INCLUDEPICTURE http//ucc.edu.jm/ucconline2015/lms/pluginfile.php/1/theme_lambda/logo/1507559961/ucc-online-logo.png MERGEFORMATINET INSTRUCTIONS Due Date October 12th, 2018 Assignments must be submitted by 1159 p.m. on the due date above Mode of submission Assignments MUST be submitted via the Aeorion system. NO assignment will be accepted via hard copy or written Plagiarism will be severely penalized Late assignment will not be accepted Students are required to do ALL questions. Assignments must be in Time Roman font, size 12 and types in double spacing QUESTION 1 The Bradys Manufacturing Company purchases 8000 units of gypsum board each year at a unit cost of 10.00. The order cost is 30.00 per order, and the holding cost per unit per year is 3.00. Determine the below Economic Order Quantity ( 2 marks) Solutions Following is the formula for the economic order quantity (EOQ) model INCLUDEPICTURE https//www.readyratios.com/upload/medialibrary/3be/image001.png MERGEFORMATINET Where Q optimal order quantity D units of annual demand S cost incurred to place a single order or setup H carrying cost per unit TC is the total annual inventory cost Economic order quantity EOQ QUOTE EOQ QUOTE EOQ 400 Units Total Annual Cost ( 2 marks) TC DC (Q/2) H (D/Q) S TC (8000 x 10) (400/2) x 3 (8000/400) x 30 TC 81,200 The number of orders to placed in a year ( 3 marks ) Number of orders (N) Demand / EOQ N 8000/400 N 20 units The reorder point when the lead time is two weeks (3 marks) Reorder point for two weeks (T) QUOTE T QUOTE T 1.4 Store day Define EOQ. The classical EOQ model is based on several assumptions. List and explain at least four (4). ( 10 Marks ) Answer https//www.inc.com/encyclopedia/economic-order-quantity-eoq.html Per Economic Encyclopaedia the definition of Economic Order Quantity (EOQ) is the number of units that a company should add to inventory with each order to minimize the total costs of inventorysuch as holding costs, order costs, and shortage costs. The EOQ model assumes that demand is constant, and that inventory is depleted at a fixed rate until it reaches zero. At that point, a specific number of items arrive to return the inventory to its beginning level. Since the model assumes instantaneous replenishment, there are no inventory shortages or associated costs. Therefore, the cost of inventory under the EOQ model involves a trade-off between inventory holding costs (the cost of storage, as well as the cost of tying up capital in inventory rather than investing it or using it for other purposes) and order costs (any fees associated with placing orders, such as delivery charges). Ordering a large amount at one time will increase a small businesss holding costs, while making more frequent orders of fewer items will reduce holding costs but increase order costs. The EOQ model finds the quantity that minimizes the sum of these costs. Following is the formula for the economic order quantity (EOQ) model INCLUDEPICTURE https//www.readyratios.com/upload/medialibrary/3be/image001.png MERGEFORMATINET TC is the total annual inventory cost. P is the price per unit paid. D is the total number of units purchased in a year. H is the holding cost per unit per year. Q is the quantity ordered each time an order is placed S is the fixed cost of each order. This formula is derived from the following cost function Total cost purchase cost ordering cost holding cost https//www.readyratios.com/reference/analysis/economic_order_quantity_model_eoq.html Discuss the ABC analysis principle and how does it work (5 marks) In 1940, a mechanical engineer named Joseph Juran derived ABC Analysis from Pareto Principle wherein he sought to segregate Critical Few from Trivial Many of the inventory items. Pareto Principle for Inventory Management says that 80 of the sales value is derived from 20 of the stock items. ABC Analysis works on the same principle and recommends the basis for classification and management of inventory. ABC analysis classifies inventory into 3 categories Class A forms 15 to 20 of the stock quantity but commands 80 to 85 of the value. Class B forms 30 to 35 of the stock quantity but commands 10 to 15 of the value. Class C forms 50 of the stock in terms of quantity but commands only 55 of the value. Thus, as shown above Group A, which accounts for only a minor portion of the physical units, is very valuable in terms of the revenue it brings. Group B is mid-range stock items that comprise of a slightly larger share of the physical stock units but their value is still less as compared to Class A. And finally, Class C items are a large collection of such small, insignificant items that are essential for running the business smoothly but their commercial value is inconsequential. ABC analysis contains various stock units for the business, their demand and their sales price per unit which will be used work out the sales value of these units