Inventory Planning and Control Systems - Research Paper Example

Comments (1) Cite this document
Summary
Increasing importance of inventory planning and control in recent years is discussed in this report. Different methods of inventory management are discussed emphasizing on the benefits of focusing on the particular system. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.9% of users find it useful
Inventory Planning and Control Systems
Read TextPreview

Extract of sample "Inventory Planning and Control Systems"

Download file to see previous pages Supported with an example of the sugar industry, the report further emphasizes on the disadvantages of inventory mismanagement. Listing the problems related to inventory control encountered by the management the report further identifies the solutions required to solve them. The report contains valuable information regarding efficiencies that exist in a firm due to proper inventory planning and control. It also emphasizes on the impact inventory planning and control has on the competitiveness of a firm and how the competitiveness results into increased profitability. The report summarizes the critical importance of inventory planning and control for a firm to survive in an industry and the fierce competition. An inventory can be defined as a list of goods which are either finished, in form of raw material, in process or just simply as stock in hand. Inventory is also usually referred to as the list which contains all the information regarding the operation management of an organization. In detail, an inventory includes the amount of raw material available and the amount required to be ordered, finished goods ready to be delivered to the customers, goods stocked in the warehouse and even the half finished goods that require space to be stored before they move on to the next phase of the production process. Besides exceptional cases such as of those firms in the services industries; inventories are considered to be a firm’s major revenue producer. Reasons for holding inventory Inventory is basically the most critical component of a production process and it exists in an organization just so that the firm is able to respond to requirements in relation with forecasted demand. The need for inventory can arise in situations where the product has uncertain demand and the producers are not particularly sure about the amount they should produce (Broyles, 2003, p.389). They therefore resort to inventory tactics such as producing in excess of the estimate forecasted. In some industries there is even a percentage of uncertainty regarding the availability of raw material. For example the sugar industry is plagued with the uncertainty attached to sugar cane because floods may sometimes ruin the crop. Furthermore, lack of rain and lack of fertility of a land leads to low levels of sucrose extracted ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Inventory Planning and Control Systems Research Paper”, n.d.)
Retrieved from https://studentshare.org/management/1394206-inventory-planning-and-control-systems
(Inventory Planning and Control Systems Research Paper)
https://studentshare.org/management/1394206-inventory-planning-and-control-systems.
“Inventory Planning and Control Systems Research Paper”, n.d. https://studentshare.org/management/1394206-inventory-planning-and-control-systems.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
de
dee84 added comment 1 year ago
Student rated this paper as
I had an issue with a research paper types of works. All until I came across this website and this particular essay. Even though "Inventory Planning and Control Systems." is far from my studies, the structure is so great that I use it all the time as an example for my own works.

CHECK THESE SAMPLES OF Inventory Planning and Control Systems

Inventory Control Methods

...Inventory Control Methods Table of Contents Table of Contents 1 Introduction 2 Statistics in Business 3 Six Sigma 3 Statistics in Inventory Control 5 Use of ABC Method 5 Information Technology (IT) in Business 6 Information System in Inventory Control 6 Business Intelligence (BI) Tools 7 Information Technology (IT) in Supply Chain 9 Conclusion 12 Works Cited 13 Introduction In present day context, majority of business enterprises confront the challenges of using vast amount of data. The business data not only comprises of simple databases but also include information regarding e-mails, customer calls, messages, and...
9 Pages(2250 words)Research Paper

Planning,Control, and Risk

...? Planning, Control, and Risk Boris Lyles Acc-570 Jacquelyn Mosely 07/09 Company Summary Apple Inc. is a multinational company popular in the segment of selling and designing of computer software, computer electronics and personal computers. The company is best known for its products like Macintosh computers, iPhone, iPad and iPod. According to the “Fortune” magazine, Apple Inc. was considered the most admired company in 2008 in the United States (Goldman, 2012). At present, Apple is the largest publicly traded company by market capitalization in the world. Apple Inc. is the largest technological company in the world in terms of profit and revenue, bigger than Microsoft and Google combined (Hughes, 2012)....
6 Pages(1500 words)Research Paper

Inventory Control System

... Just as business experts have suggested, the best warehouse is an empty warehouse, with the inventories being delivered just in time. Since every business endeavors to maximize profit, and since proper inventory management results to the achievement of this endeavor, this study is definitely an interest among businessmen. We have started the study with a query on how to improve the overall inventory system and controls within the organization. To answer our general query as well as the specific inquiries, we employed an effective methodology. In this study we have found out that the online inventory software is the most useful, effective and cost-efficient. This study reveals that companies should modernize their inventory system... ...
25 Pages(6250 words)Dissertation

