Inventory Control
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 manufacturing process is…...

inventory control "system" consists of orders for stock replenishment being made by the stockroom foreman, the purchasing manager, or the manufacturing manager whenever one of them notices that the inventory is low. An order for replenishment of inventory is also placed whenever someone (either a customer or an employee in the assembly area) wants an item and it is not in stock.
I would recommend that the company spend time ahead of the year, scrupulously planning the projects that they will undertake the coming year and resources needed for those projects. By planning in advance, they will be able to limit their cost and expense by selecting the cheapest items to procure. These items need not lose out on quality. The company will merely decide the suppliers best for them and the items that will best meet their needs whilst being simultaneously cheap. Indeed, "there were 973 different part numbers…...

SCM as a Method of Inventory Control
SCM and Inventory Control

This paper examines the use of supply chain management (SCM) as a tool for inventory control. SCM, which coordinates and integrates the activities of supply chain members, plays an increasingly important role in companies' reducing their costs and making better informed decisions. Companies benefit from SCM and inventory control by better meeting customer demands for product availability and pricing, and by competing more effectively and efficiently through more profitable operations.

Inventory is important to profitability. The faster a company turns its inventory, the greater the company's profitability. Inventory is a significant component of SCM success. Customers demand that their orders be completed on time and accurately, which requires that companies have the right inventory at the right price at the right time. Therein lies the challenge for SCM, being able to successfully manage inventory. These challenges apply to all types of inventories,…...

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Reference List

Alade, J.A., Sharma, D.K., and Sharma, H.P. (2004). Role of supply chain management decisions in effective inventory control. Journal of Academy of Business and Economics., (4)1. Available at http://www.freepatentsonline.com/article/Journal-Academy-Business-Economics/126933663.html

Craig, T. (2002). Inventory -- Critical issue in supply chain management. LTD Management. Available at  http://www.ltdmgmt.com/inventory1102.asp 

Dooley, F. (2006). Logistics, inventory control, and supply chain management. Choices Magazine. Available at  http://www.choicesmagazine.org/2005-4/supplychain/2005-4-14.htm 

Handfield, R. (2011). Why do you need to know about supply chain management (SCM)? North Carolina State University. Available at  http://scm.ncsu.edu/scm-articles/article/why-do-you-need-to-know-about-scm

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 raw materials rather…...

Explain the three inventory control models and the driving factor in each model. Provide examples for each one using current companies.Inventory control is critical to running an efficient business operation. With proper inventory control businesses can ensure that they have proper inventory levels to meet demand. By being fully stocked during peak demand periods, businesses are better able to increase revenue and profitability. The three inventory control models heavily utilized in the industry are the Economic Order Quantity model, the Activity Based Costing Model, and the Just-In-Time model (Agin, 1996).Economic Order Quantity is the most widely used inventory control model. This method allows companies to order precisely the proper amount of inventory to meet demand. This method allows businesses to improve inventory levels without incurring large holding, insurance, and ordering costs associated with too much inventory. This method is used heavily by companies who have constant demand throughout the year…...

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References1. Agin, N. 1996. A min-max inventory model. Management Science (March): 517-529

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 its…...

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References

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/

Inventory Policy
Controlling inventory is a control of 45% to 90% of all expenses related to business is very important also to see that the business has the correct goods on hand so that it does not get into stock-outs, or shrinkage of inventory due to spoilage or theft, and helps in providing a correct accounting. When inventory is not maintained properly, then the major part of the assets of a retailer gets tied up into inventory, and probably these are the wrong types of inventory that do not sell easily. The reason for low sales may be due to the age of stock, worn out, being spoilt through storage in the shop, out of date for the users, wrong in sizes or colors, or may be stored in a wrong type of products that are not liked by customers. (Inventory Control) The importance of controlling capital is recognized even by…...

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References

'Berkshire Hathaway INC" Retrieved from   Accessed on 25 June, 2005http://www.berkshirehathaway.com/letters/1988.html 

Boyles, Bob. "GMROI and Turn & Earn" Retrieved from   Accessed on 25 June, 2005http://www.smarterdistribution.com/article35.htm 

"FIFO" Wikipedia, the free encyclopedia. Retrieved from   Accessed on 25 June, 2005http://en.wikipedia.org/wiki/FIFO 

"LIFO" Wikipedia, the free encyclopedia. Retrieved from   Accessed on 25 June, 2005http://en.wikipedia.org/wiki/LIFO 

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 that the…...

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References

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/

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…...

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References

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+.

Inventory
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 track of inventory…...

Controls for Inflows
Controls for Cash

The control of organizational cash would be completed through five gradual stages, as follows:

The creation of a special place where the cash is to be collected and deposited. Three such places are common -- the cash register, the organizational safe and the bank account. It is important to protect all these cash storage facilities by only granting access to them to a few of the most responsible and trustworthy employees.

