week 5 written assignment ops mgmt 290

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timer Asked: Feb 6th, 2019
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Question Description

Instructions: This project requires you to apply the concepts and methods learned so far in the course. You are to write your responses in accordance with APA standards and cite a minimum of two (2) scholarly peer reviewed sources and at least one entire scripture verse.

Your paper submission should follow the below stated composition and formatting guidelines; and be composed unto a “Word Document.”

  • Title page with a “Running head:” page number (top right), your name, course, date, and an appropriate title.
  • Use double space, Times New Roman, and 12pt font.
  • Upon citing works, add a separate reference page.
  • These APA additions are NOT a part of the word count range of 1500-1800 words for the paper.

CASE STUDY

Farmers Restaurant

Sarah Lubbers and Chris Rusche, Grand Valley State University

Farmers Restaurant is a full service restaurant offering a variety of breakfast, lunch, and dinner items. Currently, Kristin Davis is the general manager for the Farmers Restaurant located in the Grand Rapids/ Wyoming metro area of Michigan. Since becoming manager, Kristin has faced some difficulties with ordering the right amounts of food items for the restaurant. Because of this, there are some weeks the restaurant has a surplus of menu items that are no longer fresh, and must be discarded. At other times, the restaurant has experienced shortages of some items. The fact that inventory accounts for an average cost of 26 percent of the restaurant’s total revenues underscores the importance of managing inventory. Kristin would like to find a way to ensure that she is maintaining the proper amount of inventory. Customer counts at Kristin’s restaurant have been declining recently, so one of Kristin’s greatest focuses is to keep current customers and attract new customers. She believes that a key aspect of this is having all of the items on the menu in stock.

The restaurant industry is competitive. In the Grand Rapids/ Wyoming metro area alone there are over 1,600 restaurants. Some of Farmers Restaurant’s most serious competitors are IHOP, Applebee’s, and Big Boy, all of which are located within 20 miles of the Farmers Restaurant, so customers have many alternatives from which to choose.

Online inventory systems are used to assist restaurant managers in determining on-hand inventory and gauging how well the restaurant is controlling food costs. The fiscal week for Farmers Restaurant starts on Thursday and ends on Wednesday of the following week. Each Wednesday, the manager physically counts the inventory on hand and enters the data into the online inventory system. The computer software system then compares the on-hand inventory for that week, the amount of food ordered, and the inventory on hand for the end of the previous week with the sales for the current week. By doing so, it is able to determine a total food cost. The manager compares this cost with the benchmark cost to see how well the restaurant has been managing its inventory. This is one of the most important numbers to managers at the Farmers Restaurant because it accounts for approximately 30 percent of total costs in terms of a store’s cost structure.

The computer software system also compares the total cost of food on hand with the total amount of sales for that week and computes a percentage of on-hand inventories. As a guideline, the company has set a standard of having between 29 and 36 percent for its on-hand inventory level. The company feels that this level of inventory is an appropriate average to ensure quality food that is fresh and within expiration. Lastly, it is better to keep the inventory at a minimum level to ensure the accuracy and ease of inventory counts.

The Farmers Restaurant Kristin manages has been running above average in terms of food costs. For this reason, her boss has become concerned with the performance of the ordering system she is using at her restaurant. Kristin has been using her intuition to decide how much product to order despite the fact that the product order sheets provide a moving average usage of each product. Kristin bases her inventory management on her intuition because she does not understand how to utilize the moving average forecasting technique when placing orders. An additional complication with ordering inventory is that each item is packed in multiple quantities, so she cannot order the exact amount that she needs. Her boss requested that she create a more accurate way of ordering food and to report back to him in one month. Kristin is worried that if she cuts inventory levels too low she will run out of products, which may result in a decrease in customer counts.

After Kristin met with her boss, she began to think about what changes she could make. She knows that inventory has been a weak point for her, but she remembers one of her employees talking about inventory management from one of his college courses. Kristin decides to ask the employee if he would be willing to help her try and come up with a better way for her to order products. Kristin tells him how the ordering system works, shows him the ordering form, and relates the given information.

Suppose you have been asked to work with Kristin to improve inventory ordering.