Financial Planning and Control

...are enhanced if the person learns to analyze and interpret financial data correctly. Every decision a manager working in a business makes has some type of economic repercussion. The more the decision makes uses financial tools the more the person realizes that financial metrics provide the best and simplest way to create metrics that evaluate different business functions. Some of the multiple techniques that exist in the finance discipline that can used by manager of engineering business models are cash flow analysis, master budget, variance analysis, financial forecasting, JIT inventory, and budgetary planning. 3. Briefly describe costing systems such as absorption costing, marginal...
4 Pages(1000 words)Essay

Business Inventory control

...Business inventory control Inventory analysis and control for an organization is a planned approach of determining what to order, when to order, how much to order and how much to stock so that the costs associated with buying and storing without interrupting production and sales (Kumar, 2006, pg: 67). Inventory control basically aims at finding answers to address two basic problems: a. When should an item from the inventory be ordered? b. How much an item should be ordered? If a firm maintains a large inventory, goods can be made available to quickly to customers. However the same leads to high storage and maintenance costs. At the same time, very less amounts of inventory will lead to order not being fulfilled and customer... ...
2 Pages(500 words)Essay

Inventory Management Systems

...found by the users are fixed this includes wrong report format, semantic errors and many others (Silver & Peterson 2008). Perfective maintenance involves implementing changed or new user requirements that will improve the performance of the inventory system and ensure that it meets up to date requirements of the business. Preventive maintenance ensures that the inventory system is reliable and prevents any future problems. Proper maintenance of the system will ensure that the system works efficiently and effectively all the time and cannot slow down any business process. The following is the workflow of the inventory...
3 Pages(750 words)Assignment

Strategic planning and control

...Reflective Learning Log BY YOU YOUR SCHOOL INFO HERE HERE YOUR TABLE OF CONTENTS HERE Learning Log The teacher told us to start play a game named CESIM on the Internet in the second week. The teacher required four students as a team was equivalent to one corporation. In the CESIM, USA, Asia and Europe are the three areas and what we need to do is to operate the corporation well and win the competition. However, I had never used the CESIM before and I think it was too difficult for me to operate it. Therefore I asked teacher for help. Fortunately, the teacher explained to me carefully. She said if your company want to win you should know how to control your company’s production at first. Secondly, you need to realise how...
8 Pages(2000 words)Assignment

Operations planning & control

.... The level capacity plan analysis The level capacity plan for 2014 suggested production of 81600 litres of ice-cream a year, which means approximately 6800 litres of ice-cream every month. Taking into consideration the fact that the farm’s business is highly dependent on the season, the level capacity plan might not be the best option for the company’s efficiency as the inventory costs can be significant. However, taking into consideration inventory levels it is possible to say that there were no shortages over some months in 2014, and there was sufficient freezing capacity to stock products. An effective level capacity plan for the...
12 Pages(3000 words)Case Study

Inventory control

...Inventory Control of Institute Periodic Review With Joint Ordering Periodic Review Inventory ControlSystem 2. The order review interval is 2.49 while the target inventory levels are 494, 451 and 713 for 1B-a, 1B-b and 1B-c respectively. The inventory control policy is to place orders every 2.49 weeks and maintain inventory at levels of 494, 451 and 713. 3. The average inventory levels for 1B-a, 1B-b and 1B-c are 224.3, 436.2 and 324.0 respectively. 4. The current average inventory levels are at 360. Apart from 1B-b, the other two have lower optimized average...
5 Pages(1250 words)Assignment

Fishbowl Inventory Control Solution

...Fishbowl Inventory Control Solution Fishbowl Inventory Control Solution The Fishbowl inventory software is an inventory-based management solution typical of small and medium-sized businesses that aim at tracking their inventories, control of their orders, and the integration of their services with QuickBooks. There are critical components that need consideration for the implementation and practical use of the software in the company (Bozalek, 2013). They include importing the customers’, vendors’, and inventory details from the existing packages into the QuickBooks. Additionally, it requires setting up the users, customizing the reports, and integrating the QuickBooks with the other applications used by the third parties to align... the...
2 Pages(500 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Inventory Planning and Control Systems for FREE!

Contact Us