Define the term "inventory turn" and discuss why it is an important indicator of an organization’s profitability. Give an example of an item that would have a fast turn and a slow turn.
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Define the term "inventory turn" and discuss why it is an important indicator of an organization’s profitability. Give an example of an item that would have a fast turn and a slow turn.
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Discuss why inventory is an important consideration for managers. Be sure to provide examples to illustrate your understanding of these concepts.Inventory is the raw materials, work-in-process products and finished goods from the portion of a business's assets that are ready or will be ready for sale. Judge THREE (3) effectiveness of perpetual inventory for the food service organization and explain the impact of the system on the purchasing process. Please answer as quick as possible.
- Describe what is the origin and basic concepts of inventory problems and what are they ?Explain how inventory affects product improvement, quality, prices, and the ability to respondquickly to the marketplace.Explain the operation of barcode scanners and RFID readers as input devices in inventory management.
- Explain the inventory life cycle phases and why it is crucial to identify them accurately.Use the information below to answer the following question(s). Office Supply House purchases 4,160 reams of paper per year, ordered in lots of 80 reams per week at $150 per ream. The vendor covers all shipping costs. Office Supply House is not required to inspect the shipment upon entry. Office Supply House earns 20% on its cash investments. The purchase order lead time is two weeks. The following cost data are available: Relevant ordering costs per purchase order $53.75 Relevant insurance, materials handling, breakage, and so on, per year $4.25 How many deliveries will be required at the economic order quantity level? 42 deliveries 18 deliveries 52 deliveries 20 deliveries 37 deliveriesExplain the three inventory control models and the driving factor in each model. Provide examples for each one using current companies.
- Visit a local business and identify and discuss the different types of inventory used to support their operations.“The ABC Supply company is currently experiencing with an inventory rotation problem. This difficulty stems from the fact that some supplies must be used prior to a stated expiration date. Upon receipt, a new shipment of these perishable items must be stacked beneath the boxes that are currently in inventory. A substantial amount of time is consumed in restacking the items according to their expiration dates.” Required: Explain the DMAIC methodology that can be used by the “ABC” company to implement Six Sigma Process for the above scenario. 800 words“The ABC Supply company is currently experiencing with an inventory rotation problem. This difficulty stems from the fact that some supplies must be used prior to a stated expiration date. Upon receipt, a new shipment of these perishable items must be stacked beneath the boxes that are currently in inventory. A substantial amount of time is consumed in restacking the items according to their expiration dates.” Required: Explain the DMAIC methodology that can be used by the “ABC” company to implement Six Sigma Process for the above scenario.