The Last Interview of Napoleon Bonaparte by Erica M. Historian Essay

For this interview, I went to visit the St. Helena home of Napoleon Bonaparte. He was the former Emperor of France before he was exiled to this small island. He was to spend the rest of his life here. I was lucky enough to get this interview just a few days before his passing on May 5th, 1821. Erica M. Historian: Hello, Mr. Bonaparte. It is a pleasure to meet you. How are you this evening? Napoleon Bonaparte: Hello. I am doing very well, thank you. Erica M. Historian: May I call you Napoleon? Napoleon Bonaparte: You may, but I rather you call me Emperor. Erica M. Historian: Of course. So, what got you interested in a military career? Napoleon Bonaparte: Around the age of nine, my father had sent me to a military academy in Brienne, France (The Dublin Penny Journal 394). That experience lead me to a career in military and I then became an officer around 1785 (Encyclopedia 2001). Erica M. Historian: I know that you were promoted to a general rank in 1793. You were only twenty- four correct? That is a very young age to become a general. How did you achieve that? Napoleon Bonaparte: That is correct. I became a general by proving I was made to be a leader. I had a countless amount of energy and ambition. I learned how to make the best with what I had and take advantage of opportunities. I successfully defeated the British at the siege of Toulon. After that I even had a few astonishing victories as commander in chief for the army of Italy. This was one of my many achievements (Encyclopedia, 2001). Erica M. Historian: Some refer to you as a military genius. What do you think your most successful battle was? Napoleon Bonaparte: I would have to say the siege of Toulon because this battle really showed my military expertise. If I did no... ...ee cents an acre or even leading my troops into a Russian winter. If I dwelled on my mistakes I made, I would never have time to reminisce about my great accomplishments. Erica M. I was lucky to get this interview when I did. Napoleon, once the Great Emperor of France, passed away just three days after this interview. He passed away on May 5, 1821 of stomach cancer but some believe it was arsenic poising. Most historians do not believe this theory. It was said his last wish was for his son to become emperor (Thompson 436). Works Cited "Napoleon Bonaparte." The Dublin Penny Journal 3.154 (1835): 393-94.JSTOR. Web. 03 May 2014. "Napoleon, Bonaparte." Encyclopedia of Nationalism: Leaders, Movements, and Concepts. Oxford: Elsevier Science & Technology, 2000. Credo Reference. Web. 4 May 2014. Thompson, J. M. Napoleon Bonaparte. New York: Oxford UP, 1952. Print.

Comparison and Contrast Uk and Russia

As two countries that have different cultures, economics, and politics, Russia and United Kingdom have developed their own education systems respectively, which have their differences and in certain circumstances similarities. In the paragraphs that follow, some major aspect of these will be covered. This essay will present the main structures of the education systems in both countries and will compare and contrast the two systems in terms of number of taught subjects, the structure of educational institutes and the ability to pursue higher education at the universities. I will consider both paid and free education.Pre-higher education Today's education system in Russia is federal and centralized. Currently, it consists of, pre-school education, primary education, secondary education of 5 years, full secondary education and higher education. Formal education is from the age of 7 till 18. The duration of the school year is 34 weeks. Students are trained 5 to 6 days a week. In Russia, many types of secondary schools exist, such as common schools, lyceums, gymnasiums, etc. , and they teach variety of different educational programs. In Russia, as in the UK, private and public schools are differentiated.Basic education lasts for 9 years (9 classes). It is completed by successfully passing the â€Å"GIA† exam (State Final Attestation). After finishing 9 classes students are thought to have acquired incomplete secondary education. At the end of the 11th class students pass the â€Å"RSE† exam (Russian State Exam) and successful pass completed their secondary education. Students normally go to university from the age of 18 to do their academic degree. A modern system of education in UK consists of early childhood education, primary education, secondary education and higher education.Across the country a free public education for all children between the ages of 5 to 16 years exists. The duration of the academic year at schools is 38 weeks. The year is div ided into trimesters, which are separated by holidays: summer (6 weeks), Christmas and Easter (2-3 weeks). A week break is provided in the mid of trimester. The working week lasts for 5 days. The school day usually lasts from 9:00 to 15:30, with a lunch break in between. Although counterintuitive in UK paid schools are called ‘public schools’ and free are called ‘state’ schools. However for the purposes of this essay I will name chools which are paid – private, which are free – public. They take the primary school graduates with different levels of mental abilities. They were organized with the aim of creating equal opportunities for education. In grammar schools the child receives a general upper secondary education. The principle of differentiated curriculum serves as the basis of teaching at this type of schools. High School is completed by successfully passing the GCSE exams (General Certificate of Secondary Education). ___________________ ____________________________________________________________ (http://www. mpeloverseas. com/StudyAbroad/UK/UK-Education-System. aspx) Higher education Education in Russia is provided predominantly by the state and is regulated by the Ministry of Education and Science. Regional authorities regulate education within their jurisdictions in context of the prevailing framework of federal laws. Depending on the number of areas of study, students are divided into colleges, universities, academies and institutes. University graduates may have following qualifications: bachelor, graduate, master's degree in the relevant areas of training (specialization).Graduate who has successfully passed the final state certification by doing an accredited educational program in an accredited educational institute receives a transcript of his qualifications of his level of education. Russia is in the process of migrating from its traditional tertiary education model, incompatible with existing Western aca demic degrees, to a modernized degree structure in line with Bologna Process model. Russia had enacted a law that replaces the traditional five-year model of education with a two-tiered approach, namely a four-year bachelors’ degree followed by a two-year of masters’ (Russian magistr) degree.However, regardless of the changes made by the state, training methodology and the quantity of taught subjects have survived. In the first two years of an undergraduate degree, all students regardless of their degree end up studying between 12 and 15 subjects. And on the third and fourth courses, it reduces to 3 to 5 subjects specifically targeting their chosen profession. Furthermore general education in Russia is free and is guaranteed by the constitution of the country. However there is also an option of paid education. Furthermore if a andidate has fallen short of the entry requirements of any particular university, the ‘university commission’ may give him an oppo rtunity to still study there, but on paid basis. In all public universities 80% of the seats are for free study, and only 20% is for paid. All students who are studying for free get a stipend (study salary). The fellowship amount is dependent on the rating of the university. However Russian education for international students is only on paid for basis, but they have the opportunity to study free if they receive a special scholarship from the Russian state.It is conditional on passing an exam called â€Å"RSE† (Russian State Exam). There are also few private universities, which are can issue state diplomas. But often, due to low ratings in the league table and poorer quality of education, these universities are not popular. In Russia, a degree from a state university is valued higher than independent one, for the purposes of a future employment. Historically in UK, all undergraduate education outside the private University of Buckingham and BPP University College was largely state-financed, with a small contribution from top-up fees, however fees of up to ? ,000 per annum will be charged from October 2012 onwards2. ————————————————- The typical first degree offered at English universities is the bachelor's degree, and usually lasts for three years. Many institutions now offer an ‘undergraduate master's degree’ as a first degree, which typically lasts for four years. During a first degree students are known as undergraduates. The difference in fees between undergraduate and traditional postgraduate master's degrees (and the possibility of securing LEA funding for the former) makes taking an undergraduate master's degree as a first degree a more attractive option.However the novelty of an ‘undergraduate master's’ degrees means that the relative educational merit of it is currently unclear. 2 ( http://en. wikipedia. org/ wiki/Education_in_England#Fees) Some universities offer a part-time education, which typically lasts for two years and is tailored for those students who want to do their university degree but also wish to remain in employment. Regarding the number taught subjects, British universities concentrate most of their attention on subjects that are needed for ones profession. They are usually no more than -5 subjects and make up ‘core’ of the degree. Studying and successfully passing these subjects is crucial for one to qualify in their degree. Such system makes it possible for universities to prepare highly skilled workers. It helps for the graduates to be competitive in the labor market, as professional edge is crucial in today’s era of globalization and migration of labor from around the world. Regardless of the differences and similarities of educational systems in the UK and Russia, education remains one of the most important aspects of the development of the count ry.