individually, the total sales value and the total no. of units that the business must stock. The next step is to work out the percentage share of each category into the total sales value and finally, the composite percentage share of high value stock items and their classification per ABC Analysis can be worked out. https//www.marketing91.com/abc-analysis/ What are the components of holding costs (5 marks) HYPERLINK https//www.managementstudyguide.com/inventory-costs.htm https//www.managementstudyguide.com/inventory-costs.htm Components of holding costs The holding cost is the cost that an organization associated with holding inventory to make sure that customer demands are met which eventually will make them happy, sales and profit will increase. Manufacturing companies hold raw material inventory to prevent hold-ups in the production process. Holding costs are often stated as being valued at a certain percentage of the average inventory held Holding costs includes interest on capital tied up in inventory, cost of storage space and insurance which are broken down into fixed costs and variable holding costs. Buffer inventory also known as safety inventory or the minimum inventory level is a basic level of inventory held for emergencies to prevent stock-outs from occurring. Fixed holding costs include the cost of storage space which may be a stepped fixed cost if increased warehousing is needed when higher volumes of inventory are held and of insurance. Variable holding costs comprise of interest on capital tied up in inventory. The more inventory that is held, the more money /capital that is tied up. Stock-out costs are the costs associated with running out of inventory and they include loss of sales, loss of customers (and customer goodwill) and reduced profits. http//kfknowledgebank.kaplan.co.uk/kfkb/wiki20pages/acca20f220chapter206.aspx Explain the difference between dependent and independent demand Give examples. (5 marks) Dependent Demand is an item whose demand is tied directly to the demand or production level of another item example the making of water bottles and corks is tied to the production of a finished bottles while on the other hand independent demand cant be control or tie directly to another items demand. Example a demand for end items such as smart phones. HYPERLINK https//scm.ncsu.edu/scm-articles/article/independent-vs-dependent-demand-inventory-systems-an-example-inventory-management-models-a-tutorial1 https//scm.ncsu.edu/scm-articles/article/independent-vs-dependent-demand-inventory-systems-an-example-inventory-management-models-a-tutorial1 John Brown has compiled the following data on five products in the repairs department. Which item you suggest he keeps the tightest control over Explain. (10 marks ) SKU ANNUAL DEMAND UNIT COST A11350450B2285100C333070D44250250F5520085 What are bar codes Describe its importance as it relates to warehouse management (2 Marks). Bar code, a printed series of parallel bars or lines of varying width that is used for entering data into a computer system. The bars are typically black on a white background, and their width and quantity vary per application. HYPERLINK https//www.britannica.com/technology/bar-code https//www.britannica.com/technology/bar-code Barcode is important to warehouse management because it eliminate the possibility of human error, reduces employee training time, inexpensive to design and print, extremely versatile, inventory control improves, provide better data, data obtained through barcodes is available rapidly and promote better decision making. http//verifiedlabel.com/knowledgecenter/know_barcodes.aspx What are the duties and responsibilities of a warehouse employee (5 marks ) Each organization require deferent or similar duties and responsibilities in their warehouse however these are some of the main one below 2. Effective Running of Stores This may include problems of layout, utilization of storage space, issuing and receiving procedures of items kept in stock. 3. Technological Responsibility for the State of Different Materials This may include the method of storage, maintenance procedures, studies of deterioration and obsolete materials and corrective action required. 4. Stock Control System This includes purchase procedures of materials, ordering policies, physical verification and records of items stored. 5. To Ensure the Timely Availability Of requisite input materials and avoid building up of stock levels of final product. 