Test Inventory Management

Inventory Management 2. With the advent of low-cost computing, do you see alternatives to the popular ABC classifications? The alternatives would be that by minimizing the sums of the set-up cost and carrying-cost, you would also minimize the overall costs. 5. Explain the major assumptions of the basic EOQ model. 1. Demand for an item is known, reasonably constant, and independent of decisions for other items. 2. Lead time, the time between placement and receipt of the order, is known and consistent. 3. Receipt of inventory is instantaneous and complete, the inventory order arrives in one batch at one time. 4. Quantity discounts are nor possible. 5. The only variable costs are the set-up and holding costs. 6. Stockouts can be completely avoided if orders are placed at the right times. 7. What is the relationship of the economic order quantity to demand? To the holding cost? To the set-up costs? The relationship is that with both EOQ and demand, that the demand for the items are known, and independent of decisions. The holding costs and set-up costs are reduced substantially over time by planning for them correctly. 8. What are the advantages of cycle counting?Inventory items are counted, records are verified, and inaccuracies are periodically documented . You can then trace the inaccuracies and the appropriate remedial action is taken to ensure the integrity of the inventory system.9. What impact does a decrease in setup time have on EOQ? It is an excellent way to reduce inventory investment and to improve the productivity.11. What is meant by service level? It is the concern of management in maintaining an adequate service level in the face of uncertain demand.17. How are inventory levels monitored in retail stores?Inventory is monitored at retail stores using the Perpetual inventory system. This keeps track of each withdrawal or addition to inventory continuously, so that the records are always correct.1. Develop an inventory plan to help ZBC. I think that an EOQ inventory would be good for ZBC because of the demand for the item is known, lead time is known and consistent, receipt for invento ry is instantaneous, quantity discounts could be possible, stockouts could be completely avoided if the orders are placed at the right times. This would reduce their loss of money for not having the inventory on hand that they need. Which would mean bigger profits for them, and by ordering more they would be able to receive discounts on the inventory items.2. Discuss the ROPs and total costs. Well the ROP at ZBC needs to be addressed because the items ordered are taking way to long to get which makes the lead time much longer than what it needs to be, and in return it is making the total cost rise because of the money they incur for each order they make.

Development Economics Final Exam

Thus follows a theory of production from the middle age, wherein production is understood as an increase of matter, which is only achievable through agriculture and the delivery of raw materials. Land as a homogeneous factor is rooted on the following concepts: Land as having a perfectly elastic supply thus land is always readily available and does not decrease Land is not productive on Its own therefore land must be used as a means of production; and the only way to increase land Is through agriculture or raw material resources such as mining.The reason that the assumption of land as a homogeneous factor of production Is no longer tenable is that, in recent years, land has been given a wider definition, thus t is not only limited to areas which are useful for agriculture or mining, but also above and beyond the actual land that can be seen such as forests, bodies of water, mineral resources, recreational areas. Land is given multiple demands which are not limited to agriculture and mining alone. Today, in contrast to classical economics, land is used for building, as capital for production of goods and services, for recreational purposes, etc.Attached to the idea of multiplicity is the concept of value. Such an understanding allows one to realize that besides land being natural, it is also location-specific and dependable. Value Is classified Into: Non-use value refers to the benefit humanity receives from the continued existence of environmental assets and does not need to be experienced. This Is further classified Into either (1 ) option value, wherein the asset can be taken advantage of at a future time or (2) quasi- option value, wherein asset can be kept for future use, thereby making the valuation difficult to estimate.On the other hand, the use-value is also classified into non- extractive or extractive. (1) Non-extractive covers the services that an environmental set provides without the need to extract goods or harvest anything from them. Monetary gai n is not immediate and requires planning, research and creativity to translate this value into something profitable as a livelihood, which is often realized in the long-run. (2) Extractive use or consumption use value refers to the use of goods that can be extracted directly from locality. This Is the most common type of business valuation.Excessive extraction such as In milling and forestry, however, can deplete the asset. Compared to non-extractive use, monetary gains of extractive use are quick and certain. Non-extractive can be further delved Into (1) recreational, which refers to the leisure services which the sites directly provide such as snorkeling, skiing, experience of natural sites such as the case with parks, zoos, mountains, etc. In conclusion, land, as a factor of production is important in the process of economic development since the process involves the increasing utilization of natural resources.A modern sector follows a circular flow of production, which involves a greater intensity in the use of natural resources. Thus, a single increase in production could mean a significant increase in the use of natural resources. The challenge therefore is to have sustainable utilization of dependable resources. A solution is to minimize use of dependable resources. Another is to market certain resources in order to protect them. In any case, such action must be taken in order to ensure proper utilization of land. . What is the low-level equilibrium trap? To what extent is population a problem insofar as long-term economic development is concerned? The low level equilibrium trap is based on Richard Nelson's theory, which explains the relationship between population growth and income growth. As income per pita remains below critical level, then a population growth rate that exceeds that certain income growth rate will always bring the economy back to a low level equilibrium trap. . What is peasant rationality? How can one Justify subsistence production a s rational economic behavior 4.