Inventory Management Of Nepalese Public Enterprises - Free Essay Example

Sample details Pages: 21 Words: 6296 Downloads: 1 Date added: 2017/06/26 Category Economics Essay Type Essay any type Did you like this example? CHAPTER-2 Review of Literature There are many researches made in inventory Management of Nepalese Public enterprises and Private enterprises. Most of them has made on the manufacturing enterprises. In this chapter attempts has been made to present the review of literature regarding inventory management. Don’t waste time! Our writers will create an original "Inventory Management Of Nepalese Public Enterprises" essay for you Create order 2.1 Conceptual Framework Inventory Management The writer (Saxena, 2009, p. 2) defines inventory as any kind of idol resource that has potential economic value considered as locked up capital. Inventory is a list of goods and materials which is available in stock by business (Saxena, 2009). Other write (Li, 2007, p. 175) defines inventory as the stock of any items or resources used in an organization. Stock consists of all goods and materials that are stored by an organization which is kept for future use (Waters, 2003). According to (Roy, 2005, p. 100) inventory is list of goods or items. Inventory management is the active control program which allows the management of sales, purchases and payments (Inventorymanagement). The author (Saxena, 2009, p. 2) refers inventory management as a process of managing raw materials, semi-finished products and finished-products by a firm. The inventory management is a set of the process and policies that determines what inventory level should be maintained, what stock should be replenished and how large order should be (Li, 2007, p. 175). According to (Toomey, 2003, p. 1) inventory management is a branch of business management which concerned in planning and controlling inventories. Effective stock management means providing the desired stock service level or maximizing your profit while at the same time keeping your total stock costs as low as possible by; Selecting products that initially sell, well and discontinuing those that stop selling. Purchasing the right quantity (how much to buy) Purchasing at the right time (when to buy) Keeping your total inventory investment in balance with the expected levels of sales To control costs and improve profit, it is necessary to actively manage every asset we own. And it is particularly true of the management of goods and material we buy and keep on land either far our own use or for resale. The goal of inventory management is to increase profit on inven tory while increasing customer services (Frazelle, 2002, p. 91) The dictionary meaning of inventory is stock of goods or a list of goods. Various authors define the word inventory in their ways. In accounting language may mean stock of finished goods. In a manufacturing concern, it may include raw materials, work in process and stores. To understand the exact meaning of inventory the word inventory we may study it form the usage side and from the point of entry in the operation Among the different aspects of management, inventory management is also one of the major factors to play significant role in management of material , part supplies, expenses tools , working process, finished products and then record on the books and maintenance of store rooms, warehouses by an organization is known as inventory management . 2.2 Nature of Inventory The company holds different kinds of inventories to obtain their goals (Waters, 2003). Basically we can divide inventory into three parts which are following, Raw material Work in progress Finished goods (Toomey, 2003, pp. 20-21) Raw Material The stocks or inventories and purchase parts which is not part of manufacturing process is called raw material (Toomey, 2003). Raw materials are those basic inputs that have to be gone through the different process to convert into finished goods. Raw materials inventories are such kind of inventories which have been purchased and stored for future manufacturing process. Raw materials are hold in store by manufacturing company to smooth running of production process. The author defines raw material as those kinds of stocks which is imported from suppliers and are store until needed for manufacture (Waters, 2003, p. 9). Work in progress Work in progress refers to inventory units that are currently being worked on (Waters, 2003, p. 9). Work in progress inventories are neither a finished product nor raw materials. It is middle of raw materials and finished product. The author (Toomey, 2003, pp. 20-21) defines work in progress (WIP) inventories are those kinds of inventories which are in different phase of completion throughout the manufacturing process. It is very difficult to separate which materials are WIP and which are not. Because the same materials may be a raw material in one industry and same material may be a WIP as well as finished goods in other industry. It depends upon nature of production. Finished goods The finished goods inventory represents products that are ready for sale. According to (Toomey, 2003, pp. 20-21) finished goods are those items which are awaiting shipment to customers. Finished goods inventories includes all the completed products which going to be sold (Muller, 2003, pp. 19-20).These are goods fully manufactured inspected and ready for dispatch to a customer. In manufacturing firm, these are the final output of the production process. Stocks of finished goods are held by manufacturing and non-manufacturing company for market operation. 2.3 Purpose of inventory Inventory is the most important to all manufacturing organization in todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s industrial world and it plays vital role to exist the company. So it is necessary to manage it properly because both situations of inventories either excessive or inadequate are not acceptable to the firm. There are two larger points within which the firm should operate. The objective of inventory management should be to determine and maintain optimum level of inventory investment. The optimum level of inventory will lie between two danger points of excessive and inadequate inventories. According to (Wild, 2002, p. 7) the propose of the inventory management function in supporting in the business activities is to optimize the three sectors customer services, inventory cost and operating cost. The author refers about purpose of inventory like this the inventory is created when supply excesses the demand. The main purpose of holding the inventory in the company is to prevent from shortage of raw materials, expected demand, to gain more profit (Li, 2007, p. 176). Firm should always aware from over investment or under-investment in the inventories. Over investment and under investment in inventory is unhealthy for the company. Due to over investment into inventory, makes unnecessary tie-up and the amount which we canà ¢Ã¢â€š ¬Ã¢â€ž ¢t invest in other purpose, increasing carrying costs, risk of liquidity. Excessive carrying costs will directly effect in the company profit. Due to over inventories; it may not be possible to sell them in time and at full value. Similarity, WIP is far more difficult to sell because as we said before WIP is not finished goods. In the same way finished goods inventory should sold at low prices due to fall in the price in market and the seasonal factors. So, more investment in inventories is harmful to producer/company. It should be cut down. Similarly, under investment in inventories also not good for company. It carries some problems such as production hold-ups, frequent production interruptions. If finished goods are not sufficient, we do not meet the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s demand and our goodwill also loss. Thus, the objectives of inventory management should be neither excessive nor inadequate level of inventories but maintaining sufficient inventory level for the smooth production and sales operations. An optimum level of inventory should be determined on the basis of the trade-off between costs and benefits. The various importance of inventory management can be summarized up as follows: Predictability Unreliability of supply Price protection Lower ordering cost