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JNB539 Warehousing And Inventory Management
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JNB539 Warehousing And Inventory Management
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Course Code: JNB539
University: University Of Tasmania
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
The report should be developed along the following lines.
Choose a title of research within this unit (Managing inventory in supply chain)
Topic should be broadly around supply chain analytics, big data, its effect on supply chain and firm performance, tools and techniques used etc.
Define the concept of Supply Chain Analytics and what does it mean to the business and supply chain in specific. The in-depth discovery on the recent journal articles (from the highranking journals) would be appreciated.
Categorise the literature by year of publication, industry applications, methodology used (survey, content analysis etc.), business implications etc. The analysis and summary on the progress of the methodologies development and reason behind will be also recommended.
Discuss industry applications and businesses benefits.
Answer:
Limitations:
The new inventory management models though time and cost variations, suffer from certain limitations. The first limitation is that the new inventory model is derived from economic order quantity which is based on fixed demand. This assumption is unrealistic because in reality demand for commodities depend on the level of productivity at a given time. The models based on retail chains are based on the inventory maintaining methods of retailers. This group of methods suffers from the limitation that every retailer maintains stock of goods levels and different rates of placing recorders. The models which are formulated on target optimal lead time and inventory levels suffer from the shortcomings due to the fact that some organisations follow variable lead times while others follow fixed lead times (Center, Alliance and Insurance 2016). The models which are based mathematical algorithms are rendered ineffective due to variance of supply chains followed by different organisations. Methods of managing inventory to secure cost efficiency suffer from the defect of difference in firms to maintain replenishment rates. The models which seek to maximise profits based on preferences of environment friendly customers suffer from the shortcomings of limited number of firms and customers considering the environmental sustainability important. Thus, it can be mentioned in this respect that though environmental consciousness is rising among customers, that the population of this environmental friendly customers is effective enough to be considered as a base of a model (Pan, Shachat and Wei 2018). The model for food and nutrition services inventory management is sans flaws since targeting a supply chain with closed loops can be efficient.
Originality of Methodologies:
The originality of the methodology used to gain information about inventory management in different organisations shows that since the method of inventory control prevailing in industries vary according to several factors like the type of industry and business the firms involve in. Hence, no one method is appropriate for inventory management and it depends from one firm to another even within similar industries.
Conclusion:
It can be concluded that inventory management plays a very significant role in the supply chains management and productivity of companies. The maintaining of inventory have profound impact on the business efficiency of the organisations and their overall business management. This is because if organisations maintain immense amount of inventory, it impacts their liquidity negative since a large amount of money goes towards acquisition of the stock of raw materials. Similarly, retail businesses which sell finished goods also stress on selling their stock of finished goods because this releases the cash locked in the inventory. Similarly, firms inventory is intricately related to supply chain management. This is because a smooth inventory management enabled companies to manage their supply chains effectively. Moreover, by using inventories of raw materials and selling the inventories of raw materials, the firms are able to release to the m,oney locked in the inventory and the cost of warehousing them. The money released due to process and sell of inventory can be reinvested in the business operations. Thus, inventory management plays a significant role in the operations of firms.
References:
Feng, M., Li, C., McVay, S.E. and Skaife, H., 2014. Does ineffective internal control over financial reporting affect a firm’s operations? Evidence from firms’ inventory management. The Accounting Review, 90(2), pp.529-557.
Center, P., Alliance, A.M.A. and Insurance, A.M.A., 2016. Practice Management. Safety.
Pan, J., Shachat, J. and Wei, S., 2018. Cognitive stress and learning Economic Order Quantity (EOQ) inventory management: An experimental investigation.
Bahrom, M.Z., Roslin, E.N., Razak, S.N.A. and Rahman, M.A.A., 2015. A Conceptual Model of Inventory Management System using an EOQ Technique–A Case Study in Automotive Service Industry.
Kazemi, N., Shekarian, E., Cárdenas-Barrón, L.E. and Olugu, E.U., 2015. Incorporating human learning into a fuzzy EOQ inventory model with backorders. Computers & Industrial Engineering, 87, pp.540-542.
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