Mel Levines A Mind at a Time Essay - 2679 Words

Mel Levines A Mind at a Time Mel Levine’s book, A Mind at a Time, describes many aspects of cognitive psychology and attempts to apply them to the educational system for young children. This book also makes suggestions for parents that have children with cognitive difficulties. The chapters in this book are designated to various aspects of cognitive psychology as they pertain to children. This paper focuses on chapter six in A Mind at a Time, which is titled â€Å"Making Arrangements: Our Spatial and Sequential Ordering Systems.† This is a very interesting chapter because it incorporates many aspects of cognitive psychology. In this chapter, Levine focuses on how children organize their world in terms of learning, thinking,†¦show more content†¦He states that there are five levels, starting with the most basic and finishing with the most intricate ways of learning and behaving. The levels are as follows: perceiving (level one), remembering (level two), creating (level three), organiz ing (level four), and thinking on a higher plane (level five). At the basic level, Levine states that the child must first be able to understand the relationships and the important characteristics of a spatial or sequential pattern. Once this is accomplished they can store this information for later use (remembering), which will help the child create output that is arranged spatially or sequentially (level three). Level four is where the child is expected to be good at â€Å"time management (sequential) and materials management (spatial)† (Levine, p.152). Finally the child is able to reason, solve problems, and form concepts using their spatial and sequential ordering systems. In the first half of the chapter, Levine discusses sequential ordering in terms of the five levels described above. He states that a child needs to be able to perceive the order of the days of the week, the months of the year, and perhaps the steps in solving a problem. If parents recognize a lack in this ability in their child, Levine suggests that they should practice teaching their children rhymes and other practices that force the child to use their sequentialShow MoreRelatedEssay on The Impact of Motivation on Learning2195 Words   |  9 Pagestowards learning and what methods can be used. Students at this stage are more eager and develop a sense of what he or she wants to do and accomplish in upcoming adulthood. With a division comes a group of intelligent theorists. All seen through the minds of Jean Piaget, Victor Vygotsky, Erik Erikson, Dr. Caroline Leaf, Albert Bandura, and Lawrence Kohlberg. When Jean Piaget examined his children’s interactions with the environment, he developed a sense that the older the child becomes, the greaterRead MoreEssay on My Classroom Management Philosophy 3785 Words   |  16 PagesI believe that demonstrating genuine respect to students and showing interest in their concerns will allow the effective use of instructional time, positive relationships to prevail, and minimal discipline problems to avail. Lastly, by actively engaging students in a variety of interesting activities that encourage critical thinking and discovery, time misbehavior is minimized. The key is preparation and participation. Having activities and lessons prepared will negate the acts of sleeping

Christs Love for the Church - 675 Words

Christ’s Love for the Church Sometimes following God is easy, but not the case of Hosea and Gomer in their not-so-fairytale romance, we see that following God’s plan for our life works out in the end. The story of Hosea and Gomer was beautiful and lovely but also quirky. This story is located in the book of Hosea in the Old Testament of the Bible. If your spouse were to cheat on you with multiple partners would you stay with them? Most people would say no and that they would leave, but is this the case with Hosea and Gomer? â€Å"For God so loved the world that he gave his one and only Son, that whoever believes in him shall not perish but have eternal life.† (John 3:16 NIV). Some consider John 3:16 as the theme verse for the entire Bible. (What Does John 3:16 Mean? 1). This tells us that God loves us unconditionally and knows that we sin, but he still loves us. HOSEA AND GOMER Hosea is responsible and successful. 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Analysis Of The Book The Handbook For Men - 1470 Words

This image was chosen because it depicts an extreme and unlikely scenario in which a male is completely calm and untroubled in a potential life threatening in which he is propelling several feet above four circling sharks in the middle of the ocean. Also, I particularly found the bolded red writing claiming â€Å"Be Prepared For Anything† and â€Å"the handbook for men† particularly interesting and thought that it spoke to the masculine notion of always remaining composed and in control of one’s environment. Furthermore, I also found the stark contrast between the male’s facial expression of superiority and the dangerousness of the situation interesting. To me this image reinforces societal beliefs that establish men as emotionless and fearless because the male is hanging on a rope above four sharks and is unafraid, confident, and serene and is smirking at his predicament. 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Purchasing Management of BHP Billiton Samples †MyAssignmenthelp.com

