StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Inventory Management for EMC - Research Paper Example

Comments (0) Cite this document
Summary
Inventories in their various forms represent a material portion of the assets of these companies and so proper management is critical. According to Strategos, it…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.9% of users find it useful
Inventory Management for EMC
Read TextPreview

Extract of sample "Inventory Management for EMC"

Download file to see previous pages Figure 1 indicates that most of the goods are work-in-progress. At the beginning of the year work-in-progress (WIP) represented approximately 39% of the goods in stock, finished goods 25, raw materials 21% and purchased parts 15%. At the end of the period they represent 36%, 28%, 19% and 17% respectively. According to Wong (2006) the first step in determining an inventory situation can be facilitated through the use of ABC analysis. This analysis determines the importance of items and the level of controls placed on them. Using the relative proportions of cost of goods sold for the company’s product line the relative proportions of the different inventory types are shown in Table 1 below.
The actual raw material and purchased parts that are used to make the different products in each product line has not been identified but it shows that 37.48% are decorative hardware, 27.25% construction hardware, 25.85% Cabinet Hardware and 9.42% Fasteners.
In order to improve the inventory situation at EMC the company should first apply ABC analysis. ABC analysis places emphasis on the value of inventory (Wong n.d.). Focusing on inventory with the highest value can allow companies to assign the necessary resources to achieve the optimum inventory levels and in so doing reduce inventory cost while ensuring that customers needs are met (Wong n.d.). ABC analysis when applied to EMC’s inventory situation will help the company determine the importance of items and the level of controls that should be placed on them. The majority of EMC’s inventory relates to items used in the production of decorative and construction hardware. These could be described as the A items because they are of higher value while those used in the production of cabinet hardware would be the B items, and fasteners - C items. The A items (a combination of decorative and construction hardware ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Inventory Management for EMC Research Paper Example | Topics and Well Written Essays - 1000 words - 1”, n.d.)
Inventory Management for EMC Research Paper Example | Topics and Well Written Essays - 1000 words - 1. Retrieved from https://studentshare.org/management/1579547-inventory-management-for-emc
(Inventory Management for EMC Research Paper Example | Topics and Well Written Essays - 1000 Words - 1)
Inventory Management for EMC Research Paper Example | Topics and Well Written Essays - 1000 Words - 1. https://studentshare.org/management/1579547-inventory-management-for-emc.
“Inventory Management for EMC Research Paper Example | Topics and Well Written Essays - 1000 Words - 1”, n.d. https://studentshare.org/management/1579547-inventory-management-for-emc.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Inventory Management for EMC

EMC Plc Strategic Management

...? UG Programme Strategic Management The Executive Business Simulation …..Driving the Learning Experience EMC Plc Briefing Paper Table of Contents Executive Summary 2 Heneric, O, Licht, G, & Sofk, W, (2005), Europe's automotive industry on the move: competitiveness in a changing world, Springer, Germany. 15 Executive Summary Various companies enter into the market with hopes of making supernormal profits through outwitting already existing firms. In any case, such new entrants go into the market after identifying various weaknesses of existing firms. While taking advantage of the weaknesses portrayed by already existing firms, new entrants succeed at the first instance but later on start encountering...
16 Pages(4000 words)Essay

Quality Management at EMC

...Vice President of Operations A.N. Quality Consultant Quality Management at EMC 10th October Report Introduction According to Pyzdek (2009) quality is the value added by a productive endeavour. Improving quality at EMC would require that every aspect of the process involved in manufacturing the Plasti-brac product line be carefully analysed. This is necessary before quality planning, control and improvement can be facilitated. Analysis of EMC’s Processes In order to determine if a process supplies products that are out of specification (OOS) process capability studies need to be done. Process capability is defined as the capability of a process to meet specifications...
4 Pages(1000 words)Research Paper

Solving a Complex Problem at EMC

...Vice President of Operations A.N. Consultant Solving a Complex Problem at EMC 18th October Report Introduction Operations at the Excellent Manufacturing Company (EMC) are fraught with problems. These problems range from order back log to quality issues. They result from other problems that face the company. It will not be easy to resolve these issues immediately as implementing changes will take some time. Additional resources – both human and financial may be needed to help in solving the problems. There is no doubt that changes will be necessary at all levels of the organization as persons who possess knowledge and skills in certain areas will be required to lead the change. Analysis of the situation...
3 Pages(750 words)Research Paper

