Achieved at Bosch GmbH, Germany by Implementation of Its Systems with Special Emphasis on otal Quality Management
"Prevention" -- Quality Management
Process Design And It Enabled Solutions
Material, Manpower, Knowledge and Its Quality
Cost Of Quality
Operations Objectives -- Application Of Quality Management Principle For Better Productivity And Profits
Gap models qm - Quality Management
qm - otal Quality Management
ISO - International Standards Organization
CAM - Computer Aided Manufacturing
CAD - Computer Aided Design
In Robert Bosch GmbH, quality management is a holistic approach to a comprehensive assimilation of precise customer requirements, and satisfying customer aspirations by making consistent quality deliveries at the right price, in time and with least hassles to the community around you. Quality management, therefore, involves the effective design of the products, and the processes focused on customer specifications, besides planning the product…
They have achieved all this with great diligence by pooling of information on common purchase requirements and holding on to a consistent policy in their purchase, and by expanding the cooperation between departments for a better understanding, and consequently, increase in efficiency. They are also setting up a global cross divisional purchasing center for automotive parts to enable economical purchasing activity on several components that are being standardized both for inventory reduction purposes and for the benefit of bulk purchase leading to price reduction (UPCOMING, 2009).
Robert Bosch GmbH has always maintained the human resources development systems in line with the latest business practices, and the latest production technologies that accrue from a highly advanced system of information and production technologies that have been sweeping
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Product Management Issues
Quality of Design, Performance, and TQM -- As manufacturing design and implementation became even more complex, an integrative approach to the end product became necessary. There are many theoretical rubrics for this, but one of the more stable and robust is that of TQM, or Total Quality Management. TQM, like other theories such as Six Sigma, is based on the idea that the quality of the end product is the responsibility of everyone who touches the process -- from the creation to the manufacturing to the distribution. TQM, as noted, is an evolving process, and one that includes design, process management, stakeholder involvement and integration, leadership and management, strategic planning, cross-functional training opportunities, and the ongoing involvement of all employees. It becomes, in fact, the culture of the company. (Peratec, 1995). There are different aspects of TQM that impact the organization in slightly different ways, although the…
Chaos Theory: A Brief Introduction. (2010) IMHO. Retrieved from:
Trend and Control Chart Interpretation. (2009). Success Through Quality. Retrieved from: http://www.successthroughquality.com/trend_Interpretation.htm
Using Change Concepts for Improvement. (March 30, 2012). Institute for Healthcare Improvement. Retrieved from: http://www.ihi.org/knowledge/Pages / Changes/UsingChangeConceptsforImprovement.aspx
It is natural that suppliers forecast their own demand, and where long-term relationships have developed, there is a greater potential for the supplier to make the loan for cost. Furthermore, where Riordan is a major customer for that supplier, there may be a greater willingness to fulfill the order, and put that customer before smaller competing firms in terms of priority. If Riordan are ordering from a firm they do not regularly use, there will not be the same level of forecasting, and a supplier may need to obtain relevant inputs before making a delivery.
The situation of the supply themselves will also be relevant. Smaller organizations are likely to have more cash constraints, and have a lower level of inventory on hand, as inventories tie up capital. This problem may be particularly pertinent where organizations lack financial stability. If the organization is small, the influence of production constraints may…
agree on the fact that inventory is essential in practically any type of business, mainly because of the necessity to balance a surplus of goods that can be sold to a deficit. A surplus will obviously mean a loss of money, as stock that doesn't sell isn't producing anything. A deficit, again, means that we cannot cover, as a business, the customers' demand.
As such, inventory management becomes one of the key components of the business. This is why JIT (Just in Time Inventory Management) has become a common practice among companies nowadays. JIT is "a means to eliminate waste of all kinds in the production process, to improve product quality, and identify inefficient processes"
. This would be the primary goal for JIT.
There are two main directions in which JIT can be applied to lower costs and improve efficiencies. First of all, excessive inventory is identified as a…
2. Gorman, Michael. Revisiting the JIT Paradigm. May 2002. Ascet Volume 4. On the Internet at http://www.ascet.com/documents.asp?d_ID=995
3. Table comparing JIT (kanban) with MRP2. On the Internet at http://omni.bus.ed.ac.uk/opsman/roleplay/oak18.htm
4. Koch, Christopher. The ABCs of Supply Chain Management. On the Internet at http://www.cio.com/research/scm/edit/012202_scm.html#scm_abc
Capacity planning has seen an increased emphasis due to the financial benefits of the efficient use of capacity plans within material requirements. This is particularly true as international competitors are using more efficient and productive means of managing their own capacity. Toyota is prime example of how short-term capacity management can be used to help improve profitability, shareholder return and costs. Insufficient capacity can quickly lead to deteriorating delivery performance, unnecessarily increase work-in-process, and frustrate sales personnel and those in manufacturing. Frustrated customers often quickly elect to purchase a competitor's product when other products are not available. This is also true as Americans elected to purchase Japanese cars as oppose to America cars due to their high quality and high profitability. However, excess capacity can be costly and unnecessary. We have realized this concept with housing production. Excess production has created a large amount of inventory which needs to be…
Cochran, Jeffery K., and Alberto Marquez Uribe. "A Set Covering Formulation for Agile Capacity Planning Within Supply Chains." International Journal of Production Economics 95, no. 2 (2005): 139 -- 149.
