Description
Topic: Inventory Management
What is a literature review?
“A literature review discusses published information in a particular subject area, and sometimes information in a particular subject area within a certain time period.
A literature review can be just a simple summary of the sources, but it usually has an organizational pattern and combines both summary and synthesis. A summary is a recap of the important information of the source, but a synthesis is a re-organization, or a reshuffling, of that information. It might give a new interpretation of old material or combine new with old interpretations. Or it might trace the intellectual progression of the field, including major debates. And depending on the situation, the literature review may evaluate the sources and advise the reader on the most pertinent or relevant.”[i]
How is a literature review different from an academic research paper?
“The main focus of an academic research paper is to develop a new argument, and a research paper will contain a literature review as one of its parts. In a research paper, you use the literature as a foundation and as support for a new insight that you contribute. The focus of a literature review, however, is to summarize and synthesize the arguments and ideas of others without adding new contributions.”[ii] The academic research paper also covers a range of sources, but it is usually a select number of sources, because the emphasis is on the argument. Likewise, a literature review can also have an “argument,” but it is not as important as covering a number of sources. In short, an academic research paper and a literature review contain some of the same elements. In fact, many academic research papers will contain a literature review section. But it is the aspect of the study (the argument or the sources) that is emphasized that determines what type of document it is.
Why write literature reviews?
“Literature reviews provide you with a handy guide to a particular topic. If you have limited time to conduct research, literature reviews can give you an overview or act as a stepping stone. For professionals, they are useful reports that keep them up to date with what is current in the field. For scholars, the depth and breadth of the literature review emphasizes the credibility of the writer in his or her field. Literature reviews also provide a solid background for a research paper’s investigation. Comprehensive knowledge of the literature of the field is essential to most research papers.”[iii]
What is the format for literature reviews?
“Just like most academic papers, literature reviews also must contain at least three basic elements: an introduction or background information section; the body of the review containing the discussion of sources; and, finally, a conclusion and/or recommendations section to end the paper.
- Introduction: Gives a quick idea of the topic of the literature review, such as the central theme or organizational pattern.
- Body: Contains your discussion of sources and is organized thematically.
- Conclusions/Recommendations: Discuss what you have drawn from reviewing literature so far. Where might the discussion proceed?”[iv]
What is a thematic literature review?
“Thematic reviews of literature are organized around a topic or issue, rather than the progression of time.”v
“Sometimes, though, you might need to add additional sections that are necessary for your study, but do not fit in the organizational strategy of the body. What other sections you include in the body is up to you. Put in only what is necessary. Here are a few other sections you might want to consider:
- Current Situation: Information necessary to understand the topic or focus of the literature review.
- History: The chronological progression of the field, the literature, or an idea that is necessary to understand the literature review, if the body of the literature review is not already a chronology.
- Methods and/or Standards: The criteria you used to select the sources in your literature review or the way in which you present your information. For instance, you might explain that your review includes only peer-reviewed articles and journals.
- Questions for Further Research: What questions about the field has the review sparked? How will you further your research as a result of the review?”vi
This section is required and must be included in your paper.
- This section of the literature review is where you integrate faith and learning in this course. After reading Every Good Endeavor: Connecting Your Work to God’s Work,” write a 3–5-page section that integrates the Genesis model, i.e., the creation-fall-redemption-consummation framework, with the learning objectives of this course, which is part of the required 19 pages of content. Conclude with how your integration may be used for furthering God’s purposes for business on earth.
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Important Points to Consider
The paper is to be written in strict conformance to current APA standards, and must contain at least 19 pages of content (excluding the title page, abstract, and references), utilizing at least 12 scholarly references.
The paper is to be submitted through SafeAssign at the end of Module/Week 8. It is highly recommended that you download and read the instructions to avoid any stress created by issues that are the result of waiting until the last minute.
- A SafeAssign draft check will be provided for you to use to improve your Originality Score prior to your final submission.
Three levels of current APA headings must be used throughout the paper, as this is a graduate-level research paper.
Some students do not fully understand the difference between plagiarism and paraphrasing. Paraphrasing is when you take a source or someone else’s idea and say it in your own words. When you paraphrase, you must still give the author’s name, date, title of the source, the scholarly journal where it came from, and the exact website address or book.