Anticipated demand 2.7 Procedure of Inventory Management These are lot of function have to be done For the achievement of its objectives business performs a wide variety of function, namely production, marketing, personnel, office research and development of these production and marketing are basic operating functions in a typical business enterprise. Marketing is concerned with the demand side of goods and services, while production is concerned with the supply side. One cannot exist without other; however, decisions about the production activities constitute one of the most important functions of the top management. Production is concerned with the provision of goods and services for the satisfaction of the customer wants. Therefore the consumer depends upon the good economical and efficient production system good inventory management there should be used different activities in ought procedure or manner. General activities such as purchasing, receiving, store-keeping and issuing and pricing are the procedure of inventory management. T hey are described as follows: 2.7.1 Purchasing Purchasing is the fulcrum when it comes to meeting customer demands (Johnson, 2010) . Purchasing is the most important function of inventory management to select the suppliers, because it brings significant saving for the organization (Elanchezhian, et al 2010). All organization need various kinds of input like goods and services form external suppliers. The writers ( Baily, Farmer, Jessop, jones, 2005, pp. 3-4) define purchasing as to acquire right quantity of material, at the right time, in the right quantity, from the right source, at the right price. In simple words purchasing is relate to going the open market finding the require materials at the lowest price and selecting the supplier who offers it at that price having the quality of the materials in minds. In fact the process of inventory management begins with purchasing .The need for particular materials initiates purchasing in a firm. A good purchasing management has played important role in the manufacturing companies. We should pay more attention in the purchasing raw materials, supplies in the right quantity of the right quality from the right origin at the right time and cost. The production is hampered the scarcity of raw materials on time, purchasing department should take grater responsibilities and should analysis the existing procurement policy and should tune with the overall organizational objectives and policies. We can improve management of purchase by the help of standardization, value analysis, material substitution, transportation saving and cost reduction of packing modification. There are the following functions of a purchase department. How to purchase? Where to purchase? How much to purchase? At what price to purchase? To perform there function effectively, the purchase department follows the following procedures Receiving purchase requisition Exploring the sources of supply and choosing of suppliers Preparation and execution of purchase order. Rece iving and inspecting materials. Checking and issuing of bills for payment.  [3] The objectives of purchase department is to arrange the supply of materials, spare parts and services or semi-finished goods required for desired production .Walters observes purchasing functions as à ¢Ã¢â€š ¬Ã‹Å"The Procurement and Purchase of the proper materials, machinery, equipment and supplies for stores used in the manufacturing of a product adopted to marketing in the proper quality at the proper time and at the lowest price constant with desired.à ¢Ã¢â€š ¬? Purchasing now become a specialized function in many organization wasting expenses that à ¢Ã¢â€š ¬Ã…“Purchasing is a managerial activity that goes beyond the simple act of buying and includes the planning and policy, objectives covering wide range of related and complimentary included in such activities are the research and development required for the proper selection of materials and sources from which these materials may be brought.  [4] In the words of matter industrial purchasing is à ¢Ã¢â€š ¬Ã…“ The procurement by purchase of Alfred and Beauty .Principles of industrial the proper adopted to marketing in the proper quantity and quality at the proper time and at the lowest price consistently with the quality desired à ¢Ã¢â€š ¬Ã…“ A Purchasing means a policy well planned, Procedures free from much formalities and development of up to date methods and techniques of higher standard to reveal efficiency and economy.  [5] 2.7.2 Receipt and Store Keeping After sometimes of placing the order, flow-up process starts to get quick delivery of the items. The items are received by the purchasing department at the time of delivery and received items are compared with purchase order and actual materials received should be entered in goods received note. Then all items received by the purchasing department should be passed into store for protection against deterioration and pilferage. They are stored in such a way that their location is easily identified at the time of issue à ¢Ã¢â€š ¬Ã…“The store function involves both keeping the store of materials and keeping the store records, the former being physical task and the later being accounting task depending upon the nature and requirements of the organizations the stores are classified as centralized and decentralized store.  [6] In the words of Maynard, the duties of store keeping are à ¢Ã¢â€š ¬Ã…“to receive materials to protect than while in storage from damage and unauthorized removal to issue the materials in the right quantity at the right time , to the right place and to provide these services promptly and at least costs.à ¢Ã¢â€š ¬? Good store keeping should help achieve location identification, receipt and issue without delay. Storage space should be economically utilized and materials should be protected against deterioration, fine theft, details of quantities should be available on request. General code numbers are assigned to materials for easy identification. Materials may be stored in bin, rack, drawer, tray, boxes or floor area.  [7] Store keeping in the activity of receiving or distributing stores or supplies, stores included direct raw materials, indirect materials (supplies) and finished goods  [8] Generally the physical stock available in the store after counting, weighting , measuring , listing as the case may be is properly recorded by only of the following methods. 2.7.3 Issued and Pricing Materials are kept in stores so that the storekeeper may issue them whenever these are required by the production departments. Materials should be issued on receipt of materials requisition of Bill of materials under proper authority to avoid the misappropriation of materials.  [9] Materials issued from the stores are debited to the jobs or work orders which received them and credited to the materials account. These jobs are debited with the value of material issued to them.  [10] Each item inside the inventory has some value associated with it. This value depends on the price duration of the item inside the inventory, procurement cost, storage cost etc. Generally the time of purchase and time of issue of any items are different and the market prices of the items also vary with time. Thus, for costing purposes, the problems of pricing at the time of issue are great signification.  [11] 2.7.4 Cost Basis for Inventory Valuation The primary basis of accounting for inventory is cost which has been defined generally as the price paid to considerate given to acquire an asset. As applied to inventories, cost means in principal the sum of the applicable expenditure and changes directly or indirectly incurred in bringing an article to its existing condition and location.  [12] Conceptually the process of valuation the inventory is simple. We can calculate inventory value that multiplying physical quantity of goods by cost per unit. But in practice, many organizations purchase different types of raw materials at different price and different time. Price of materials changes time to time. There are many types of raw materials remain in the stock. It is not always possible to identify the individual particular purchase group. At the solution firms have faced difficulties in valuation the inventories. In this situation there are many methods which are based on historical cost used in determining the value of inventory are: a. First In First Out Method Under the First In First Out method the units are assumed to have been disposed of in the order in which they were acquired and the units remaining are assumed to be those which were acquired last. This assumption is realistic in that good merchandising requires that older stock be moved to the front and new purchases placed in back of the bin. Consequently the oldest merchandise in sold first, because sales orders are filled from the front of the bins. The last merchandise purchased remains in the inventory.  [13] b. Last In First Out Method Under this method, the cost of goods sold consists of the cost of the most recently acquired goods, and the ending inventory consists of the cost of the oldest goods which were available for sale during the period.  [14] This method does not conform to the physical flow of the units of goods but is nevertheless widely used. In periods of steadily rising prices, the inventory value will be at the lower cost of the earliest units acquired. The value of the inventory on the statement of financial position is a conservative one. In the statement of income the cost of goods sold is higher, and when costs increase net income is lower resulting in lower income taxes of course, in periods of falling prices, the results will be opposite, the cost of good sold will be lower and net income will be higher. Under LIFO method, whether costs are rising or falling, the net income over a series of years shows less variation.  [15]  . c. Specific Price or Identification Method Under this method, materials issued to production are priced at their purchase prices. The basic assumption in following this method is that materials in the stores are capable of being identified as belonging to specific lots. Identification can be made by placing some distinguishing mark usually price tag on every lot. When materials are issued, price tags are removed and forwarded to the costing department for ascertaining the material cost of production. This method is simple in its mechanism and operation. This method does not create accounting complications as are associated with the working of FIFO, LIFO and average methods. But this method is useful where job costing is in operation and the actual material issued can be identified. It is also suited to the needs of a small business enterprise when a small number of items of materials are purchased and stored which can be easily identified.  [16] d. Base Stock Method Each concern always maintains a minimum quantity of material in stock. This minimum quantity is known as safety or base stock and this should be used only when an emergency arises. The base stock is created out of the first lot the material purchased and, therefore, it is always valued at the cost price of the first lot and is carried forward as a fixed asset. This method works with some other method and is generally used with FIFO or LIFO method. Any quantity over and above the base stock is issued in accordance with the other method which is used in conjunction with this method. The objective of this method is to issue the material according to the current prices. This objective will be achieved only when the LIFO method is used together with the Base Stock method.  [17] 2.8 Cost Associated with Inventory There are many cost associated with the size of inventory directly either advocating to decrease the inventory size or suggesting an increase in the inventory size, for an effective inventory analysis and control of the system one should have clear picture about the behavior of cost associated with different factors. Different kinds of costs associated with inventory management are explained below. a. Carrying cost Carrying cost per period, c, represent the cost of inventory storage, handling and insurance, together with the required rate of return on the investment in inventory. These costs are assumed to be constant per unit of inventory per unit of time.  [18]  Cost incurred for maintaining a given level of inventory are called carrying cost. Carrying cost means storing cost. It starts when raw-materials are placed in warehouse and it continuous until finished goods have not produced except production cost. When we carry raw- materials to production spot and there make final product and that final product we carry into stock. In course of carrying to production spot and returned back to warehouse may labor, handling cost, this cost is also included in carrying costs. However the size of inventory increases, the carrying cost also increases. The carrying costs and the inventory size are positively related and move in the same direction. Carrying cost is the first category of inven tory management cost which is generally associated proportionally with the average value of inventory.  [19] Total carrying cost vary in proportion to the value of inventory usually they are computed from the following formula. Total carrying cost = Average inventory * carrying cost per unit Symbolically TCC = Q/2 *C Where, Q = Quantity order size b. Ordering cost Ordering cost represent all of the cost of placing and receiving an order. When a firm is ordering from an external source, these include the costs of preparing the purchase requisition, expediting the order (long-distance calls and follow-up letters), receiving and inspecting the shipment and handling charge. In practice, the cost per order generally contains both fixed and variable components, since a portion of the cost- such as that of receiving and inspecting the order- normally varies with the quantity ordered. Ordering cost may different in the sense of inventories nature. Such as for Raw-materials- ordering cost involves the clerical cost in placing an order as well as certain costs of receiving and checking the goods once they arrive. For finished goods- ordering cost involves scheduling a production run. And for work-in-progress- ordering costs are likely to involve nothing more than record keeping. Ordering cost : the fixed expense in the preparation and execution of an order for goods.  [20] Ordering cost increase in proportion to the number of orders placed. Thus more frequently the inventor is acquired, higher the firms ordering costs. On the other hand ordering costs decrease with increasing size of inventory. Generally ordering costs involves: Cost of placing an order Requisitioning cost Transportation/shipping cost Receiving, inspecting and storing costs Sales tax, Customs, etc Clearing and forwarding costs Insurance of raw-materials Stationary cost Bank commission/ L.C. charges Telephone/Fax/Postage expense to follow up Cost incurred when raw-materials in transit Firms usually offer discount for purchase materials in large quantity. Such discount helps reduction in the unit price of the items purchases, such facilities encourage buyers to place a fewer orders rather than placing small once Ordering cost is calculated by following formula Ordering cost = Annual Requirement/Quantity order size *Ordering cost per unit Symbolically, TOC = A/Q x O 2.9 Inventory Systems The inventory accounting system can be à ¢Ã¢â€š ¬Ã…“Periodic Systemà ¢Ã¢â€š ¬? or continuous system. 2.10 Inventory Management Models Push and Pull Models: Inventory management models can be classified either push or pull models: a. Push Inventory Models Push models schedule orders for production or order good in advance or customer demand. Manufactures push the finished products through the distribution channel to intermediaries and the final consumer. Economic Order Quantity (EOQ), Material Requirement Planning (MRPI), Manufacturing Resource Planning (MRIP II) and distribution requirement planning (DRP) are all push models. i. Economic order quantity (EOQ) In an ideal environment, forecasting demand would be easy and straight forward. Simply look at past demand patterns to predict future consumption. Under these conditions, EOQ model can be used to calculate when to order the item and how much to order. The basic EOQ equation is as follows EOQ = à ¢Ã‹â€ Ã… ¡2PD/CV Where, P=Cost of placing one order in rupees D = Annual demand for the product C = Annual inventory carrying cost expresses as a percentage of productà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost of value. V = Average cost or value of one unit of inventory ii. Material Requirement Planning (MRPI) MRPI is a computer- based management information system designed to manage dependent demand inventory items in the transformation process of operations management. à ¢Ã¢â€š ¬Ã…“This computerized inventory system was developed in the 1960s to deal primarily with the timing the tedious record keeping of dependent demand inventory transactions.