Analyze a real-world case study where a company successfully applied the Wilson approach to optimize its inventory management. What were the outcomes?
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Analyze a real-world case study where a company successfully applied the Wilson approach to optimize its inventory management. What were the outcomes?
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- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?Why would demand forecasting make sense in a “make to stock” situation?
- The task I am struggling with: A manufacturing company producing medical devices reported $60 000 000 in sales over the last year. At the end of the same year the company had $ 20 000 000 worth of inventory of ready-to-ship devices.a) Assuming that units in inventory are valued (based on COGS) at $1000 per unit and are sold for $2000 per unit, how fast does the company turn its inventory? The company uses a 25% per year cost of inventory. That is for the hypothetical case that one unit of $1000 would sit exactly one year in inventory, the company charges its operations division a $250 inventory cost.b) What in absolute terms is the per unit inventory cost for a product that costs $1000? Thank you very much for your help.You are currently performing an audit at GoodStar Co. The company manufactures tinned fruits which are supplied to large food retailers. Management team and those charged with governance of GoodStar have concerns about the effectiveness of their sales and collection system and asked you to review the system. Sales and Collection System Sales orders are mainly placed through GoodStar website and customers are also allowed to made orders through telephone. Online orders are automatically checked against the inventory records for availability, while orders received through telephone are checked manually by order clerks after the call. A follow-up call is usually made to customers if there is insufficient inventory. When taking telephone orders, clerks note down the details on paper and afterwards they complete a three-part pre-printed order form. These order forms are sequentially numbered and are sent manually to both delivery and the accounts department. As the company is expanding,…Over the past 12 months, Super Toy Mart has experienced a demand variance of 10,250 units and has produced an order variance of 12,050 units. Part 2 a) The bullwhip measure for Super Toy Mart is ______ (round your response to two decimal places). Part 3 b) If Super Toy Mart had made a perfect forecast of demand over the past 12 months and had decided to order 1/12 of that annual demand each month, the bullwhip measure would have been ______ (round your response to the nearest whole number.)
- As an operations management consultant, you have been asked to evaluate a furniture manufacturer’s cash-to-cash conversion cycle under the following assumptions: sales of $23.5 million, cost of goods sold of $20.8 million, 50 operating weeks a year, total average on-hand inventory of $2,150,000, accounts receivable equal to $2,455,000, and accounts payable of $3,695,000. What do you conclude? What would be the impact of reducing the accounts payable from $3,695,000to $2,000,000 and all other data remained the same?On August, a light business bought $3600 worth of lamps. At the beginning of September, the store had $1400 in lights on hand, and by the end of September, it projected to have $1600 in lamps on hand to meet some of the forecasted October sales. And what's the August planned cost of goods sold?As an operations management consultant, you have been asked to evaluate a furniture manufacturer’s cash to cash conversion cycle under the following assumptions: sales of $23.5 million, cost of goods sold of $20.8 million, 50 operating weeks a year, total average on hand inventory of $2,150,000, accounts receivable equal to $2,455,000, and accounts payable of $3,695,000. What do you conclude? What recommendations can you make to improve performance? What would be the impact of reducing the accounts payable from $3,695,000to $2,000,000 and all other data remained the same? Please show in detail these impacts quantitatively in your answers.
- Put this in other words. Analyze and elaborate this one. In the intricate orchestration of supply chain management, predictive analytics emerges as an indispensable conductor. Drawing upon colossal datasets from multifarious sources, predictive analytics unfurls a tapestry of precise supply and demand prognostications, meticulous inventory optimization, seamless logistics orchestration for punctual deliveries, anticipation of equipment maintenance exigencies, and the nimble adaptation to unforeseen contingencies. In this ever-evolving landscape, predictive analytics has metamorphosed into a critical lever for cultivating an agile and resilient supply chain, warding off disruptions, and laying the foundations for sustainable success.1. With examples and necessary figures, define the Key Inventory Terms ? 2. Suppose, you are newly appointed as a Sales Manager in Unilever Company and after joining your first assignment is to do the sales forecast for the next quarter. Therefore, explain what would be your approach to do a good sales forecast for the next quarter.Discuss the importance of demand forecasting in supply chain planning.