Question: Discuss about the Purchasing Management of BHP Billiton. Answer: Introduction The objective of the essay is to analyzing of effectiveness of aspects in relation to the purchasing management. These aspect are supplier selection criteria and issues, ICT for the purchasing operations, ICT for the purchasing operation and the purchase cost analysis (Ate?, van Wynstra, 2017). In this research it has focused on the BHP Billiton which is an Anglo-mining multinational mining, metals as well as the petroleum dual-listed public company that has headquarters in Melbourne, in Australia. Products The organization deals is involved in the production of the various products such as iron, steel, copper, silver, oil, aluminium as well as the gas (Billiton, 2014). Supplier markets When it comes to the supplier market the organization has been able to develop on the world class supplier program which is able to create cluster of more than one hundred world class supplies (Barrick, Thurgood, Smith Courtright, 2015). The company has a diverse supply chain which has helped it to market on their products. Additionally, they have been able to enter into an agreement with Codelco in order to make changes in regards to the internal processes such as the procurement to be able to develop the organizations in their supply chain (Billiton, 2014). There is a ready market for their products as the company has involved other major companies in other sectors to be able to improve on their suppliers innovation processes which help open new networks for their products. Competitors The major competitors of BHP Billiton organization are Rio Tinto Ltd, Potash, Wesfarmers, and SABmiller. Organizational goals and strategies The organizational goal is to own, operate large, long life, low cost as well as have an upstream assets that are diversified by the commodity and be the leaders both geographical and in all market (Chao, 2014). The company also has a goal of utilising technology which improve on the safety, and has a low coast and unlocks on the resources. To be able to achieve on this goals they have developed an operating model which enable them to leverage on their expertise across their business, using multifunctional teams who are connected across the organization (Chao, 2014). These individuals are able to share on their best practices and solve problems. Supplier selection criteria and issues The supplier have always been an integral aspects for the organization management policy. However, the relationship between the organization and the supplier has traditionally been distant one (Chao, 2014). When the supplier decision needs to be made in the made in BHP Billiton organization, the buyer should need to establish the set of the evaluation criteria which could be used in comparing of the potential sources (van, Voordijk, Matos Vos, 2015). The supplier selection is the strategic decision which fulfils on the goals of the organization for long time at low risk (Price, 2015). In accomplishing on this objective BHP Billiton organization has moved from the reactive buying to the proactive buying which is much more priority to the co-creation of the wealth with its suppliers. Purchasing goals for BHP Billiton organization BHP Billiton organization has a purchasing department in which is responsible for any purchases in the business. Additionally, the organization is governed by various purchasing goals which they observe in order to effectively deliver on the products (Price, 2015). One of the goal is to develop the strategies which to be able to discount from the vendors. The purchasing strategy usually varies form one industry to another (Kumar, Jain Kumar, 2014). The purchasing strategy of the organization has been linked to the organizational objectives and these strategies usually support on the supply chain aims. The people in the company are typical conscious of these types of strategies so they could result to a successful enterprise. An additional purchasing goal would be to enhance on the quality to manage to get the customer loyalty in addition to good reputation in the market (Price, 2015). The good quality program that BHP Billiton offers help them to contend it more competitively on the market. The quality they enhance by means of hiring of the most effective professionals that have good negotiable skills, the legal knowledge as well as better understanding of the company. Another purchasing goal is the reduction of the inventory maintenance cost. Whenever the business gets hold of the huge amount of the inventory for lengthy period of time then they will need to bear with the spoilage of the cost (Monczka, Handfield, Giunipero Patterson, 2015). The inventory in the organization could depreciate if they are stored for very long time which would require some maintenance. BHP Billiton to reduce on this cost they avoid the inventory maintenance cost through use of the just in time inventory system, this therefore means that the inventory is delivered once they get contract for the supply (van, Voordijk, Matos Vos, 2015). This aspect of managing of the inventory is very vital to be able to keep the client satisfied (Price, 2015). BHP Billiton organization makes sur e that they delivery their product on time and they have vendor who can deliver on time. Additionally, they makes sure they have the best vendors who are available in the market as well as keep in view of the local and national suppliers. Appropriate criteria for selecting the suppliers The selection criteria for the supplier is defined by the cross functional teams for the representatives from various sectors of BHP Billiton