6. Maintenance of Specified Inputs Specified raw materials, finished components/parts work m process, general supplies in sufficient quantities are maintained to meet the production requirements of the enterprise. http//www.yourarticlelibrary.com/material-management/inventory-control-material-management/inventory-control-functions-terms-and-advantages/90368 Identify the activities involved in the supply chain management. Use diagram to illustrate (7 marks ) Supply chain management (SCM)is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. It represents a conscious effort by the supply chain firms to develop and run supply chains in the most effective efficient ways possible. Supply chain activities cover everything from product development, sourcing, production, and logistics, as well as the information systems needed to coordinate these activities. The concept of Supply Chain Management (SCM) is based on two core ideas The first is that practically every product that reaches an end user represents the cumulative effort of multiple organizations. These organizations are referred to collectively as the supply chain. The second idea is that while supply chains have existed for a long time, most organizations have only paid attention to what was happening within their four walls. Few businesses understood, much less managed, the entire chain of activities that ultimately delivered products to the final customer. The result was disjointed and often ineffective supply chains. The organizations that make up the supply chain are linked together through physical flows and information flows. Physical Flows Physical flows involve the transformation, movement, and storage of goods and materials. They are the most visible piece of the supply chain. But just as important are information flows. Information Flows Information flows allow the various supply chain partners to coordinate their long-term plans, and to control the day-to-day flow of goods and materials up and down the supply chain. HYPERLINK https//scm.ncsu.edu/scm-articles/article/what-is-supply-chain-management-scm https//scm.ncsu.edu/scm-articles/article/what-is-supply-chain-management-scm Supply Chain Management (SCM) is an integrated business management approach inter-connecting components such as Business planning and organizing Production management Procurement management Logistics management Warehousing management Customer service management Product Development-Commercialization Procedures Generate ideas on new product to be developed by Conducting market research Studying consumer trends Consulting RD Departments, Sales people Attending trade shows, Organizing brainstorming sessions with engineers, scientist, businessmen, etc. Manufacturing Flow Management Procedures Manufacturing flow procedures are put in place to guide production engineers in utilizing factors of production to process raw materials into finished products. Manufacturing process flow management outlines and traces process flow of production processes at different stages of production in order to achieve the following Identify bottlenecks in the production process in order to eliminate waste and minimize downtime in production. Introduce improvements in the production process by correcting recurring bottlenecks or operational lapses. To obtain significant cost-savings by minimizing defects or glitches. Procurement Management Procedures Complete checklist HYPERLINK https//www.process.st/d/sItWzRCsGKwzbiLHDBpMtw/view/ Procurement Guidelines Checklist Warehousing Management Procedures Physical Distribution Procedures Physical distribution procedures, in the context of supply chain management, is a two-way street comprising of logistical process of delivering materials, supplies, equipment needed in producing the desired finished product, and at the same time, the logistical process of launching the finished product from the factory to the warehouse before shipping it out to distributors, wholesalers, then finally to retailers, prior to consumption by the consumers. Customer Service Management Customer-relationship management, is a management tool, whereby it launches customer-driven activities geared toward offering highly-desired customized and specialized services that easily respond to customer needs. Performance Management Supply Chain Performance Measurements The success of Integrating business processes in order to achieve optimum utilization of resources thereby attain sustainable growth and profitability, can be ascertained through supply chain parameters. INCLUDEPICTURE https//st-process-production.s3.amazonaws.com/45142cff-d31b-4589-8c15-81bd00e7b31d/f0154078-564e-489a-925e-510cf0708bc7.png MERGEFORMATINET https//www.process.st/checklist/supply-chain-management-procedures-3/warehousing-management-procedures What is cycle counting State two benefits of cycle counting. ( 4 marks ) Answer Cycle counting refers to physically counting a portion of the inventory items on many days throughout the year instead of counting all the items on a single day near the end of the year. For example, counting one-twelfth of the inventory items each month and comparing, adjusting the inventory records so they agree to the physical counts. Two benefits of cycle counting are to (1) reduce the need for the costly process of shutting down the manufacturing process