Deliverables:

  1. Describe the importance of inventory management as it relates to the Farmers Restaurant.
  2. What ordering system would be best for this situation? Explain.
  3. The supplier Kristin uses is located in Ohio. Why might Kristin consider dealing with a nearby supplier instead of the one in Ohio? What reasons might there be for not switching suppliers? Support your findings.

Unformatted Attachment Preview

BSB Minor Project Grading Rubric w/Biblical Integration (100 points) Excellent (20 – 18 pts) Good (17 - 16 pts) Fair (15 - 14 pts) Poor (0-13 pts) Content Knowledge  Demonstrates exceptional knowledge, insight and understanding of the subject matter, including the ability to select and apply the most appropriate, well-researched content to develop an effective approach.   Demonstrates content mastery by applying the most suitable theoretical framework, models, and/or techniques.  Includes the application of relevant concepts from previous courses, when appropriate. Examples link directly and appropriately to the subject matter.  Uses course materials as a springboard for developing original, insightful ideas.      Demonstrates good knowledge, insight, and understanding of the content, including the ability to select and apply an appropriate, wellresearched content to develop an effective approach. Applies a suitable theoretical framework, models, and/or techniques.  Demonstrates basic knowledge, insight, and understanding of the content; content is not consistently appropriate or well-researched.  Demonstrates limited understanding of assignment issues; content is not appropriate or wellresearched.  Application of content is adequate, but limited.  Draws from and generally applies content from previous courses, when appropriate. Provides some relevant examples.  Limited use of content from other courses.  Little or no application of content; with limited and mostly inappropriate use of theoretical frameworks, models, and/or techniques. Connections to concepts from previous courses are absent.  Limited examples are provided and not consistently appropriate.  Examples are absent and/or not related to the subject matter. Content is used to generate some original ideas.  Minimal number of original ideas.  No original ideas developed from the content are apparent. Comments: Communication and Research    There is an exceptionally clear, arguable, well-developed, and definitive position stated. Information is presented in a logical, interesting sequence organized with smooth transitions and appropriate headings.  Uses an appropriate level of highest quality research, and   There is an arguable, welldeveloped, and definitive position stated. Information is presented in a logical sequence organized with generally smooth transitions and appropriate headings.  A position is stated and adequately developed.  The position is vague and not well-developed.  Presentation of information is not consistently logical and transitions between points are not smooth and inconsistent headings.  Uses an appropriate level of research, and theories  Uses an adequate level of research, but theories and  Lacks clear and logical development of ideas with weak transitions between ideas and paragraphs, with no headings to separate and transition ideas. Research is superficial and insufficient to support the Possible Pts. Actual Pts. 0 0 0 0 20 20 0 0  theories and concepts are presented accurately and sufficiently. All supportive materials are properly and flawlessly cited, and formatting is consistent with the APA style.  and concepts are generally presented accurately and sufficiently. Supportive materials are properly cited with minimal (2-3) errors, and formatting is consistent with the APA style.  concepts are not consistently presented accurately and sufficiently. Supportive materials are presented, but with errors (4+), and formatting is not consistent with the APA style. topic.  Supportive materials lack proper formatting with limited details and many sources missing or incomplete.  Project is exceptionally concise, clear, with consistently proper grammar, spelling, and paragraphing.  Project is concise, clear, with proper grammar, spelling, and paragraphing with minimal (2-3) errors.  Project contains errors (4-6) in grammar, spelling, and paragraphing.  Numerous (7+) and obvious grammatical, spelling, and stylistic errors undermine reader comprehension.  Clearly addresses the target audience.   Does not acknowledge or identify the target audience. The project strictly adheres to the guidelines and format required by the assignment.  Demonstrates little understanding of the target audience. The project does not fully adhere to the format required by the assignment.    The project does not adhere to the format required by the assignment  The conclusion unites the important points of the presentation and encourages future discussion.  Demonstrates an awareness of the target audience. The project generally adheres to the format required by the assignment. The conclusion unites the important points of the presentation. The conclusion summarizes the important points.  The conclusion is vague and incomplete. Additional considerations for PowerPoint/visual presentations:  The presentation layout is interesting and visually pleasing and contributes to the overall message.  Professional-level use of headings, sub-headings and white space, along with appropriate fonts and size.  All graphics are attractive (size and color) and help to explain, reinforce, and support the theme/content of the presentation. Additional considerations for PowerPoint/visual presentations:  The presentation layout is visually pleasing and contributes to the overall message.  Appropriate use of headings, sub-headings and white space, along with appropriate fonts and size.  Most of the graphics are attractive (size and color) and support the theme/ content of the presentation.   Additional considerations for PowerPoint/visual presentations:  The presentation layout is visually inconsistent and sporadically contributes to the overall message.  Headings, sub-headings, and white space do not consistently support message.  Fonts and text size are inconsistent and distracting.  Graphics are occasionally used, but rarely support the presentation. Additional considerations for PowerPoint/visual presentations:  The presentation layout is haphazard and visually contributes little to the overall message.  Headings and subheading are missing or irrelevant to the supporting text.  Font and size are inappropriate resulting in text that is difficult to read.  Graphics are superfluous or absent. Comments: 20 0 Critical Thinking  Demonstrates exceptional  Demonstrates proficiency  Inconsistent application of 20  Logical reasoning and 0 work through the consistent use of a clear and logical progression of points and conclusions.      