à ¢Ã¢â€š ¬? Many researchers believe that MRP systems historically have made a fundamental software development contribution that has helped cause computer-based system to integrate and therefore aid in the development of computer- integrated manufacturing (CIM) systems.  [21] One of the most common dependent demand inventory system used in the United States is the managerial requirement planning (MRP) system.  [22]  It supports the planning and control of dependent demand inventory and is most popular in U.S organizations that have substantial dependent demand inventory to manage. It includes any products that are made from depe ndent demand inventory items such has components or raw materials. MRP processes information for production scheduling and capacity planning as well. As an inventory management system, MRP can be used to plan inventory needs over a fixed planning horizon. Although MRP can plan inventory requirement for a period of from a single day to several years, the information the program generator is usually based on weekly intervals. In MRP terminology, the weekly (or other time period chosen) are referred to as time buckets. One of the primary objectives of an MRP system is provide an adequate supply of dependent demand inventory when required fro production. MRP also seeks to provide useful inventory, production scheduling, and capacity planning information for inventory control proposes. There are two types of MRP systems: Regenerative System: This is a periodic data input system. Under this system, changes in input data are saved until a specific time, such as the end of a wee k or end of a month. Changes are then run on a group of batch basis. Net-change System This is a continuous data input system. Under this system, changes are immediately entered into the computer. New MRP planning information is then recomputed for all of the elements in the inventory system that are affected by the changes. iii. Manufacturing Resources Planning (MRP II) System The basis MRP system simply handles the materials aspects of production/ operations control. No real account is taken of capacity implications Therefore one more sophisticated system developed in Manufacturing resources planning (MRPII) system  [24]  In addition to producing the detailed material plan, the system can produce detailed capacity plans provided it has the necessary job-routing data and so on. The implementation of these plans allows shop-floor and purchase control to be carried out. MRP II is essentially a computer system. It has been suggested by Oliver Wight that MRP/ MRP II implementations can be classified on a four- point scale, from A to D. Table no . Briefly describes these states. Class Characteristics D MRP working in data-processing department only Poor inventory records Master schedule mismanaged Reliance on shortage lists for progressing C Used for inventory ordering, not scheduling Scheduling by shortage lists Overloade d master schedule B System includes capacity planning, shop-floor control Used to plan production, not manage the business Helps still needed from shortage lists Inventory higher than necessary A Uses closed-loop MRP Integrates capacity planning, shop-floor control, vendor scheduling Used to plan sales, engineering, purchasing No shortage lists to over-ride schedules Most organization implementing MRP/ MRP II are on the path from class D status to class A status. A difficult faced is knowing, in a quantitative sense, where on the path the organization is, and what steps to take to effect improvements. iv. Distribution Requirement Planning (DRP) DRP applies MRP II principles to the flow of finished goods to field warehouses and customers. Although MRP II improved MRP by taking into account both material management and production scheduling. It failed to account for this out bound movement. DRP adjusts ordering patterns of inventory needs vary, responds more readily to system wide inventory needs and better deals with product availability and receipt timing. b. Pull Inventory Model Pull inventory models are based on making goods once customer demand is known . The product is pulled through the channel of distribution by the order. Recent trends suggest a movement to use pull inventory models to reduce inventory throughout the channels. JIT and KanBan are the must widely used pull inventory models. i. KanBan Pull Model The KanBan Mean à ¢Ã¢â€š ¬Ã…“visual recordà ¢Ã¢â€š ¬? and is the production control system the uses JIT production system, allowing production with smaller inventories, KanBan is also referred to as card system, a single card KanBan and two card KanBan system. ii. Single Card KanBan The single card kanban system uses only a conveyance (move) kanban and no production kanban. The single card kanban is must common used in Japan.  [25] iii. Two card KanBan Inventroy is usually controlled at low levels by using a manual two card KanBan system. One card is conveyance KanBan, the requisition and authorization of transferenceof materials form supply center to work center. A second card the production KanBan, authorizes the production of materials. 2.11 Techniques of Inventory Management In inventory management techniques we seek how to minimize the inventory cost. Adequate inventories facilitate smooth production activities. On the other hand, excessive inventory is idle resource of the firm and the large amount of money is blocked unnecessarily. According to Atton N. Smith, à ¢Ã¢â€š ¬Ã…“Inventory is money on which a company pays interest rather than collects interest. It is money always in danger of devaluation.à ¢Ã¢â€š ¬? Every firm should an optimum level of inventory or optimal balance level between too must inventory position. To manage inventories effectively, a firm should use a system approach to inventory management . A system approach considers in a single model all the factors that affect the inventory. The model called a system, may have any number tied together to achieve a single goal. In the case of inventory system, the goal is to minimize to costs. Inventory control or stores control, as commonly known, refers to the techniques used to ensure that stocks are kept at levels, which provides maximum services at minimum cost. The main objective of inventory control is to ensure that à ¢Ã¢â€š ¬Ã…“Stock-Outsà ¢Ã¢â€š ¬? do not occur and that surplus stocks are not accumulated and carried. Many mathematical or statistical models with various degrees of sophistication have been developed to avoid excess cost, physical loss, damage, theft, over-inventory and low-inventory. Here we are going to describe some important inventory management techniques to solve inventory management problem faced by the most of the manufacturing firms. 