South African rapper, Cassper Nyovest, has launched a business venture manufacturing his very own clothing and shoes. Cassper wishes to ensure the highest levels of customer satisfaction. Argue the importance of accurate demand forecasting as a principle of an inventory management system for Cassper. Note: Provide at least two application points.
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South African rapper, Cassper Nyovest, has launched a business venture manufacturing his very
own clothing and shoes.
Cassper wishes to ensure the highest levels of customer satisfaction. Argue the
importance of accurate demand
Note: Provide at least two application points.
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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. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?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.). MBPF Inc. manufactures prefabricated garages. The manufacturing facility purchases sheet metal that is formed and assembled into finished products—garages. Each garage needs a roof and a base, and both components are punched out of separate metal sheets prior to assembly. Production and demand data for the past eight weeks are shown in Table below. Observe that both production and demand vary from week to week. Now, track the inventory at the end of each week, measured in number of finished garages. Also, construct the inventory build-up diagram. MBPF Inc. manufactures prefabricated garages. The manufacturing facility purchases sheet metal that is formed and assembled into finished products—garages. Each garage needs a roof and a base, and both components are punched out of separate metal sheets prior to assembly. Production and demand data for the past eight weeks are shown in Table below. Observe that both production and demand vary from week to week. Now, track the inventory at…
- Demand forecasting and planning is not a part of inventory management function. Select one : 1.True 2.FalesGunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost PercentCompleteMaterials costs $ 10,600 65% Conversion costs $ 12,800 30% A total of 8,500 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: CostMaterials costs $ 142,100 Conversion costs $ 359,500 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for conversion costs for the first department for the month is closest to:$44.58$46.16$40.03$48.47How does the Wilson approach adapt to seasonal variations in demand and inventory management?
- The following data shows the demand for certain quantities of materials for Al Kawthar Company during the months below and with the specified weights. Required / Find the expected demand for the 8th month using the weighted moving average method on the basis on 4 Periods of time Note: Please send only the result of the question, because there is not enough timea company manufactures an assortment of products for the practice of recreation and leisure. total demand for the next seven months is the following: mois march april may june july aug sept total forecasts 50 44 55 60 60 40 50 359 use the following info to develop aggregate production schedules regular production costs: $240 per unit overtime production cost: $360 per unit regular capacity: 40 units per month overtime capacity: 8 units per month subcontracting cost: $420 per unit subcontract capacity: 12 units per month back order cost: $100 per unit per month initial inventory: 0 End inventory in September: 0 unit storage cost: $30 per unit per month (the monthly inventory cost is calculated based on the final inventory for the month number of employees: 5 workers hiring cost: $2,000 per employee thank you cost: $1,000 per month Prepare an overall production plan using each of the following guidelines and calculate the total cost for each program. Even if backorders are…Metaverse LLP is a laptop manufacturing company located at Bengaluru, India. One of the main components of the laptop is the Hard Disk Drive (HDD). The inventory of this item is controlled by the EOQ model. Presently the company imports 40 GB HDD from Micron Components and Devices at a unit price of $60 and a 15 day delivery time. Metaverse needs to determine the amount to order each time an order is placed. They also need to determine when to place the order. The forecasted demand for the coming year for the 40GB HDD is 3,000 units. The company incurs a high ordering cost of $225 per order. The average annual inventory holding cost is estimated to be 25% of the item cost and a safety stock of 25 HDDs is maintained. The company operates for 300 days a year. However, Micron wants to drastically increase prices of HDDs which is not acceptable to Metaverse. The purchase officer of Metaverse has identified another supplier Minnesota Data Products. This supplier is willing to supply at…
- FarmBox is a company who grow and distribute fresh food produce directly to customers via an online ordering platform, based in Cheshire, UK. The company started in 2019 and began as a family run business that was staffed by 4 family members plus two farmhands, with the use of one delivery van.As the Covid pandemic struck in 2020 the business experienced unexpected rapid growth with orders tripling almost overnight, whilst the firm has the product to meet the demand of customers, investment wasneeded in equipment and more importantly, the number of staff needed to increase immediately if productivity was to remain effective.To address this the owner placed an online advert for farmhands requiring CV’s to be emailed to the business. Candidates that FarmBox were interested in took part in a 20 minute online video interview that aimed to determine their skills and suitability and then successful candidates began work once they were able to evidence that they were free of the Covid virus.…In two companies (AerCo, NuCo), the demand was managed centrally using information gathered from decentralised units and remotely from the assets in the field. Demand management at AerCo is performed by a quarterly review of the orders for new assets and the forecast of demand for aftermarket parts. This review is performed centrally to the business although information is gathered from around the business, including overseas bases and real-time data that have been analysed for issues that will have an impact upon the demand placed upon the supply chain. This is due to AerCo operating in a make-to-order (MTO) environment for production parts—with a 3–5 years lead-time for customers—and a make-to-stock (MTS) environment for aftermarket—where the requirement for a replacement part or system may be instantaneous if the aircraft has suffered unexpected damage. This quarterly review of demand is then placed upon the supply chain through an explicit process that ensures that orders can be…What is the significance of inventory management in the Farmers Restaurant ?