to count inventory and (2) also it can result in more accurate interim financial statements since inventory is a key part of a companys current assets and the calculation of its cost of goods sold. https//www.accountingcoach.com/blog/what-is-cycle-counting List the four types of inventory and explain them in details (4 marks) Raw materials inventory are inventory items that are used in the manufacturers conversion process to produce components, subassemblies, or finished products. These inventory items may be commodities or extracted materials that the firm or its subsidiary has produced or extracted. They also may be objects or elements that the firm has purchased from outside the organization. Typically, raw materials are commodities such as ore, grain, minerals, petroleum, chemicals, wood, paint, steel, and food items. However, items such as nuts and bolts, ball bearings, key stock, wheels, and even engines may be regarded as raw materials if they are purchased from outside the firm. Work-in-process (WIP) inventory is made up of all the materials, parts (components), assemblies, and subassemblies that are being processed or are waiting to be processed within the system. This generally includes all materialfrom raw material that has been released for initial processing up to material that has been completely processed and is awaiting final inspection and acceptance before inclusion in finished goods. A rolling cart product in that work-in-process in this situation consists of tops, leg assemblies, frames, legs, and casters. The leg assembly and casters are labelled as subassemblies because the leg assembly consists of legs and casters and the casters are assembled from wheels, ball bearings, axles, and caster frames. Finished goods Inventory is a completed part that is ready for a customer order. Therefore, finished goods inventory is the stock of completed products. These goods have been inspected and have passed final inspection requirements so that they can be transferred out of work-in-process and into finished goods inventory. From this point, finished goods can be sold directly to their final user, sold to retailers, sold to wholesalers, sent to distribution centers, or held in anticipation of a customer order. Transit inventories result from the need to transport items or material from one location to another, and from the fact that there is some transportation time involved in getting from one location to another. Sometimes this is referred to as pipeline inventory. Read more HYPERLINK https//www.referenceforbusiness.com/management/Int-Loc/Inventory-Types.htmlixzz5Stk2ZPYn https//www.referenceforbusiness.com/management/Int-Loc/Inventory-Types.htmlixzz5Stk2ZPYn https//www.referenceforbusiness.com/management/Int-Loc/Inventory-Types.html https//www.referenceforbusiness.com/management/Int-Loc/Inventory-Types.html Inventory management has three pillars, inventory planning, inventory controlling and inventory balancing discuss these in detail citing examples. ( 12 marks ) List and explain two objectives of purchasing, how are they important to service delivery ( 4 marks ) Objective 1 Supply Continuity Purchasing must perform several activities to satisfy the operational requirements of internal customers, which is the traditional role of the purchasing function. Mostly, purchasing supports the needs of operations through the purchase of services, raw materials, components, subassemblies, and repair and maintenance items. Purchasing may also support the requirements of physical distribution centers responsible for storing and delivering replacement parts or finished products to end customers. Purchasing also supports engineering and technical groups (such as IT), particularly during new-product/service development and outsourcing of key processes. With the dramatic increase in outsourcing, enterprises are relying increasingly on external suppliers to provide not just materials and products, but information technology, services, and design activities as well. Supply managers must be responsive to the materials and support needs of their internal users (sometimes also called internal customers). Failing to respond to the needs of internal customers will diminish the confidence these users have in purchasing, and they may try to negotiate contracts themselves (a practice known as backdoor Objective 2 Manage the Sourcing Process Efficiently and Effectively Purchasing must manage its internal operations efficiently and effectively, by determining staffing levels, developing and adhering to administrative budgets, providing professional training and growth opportunities for employees, introducing improved buying channels within the procure to pay systems that lead to improved spending visibility, efficient invoicing and payment and user satisfaction. Purchasing management has limited resources available to manage the purchasing process