2.11.1 Economic Order Quantity The economic order qua ntity may be defined as that level of inventory order that minimizes the total cost associated with inventory management  [26]  . The determination of the appropriate quantity to be purchased in each lot to replenish stock as a solution to the order quantity problem necessitates resolution of conflicting goals. Buying in large quantities implies a higher average inventory level which will assure (1) smooth production/ sale operations, and (2) lower ordering or set-up costs. But, it will involve higher carrying costs. On the other hand, small orders would reduce the carrying costs of inventory by reducing the average inventory level but the ordering costs would increase as there is a likelihood of interruption in the operation due stock-outs. A firm should place neither too large nor too small orders. On the basis of a trade-off between benefits derived from the availability of inventory and the cost of carrying that level of inventory, the appropriate of optimum level of the order to be placed should be determined. The optimum level of inventory is popularly referred to as the Economic order quantity (EOQ). It is also known as the economic lot size. The two principal types of costs involved in the inventory maintenance are the cost of ordering and the cost of carrying. These two types of costs are inversely related, minimization of total cost can be achieved only by maintaining the inventory at the optimal level which is a function of the interaction of the ordering cost and the carrying cost. This the fundamental ground on which the model of Economic Order Quantity is based  [27]  . Economic Order Quantity Model In this figure when carrying cost goes up whereas the ordering cost goes down with the increase in the inventory level making the total cost curve concaved. The optimal inventory level or the order size is determined at the minimum point in the total cost curve which is point m that corresponds to point Q* in the horizontal axis. T he point Q* is the indication of optimal size of order quantity. The EOQ model provides some basic information needed for the management of inventory. Management needs to know the time and size of order to be placed, frequency of orders, and average investment on inventories. The EOQ model prescribes the optimal quantity to be ordered each time and sets the reorder level. Besides, the use of the model provides other information such as average investment in inventories, maximum level of inventory at any point of time, etc. Without getting into highly refined decision models we can illustrate the concept of EOQ with a basis mathematical model. We calculate EOQ by using the following formula. EOQ = à ¢Ã‹â€ Ã… ¡2AO/C Where, A = Annual demand /Requirement/Sales O = Ordering cost per order C = Carrying or holding cost per unit per year EOQ = Economic order quantity 2.12 Fixation Of Stock Level Reorder Point 2.12.2 Minimum Stock Level This represents t he minimum quantity of the material which must be maintained in hand all times. The quantity id fixed so that production may not be held up due to shortage of the material. It is computed as : Minimum Stock Level = Re-ordering Level (Normal Consumption *Normal re-order period ) In fixing this level the following factors are taken into consideration. Lead time, i.e. time lag between indenting and receiving of the material. It is the time required to replenish the supply. Rate of consumption of material during the lead time. Nature of the material: Minimum level is not required in case of a special material which is required against customer. 2.12.3 Maximum Stock Level It represents the maximum quantity of an item of material which can be held in stock at any time. Stock should not exceed than this (quantity) at any time. The quantity is fixed so that there may be no over stocking. It is computed as Maximum Stock Level = Re-order Level à ¢Ã¢â€š ¬Ã¢â‚¬Å" (Mi nimum usage * Minimum delivery time) + Recorder quantity. The maximum stock level is fixed by taking into account the following factors. Amount of capital available for maintaining stores. Go-down space available Rate of consumption of the material during the lead time . The time lag between indenting and receiving of the material. Possibility of loss in stores by deterioration and evaporation Cast of maintaining stores . 2.13 ABC Analysis Usually, a firm has to maintain several types of inventories for different purpose. Equal control the effort for all items is not ordinarily justified. First the different value of inventory items suggest the we should concentrate our attention on higher valued items and be less concentrate on lower valued items. The firm should therefore, classify inventories to identify which items should receive the most priority in controlling. The firm should be selective in its approach to control investment in various types of inventories. According to P.V. Kulkarni à ¢Ã¢â€š ¬Ã…“Inventory control is a science based art of ensuring that enough inventory or stock is hold by an organization to meet both its internal and external demand commitment economically. The firm should pay maximum attention to those items where value is the highest. The firm should be selective in ità ¢Ã¢â€š ¬Ã¢â€ž ¢s approach to control investment in various types of inventories. This analytical approach is called ABC analysis. The high value items are classified as à ¢Ã¢â€š ¬Ã‹Å"Aà ¢Ã¢â€š ¬Ã¢â€ž ¢ items least value items are classified as à ¢Ã¢â€š ¬Ã‹Å"Cà ¢Ã¢â€š ¬Ã¢â€ž ¢ items and à ¢Ã¢â€š ¬Ã‹Å"Bà ¢Ã¢â€š ¬Ã¢â€ž ¢ items fall in between these two categories. The ABC analysis concentrates on importance and exception. As the items are classified in the importance of their relative value, this approach is also known as proportional value analysis. The table and figure illustrate ABC analysis Classification of Items % of inventory items % of value of cost Nature and level of control A Low High High usage, low safety stock level frequent physical verification, minimum economic quantity ordered close schedule control and review daily if possible B Moderate Moderate Contract not as tight as for a items but tighter than for (items C) C High Low Low usage high inventory levels, purchasing larger quantity at low frequent intervals, minimize clerical efforts is control large safety our risk. Colley, 1977 This table shows that à ¢Ã¢â€š ¬Ã‹Å"Aà ¢Ã¢â€š ¬Ã¢â€ž ¢ itemsà ¢Ã¢â€š ¬Ã¢â€ž ¢ includes low volume and high cost of all items with tightest level of control. But à ¢Ã¢â€š ¬Ã‹Å"Bà ¢Ã¢â€š ¬Ã¢â€ž ¢ itemsà ¢Ã¢â€š ¬Ã¢â€ž ¢ consist moderate volume items and low cost of all items with higher level of control at last à ¢Ã¢â€š ¬Ã‹Å"Cà ¢Ã¢â€š ¬Ã¢â€ž ¢ itemsà ¢Ã¢â€š ¬Ã¢â€ž ¢ consist higher of volume items and low total cost with low level of control. Controls for Class à ¢Ã¢â€š ¬Ã‹Å"Aà ¢Ã¢â€š ¬Ã¢â€ž ¢ Items Close control is requited for inventory items that have high stock out cost and those items that account for a large function of the total inventory value. The closes control might be reserved for raw materials that are used continuously in extremely high volume. Purchasing agents may arrange contracts with vendors for the continuous supply of these materials at rates. In such instances the purchase of raw materials is not guided by changing rate of flow are made periodically as demand and inventory position changes. Minimum supplies are maintained to guard against demand fluctuations and possible interruptions of supply. For the balance of class à ¢Ã¢â€š ¬Ã‹Å"Aà ¢Ã¢â€š ¬Ã¢â€ž ¢ items periodic ordering, perhaps on a weekly basis provides the necessary close surveillance over inventory levels variations in usage rate are absorbed quickly by the size of each weekly order according to the periodic system or optimum system. Also because of the close surveillance, the risk of a stock out is small. Nevertheless, buffer stocks that provide excellent service levels will be justified for items having large stock-out costs. Controls for Class à ¢Ã¢â€š ¬Ã‹Å"Bà ¢Ã¢â€š ¬Ã¢â€ž ¢ Items These items should be monitored and controlled by a computer based system with periodic reviews by the management. Many of the models discussed in this chapter are relevant for these items. However, model parameters are reviewed less often then with class. Control for Class à ¢Ã¢â€š ¬Ã‹Å"Cà ¢Ã¢â€š ¬Ã¢â€ž ¢ Items Class à ¢Ã¢â€š ¬Ã‹Å"Cà ¢Ã¢â€š ¬Ã¢â€ž ¢ items account for the great bulk of inventory items, and carefully designed but routine controls should be adequate. A reorder point system that does not require a physical stock evaluation, such as the two bin system, will ordinarily sufficient. For each item action is triggered when inventories fall to the reorder point. If usage changes order will be triggered earlier or later than average, providing the needed compensation semiannual re view of the system parameters should be performed to update usage rates, estimates of supply lead times and costs that might results in changes in EOQ, A periodic review at a long interval can also be used.  [28]

Hesiod s Version Of The Prometheus And Pandora - 1896 Words

