Qrb/501 Week 2

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Inventory Systems Summary
Planning and Forecasting is a vital function of management especially as it is related to inventory management. Planning has four processes associated with it. They are establishing goals, formulating strategies, implementing the plan and evaluating its success. The planning process of inventory will assist the organization choose the correct inventory system resulting in reduced costs and increased efficiency. For any business, having large amounts of inventory could prove to be expensive. In most company’s the management team will forecast sales on a monthly basis in order to keep enough inventories to fill customer orders in a timely fashion but not have an overflow of stock. There are various types of
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Regardless of the frequency, method of communication, or the power supply, the goal of any RFID system is to enable specific data to be transmitted between a portable device and the tag, and then be processed and used accordingly. RFID systems are used for objects which get lost, stolen often, underutilized, or difficult to locate in a timely manner.
RFID systems are currently being used in manufacturing plants to track parts, stay informed of work in progress, reduce product defects, increase throughput, and manage production of given products. Big name retailers such as Best Buy, Metro, Target, Albertson’s, Hewlett Packard, and Wal-Mart are leading the way in implementing RFID systems. These retailers recognize the need to improve inventory efficiency, ensure products are available to customers as needed, decrease theft, and cut down on costs associated with tracking and processing inventory.
As RFID technology evolves and becomes less expensive, there will be an increase in the number of companies and vendors using the technology. Eventually, new applications will be developed and these systems may even be able to solve common or unique problems associated with business in today’s market.
The inventory system FIFO system or first in, first out, is an abstraction in

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