through the use of a clear and logical progression of points and conclusions. Carefully analyzes the information collected and draws appropriate, inventive, warranted, judicious, and nonfallacious conclusions supported by evidence through accurate interpretation of statements, graphics (e.g., charts, tables), etc. Identifies not only the basics issues and implications surrounding the topic, but recognizes subtle nuances. Identifies and questions the validity of key assumptions.  Thoughtfully analyzes and evaluates major alternative points of view, addresses contradictory evidence, and constructs persuasive and compelling arguments. Makes clear connections to previous or current content and to real-life situations. logic in presenting a progression of points and conclusions. progression of points are virtually absent. Analyzes the information collected and draws appropriate, warranted, and non-fallacious conclusions; conclusions are generally supported through interpretation of statements, graphics (e.g., charts, tables), etc. Identifies all the basic issues and implications surrounding the topic.  Analyzes the Information collected, but conclusions do not consistently and logically derive from that information; Interpretation of statements, graphics (e.g., charts, tables), etc. is occasionally invalid.   Identifies some of the basic issues and implications surrounding the topic.   Identifies and questions the validity of assumptions.   Does not surface and interact with underlying assumptions.  Offers analysis and evaluations of obvious alternative points of view; fair-mindedly follows where evidence and reasons lead. Makes connections to previous or current content and to real-life situations.  Some underlying assumptions are identified, but are not adequately explored. Offers limited analysis and evaluations of some alternative points of view, but quickly dismisses these points.  Fails to identify or hastily dismisses strong, relevant counter-arguments. Makes occasional connections to previous or current content or to real-life situations.  Makes no connections to previous or current content or to real-life situations.    Fails to identify conclusions, implications, and consequences of the issue. Misinterprets evidence, statements, graphics, questions, etc. and draws unsupported and fallacious conclusions; arguments are not persuasive. Identifies few if any of the basic issues and implications surrounding the topic. Comments: 20 Business Application   The project proposes feasible, practical, interesting, and actionable recommendations and solutions that consider cost, culture, timeframe, and other critical factors.  Clearly identifies and describes action issues associated with specific decision-makers.  The project proposes feasible, practical, and actionable recommendations and solutions that consider most critical factors, such as cost, culture, and timeframe.  Action items for specific decision-makers are identified.  Proposes recommendations that are not consistently feasible, practical, and actionable; limited consideration of critical business factors.  Action items are presented, but are not linked to specific decision-makers.  Recommendations are impractical, uninspiring, and not feasible. Solutions do not take into account environmental or organizational factors. Specific action items are not delineated for particular decision-makers. 20 0 0  Presents information, concepts, conclusions, etc., so that others can use the information to improve/transform their lives and the organization they serve.  Presents information, concepts, conclusions, etc., so that others can use the information to improve/ transform their lives and the organization they serve. A plan for measuring outcomes is presented.  Information, concepts, conclusions, etc. as presented have a limited, transformative impact on individuals or the organization.  Information, concepts, conclusions, etc. are not presented in ways that will transform and serve organizations and people.  A plan for measuring outcomes for the proposal is detailed, well-thought out, and realistic.   General consideration for measuring outcomes is apparent, but no specific plan or approach is presented.   Attention is given to the value added to the organization and the impact on key stakeholders.  The value added to the organization and the impact on stakeholders is mentioned, but not adequately explained and developed.  Little or no consideration is given to measuring or quantifying outcomes or assessing the value added to the organization. The impact on various stakeholders is not discussed.  Clearly describes the value added to the organization and how goals balance and satisfy different stakeholders’ interests.  Selects and applies the appropriate analytical tools (quantitative and qualitative) to address the business issues for the particular discipline (e.g., accounting, economics).  Selects and applies the appropriate analytical tools (quantitative and qualitative) to address the business issues for the particular discipline (e.g., accounting, economics).  Utilizes some, but does not consistently select/apply the appropriate analytical tools (quantitative and qualitative) to address the business issues for the particular discipline.  Does not effectively select and apply the appropriate analytical tools of the appropriate discipline (e.g., accounting, economics). Comments: 20 0 Biblical Integration  Demonstrates clear knowledge of the basic themes and truths of the Old and New Testaments and the basic beliefs of Christianity. Clear application of Bible-based morality and social responsibility.   Clear statement and application of a Christian worldview   Demonstrates the ability to think critically and to integrate and apply knowledge through the lens of Scripture. Relies on a number of commentaries and    Demonstrates knowledge of the basic themes and truths of the Old and New Testaments and the basic beliefs of Christianity. Some application of Biblebased morality and/or social responsibility is evident. A Christian worldview is stated and generally applied.  Relies on a commentary and basic exegesis to support position.    20 Demonstrates limited knowledge of some of the fundamental themes and truths of Scripture and the basic beliefs of Christianity. Application of Bible-based morality and/or social responsibility is minimal.  Demonstrates little or no knowledge of the basic themes and truths of Scripture and Christianity.  Application of Bible-based morality and/or social responsibility is absent. Some aspects of a Christian worldview are stated, but inadequately and/or erroneously applied. Only biblical “proof-texting” is utilized to support position.  Application of Christian worldview is absent.  The Bible or is rarely used to support a position. 0 basic exegesis to support position. Comments: 20 20 100 0 100 Late deductions (e.g., -10): Score: Overall Comments: ...
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Tutor Answer