Hesiod’s versions of the Prometheus/Pandora story and the book of Genesis’s story of Eve’s act of eating the forbidden fruit both introduce a female figure whose actions are connected with the seeming introduction of evil into the world. At first glance, it appears that the Genesis story is more compelling than Hesiod’s account at explaining the origin of evil because its monotheistic structure makes the logic behind the evils far more clear and straightforward than Hesiod’s logic. The act of disobedience by Eve seems fully her own fault while God (Yahweh) is faultless. However, Genesis is too simple because the story of Prometheus/Pandora is far more complex. The Hesiod story of Prometheus/Pandora is more compelling than Genesis because the conflict allowed disputes between the gods in its polytheistic worldview rather than one god making Hesiod more compelling at explaining the evils of the world. In order to make this argument, this paper consist of three parts. The first part will argue why Genesis is seen as the most compelling text due to its simplicity and logic. The second part will examine Hesiod’s Prometheus/Pandora story to prove that the complexity makes a logical statement of why the evils in the world came to be. The final part will be counter argument which states that Genesis might be more compelling at explaining the evils of the world because it demonstrates both divine and mortal choices. Genesis offers one God s divine dominance on creation, making GodShow MoreRelatedThe Role Of Hesiod s Theogony And Works2093 Words   |  9 Pagesdichotomy reveals itself with the conflicting versions of Prometheus and Pandora present in the two poems. In Works and Days, Hesiod attempts to expose Perses’s mistakes through the interaction of Prometheus and his brother Epimetheus. Hesiod relates himself to Prometheus and takes great effort to portray the immortal in a positive light. Epimetheus, who could be described as Perses’ surrogate, is a fool. He takes this further by emphasizing the agency Pandora possesses in Works Days compared to theRead MorePandoras Box: What the Myth Means Today1809 Words   |  8 PagesPandoras Box: What the Myth Means TodayIntroductionImagine a life with no pain, worries, or misery in which to speak all evils held secure by a sacred beast or mythological container. This is the life described in many fantasies of the days before man, wom an, and hardship. With any myth, however, unlocking and explaining the gift of knowledge and becoming aware seems to account for all evils that have been imparted upon humankind. This is a very similar beginning to the story of Adam and Eve inRead MoreThe Myths And Rituals At Mycenaean And Minoan Sites1792 Words   |  8 PagesSir Arthur Evans in the twentieth century, helped to explain many existing questions about Homer s epics and provided archaeological evidence for many of the mythological details about gods and heroes. Unfortunately, the evidence about myths and rituals at Mycenaean and Minoan sites is entirely monumental, as the Linear B script was used mainly to record inventories, although certain names of gods and heroes have been tentatively identified. Secondly, visual sources sometimes represent myths orRead MoreGreek Mythology s Influence On The Arts And Literature Of Western Civilization2652 Words   |  11 Pagestold for amusement, also found their way into Greek myth. Greek mythology originated as oral literature, or stories told out loud. The ancient Greeks told their myths over and over again before they were written down. There are thus many different versions of these ancient stories. Today the Greek myths are known primarily from written Greek literature such as the Iliad and the Odyssey. These classic epics—long, narrative poems praising heroic deeds—are said to have been written by the poet HomerRead MoreGreek Mythology8088 Words   |  33 PagesPoseidon  seems  poised  to  strike  with  his  trident,  which  today  is  missing.  The  statue  is  in  the  National   Archaeological  Museum  in  Athens,  Greece.   Nimatallah/Art  Resource,  NY   Greek  mythology  has  several  distinguishing  characteristics,  in  addition  to  its  multiple  versions.  The   Greek  gods  resembled  human  beings  in  their  form  and  in  their  emotions,  and  they  lived  in  a  society   that  resembled  human  society  in  its  levels  of  authority  and  power.  However,  a  crucial  difference   existed  between  gods  and  human  beings:  Humans  died

Supply Chain Management For A Competitive Advantage

Today’s world great organizations are emerging in inventing powerful resources for a competitive advantage. It is called supply chain management and it includes all integrated activates which introduce to market place and maintain customer satisfaction. This supply chain management drives from multi- disciplinary departments such as procuring, transportation, manufacturing products, customer services, distribution of product into integrated program. Successful management will be in coordination and integrated in all these activate in an unbroken chain process. It supports and interconnected to all the partners within the organization, where these partners are merchants, third party companies, transporters, third party companies and product providers. The significant of supply chain management is involved in today’s trend in challenging business industry, by maintaining slow and constant the company may not achieve to success. In today’s generation organization is recognized by providing products to clients in quick manner than the competition will develop the position of competitive in company. For more competitive, the organization should involve to find new solutions to resolve supply chain management issues like modal analysis, load supply, mapping, and on time network distribution designing. While a company or a firm must face company challenges which may affect globalization designing. 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Operations Management Organization Designing and Manufacturing

Question: Describe about the Operations Management for Organization Designing and Manufacturing. Answer: Operations Management Operations management is the area of management concerned with the business practices for designing and controlling the production systems (Stevenson 2012). According to the case study, Hawkesbury Cabinets Pty Ltd is an organization designing and manufacturing custom-built kitchen cabinetry founded in Sydney in the year 2008. Fund and Mei, the founders of the company are responsible for operations and financial management respectively. There is a single manufacturing facility in Mulgrave for customized and standard kitchen cabinets. The company had a contract that would require manufacturing standard kitchen cabinets in small batches. It has been observed that the sales of custom kitchens have been strong, but the profit margin is not rising. The aim of this essay is to assess the current production systems and processes followed by Hawkesbury Cabinets. Further, the problem is defined with the effects of new builders kitchen line on the operations of the organization. Lastly, the ess ay determines the effect of operations on the financial structure. According to Pralong et al. (2014), factory layout plays a critical role in the operations and production systems. It helps in making the production system smooth and efficient. An appropriate factory layout minimizes the manufacturing cost. According to the case study, Hawkesbury has a single manufacturing facility in Mulgrave for customized and standard kitchen cabinets. The equipments and machinery to manufacture cabinets serve general purpose and produce high-quality. This helps the operations in providing flexibility and manufacturing the custom designed cabinets. Since its formation in 2008, the factory layout has several equipments grouped together. The factory layout is designed in such a manner that keeps assemblies strategically. The saws and cutting tables are arranged together. However, other equipments such as routers and shapers are assembled at another work area. The machines used less frequently such as lathes are kept at a distance from the work area. Therefore, it i s observed that the materials are handled efficiently in the factory thereby saving cost and time. The area and space available for use are efficiently utilized. It is analyzed that the organization is reputed for its timely deliveries for which the factory layout can