Inventory Management

...Introduction Before going into the topic of discussing some of the important issues regarding inventory management, we must first get to know what inventory management is and the importance of inventory management in companies and organizations. The process of inventory management involves controlling of the inventory items in a way that neither they become too much in excess for the organization, nor do they get out of stock so that when the company needs them, they are not available in the stock. Morris (2006) states that Inventory management, if done...
10 Pages(2500 words)Essay

Productivity & Process Improvement for EMC

...Productivity & Process Improvement for EMC of the of the Productivity & Process Improvement for EMC INTRODUCTION In thispaper we are going to study the productivity and processes of the Excellent Manufacturing Company and see if further improvements can be made to their production processes by changing techniques or adopting procedures that use lean manufacturing and similar quality control and productivity improvement techniques. ANALYSIS OF PROCESSES AND DETERMINING PRODUCTIVITY MEASURES FOR EMC 1. As a first step, I suggest that two or more processes could be combined to save time and improve quality, or that the entire process needs to be revamped and new...
3 Pages(750 words)Research Paper

Inventory Management

...26th November Inventory Management The recent economic downturn called for adoption of strong measures by companies in order to control production and avoid increased cost of storing inventory. This is due to the decreased purchasing power of consumers across many countries in the world. Inventory management is an essential aspect that companies cannot overlook based on the fact that inventories are the major expense incurred during the operations of any organization. In this regard, it is prudent for managers to emulate effective systems of controlling their stock. In order to meet the demand of their customers, most...
10 Pages(2500 words)Essay

Inventory Management

...Inventory Management Inventory Management Outline Report to board of Directors of Wooden Wonder Ltd Background Presentation on current issues Economic Order Quantity Re-order level Real Life Examples Advantages of Holding Inventories Disadvantages of Holding inventories Alternative methods of inventory management Bin Systems Periodic Review System Just in time (JIT) Recommendations to board of director References REFLECTIVE JOURNALS Report to Board of Directors Company: Wooden Wonders Ltd Subject: Inventory Management Date: ISSUE: Minimise the costs...
14 Pages(3500 words)Essay

Inventory Management

...Question Inventory management is important for proper running of any business. Just -in -time method of inventory is one of the methods used to achieve this effect. The technique enables the effective movement of material in a particular area and at the required time. This involves a system of coordinated operations each closely knitted to the subsequent one to ensure efficiency. However, just- in -time software is not able to foresee delivery problems that arise as a result of poor weather conditions and labor strikes. In such a situation, a company using this form of inventory management needs to mitigate delivery issues by focusing on the flow of...
1 Pages(250 words)Research Paper

Inventory Management

...INVENTORY MANAGEMENT NYK Logistics CO. NYK logistics uses the RFID to ensure safe and throughtout of its containers. The containers must be monitored to avoid mishandling and wrong delivery. They are coded to easien tracking and monitoring of the stock. (Smith, 2005) Sushi Restaurant It uses RFID to monitor the food staffs even on the plates when they are running out of stock. This assists them to take necessary strategies before the stock collapses. The system also captures the customers buying data which ensures monitoring of the stocks. (James, 2006) Advantages of RFID I. Security. The RFID is the major source of security in any business. The stock products are coded and this ensures their monitoring. The computerized system... will...
1 Pages(250 words)Assignment

Inventory Management

...Inventory Management al Affiliation) Problem One a) FIFO Method March 3000 units @ $8.00 = $24000 March 8 5000 units @ $8.40 = $42000 Sales: March 14 4000 units @ $14.00 = $ 56000 C.O.G: March 14 3000 units @ $8.00 = $24000 1000 units @ $8.40 =$8400 Total: $32400 Inventory balance: 4000 units @8.40 = $33600 March 18: 6000 units @ 8.20 = $49200 Sales: March 25 7000 units @ $14.00 = $98000 C.O.G: March 25 4000 units @ $8.40 = $33600 3000 units @ $8.20 = $24600 Total: $58200 Inventory Balance: 3000...
1 Pages(250 words)Assignment
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 Management for EMC for FREE!

Contact Us