Jonsson, Patrik, and Stig-Arne Mattsson. "Use and Applicability of Capacity Planning Methods." Production and Inventory Management Journal 43, no. 3-4 (2002): 89 -- 95.
Meredith, Jack R., and Scott M. Shafer. Operations Management for MBAs. 2nd Edition. New York: John Wiley and Sons, Inc., 2002.
Vollmann, Thomas E., William L. Berry, D. Clay Whybark, and Robert F. Jacobs. Manufacturing Planning and Control Systems. Boston: McGraw-Hill, 2005.
Qualifications for the Position of an Operations Manager
The operations management function is one of the most important functions within an organisation. From materials acquisition and production to warehousing, distribution, and customer service, the function ensures day-to-day processes and activities run as effectively and efficiently as desired (Krajewski, Ritzman & Malhotra, 2013). The function is critical to the extent that it significantly affects the organisation's top-line and bottom-line results (Mahadevan, 2010). Indeed, the operations management function can be described as the heart of every organisation. It is through this function that an organisation executes its strategic goals and objectives. The critical nature of the operations management function explains why any prudent organisation ensures the function is functioning optimally all the time (Bozarth & Handfield, 2011).
Ensuring a solid operations management function without a doubt means having a highly qualified and competent operations management -- an individual with the necessary skills,…
Then, another, and probably the most obvious, application of operations management is that of achieving cost reductions. ichard Stylves offers the most conclusive example of Henry Ford, who sought to integrate assembly lines using the most cost effective commodities, including labor force. The aim of operations management is then that of reducing expenditure and increasing operational efficiency. Its applications are present at all organizational levels, from resource allocation to product distribution. Amazon.com has successfully integrated these principles by establishing its warehouses in adequately chosen locations which allow it to efficiently and automatically distribute its products to worldwide consumers.
Carter McNamara agrees with most of the previous findings, but his article is more of a generalist one, in which the author simply states that operations management has applications in "purchasing, control and coordinating function of management, product and service management, quality management, inventory management, logistics and transportation management, facilities management, configuration…
Ebojo, M., March 2009, Skillful Communication, Supplement to Pharmaceutical Executive
Koch, C., 2009, Who's to Blame in the Relationship Between IT and Marketing? Better Management, http://www.bettermanagement.com/library/library.aspx?l=15013 last accessed on April 23, 2009
McNamara, C., 2009, Operations Management, Management Help, http://managementhelp.org/ops_mgnt/ops_mgnt.htm last accessed on April 23, 2009
Stylves, R., 2008, FEMA, Katrina and Operations Research: Better Operations Management Would Have Helped FEMA in Preparedness and Response Work before Hurricane Katrina -- and Still Could Now, The Public Manager, Vol. 37
To reduce inventory management costs and errors, enterprise must form a strong, galvanizing connection with suppliers, buyers, internal production, and customers most of all. In conclusion, inventory management will always be part art and science, as tacit & implicit knowledge is needed to provide greater insight into the analysis generated fro enterprise software applications specifically designed to streamline inventory management. The inherent unquantifiable aspects of demand management will also make inventory management a continually difficult, complex problem enterprises must confront daily to stay profitable and grow.
Forecasting and Demand eferences
Leung, S. (2003, Oct 01). Where's the beef? A glutted market leaves food chains hungry for sites; finding spots for new outlets takes heaps of research and an eye for details; hint: Move next to Wal-Mart. Wall Street Journal, pp. a.1-a.1.
Meng, F., Tepanon, Y., & Uysal, M. (2008). Measuring tourist satisfaction by attribute and motivation: The case…
Mathaba, S., Dlodlo, N., Smith, a., & Adigun, M. (2011). The use of RFID and web 2.0 technologies to improve inventory management in south african enterprises. Electronic Journal of Information Systems Evaluation, 14(2), 228-241. Link:
Wang, H., & Yan, H. (2009). Inventory management for customers with alternative lead times. Production and Operations Management, 18(6), 705-720.
