MT435 journal 10 Each week you will work on one aspect that will help you prepar
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Question
MT435 journal 10
Each week you will work on one aspect that will help you prepare for the course and reflect. Consider this Journal as study notes. This Journal will provide an opportunity to capture new ideas from knowledge gained and record your thoughts throughout the course. This will also give you an opportunity to record questions you may wish to research further in preparation for other assigned work. Please remember that copying and pasting your own notes without revising is a form of self-plagiarism.
Begin your post with the label: Unit 10: Inventory Management.
Research the following topics related to Inventory Management:
Demand
Inventory control systems
EOQ
Role of inventory management
Reorder point
Select three of the topics listed and compose 3 paragraphs describing the topics (1 paragraph per selected topic) based on the course material and additional research you conduct online.
Explanation / Answer
Inventory management system can be defined as a system which organisation structure the warehouse. Buy successfully in knowing how much of the total goods are left in the warehouse can also be done with the help of the inventory management. Inventory management plays an important role in a warehouse and increases its overall efficiency as well as decrease is the overall retrieval time. Inventory management system also provides better management of the overall products as well as better space allocation by determining the best available please for the specific product into the warehouse.
Inventory management is an essential task for each and every organisation to stay productive and to efficiently maintain the overall inventory inside their warehouses as well as a storage platforms.
Some methods which can be used to improve the inventory Optimisation are as follows
• Annual stocking policies.
Determining the maximum number of inventory that can be stocked annually and the specific supply they are mandatory to be kept in the warehouse across the spanning structure of the warehousing is very necessary. Setting up the safety stock levels as well as an average inventory level is very beneficial for optimising the inventory system.
• Preparing budget
Proper budget by keeping the inventory requirement in mind should be created. Budget plays an important role in optimising the overall inventory according to the market and organisations need. This specific budgeting system directly increases the overall level of efficiency as well as productivity of the organisation the overall logistic, distribution as well as carrying cost are widely reduced.
• Inventory turnover ratio
Calculating the used inventory and determining if the inventory is used or turned over can be very beneficial for an organisation to maintain an optimised position of the inventory system. This spacific type of inventory management is required to properly fill and drain the inventory management while maintaining your overall efficiency of the system.
• Electronic inventory management system
Applying the electronic inventory management system into the organisation would make a huge difference as electronic management system organises the overall structure of the inventory according to the needs and gives you a bet analysis of the specific position. This specific term is widely used for managing large inventory and efficiently optimising the overall inventory management system.
• Automation
Applying automation in inventory can be very beneficial for an organisation to maintain an advantage over a retrieval as well as during process. Automation provide extremely accurate data and also accurately enhances the overall position of the inventory.
• Demand forecasting
Forecasting the demand of the customers inventory which need to be stored can be defined. This is specific term is also very useful for reducing the overall cost and increasing the cost to place ratio for restoring overall Woods.
• Continuous process improvement
By learning from the previous stock and continuously improving the organisational structure can be very beneficial for an organisation to maintain an optimised position in inventory management. Continuous process improvement also helps an organisation to create a better inventory management system which directly increases the overall efficiency of the system.
EOQ - economic order quantity can be defined as an ideal quantity foreign company should purchase for their specific inventory for the available cost or set cost of a production by forecasting the demand as well as read and other variables. This type of order quantity is basically done for reducing the impact of variable inventory cost as well as a shortage cost.
EOQ = (2SD / H)
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