Bibliography Regarding Stocks and Inventory Administration

The topic has been chosen for research is to critically evaluate the inventory management systems of retail industry in UK. This industry is continuously growing up with pleasure of customers even the fluctuation in customer choices. Moreover, this sector has been hugely impacted from 2008 to 2010 by the economic crisis, when customer did not have enough money to spend. As a result some retail businesses have incurred a loss and shut down their operation. Though some of the retailer took the challenge and continued their business to see the future success. But inaccuracy of stock count leads to poor availability in store level stock. Moreover employees’ inadequate level of skills and improper management clue to poor control of inventory management. As a result decrease the customer satisfactions therefore fall in revenues and ultimately collapse in profitability level. (Lussier, 2012)

“In an age of increasing specialization, it is rare for one person to be knowledgeable in all aspects of a complex task” (Thompson, 2015, p. 88). In this case, the first step was to understand our incoming demand. For this, I relied on information technology to generate numerous reports as well as the expertise of our sales team. It was at that point that the data was analyzed in conjunction with an inventory specialist. After we had the knowledge of what current product to inventory, we then needed to establish a set of guidelines of how to qualify products in the future. Inventory control management processes were instituted as well as a supply an auditing system. These steps included information from organizational members from our manufacturing group, planning department, and procurement department. Finally, we needed to understand and facilitate the storage and shipping of the product. We enlisted the help of our warehouse employees as well as our transportation department. This type of project included various levels of the organization and required a tremendous amount of communication. The project workload was enormous and also had a substantial financial investment associated with it. Instrumental in the project’s success was the team’s cohesion, diversity, and strategies deployed

5. Choe, & pin, Managerial Power, Stock Based Incentives، and Firm Performance, University Of New South Wales, 2006.

I remember once during an all night church shut in, you provided one of the funniest jokes ever. So, this was back when James used to rock the bald head but insist on wearing a stocking cap. As he finished brushing his hair and slipped on the cap, you said "bro why are you wearing a stocking cap?! Are you trying to get waves in your brain?!" I still laugh out loud every time it comes to mind.

department of the company. In the internship report I will try to depict the whole

Read the case study below “Harvey Industries”. Provide reasoning for the current financial distress of the company and make recommendations for improvements to the new company president. Include at least one specific recommendation for both Supply Chain Management (chapter 15) and Inventory Management (chapter 13), as well as any other recommendations you deem necessary from your reading. Provide your recommendations in a 2-4 page APA style paper.

Westminster Company is one of the largest manufacturers of consumer health products, based in US. Their distinctive name and company logo are recognized throughout the world. Westminster was originally founded as a family-owned pharmaceutical supply business in 1923, the company has expanded, by virtue of aggressive new product development, into a global provider of health care consumer products. It consumes three wholly owned subsidiaries, manufacturing grocery product, drugs, and mass merchandise. Intense rivalry in the market, and distresses of having an effective supply chain, made the company evaluate its supply chain and logistics. The primary focus of its research was the key clients of the three companies. To understand logistics the company must first know what logistics is and how it works. Logistics is defined as a business planning framework for the management of material, service, information and capital flows (Logistics World , 2014). Logistics is an important function of the business and without a proper logistics system, all the manufacturing, marketing and other activities would fail, overall resulting with the company failing to reach its full potential. After thoroughly analyzing the case study of, Westminster Company, to improve their current logistic strategy, they would need to implement the following strategies: developing and analyzing a new system to focus on strategic effort to ship their products in a timelier, efficient and in a more accurate

Logistics is a vital component of supply chain management. Both involve the planning, carrying out and management of goods, services and information from the point of origin to the point of consumption. Logistics aligns the multifaceted pattern of traffic and transportation, shipping and receiving, import and export operations, warehousing, inventory management, purchasing, production planning and customer service. Organizations, like the one I work for, see logistics as a critical design of the supply chain. When organizations incorporate logistics as a key component of the business plan, they can use it to manage, coordinate and monitor resources needed to move products in a smooth, timely, cost effective and reliable manner.

(Bowersox, D.J., Closs, D.J., and Cooper, M.B. (2010). Supply Chain Logistics Management. (3rd Edition) New York, NY: McGraw-Hill/Irwin.

A developing necessity for the administration of supply chains is that a production network perspective gives the prospect for critical reserve funds in inventories from enhanced coordination and verbal availability over the inventory network arrange. One fragment of this investment funds is a direct result of an arranged method for setting wellbeing stocks for security against insecurity and vacillation; that is, a production network organize perspective can redirect a segment of the local sub-change that happens, for instance, when each period of a collecting or transportation process self-rulingly chooses its security stocks. It is basic for associations to inquire about, create instruments, and sum up standards for figuring out how to

In today’s world, competence is taking on new dimensions. The ability to compete is being determined by the degree of responsiveness to customers & key issues handling. How fast you deliver the goods/ products, what the price paid by customers & what value customer is getting throughout the service is considered in a schematic & ordered way. Markets are quick demanding & customization of each logistics activities is essential for each customer, & has become the essential factor in logistics management.

Coyle, J J, Bardi, E J and Langley, C J Jr (1988) The Management of Business Logistics West Publishing Company, St Paul, MN

Jensen (1993, pp. 862-3) observes in his Presidential Address to the American Finance Association: “The problems with corporate internal control systems start with the board of directors. The board, at the apex of the internal control system, has the final responsibility for the functioning of the firm. Most importantly, it sets the rules of the game for the CEO. The job of the board is to hire, fire,

There are several different types of inventory or stock and many different ways that these inventories can be classified. Some of those types of stock include cycle, safety, in-transit, promotional, demonstration, retail backroom, replenished retail shelf, seasonal, replenished multiple location impulse, raw material, work in process, finished goods, and spare part. Some would say that there is a difference between inventory and stock. The terms are basically interchangeable, but the two terms do have different meanings. Stock is the finished good that is sold by an organization. In most situations stock also includes raw materials. A good example would be a car dealership that sells a car. The car is sold, but it would also include the tires, the engine, and other accessories that go along with the car, also known as raw materials. Francis (2016) gives a good example of the term inventory.

This section discusses a theoretical explanation of the problem. Figure 1 shows the paradigm of the study consists of the input, which is focused on the respondents’ perceptions on the level of importance and extent of usage of inventory management practices in terms of purchasing, inventory control, and internal control. The process is the collection, analysis, and interpretation of data. The output will be the improvement of inventory management practices and profits, and the minimization of cost.