agneta
School: UCLA

Attached.

Inventory Management
THESIS STATEMENT: Even though frequently overlooked, Inventory management has a very
significant impact on the competitive ability of an organization.
i.

Introduction

ii.

Describe the importance of inventory management as it relates to the Farmers Restaurant.

iii.

What ordering system would be best for this situation? Explain.

iv.

The supplier Kristin uses is located in Ohio. Why might Kristin consider dealing with a
nearby supplier instead of the one in Ohio? What reasons might there be for not
switching suppliers? Support your findings.

v.

Conclusion


Running head: INVENTORY MANAGEMENT

Inventory Management
Institution Affiliation
Date

1

INVENTORY MANAGEMENT

2
Introduction

In business, a lot of factors contribute to the competitive ability of the business in its
environment. One of these factors is customer satisfaction. Customer satisfaction determines
whether or not a business is doing better than its competitors within the same market. Customer
satisfaction is indirectly related to other aspects of business such as Inventory keeping. There
exists no direct relationship between inventory keeping and customer satisfaction, but in the long
run, it has an impact on customer retaining. For Farmers Restaurant, there exists a problem with
the inventory keeping that has begun to cost them their clientele base. Kristin Davis, the General
Manager, has experienced a problem with ordering the right amount of food items. Sometimes,
this results in the surplus of items in the menu which leads to their disposal and at other times,
there is a shortage of food items. In their locality, there exist 1,600 other restaurants, and three of
them are within 20 miles of Farmers restaurant which creates alternatives for customers. The
restaurant is running on a cost that is above average for their food stocks which necessitates the
revision of the inventory style since Kristin has been using up her intuition to keep inventory and
make orders.
Importance of Inventory Management
Inventory management is very important in Kristin’s case. One reason for inventory
management in this scenario is that it makes up for accurate order fulfillment. For this case, the
orders being fulfilled are those of the customers in the restaurant. The reason as to why Farmers
Restaurant has been losing its customers to the three other restaurants is b...

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Anonymous
awesome work thanks

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