organization. The organization is a manufacturing company therefore, members representative are from purchasing, quality, engineering and the production (Kumar, Jain Kumar, 2014). The members usually include the personnel with the technical knowledge of the products which are to be purchased. The common supplier criteria is has follows; The first thing for selecting the appropriate supplier is to identify the supplier. Before selecting the supplier it is important to gather on the opinions of the stakeholders. The second thing would be measuring of the supplier performance. This is achieved through development of the audit as well as the assessment program (Monczka, Handfield, Giunipero Patterson, 2015). The next thing would be to gain the feedback of the supplier. This could be done through a self-assessment questionnaire. This could be used to identify on the performance gaps and be able to discover on the way the supplier understand their own operation. The next thing would be achieving of the certification. As the relationship becomes stronger, and both of the parties feel they are received positive performances the suppliers could be able to achieve the status of certification (Rodrguez-Escobar Gonzlez-Benito, 2015). The next step would be to develop partnerships. The relationship of the BHP Billiton and that of the suppliers is best when there is a formation of the partnership hence allowing the full knowledge of the sources of the materials as well as ensuring on high quality. ICT for purchasing operations ICT application to improve purchasing operations BHP Billiton today uses the ICT tools which are efficient as well as effective so that there is access of the relevant data with ease and on time to maintain a competitive edge when it comes to the purchasing operations (Monczka, Handfield, Giunipero Patterson, 2015). The use of the ICT enables interaction between the various organization along with the supply chain hence facilitating on the data sharing as well as exchange of the information at a much high speed and accuracy (Yoo, Naciri, Badulescu Glardon, 2017). This enables the organization in meeting on the demands of the clients on time hence setting the customer service standards. The needs of staying ahead of the competition entails that the organization embraces on the ICT advancement in their daily operations (Monczka, Handfield, Giunipero Patterson, 2015). The aspect of efficient as well as effective handling of the materials management from the purchase can only be achieved with the cooperation of the efficient as well as effective department within the supply chain in the organization. The selection of the suppliers as well as the negotiation of all the aspects of the contracts that relates to the inventory activities is a purchasing goals in which the purchasing professionals are expected to play as their leading role in the organization. BTP Billiton organization has been able to achieve this need in their purchasing goal (Monczka, Handfield, Giunipero Patterson, 2015). When the tools of the ICT are implemented in the organization it would bring benefit from these and thus as a result the company will be in a position to save on the costs associated to the inventory which is one of their purchasing goal and hence make profits. They will be able to reduce on the wastes as well as reduce on the inventory holding hence release the capital. Some of the ICT tools that have improved on the purchasing operations are as follows; distribution requirements planning, as well as the material resource pla nning. On the MRP it is a detailed planning of the purchasing operation and its characteristics are geared towards specifically to assemble on the operations (van, Voordijk, Matos Vos, 2015). It is a computer based information system. The aim of this ICT tool is to make available the purchases or the organization manufacturing assemblies. The order can be tracked throughout the process of manufacturing process as well as assist in the purchasing department in moving to the right supplies. The DRP is the scheduling approach which controls the inventory and it applies the principles of MRP (Wiengarten, Ambrose Ambrose, 2017). It is a method which is used in handling of the replenishment of the stock in the company. This method has been useful in the BHP Billiton organization since they utilizes in various distributions points for example the regions as well as the local distributors. Purchasing cost analysis The purchasing goal of the organization has been, to improve on the quality to get customer loyalty, reduction of the inventory costs and to achieve on this aspect there is need to recommend on appropriate tools to consider in regards to analyse on the purchasing costs (Chen Wu, 2013). Purchasing is a significant part of the business therefore the business needs to have regular purchasing analysis to ensure that it is making the best use of the earned revenues. The purchasing analysis is the analysis which goes on in the department of purchases (Chen Wu, 2013). In this department the purchasing strategy as well as inventories are kept to the optimum levels. This is in respect to the suppliers who are chosen and they provide the best prices. The tools are as follows; one is the cost analysis. The first thing in which BHP Billiton looks at is the actual cost of purchasing on the good (Wengang Suicheng, 2015). There are various cost involved such as the delivery costs, the handling and the storage. There may be suppliers who require the advancement payments. This purchasing tool would be important in identifying of the total cost for purchasing of a given