Although organisations in the manufacturing sector usually carry more inventory than service firms, effective inventory management is nonetheless important to both manufacturers and service organisations’ (Heizer and Render, 2021). Considering this statement examine the functions of inventory and advise operations managers on how they can determine the right inventory to hold at any given time this is not exam question, it is homework help

Although organisations in the manufacturing sector usually carry more inventory than service firms, effective inventory management is nonetheless important to both manufacturers and service organisations’ (Heizer and Render, 2021). Considering this statement examine the functions of inventory and advise operations managers on how they can determine the right inventory to hold at any given time this is not exam question, it is homework help

Name: ‘Although organisations in the manufacturing sector usually carry more
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Description: ‘Although organisations in the manufacturing sector usually carry more inventory than service firms, effective inventorymanagement is nonetheless important to both manufacturers and service organisations’ (Heizer and Render, 2021).Considering this st

Purchasing and Supply Chain Management

6th Edition

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Chapter2: The Purchasing Process

Section: Chapter Questions

Problem 1GPE

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Similar questions

Why is there a need to balance the inventory needs with customer’s needs?
“The ABC Supply company is currently experiencing with an inventory rotation problem. This difficulty stems from the fact that some supplies must be used prior to a stated expiration date. Upon receipt, a new shipment of these perishable items must be stacked beneath the boxes that are currently in inventory. A substantial amount of time is consumed in restacking the items according to their expiration dates.” Required: Explain the DMAIC methodology that can be used by the “ABC” company to implement Six Sigma Process for the above scenario. 800 words
“The ABC Supply company is currently experiencing with an inventory rotation problem. This difficulty stems from the fact that some supplies must be used prior to a stated expiration date. Upon receipt, a new shipment of these perishable items must be stacked beneath the boxes that are currently in inventory. A substantial amount of time is consumed in restacking the items according to their expiration dates.” Required: Explain the DMAIC methodology that can be used by the “ABC” company to implement Six Sigma Process for the above scenario.
Explain the following in respect of the Inventory: a) Characteristics b) Need
What is the relationship between inventory and the nine competitive priorities we discussed in Chapter 1, ”Using Operations to Create Value”? Suppose that two competing manufacturers, Company H and Company L, are similar except that Company H has much higher investments in raw materials, work-in-process, and finished goods inventory than Company L. In which of the nine competitive priorities will Company H have an advantage?
Green Gardens' owner has asked your advice about a possible problem at his business. Over the last 6 months the large-sized lawn and garden inventory (ie, tables, chairs, planters, etc.) has appeared to be short. The inventory records that employees use to determine what is on hand show that more inventory is available than can actually be located. This has cause frustration and mis-trust in the inventory records for the sales employees. The owner realizes that the problem is bigger than just frustrated employees. He is afraid that inventory is being stolen, a problem he didn't think possible given that these are large items that are not easily moved. Requirements: Provide the owner with two internal controls that he could implement to reduce the likelihood of theft of the lawn and garden inventory.
Samson is trying to solve the inventory needs for his fidget spinner business. He is in talks with two manufacturing businesses that can solve his problems. He is debating with himself if he should choose one or the other for his business. What role of Operations Management is Samson embodying in this scenario? (A) Storage and Inventory System (B Materials and Requisition Evaluation of Suppliers D Quality Control Management
What are the origins and fundamental concepts underlying inventory problems? what are they?
Give an example to a system requirements engineer of how to keep track of both functional and non-functional needs in an inventory?
ENUMERATE 10 POSITIVE RESULTS YOU CAN EXPECT IF INVENTORY WILL BE PROPERLY OR EFFECTIVELY MANAGED. NO NEED TO EXPLAIN.
Muscle Bound is a chain of fitness stores located in many largeshopping centers. Recently, an internal memo from the CEOto all operations personnel complained about the budget over-runs at Muscle Bound’s central warehouse. In particular, shesaid that inventories were too high and that the budget will becut dramatically and proportionately equal for all items in stock.Consequently, warehouse management set up a pilot study tosee what effect the budget cuts would have on customer service.They chose 5-pound barbells, which are a high volume SKU andconsume considerable warehouse space. Daily demand for thebarbells is 1,000 units, with a standard deviation of 150 units.Ordering costs are $40 per order. Holding costs are $2/unit/year.The supplier is located in the Philippines; consequently, thelead time is 35 days with a standard deviation of 5 days. MuscleBound stores operate 313 days a year (no Sundays).Suppose that the barbells are allocated a budget of $16,000 fortotal annual costs. If…
The question below is from the attached image of a video case file from Operations Management: Processes and Supply Chains (11th Edition) by by Krajewski, L. J., Malhotra, M. K. & Ritzman, L. P. 1. The Marker Maker product recently experienced an unexpected surge in demand and the supply chain’s agility was credited with helping to meet the crisis. We have discussed four ways to classify operational inventories by how they are created. Regarding the ways managers can use these inventories to satisfy demand, explain how Crayola can achieve the flexibility to adjust to unexpected demand surges.