However, when you directly quote a source, it must have quotation marks around the quote, or (if 40 words or more) it must be set in block quotation format. You must also give detailed information of where you acquired the quote.
For the purpose of this academic paper, adhere to the follow rules when quoting or using a source:
Do not directly quote more than 120 words from any one source.
If the source is 2,000 words or less, do not directly quote more than 50 words from any one source.
Do not use the same source more than a total of 3 times within the whole document for quoting or paraphrasing.
Quotes must contain the section (if provided) and paragraph or page numbers of the quote, and this information must be placed in the reference.
In all instances, use current APA guidelines for citations and references.
Explanation & Answer
Hi, Find attached the paper for your review.Let me know if you need anything edited or changed.Looking forward to working with you again in future.Thank you
Attached.
Running Head: INVENTORY MANAGEMENT
Inventory Management: A Literature Review
Student’s Name
Professor’s Name
Course Title
Date of Submission
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INVENTORY MANAGEMENT
Inventory Management: A Literature Review
In any organization or entity, all functions and operations are usually interlinked
and connected to each other (Atie, et al, 2016). Some of the operational aspects such as
logistics and supply chain management form the basis and foundation of the business
delivery functions. For an organization to be successful in these operations, it must
always ensure that it maintains an optimum inventory, meaning that the management
must avoid over or under inventory in order to maintain the financial stability and health
of the business (Bose, 2012; Atie, et al, 2016).
According to Singh and Verma, (2017), inventory the “raw materials, work-inprocess products and finished goods that are usually considered by a business as assets
and that will be ready for sale. For a holistic conceptualization of inventory management,
this paper will consider the definition of inventory management as proposed by Singh
and Verma, (2017, 3868)“continuing process of planning, organizing and controlling
inventory that aims at minimizing the investment in inventory while balancing supply and
demand.”
With respect to various theoretical perspectives, there exists a number of
inventory management practices such as vendor managed inventory, just in time,
forecasting, collaborative planning and replacement, automatic replenishments and
material requirement planning (Urciuoli & Hintsa, 2017; Atnafu & Balda, 2018).
However, various studies have shown that there is restricted knowledge in the application
and appreciation of these practices in most industries both locally and internationally
(Atnafu & Balda, 2018). This lack of appreciation explains the increased wastage of
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INVENTORY MANAGEMENT
materials experienced by organizations, longer-lead time, loss of sales, shortage of
products and other factors such as increasing production cost among others. This
arguably means that there is an acute difference between the theoretical and practical
approach to inventory management in organizations (Urciuoli & Hintsa, 2017). The
following theories discuss the practices of inventory management.
Theories in Inventory Management
Strategic Choice Theory
The strategic choice theory argues that there is a link between the choices that the
management of an organization make to the organization’s internal and external
environment. This theory then emphasizes that these choices have a great impact on
organizational performance (Kumar, Mishra & George, 2013). Campling and Michelson
(1998), created a strategic choice model that depicts this interrelationship between the
three aspects; environment, management’s action/choices and organizational
performance. However, this theory failed in the lack of consideration of other
organizational aspects that lead to organizational success such as the structure of
operation, technology among other factors. Additionally, Urciuoli and Hintsa, (2017)
argue that this theory limits itself to choice and focuses on strategic choices in contrast to
the functional approach which is a useful element in supply chains in organizations.
Transaction Cost Analysis
This theory argues and holds that supply chain expenses must be maintained at a
minimal level. According to Kumar, Mishra & George, (2013), this theory is widely
supported and applied in various economic and organizational structures. One early
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INVENTORY MANAGEMENT
implementer of this theory was Williamson who in1981 implemented this theory into the
model of general equilibrium. Williamson (1981) argued that organizations can reduce
their operational costs by simultaneously advancing trust and cost of transaction via
vertical integration. He further argues that this integration is more likely to decrease the
expenses incurred in inventory management while improving the service delivery both
internally and externally. One major objective of an organization is to reduce costs which
include transaction costs in order to make significant profits (Kumar, Mishra & George,
2013). Transactional cost theory, therefore, creates a mechanism in which an organization
reduces these costs to achieve and increase its level of profitability.