The creation of a counting and organization system which allows for the most efficient operations with the cash. For instance, all the coins would be selected based on value categories and they would be counted and packed so that they are worth a given value of one dollar, five dollars and so on. All bills would also be divided based on their value and would be organized into piles of specific values, such as $100, $1,000 and…...

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References:

Louwers, T.J., Ramsay, R.J., Strawser, J.R., 2007, Auditing and assurance services, 2nd edition, 2007, McGraw-Hill Companies

Tatum, M., 2010, What is cash control, Wise Geek,   accessed on July 5, 2010http://www.wisegeek.com/what-is-cash-control.htmlast 

2010, Sales control, Business Dictionary,   last accessed on July 5, 2010http://www.businessdictionary.com/definition/sales-control.html 

CONTOL Self-ASSESSMENT
Order ID: Control Self-Assessment

Control Self-Assessment (CSA), also known as internal audit risk assessment is one of the management tools used to facilitate workers to be more effective in realizing their goals and managing associated risks which occurs, as a result. In risk management, organizations can "systematically identify potential exposures, take corrective actions early, and learn from those actions to achieve objectives" (David, 2004, p.6).

CSA in a company takes place to control and maybe to develop more controls if required within the company or a department. Within an organizational department, the employees are to determine the hindrances to be overcome or the strength to be leveraged and they are to agree on the most appropriate action to do to improve on the situation. One of the strengths of this management tool is that, it brings employees together, so that they can be able to identify and focus on issues which…...

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References

Hightower, R. (2008). Internal Controls Policies and Procedures: John Wiley & Sons.

Pickett, K.H.S. (2005). The essential handbook of internal auditing: Wiley

El-Dine, D.S. (2005). Control self-assessment: concepts and applications: manual for practitioners and exam preparation guide for the Certification in control self-assessment exam: Thomson/South-Western.

Auditors, I. o. I., & Center, I. o I.A.C.S.A. (1997). Control Self-Assessment Workshop Facilitator's Guide: Institute of Internal Auditors..

The company needed greater agility in managing how it responded to customer demands, and also needed to have much greater control over inventory management as a process as well. In responding to these strategic weaknesses in the company, Mr. Nardelli invested $1B in new information systems and created entirely new information systems platforms for the more efficient sharing of sales data between stores and with regional and worldwide headquarters in Atlanta. As a result of this system, Home Depot was able to capitalize on the building boom of the 1990s that lasted into the 21st century, and soundly beat their financial estimates of performance as a result. These systems were also directly responsible for the company gaining market share over Lowes' and other do-it-yourself chains globally as well (eingold, 2008). The use of it as a strategic advantage, combined with its reporting accuracy of key metrics, was used by…...

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References

Richard H. Franke, Anthony J. Mento, Steve M. Prumo, & Timothy W. Edlund. (2007). General Electric Performance over a Half Century: Evaluation of Effects of Leadership and Other Strategic Factors by Quantitative Case Analysis. International Journal of Business, 12(1), 137-150.

Grow, B., Brady, D. & Arndt, M. (2006). Renovating Home Depot. Business Week, March 6, 2006, Issue 3974, Pages 50-55, 2003

Jennifer Reingold (2008, September). HOME DEPOT'S TOTAL REHAB. Fortune, 158(6), 159.

Jack and Suzy Welch. (2007, September). Tough Guys Finish First. Business Week (Online),1.

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 fan parts made…...

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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 

Ibid.

running smoothly subject control. If commit finding fixing problems, 'll carry effective control ( organization) fewer personnel' (Minoura, 2003). Discuss statement means agree . Describe organization experience, researched, benefitted --time (JIT) techniques special reference inventory control.
I agree with this statement and there are several elements in it that need further discussion. First of all, it clearly defines how control should be defined and applied within an organization. According to the statement made by Minoura, there are two different scenarios that need to be considered. One is when things are ok, in which case nothing should be changed and control should not be imposed. The second scenario develops as the organization is committed to investigating the process and to determining when problems occur. If this happens, effective control needs to be implemented to correct the errors and achieve the first scenario.

The question arises on how a process can be deemed…...

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## Amazon's Simplified Design Approach in Logistics: Enhancing Supply Chain Management Efficiency

Amazon's logistics operation is renowned for its relentless focus on efficiency and customer satisfaction. This is partly attributed to its simplified design approach, which underpins the company's supply chain management practices. Here's how Amazon's simplified logistics design contributes to enhanced supply chain efficiency:

1. Centrally Managed Distribution Network:

Amazon operates a centralized distribution network with a few strategically located fulfillment centers. This allows for better inventory control and optimization. By consolidating inventory in fewer locations, Amazon reduces the complexity of its supply chain and improves visibility.

2. Standardized Warehouse Processes:

Standardization is paramount....