12th Edition

ISBN: 9780134163567

Author: HEIZER

Publisher: PEARSON

Concept explainers

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Inventory Management

Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.

Project Management

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Textbook Question

Chapter 11, Problem 1.3VC

Question

Supply Chain Management at Regal Marine ☆ Video Case

Like most other manufacturers. Regal Marine finds that it must spend a huge portion of its revenue on purchases. Regal has also found that the better its suppliers understand its end users, the better are both the supplier's product and Regal s final product. As one of the 10 largest U.S. power boat manufacturers. Regal is trying to differentiate its products from the vast number of boats supplied by 300 other companies. Thus, the firm works closely with suppliers to ensure innovation, quality, and timely delivery.

Regal has done a number of things to drive down costs while driving up quality, responsiveness, and innovation. First, working on partnering relationships with suppliers ranging from providers of windshields to providers of instrument panel controls, Regal has brought timely innovation at reasonable cost to its product Key vendors are so tightly linked with the company that they meet with designers to discuss material changes to be incorporated into new product designs.

Second, the company has joined about 15 other boat manufacturers in a purchasing group known as American Boat Builders Association, to work with suppliers on reducing the costs of large purchases. Third, Regal is working with a number of local vendors to supply hardware and fasteners directly to the assembly line on a just-in-time basis In some of these cases Regal has worked out an arrangement with the vendor so that title does not transfer until parts are used by Regal In other cases, title transfers when items are delivered to the property. This practice drives down total inventory and the costs associated with large-lot delivery.

Finally Regal works with a personnel agency to outsource part of the recruiting and screening process for employees In all these cases Regal is demonstrating innovative approaches to supply chain management that help the firm and, ultimately, the end user. The Global Company Profile featuring Regal Marine (which opens Chapter 5) provides further background on Regal’s operations.

3. Why is supply chain management important to Regal?

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Chapter 11, Problem 1.2VC

Chapter 11, Problem 2.1VC

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Chapter 11 Solutions

EBK OPERATIONS MGMT.

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Solution Summary: The author explains that Company RM is one of the 10 largest power boat manufacturers. It spends most of its resources on purchases.

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