Jul 18, 2017 Research papers

Inventory and Supply Management

This paper concentrates on the primary theme of Inventory and Supply Management in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Inventory and Supply Management

INSTRUCTIONS:

Supply chain management is the careful attention paid to the process that sees materials, information, and finances move from supplier to manufacturer to wholesaler to retailer to consumer. Supply chain management focuses on efficiently and effectively coordinating the flows of the supply chain process both within and between companies. Often, the main goal of supply chain management is to reduce inventory, thus resulting in better efficiency and reduced costs. Here are a couple of general descriptions of the inventory control problem:

Almyta Systems (2009) Overview of inventory control. Retrieved Feb. 21, 2009, from http://systems.almyta.com/Inventory_1.asp and http://systems.almyta.com/Inventory_2.asp

Since 1986, the Voluntary Interindustry Commerce Solutions Association (VICS) has worked to improve the efficiency and effectiveness of the entire supply chain. ... VICS is made up of companies who have proven that a timely and accurate flow of product and information between trading partners significantly improves their competitive position. It has been demonstrated that cross-industry commerce standards facilitate better customer service while reducing costs. VICS` participation with hundreds of small and large companies has established that the implementation of VICS` business processes and standards achieve excellent returns that go far beyond initial expectations."

The VICS Collaborative Planning, Forecasting & Replenishment (CPFR®) Committee has had as its mission:

"... to develop business guidelines and roadmaps for various collaborative scenarios, which include upstream suppliers, suppliers of finished goods and retailers, which integrate demand and supply planning and execution."

You can read a summary of their work here:

VICS (N.D.) Overview of Collaborative Planning, Forecasting & Replenishment (CPFR®). Retrieved January 10, 2014, from http://www.gs1us.org/DesktopModules/Bring2mind/DMX/Download.aspx?Command=Core_Download&EntryId=631&PortalId=0&TabId=785

Now let’s consider a real-world description of an application of forecasting to inventory control:

Murphy, J. (2002) Enabling its field sales managers to collaborate on forecasts allowed Coca-Cola Bottling Co. Consolidated to slash inventories in half while absorbing 150 new products. Global Logistics & Supply Chain Strategies—November. Retrieved Nov. 8, 2010, from http://www.glscs.com/archives/11.02.coke.htm?adcode=5

After reading these articles, reviewing information from the Background readings, and researching other sources on your own, prepare a 3- to 4-page paper on the following topic:

True or false: Coca-Cola`s experience with inventory forecasting supports the principles set forth by CPFR. If so, how? If not, why not? Be sure to take a clear stand.

Assignment Expectations

Your paper should be from three to five pages. Take a definite stand on the issues, and develop your supporting argument carefully. Using material from the Background information and any other sources you can find to support specific points in your argument is highly recommended; try to avoid making assertions for which you can find no support other than your own opinion.

You will be particularly assessed on:

  • Precision: Draw on a range of sources and establish your understanding of the historical context of the question. Carry out the exercise as assigned, or carefully explain the limitations that might have prevented your completing some parts. (Running out of time isn’t generally considered an adequate limitation.)
  • Support for assertions: Use examples, citations (especially to the required readings), and elaboration to support assertions. Provide evidence that you have read the required Background materials.
  • Clarity: Provide clear answers that show good understanding of the topic. Understand the module`s purpose, and structure your paper accordingly.
  • Breadth and depth: Make the scope of your paper relate directly to the questions of the assignment and the learning outcomes of the module.
  • Critical thinking: Incorporate your reactions, examples, and applications of the material to business in a way that illustrates your reflective judgment and good understanding of the concepts. Read the Required Readings posted in the Background material plus others you find relevant. Providing informed commentary and analysis is vital—simply repeating what sources say does not constitute an adequate paper.
  • Overall quality: Turn in a well-written paper whose references, where needed, are properly cited and listed. (Refer to the University guidelines (http://support.trident.edu/files/Well-Written-Paper.pdf if you are uncertain about formats or other issues.)
CONTENT:

Inventory and Supply Management Insert Name Subject Date Institution Introduction Inventory control is a procedure that companies use to know which stocks to order and when and how to obtain them (Siefert, 2003). Stock controllers follow a set of regulations in inventory control. An inventory is good if it has low levels of stock. It allows supplies officers to order enough stock. Purchasing of stock needs a lot of care to avoid a disastrous outcome that could affect an organization. Manufacturing mistakes can have little effect in comparison to the errors in purchase of stocks. Large organizations experience difficulty in movement of stock through its sites. A company needs to keep a good inventory records and set guidelines that identify the MIN and MAX value of an inventory item (Axsäter, 2011). When an item drops below MIN, the purchasing agents restocks to MAX. The inclusion of rules combined with the ingenuity of people gives best results of the company’s inventory. The success of inventory control depends on several factors. They need to ensure data is on time and correct. Procurement teams can answer questions on which stocks to keep, when to make orders, and means of ordering. Implementing efficient models ensures that inventory control is possible (Kracklauer, 2004). Computers database, cent

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