and must continuously work toward improved utilization of these resources. https//kawazhang.gitbooks.io/purchasing-and-supply-chain-management/objective_2_manage_the_sourcing_process_efficientl.html List 3 forms used in purchasing, write a brief essay on each explaining how it is used show examples ( 8 marks) Step 1 Purchase Requisition Form A Purchase Requisition Form is completed and signed by the department head or other authorized individual. The requisition and relevant supporting documentation is submitted to the Purchasing department. Step 2 Purchase order Form Upon Receipt of the Purchase Requisition Form, the Purchasing department prepares a Purchase Order and get approvals. The original P.O. is sent to the vendor and two copies of the P.O. are sent to the requisitioning department. A purchase order or PO, usually includes a PO number, which is useful in matching shipments with purchases a shipping date billing address shipping address and the request items, quantities and price. Step 3 Authorizing Payment Upon Receipt of Goods/Service All goods and services should be reviewed and/or inspected immediately upon receipt by an individual in the department authorized to sign for such receipt. If goods are found to be unacceptable for any reason or if a department wishes to return merchandise, contact the Purchasing department immediately. Arrangements will be made for the goods to be picked up and returned to the vendor. HYPERLINK https//barnard.edu/purchasing/procedures-and-forms https//barnard.edu/purchasing/procedures-and-forms https//smallbusiness.chron.com/purchase-order-work-40933.html List and discuss the steps involved in purchasing (8 marks ) Answer Every procurement process is more complex than it might seem to be. Since procurement is an umbrella term that includesseveral core business functions, it should be considered a core part of any organizations corporate strategy. Strategic procurement is an organization-wide process. Moreover, having a good procurement process in place will ensure that companies pay the best price for goods or services, save time by choosing the most reputable vendors, and minimize order delays and mistakes. Each organization varies from one another in terms of their operations and requirements. Some organizations require a formal process to suit their complex environment, which is often the case in government or education sectors. In those industries, vendors mustcomply with strict guidelines. Others, like enterprise businesses, require a few key steps to manage budgets more effectively. Here are the steps involved in a successful procurement cycle Step 1 Need recognition Every procurement process begins when a business feels the need for a good or a service. These goods or services can either be internal any materials required to run the business, or external materials that the business will eventually sell. At this stage, businesses are also expected to set a budget within which they expect to procure the goods or services. This will help companies to ensure that they dont end up paying too much and overshooting their budget. Step 2 Vendor Selection This is one of the most crucial steps in the procurement cycle. Companies must identify different vendors who can cater to their requirements. A comprehensive comparison should be undertaken to understand which vendor provides the best value and quality for your goods or services. Its important to find vendors who not only deliver a high-quality product for a competitive price but also has a strong reputation. Step 3 Internal approval The next stage in the procurement process involves getting the thumbs up from the internal department that controls finances to purchase your goods or services. This includes HYPERLINK https//www.spendedge.com/white-papers/next-gen-digital-procurement-solutions creating a purchase requisitiondocument and submitting it to that department. Step 4 Purchase order The purchase order is used to buy materials between a buyer and seller. It specifically defines the price, specifications, and terms and conditions of the product or service and any additional obligations. Step 5 Order details and invoice Step 6 Payment Once the order is received, the next step in the procurement process is for the purchaser to make payments to the vendor within the timeframe that has been agreed upon. Usually, payment is made in the form of cash, check, bank transfers, credit letters or other types of electronic transfers. Step 7 Maintain Record The final stage in the procurement cycle is essential to ensure all-around bookkeeping and audit purposes. These include purchase records to verify tax information and purchase orders to confirm warranty information. Purchase records reference future purchases as well. https//www.spendedge.com/blogs/procurement-process-steps THE END Reference F MQEA
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