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Research a service organisation (e.g: food service, retail, wholesale, library, distributor...) and a manufacturing organisation - Essay Example
Author : mohammad09
Pages 9 (2259 words)
Inventory Management Name of the Student: Name of the University: Table of Contents Table of Contents 2 Introduction 3 Part 1- McDonald’s 3 Part 2- Nestle 7 Conclusion 9 References 11 Introduction In this paper, the researcher will shed light on inventory management which is one of the most important aspects of logistics and supply chain management…
Research scholars such as Handfield (2002), Zinn and Bowersox (1988) and Pagh and Cooper (1998) state that organizations keep additional stocks or inventories in order to continue the process flow. Maintaining an optimal inventory level can help companies to meet demand for products in optimal manner, decrease down time and decrease lead time of operation. Bucklin (1965) has segregated inventory into four types such as, 1- Raw Material- purchased materials that will be needed during production process but has not been used yet in the manufacturing system, 2-Work-In-Process (WIP) - materials that have been already used in the manufacturing process but has not been converted into final product, 3- Semi Finished Goods (SFG) - materials that have been intentionally half completed and exported from origin country to the country where the material would get completed and sold and 4- Finished Goods- completed good which are awaiting for shipment. Part 1- McDonald’s McDonald’s is a renowned fast food company which has strong presence as a service marketer since 1955. The company maintains a strong product portfolio of Hamburger, sandwiches, beverages etc in order to cater to the demand of customers (Mcdonald’s, 2013). ...
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