Answer To: Homework 7ISYE695 Graduate SeminarName:Problem Statement2. Literature Review...
Asif answered on Mar 10 2023
Homework 7 ISYE695 Graduate Seminar Name:
Problem Statement: I am studying finished goods inventory at ABC Company because I want the company to manage its inventory levels better in order to make goods available to customers in a timely manner so that the company increases its revenue.
2. Literature Review
The core/main aim or purpose of literature review is to offer a clear overview towards the related literature categories related to finished goods inventory management. The categories of literature are summarized in the table 1 below:
…… Table 1 shows a summary of the literature ……………..
Table 1. Summary of Past Literature Reviewed
Source
Proposed
Adams, & Smith, (2012).
Inventory Control Techniques (ICT)
Strategies of Inventory Optimization
Risk Management
Analyze the inventory management practices at the company ABC
JIT (Just-In-Time)
Lead time analysis,
Contingency planning
Address the specific areas for the improvement to ensure timely availability of goods to customers and increase revenue for the company
EOQ (Economic Order Quantity)
Production scheduling,
Explain different inventory control techniques, inventory optimization strategies, and risk management strategies
ABC analysis
Capacity planning
Demand forecasting
yourlastname (2022)
2.1 Inventory Control Techniques (ICT): Generally, ICT are utilized by a company to manage as well as control inventory level. These techniques ensures that inventory is available when required. For example, ABC analysis is one of the major technique that categorizes inventory based on their uses and value. On the other hand, JIT (Just-In-Time) technique focus on need for timely delivery. Finally, EOQ (Economic Order Quantity) technique play key role in determining the optimal order quantity that minimizes total inventory costs.
2.2 Strategies of Inventory Optimization: These types of strategies are more effective because these allows organization to optimize inventory level by minimizing cost of inventory. For case, lead time analysis, production scheduling, capacity planning, and demand forecasting are the most powerful inventory optimization techniques.
2. n Risk Management: In the inventory management, the risk management focus on analyzing as well as mitigating the risks that can directly or indirectly affect the inventory performance and availability. For example, contingency planning is one of the most powerful risk management strategy that can be used to develop and create alternative plans to mitigate the impact of potential risks.
2.x Project Justification: The fundamental purpose or aim of the proposed study is to analyze the inventory management practices at the company ABC and address the specific areas for the improvement to ensure timely availability of goods to customers and increase revenue for the company. The study will also explain different inventory control techniques, inventory optimization strategies, and risk management strategies.
4. References
Adams, J., & Smith, J. (2012). Inventory control techniques. Journal of Operations Management, 30(4), 291-307.
Additional References
Nahmias, S. (2015). Production and operations analysis. McGraw-Hill Education.
Gupta, M. C. (2007). Inventory control. PHI Learning Pvt. Ltd.
Simchi-Levi, D., Kaminsky, P., & Simchi-Levi, E. (2008). Designing and managing the supply chain: concepts, strategies, and case studies. McGraw-Hill Higher Education
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Assignment Check List ISYE695 Graduate Seminar Name:
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