supplier. The next tool is the inventory analysis. This method is used in analysing of the costs for storing the items along with the cost of not having the items which are available for the manufacture (Scott, Ho, Dey Talluri, 2015). When there is a correct purchasing analysis to the current inventory it would be able to predict on the optimal future inventory (Johnson, 2014). Moreover, with the use of the method it is possible to tell the optimum inventory levels which could negatively influence on the sales (Johnson, 2014). The next tool is the maverick spending. In a situation when the organization use purchase requisitions, the products could have been ordered which are not appropriate or perhaps have a higher price or lower in quality than they are purchased (Johnson, 2014). This tool is used to analyse the purchase requisitions as well as the ad hoc purchases so that the company will know what cost them more than they require. Conclusion In the essay, it has analyzed the effectiveness of aspects in relation to the purchasing management. These element that are discussed are supplier selection criteria and issues, ICT for the purchasing operations, ICT for the purchasing operation and the purchase cost analysis. The essay has further highlighted on the purchasing goal of the BHP Billiton organization which has been the focus of the research. In the research it has also highlighted on the criteria which is involved in the selecting the suppliers such as identification of the supplier, measuring the performance of the supplier, achieving of the certification as well as formulation of the partnership. These aspect have been discussed in details and how they relates to the purchasing goal of the organization highlighted. In the essay, it has also discussed on the ICT for improving on the operations of purchases as well as the tools that are considered when analyzing on the purchasing costs. References Ate?, M. A., van Raaij, E. M., Wynstra, F. (2017). The impact of purchasing strategy-structure(mis) fit on purchasing cost and innovation performance. Journal of Purchasing and Supply Management. Barrick, M. R., Thurgood, G. R., Smith, T. A., Courtright, S. H. (2015). Collective organizational engagement: Linking motivational antecedents, strategic implementation, and firm performance. Academy of Management Journal, 58(1), 111-135. Billiton, B. H. P. (2014). Value through performance: Annual Report 2014. Chao, W. S. (2014). Enterprise Architecture of Purchasing Management: SBC Architecture Description Language in Practice. Chen, P. S., Wu, M. T. (2013). A modified failure mode and effects analysis method for supplier selection problems in the supply chain risk environment: A case study.Computers Industrial Engineering, 66(4), 634-642. Johnson, P. F. (2014). Purchasing and supply management. McGraw-Hill Higher Education. Kumar, A., Jain, V., Kumar, S. (2014). A comprehensive environment friendly approach for supplier selection. Omega, 42(1), 109-123. Monczka, R. M., Handfield, R. B., Giunipero, L. C., Patterson, J. L. (2015). Purchasing and supply chain management. Cengage Learning. Price, G. (2015). Spotlight on seeds for BHP Billiton Iron Ore. AusIMM Bulletin, (Jun 2015), 76. Rodrguez-Escobar, J. A., Gonzlez-Benito, J. (2015). The role of information technology in purchasing function. Journal of Business Industrial Marketing, 30(5), 498-510. Scott, J., Ho, W., Dey, P. K., Talluri, S. (2015). A decision support system for supplier selection and order allocation in stochastic, multi-stakeholder and multi-criteria environments. International Journal of Production Economics, 166, 226-237. van Lith, J., Voordijk, H., Matos Castano, J., Vos, B. (2015). Assessing maturity development of purchasing management in construction. Benchmarking: An International Journal, 22(6), 1033-1057. Wengang, Y., Suicheng, L. (2015). Purchasing Efficacy: Alignment between Purchasing Practice Configurations and Purchasing Competitive Priorities. Journal of Management, 4, 012. Wiengarten, F., Wiengarten, F., Ambrose, E., Ambrose, E. (2017). The role of geographical distance and its efficacy on global purchasing practices. International Journal of Operations Production Management, 37(7), 865-881. Yoo, M. J., Naciri, S., Badulescu, Y., Glardon, R. (2017). A pilot study on eliciting human operations decision in purchasing and measuring their impact on supply chain efficiency. Computers Industrial Engineering.

The Euro and What it will do for Europe free essay sample

This paper takes a look at the Euro history, institution, pros and cons. An analysis of the new European currency, the Euro. The paper provides a history of previous attempts to institute such a change and how the process finally lead to the implementation. Details of economic changes in trade, taxation and personally are listed, as well as views for and against the Euro. Each countrys position is discussed. From the paper: European nations have recently adopted the euro currency, and this paper will provide pros and cons, and overall analysis of how Europe can benefit from it. Never before has a single currency been created across an industrialized zone. Exchange rate stability is what people are looking for with the euro. Some people hope it is such a success, that it will someday reach the shores of the United States and Japan. The euro is a financial innovation, and a common currency is the ultimate in stable exchange rates. We will write a custom essay sample on The Euro and What it will do for Europe or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A monetary union also provides the possibilities of a European political union linking.