“Management of Inventories” Please respond to the following:
PART 1 PLEASE RESPOND THE FOLLOWING QUESTION IN NO LESS THEB 275 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 REFERENCE)
“Management of Inventories” Please respond to the following:
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From the first e-Activity, examine the best practices found in the video on inventory management. The video link: https://www.youtube.com/watch?v=C8Z3IApWCNQ
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From the second e-Activity, choose two service companies that manage inventory and compare and contrast their inventory management systems. Use the Internet to research service or product companies; take a note on how they manage their inventories. (U.S. COMPANIES) Be prepared to discuss.
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Based on your evaluation of both inventory management systems from Part 2 of this discussion, propose suggestions to management that would ultimately lead to improve operations.
PART 2 PLEASE COMMENT TO THIS DISCUSSION NO LESS THE 175 WORDS BASE ON 1 CREDIBLE RESORCE
Author: Anonymous
Date: Thursday, February 21, 2013 4:14:58 PM EST
Subject: Week 7 Discussion 1“Management of Inventories” Please respond to the following:
- From the first e-Activity, examine the best practices found in the video on inventory management.
- From the second e-Activity, choose two service companies that manage inventory and compare and contrast their inventory management systems.
- Based on your evaluation of both inventory management systems from Part 2 of this discussion, propose suggestions to management that would ultimately lead to improve operations.
• From the first e-Activity, examine the best practices found in the video on inventory management. When using best practices, it’s a commitment to use all the knowledge and technology at one’s disposal to ensure success for your business. In the video it stated, when it comes to stocking your inventory you should stock the good inventory that provides an acceptable return on your investment. The only way to do this, you will need to be able to calculate what inventory is good and what is bad or little usage, so you will be able to get rid of the bad inventory that’s not going to bring you any profit. A business should be able to manage their inventory by knowing how to manage your inventory you can save your company thousands of dollars.
• From the second e-Activity, choose two service companies that manage inventory and compare and contrast their inventory management systems. Holiday Inn is a service that has inventory, their inventory is their hotel rooms and food and beverage that is consumed at the hotel. McDonalds is another service and their inventory is food and drinks, this also include ingredients, and both Holiday Inn and McDonald’s must make sure they have the best customer service and inventory available for their customers.
• Based on your evaluation of both inventory management systems from Part 2 of this discussion, propose suggestions to management that would ultimately lead to improve operations.
Vendor Performance – Allows hotel managers to choose better performing vendors by tracking information such as time of delivery time, accuracy of delivery, cost effectiveness etc.
Vendor Accountability – Ensuring a vendor delivers the right shipment and hotels. An integrated inventory management system allows hotel managers to pinpoint errors in delivery with great accuracy and make vendors accountable for their own action.
Order Management – to prevent both overstocking and stock outing situations.
Data obtained from inventory management system can be advantageous to increase the efficiency of a hotel. To begin with inventory management maintains a database of all buying, selling and consumption trends and thus acts as an incredible source of business information as it pinpoints areas of concern and helps minimize fraud. https://hospitalitytechnology.wordpress.com/2012/05/15/inventory-management-system/
In fast food restaurants like McDonalds, inventory management helps reduce waste and theft, they will need to be able to track every ingredient and this helps to better track food costs, and this can also increase profit margins, like identifying menu items with high margins that should be promoted and menu items with low margins where the recipe should be adjusted or the price recalculated. The system will even recommend the selling price of products based on the food cost, allowing you to specify the required amount of margin on any product. http://www.maitredpos.com/inventory-management
APA FORMAT, ORIGINAL WORK, NO PLAGIARISM, 1 REFERENCE PARTS, PART 1 PLEASE RESPOND IN 275 WORDS, PART 2 COMMENT TO THIS DISCUSSION NO LESS THE 175 (PLEASE AGREE WITH ONE OF THE STATEMENTS AND FIND ADDITIONAL INFORMATION)