Wal-Mart is the largest retailer worldwide that sells a wide range of goods including food items in several countries across the globe. As a result of its growth and profitability, Wal-Mart is not only the world's largest retailer but also one of the biggest companies in the world. One of the major factors that have contributed to the increased profitability of this company is its renowned supply chain management system. Based on its business model, Wal-Mart places significant emphasis on maintaining a highly efficient supply chain. This is mainly because the firm deals with huge inventory worth nearly $45 billion, but roughly turns it over 10.6 times annually or on a monthly basis. The other crucial components of Wal-Mart's supply chain management include management of data and volume as well as cost leadership. These components are mainly geared towards ensuring quality management that enhances the success and profitability…
Ketchen et. al. (2008). Best Value Supply Chains: A Key Competitive Weapon for the 21st
Century. Business Horizons, 51, 235-243. Retrieved June 12, 2014, from http://www.rtn.com/ourcompany/rtnwcm/groups/rtsc/documents/content/rtn_b_rtsc_wp_1.pdf
Millsap, D. (2012). Wal-Mart's Use of RFID in Global Supply Chain Management. Retrieved June 12, 2014, from http://www.danielmillsap.com/research/rfid-in-wal-mart-global-supply-chain-management.html
Traub, T. (2012, July 2). Wal-Mart Used Technology to Become Supply Chain Leader. Arkansas Business. Retrieved June 12, 2014, from http://www.arkansasbusiness.com/article/85508/wal-mart-used-technology-to-become-supply-chain-leader?page=all
The cheese plant is dedicated to agricultural product production processes utilizing mostly raw materials produced on its own farms. Generally, the individual farms each maintain several hundred heads of cattle capable of producing sufficient raw materials (such as fresh milk) to sustain McCadum Cheese Plant operations.
Apparent McCadum Cheese Plant Inventory Needs:
In general, production that is dependent on the availability of raw materials from its farm network. It would not be practical or efficient to ensure business continuity primarily through large inventory because of the perishable nature of the product and of its component ingredients. The sheer volumes at issue would also be a prohibitive concern even apart from perishability issue; for example, the plant uses 35,000 pounds of fresh milk in each production run.
Apparent McCadum Cheese Plant Inventory Status:
The McCadum Cheese Plant business ensures business continuity by using a well-coordinated but geographically decentralized supply for its…
Supply Chain Ann
Supply Chain Management Annotated Bibliography
Chopra, S., & Meindl, P. (2010). Supply chain management: Strategy, planning and operation (4th ed.).Upper Saddle iver, NJ: Prentice Hall
The text by Chopra & Meindl (2010) is an excellent starting point for this discussion, primarily because it serves as a rather exhaustive introductory reading on the subject. Providing academic explanation of the basic premise of supply chain management and an extensive investigation of the strategies used for maintaining and evaluating this business dimension, the Chopra & Meindl text is a highly useful primary and frequently employed reference source on the subject.
Lee, H.L. (2002). Unleashing the power of intelligence. International Commerce eview: EC Journal, 2(1), 61-73.
The above source is well-supplemented by the article from Lee (2002), which adds a discussion about technological and practical advancement to the subject. Here, Lee identifies shifts both in capability and orientation, particularly vis-a-vis the…
Schoenfeldt, T.I. (2008). A practical application of supply chain management principles. Milwaukee, WI: Quality Press.
Slone, R., Mentzer, J., & Dittmann, J. (2007). Are You the Weakest Link in Your Company's Supply Chain? Harvard Business Review, 116-127.
Home Depot and Management Tool
• Company background -- must include sales and employment data. Products or services provided. ize vs. major competition.
The Home Depot (NYE: HD) is the world's largest home improvement chain and the fourth-largest retailer of home improvement and construction products and services. Founded in 1978, Home Depot has about 2,500 locations in each of the 50 states as well as in the 10 provinces of ten provinces of Canada and in Mexico and China. It also operates an online company. The company's headquarters are in Cobb County, Georgia, in Greater Atlanta and its CEO is Francis Blake.
Home Depot targets the do-it-yourself (DIY) and professional markets with its selection of some 40,000 items, including lumber, flooring, plumbing supplies, garden products, tools, paint, and appliances. Home Depot also offers installation services for carpeting, cabinetry, and other products. (Hoover.com)
According to Forbes.com:
The Home Depot stores sell…
Builder, (June 10, 2009) Home Depot Tries to Reassert Its 'Power'. http://www.builderonline.com/economic-conditions/home-depot-tries-to-reassert-its-power.aspx
Forbes.com Home-depot http://www.forbes.com/companies/home-depot/
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