Columbia College Management of Inventory Discussion

User Generated

onearf0315

Business Finance

Columbia College

Description

I need two separate responses to student 1 and student 2s discussion posts. I attached both of the posts and the original assignment. They only need to be 1 to 2 paragraph response each.

Dont really need outside sources on these

Unformatted Attachment Preview

Visit a local business or research one online, observe its operations, then describe and explain the following: 1. Identify the different types of inventory. 2. Explain the functions of its inventory. 3. Explain the objectives of inventory management at the company. 4. Describe how those inventory management objectives are measured. 5. State whether you visited the business or whether you did online research. Discussion 11 The company that I have researched is the company I currently work for called, Karma Spa Lounge and Beauty Bar. The types of inventory that Karma utilizes are anticipation and maintenance. Due to the fact that Karma is a service business, the items that are on hand are “built in to anticipate future demand” (Reid & Sanders pg. 434). The Karma Salon and Spa both must project what services clients might be interested in purchasing and then ensure that there is always enough inventory on hand to maintain a level of production (Reid & Sanders pg. 434). For example, during the spring a lot of women like to change their hair color to create natural sun-kissed highlights. The hairstylists must ensure they have enough bleach in order to blonde the hair and meet the demand of clients. The business itself must ensure it has enough office supplies and other operating supplies. At Karma pens, paper, trash bags, ink, and cleaning supplies all fall under this category. Our textbook mentions how customer service is a measure of inventory management. In other words, services can not be performed if there are no supplies to make that service happen. Customers are satisfied when they receive a service without disruption. When product deliveries are late, this can pose an issue with being able to perform such services as well. For example, Karma had run out of lash lift product which is used to curl eyelashes and give them more volume. The next day there were 4 lash lift appointments on the schedule. All of those clients had to be called and rebooked due to low inventory. This not only upset the clients but also made the company look illprepared. Inventory management at Karma is monitored by company policy and inventory turnover. Inventory is taken on a bi-weekly basis by running inventory reports and manual counting to match report data. Products are placed on the shelves by using the FIFO method (first in first out) to ensure the older product is used first. In addition, managers calculate the inventory turnover and amount of supply to ensure the product is circulating out and not just sitting on the shelves. As the manager of Karma, inventory is critical for business functionality. Without products, services at Karma are unable to be performed. This, in turn, slows down business and turns customers away. Visit a local business or research one online, observe its operations, then describe and explain the following: • Identify the different types of inventory. • Explain the functions of its inventory. • Explain the objectives of inventory management at the company. • Describe how those inventory management objectives are measured. • State whether you visited the business or whether you did online research. Rockwell American is an axle manufacturing company in Polk City Florida. They have an inventory made up of: • Raw materials • Work-in-Progress(WIP) • Finished Goods The raw materials are used to assemble the WIP and finished goods. The WIP are partial builds or kits requested by the customer to be sent in that state. The finished goods are completed axles to the customers required specifications. The objectives are to keep stock flow (in and out) to prevent overstocking of parts, as they would get in the way of inventory storage, and under stocking parts, as this would create work stoppages and back orders. They use the number of inventory turns method. This is the ratio of purchased stocks value to the stock on hands value. I visited the business.
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached. Please let me know if you have any questions or need revisions.

Running head: MANAGEMENT OF INVENTORY

Management of Inventory
Student Name
Institution Name
Date

1

MANAGEMENT OF INVENTORY

2

Response 1
Hello, I first take this opportunity to thank you for your profound post. I agree with you
that the type of inventories used by Karma Spa Lounge Beauty Bar is m...


Anonymous
Really helped me to better understand my coursework. Super recommended.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags