Assessment of Inventory Management
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
You must write to the Rubric and reference the course readings in the word document links. The material is all contained in the word document.
The parts underlined in yellow in the word document must be followed.
You must be able to explain each and every response.
Assessment of Inventory Management
Purpose:
The goal of this project is for you to put everything you’ve learned so far into practice by creating an inventory plan for the Jones company. By completing an ABC analysis on Jones’ stock, you will be able to achieve this goal. You’ll also figure out what the EOQs are for each item.
Instructions:
It’s time to help Jones Company manage their inventories now that you’ve helped them with their customer demand estimates, master schedule, and MRP schedule. You have two goals in mind.
1. Create an ABC analysis for the following components and, based on your findings, suggest at least three methods Jones should manage the inventory of these products.
Number of Pieces
Annual Consumption
15A
40,000
23A
86,000
46B
120,000
29C
55,000
54C
250,000
11D
67,000
17E
15,000
49F
68,000
57F
140,000
62G
77,000
2. Determine the EOQs for each of these goods. The first five products cost $50 to order, while the second five items cost $70 to order. The first seven products have carrying costs of $3 per unit per year, whereas the latter three have expenses of $4 per unit per year. Determine the total expenses of acquiring inventory and maintaining inventory for each item.
The ABC Assessment must include the following elements:
Complete an ABC analysis of the items in Jones’ inventory that are listed in the table.
Explain in detail how you came to the decision to use the ABC assessment.
Make at least three suggestions for how Jones should manage the inventory of the goods in the table. Explain why these recommendations would be a better way of controlling inventories and saving money for the company.
The following are the elements of the EOQ assessment that must be included:
Calculate the overall cost of acquiring inventory.
Determine the overall cost of inventory management for each item.
Explain how this knowledge will alter the ABC analysis suggestions you made. Why or why not, if there is no change?
What improvements might Jones make to improve their inventory management?
Formatting Requirements for Supply Chain Trade-Off Analysis:
This report should be double-spaced with a 12-point font and two pages long, excluding the title and reference pages.
Page with the title;
It is necessary to write in the third person. There are no terms such as “I, me, my, we, or us” (first person writing) or “you or your” (third person writing) (second person writing). Visit http://www.quickanddirtytips.com/education/grammar/first-second-and-third-person if you’re unsure how to write in the third person.
Because contractions are not utilized in business writing, you are not allowed to use them in this assignment.
In-text citations and the reference page should be formatted in APA style. You must paraphrase rather than utilize quotes. When quotes are utilized and determined to be unnecessary, deductions will be made.
Expectations are high.
that you provide a robust use of the course readings. No other books besides the course eBook can be used. When using a source document, the expectation is that the information is cited and referenced with a page or paragraph number;
Course Readings Links:
https://www.tradegecko.com/learning-center/what-is-inventory-management
https://squareup.com/townsquare/how-to-do-effective-inventory-management-for-small-business
https://www.purchasing-procurement-center.com/abc-analysis.html
https://scm.ncsu.edu/scm-articles/article/economic-order-quantity-eoq-model-inventory-management-models-a-tutorial
https://www.youtube.com/watch?v=AYpjPWmlyHM
https://www.youtube.com/watch?v=2h7nOY2ICHA
https://www.shopkeep.com/blog/inventory-control-procedures
http://www.inventoryops.com/cycle_counting_and_physical_inventories.htm
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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