Theory of Economic Order Quantity (EOQ)
The EOQ model focuses on ordering the portions of inventories that cause
instability of costs between the inventory holding cost and pre-order costs. However,
Reynard, Bussard, and Martin, (2016) hold that in order to accurately compute the EOQ,
various factors must be met. These are 1) there should be known and constant costs of
holding a stock, 2) the lead –time cycle should be known and constant, 3) the price per
unit should also be constant, 4) there should be immediate replenishments and 5) stockouts should not be allowed (Reynard, Bussard, & Martin, (2016). A major challenge
noted with this theory/model is that it tends to ignore the need for shield stocks which are
usually reserved in cases of deviations in lead-time and demand. One major assumption
that this theory makes is that all other variables are constant and disregards the fact that
uncertainties are usually frequent in the market and are ordinary occurrences in some
organizations.
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INVENTORY MANAGEMENT
How Inventory Management Relates to other Organizational Practices
But how does inventory management relate to other organizational activities?
According to El Maataoui, et.al (2017) , the role of supply chain management is to
provide high velocity and quality relevant information in order to advice the organization
and other stakeholders on timely flow of materials in organizing. According to Doley,
(2005) inventory management is directly linked to material management. This
organizational process involves the procurement, inventory control of raw materials as
well as scheduling of transportation of the raw materials among other activities (Doley,
2005; El Maataoui, et.al 2017). Ideally, inventory management ensures a consistent and
updated and continuous flow of goods and services a function that material management
integrates. This means that both management procedures require proper facilitation by
each other through proper record keeping, control and managing of materials to meet the
needs of demand and supply.
Inventory management is also linked with procurement, which is where an
organization purchases materials and services from suppliers in order to facilitate its
operations. In this regard, inventory management is needed in this procurement directive
in order to identify the need of these goods and services, control, manage and organize
the delivery as well as record keeping for consistent verification of the future need for
these products. According to Muckstadt and Sapra, (2010), inventory relates directly to
purchase economies where organizations need to accumulate physical supply inventory in
order to realize purchase economies.
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INVENTORY MANAGEMENT
Warehousing and storage is another organizational aspect that directly relates to
inventory management and Muckstadt and Sapra, (2010) points out that warehousing is a
part of the logistics system that stores goods at and between the origin and the point of
consumption. Inventory management ensures that the collection of data and information
regarding the number, quality, and usage of goods stored in the warehouses is well
coordinated in order to facilitate tracking and distribution of these products to the
endpoint. Additionally, improving inventory management involves reducing the time
taken to transport the goods to the market which means that it takes inventory
management ensures proper coordination and management of how fast goods enter and
leave the warehouses.
Supporting Tools for Inventory Management
According to Sittig, et.al (2010), there are two main supporting tools for inventory
management which usually aide legible and intelligent management of the control and
management of inventories. They are the cause-effect diagram and the Multiple Criteria
Decision Making (MCDM). Muckstadt and Sapra, (2010) define a cause-effect diagram
as a structured process where ideas are organized into logical groupings in order to
brainstorm and perform exercises that help in problem-solving. Due to its fish-bone
structure, the cause-effect diagram is also referred to as a fishbone diagram/analysis. This
diagram helps in the identification of the causes of a problem most. It is made up of seven
main cause categories which include manpower, management, milieu, measure,
machinery, method and materials (Muckstadt and Sapra, 2010; Sittig, et.al, 2010).
According to Bose (2012), one of the limitations of the fishbone analysis tool is that it
does not provide the sequence of causes. He argues that in a real life scenario, a problem
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may occur due to a sequence of causes and that the reason for each cause cannot be the
same.
Another limitation is that it does not fully define the relationship between the
causes and fails to show the relevant details for each cause. According to Bose (2012),
the fishbone analysis is only applicable for use in pre-defined categories of causes and
not in situations where causes should be related to each other. The Multiple Criteria
Decision Making (MCDM) is a decision making criteria that consists of a finite set of
alternatives wher...
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