The management of inventories and inventory management system in a small retail enterprise

The study deals with inventory management and inventory management systems in small retail enterprises. The primary aim of this research was to find out issues regarding inventory management and inventory management systems in the small retail business at Evergreen Dairy and Spices. In New Zealand, 97 percent of businesses are small to medium enterprises, and SMEs play an important role in the economy of New Zealand. Inventory management has a tremendous influence on small retail businesses. Data for this research was collected from small retail shops which mainly deal with grocery products. All primary data were gathered using qualitative methods by conducting semi-structured interviews. From analysing the collected data I found many loopholes in the organisation's inventory management system. The evidence shows that the organisation did not use a proven scientific method to manage inventory in the store. The data gathered points to this business facing issues related to turnover of inventory. Based on the findings, suitable suggestions are made for the organisation to improve inventory management and stock control in the business. The suggestions may not apply to all small retail enterprises

Simulation in inventory management

In this paper inventory management is analyzed as an organic part of the supply chain managing process. In today’s competitive economic environment traditional inventory policies should be improved. Simulation models enable a priori managing and analyzing variety of possible results and implication of selected inventory policies. The model presented in this paper uses the Monte Carlo simulation method and variables taken as random, in order to depict a harmonization and integration of dynamic quantitative analysis and theoretical, qualitative concepts of inventory management.Monte Carlo simulation, modeling, inventory management, supply chain management., Research and Development/Tech Change/Emerging Technologies, C15, C63,

Value-Based Inventory Management

The basic financial purpose of a firm is to maximize its value. An inventory management system should also contribute to realization of this basic aim. Many current asset management models currently found in financial management literature were constructed with the assumption of book profit maximization as basic aim. However these models could lack what relates to another aim, i.e., maximization of enterprise value. This article presents a modified value-based inventory management model.inventory management, value-based management, free cash flow, working capital management, short-run financial management

The emerging role of inventory management in small restaurants: Developing an effective inventory management system for a small pizza shop

The inventory management system is foremost in each association; particularly such associations who supply goods in advance for trade to consumers. This study project is determined on the place of work of the researcher, “Poppas Pizza.” The study is limited to learning the inventory management system of “Poppas Pizza”, classifying the limitations of the inventory system of the shop, and recommending solutions to progress the inventory management system of the shop. The entire research is dependent on the qualitative technique involving the personal observations of the researcher and, furthermore, with carrying out discussions with the shop director to identify information about these weaknesses. The study found weaknesses of the shop through learning the present inventory management system of the shop, and suggestions has been completed to progress the technique. The suggestions were completed through the previous studies and from the interviews

Improving Inventory Management and Supply Chain of Diesel Fuel in Pertamina 5 Main Depots

Planning Operation subdivision at PT Pertamina has to generate supply decisions includingmain depot to supply, supply point and transportation mode. However, the variability inplanning a supply schedule renders the process of determining a supply decision asineffective. The last assessment on uncertainties was done at 2006 and has not beenconsidered during decision making process. On the other hand, the result of this researchindicates that the uncertainty level is too high to be ignored and the poor informationexchange between the regional offices and the head office decreases the Planning Operation\u27sability to create plans that covers the company condition. This paper proposes an appropriatesafety stock to withstand the uncertainties and a supply scheduling process that also considersuncertainties by using Monte-Carlo Simulation with random numbers to simulate the events inthe upcoming period

Online Garments Inventory Management System

Management Systems are usually designed to enhance the efficiency of handling the information of any system, which is running through an inefficient procedure and is expensive, time consuming, insecure and it needs more manpower. The Online Garments Inventory Management System is a system which makes the working procedure of present manual system of Garments easier and increases its efficiency to a high degree. The main objective of this application is to automate the existing system which is manually maintaining. The whole system is accessed from different terminals of the network. There are three major sectors in this system- employee management, product inventory and raw materials inventory. In the employee management system all information of the employees are stored. In the product inventory system, the invoice and the delivery information is maintained. Raw materials inventory controls the purchase information, shipping information, total materials of stock in the garments. The Entity Relationship model is used to design the database that will store and organize the garments data. The data is stored in MySQL Database Server and populated it with some sample data. Using HTML, PHP, Java Script and CSS, an internet based graphical user interface has been created that allows garments authority and administrator to access the system remotely