be given credit (Accorsi, Manzini and Maranesi 2014). The activities such as furnishing and painting are performed in an environmentally controlled area towards the rear of the facility. Therefore, it is interpreted that the production area is sustainable and it is designed in a manner that causes minimal harm to the environment and employees (Despeisse, Oates and Ball 2013). However, as the machinery and equipment for both the standard and custom kitchen has same space, machinery and equipment, it is observed that the craftspeople had to compete for the processing time on the same equipment. It is inferred that such practice leads to bottlenecks and processing time is delayed. Bottlenecks were created as stocks or mat erials were piling up and were produces at a less speed due to inadequate machine capacity. It is argued that there is a requirement for good production control system for smooth operations (Stevenson 2012). Operational failures in the manufacturing facilities can cause minor to major consequences. It is argued that due to competitive pressures, the organizations tend to push their manufacturing capacity for generating higher revenue and profitability (Nslund and Hulthen 2012). According to the case study, the standardised kitchens generate 40% of the factory volume and 25% revenue. However, the remaining volume and revenue was generated from the custom kitchens. Therefore, the founders of the company found it beneficial to focus on the custom cabinets as they generated the remaining 60% of factory volume and 75% revenue. With the improving reputation and increasing sales, various low volume contracts were signed by the company. This involved supplying to the small spec builders with standardized kitchen cabinets. The contracts involved manufacturing limited range of kitchen cabinets ranging from a single to five kitchen specifications. Additionally, the client builders laid more stringe nt regulations on the delivery time. They were also price-sensitive than the customized kitchen cabinet buyers. There has been a rapid increase in the sale of builders line of kitchens. There has been a greater scheduling of such work and it is given priority because of higher sales and profit margins. However, the company accountant argued that the operations are not profitable in the manner it should be. It was because of the rising cost of standard builders. The lead times for both custom and standard cabinet orders was increasing. As the machinery, equipment and craftspeople were same for both standard and custom orders, there was greater processing time. There was pile ups affecting the overall delivery times (Chiadamrong and Canova 2013). The existing manufacturing capacity was pushed to the limit and there was no further space for expansion. Evidently, the existing manufacturing location is not sufficient to fulfil the demands of buyers. It is argued that to maintain reputati on in the market, there is a need for the organization to address the bottlenecks in the factory operation systems and processes (Durowoju, Kai Chan and Wang 2012). A financial structure of an organization refers to the long-term debt and equity used by a company for financing the operations. The role of a financial manager is to decide the amount of money to be borrowed and the best ways to manage capital structure. It is argued that financial structure planning is important in the business survival and every component needs to be managed effectively (Robb and Robinson 2012). In the given case scenario, the move to producing builders kitchen is affecting the operations. Consequently, the financial structure of the company shall also be affected. With the rising cost of standard builders, there was also a rise in capital investment for raw materials inventory, work in progress and finished goods. The increasing labour cost shall be added as an operating expense affecting the gross profit negatively (ztekin 2015). As the demand for standard kitchen cabinets were increasing, there is a greater requirement for inventory. As the stock needs to be in creased, the gross profit rate shall decline. With the increasing inventory, there is a need for rented warehouse space. The rent of a warehouse is usually charged monthly, that adds up to the administrative cost thereby affecting the net profit negatively (Degryse, Goeij and Kappert 2012). With the declining gross profit and net profit, the overall profit for the organization tends to decline. The net profit figure is added to the capital figure in the balance sheet. The financial position of the company is indicated using the Profit and Loss Statement and the Balance Sheet. It is argued that as the profit will be low, the balance sheet statement shall present low figures that may affect investors of the business. It may also affect the creditors such as banks to make loan to the company (Jeveer 2012). Conclusively, Hawkesbury Cabinets Pty Ltd needs to pay attention to the operational deficiencies as it is not only affecting the day-to-day implications, but also the long-term profitability and operations of the organization. It has been observed that the sales of custom kitchens have been strong, but the profit margin is not rising. The existing production facilities of the organization suit the demand structure. However, the existing manufacturing capacity was pushed to the limit and there was no further space for expansion. The company is making late deliveries to the buyers as there has been an increase in lead times. Not only the operations, but the business is not as profitable as it must be due to the rising costs for production. References Accorsi, R., Manzini, R. and Maranesi, F., 2014. A decision-support system for the design and management of warehousing systems.Computers in Industry, 65(1), pp.175-186. Amoo Durowoju, O., Kai Chan, H. and Wang, X., 2012. Entropy assessment of supply chain disruption.Journal of Manufacturing Technology Management, 23(8), pp.998-1014. Chiadamrong, N. and Canova, T., 2013. Assessing logistics factors on the business success of the electrical and electronics industry in Thailand.EJIE, 7(4), p.393. Degryse, H., de Goeij, P. and Kappert, P., 2012. The impact of firm and industry characteristics on small firms capital structure.Small Bus Econ, 38(4), pp.431-447. Despeisse, M., Oates, M. and Ball, P., 2013. Sustainable manufacturing tactics and cross-functional factory modelling.Journal of Cleaner Production, 42, pp.31-41. Jeveer, K., 2012. What do we know about the capital structure of small firms?.Small Bus Econ, 41(2), pp.479-501. Nslund, D. and Hulthen, H., 2012. Supply chain management integration: a critical analysis.Benchmarking: An International Journal, 19(4/5), pp.481-501. ztekin, ., 2015. Capital Structure Decisions around the World: Which Factors Are Reliably Important?.Journal of Financial and Quantitative Analysis, 50(03), pp.301-323. Pralong, A., Levine, H., Lilja, J., Gaasvik, . and Hummel, H., 2014. Paradigm shift for vaccine manufacturing facilities: The next generation of flexible, modular facilities.Eng. Life Sci., 14(3), pp.244-253. Robb, A. and Robinson, D., 2012. The Capital Structure Decisions of New Firms.Rev. Financ. Stud., 27(1), pp.153-179. Stevenson, W., 2012.Operations management. Boston: McMcGraw-Hill Irwin.

Environmental Supplier Selection Process †Myassignmenthelp.Com

Question: Discuss About The Environmental Supplier Selection Process? Answer: Introduction Organizations comprise of different departments and purchasing department is accountable for all the activities of purchasing. Purchasing department is one of the important departments in all the businesses because it affects the product cost that might reflects companies profit positively (Moser, 2007). This report explains different aspects of purchasing management of Prime supermarket, which is situated in Singapore. This report will emphasize on supplier selection criteria, cost of purchasing and use of information and communication technology, for purchasing operations and its management. Prime supermarket is among the first to launch the chain of local supermarket (Prime supermarket, 2017). In earlier years, prime supermarket used to have 5 mini complex outlets. In 1991, Prime supermarket occupied more than 10,000 sq. ft. area. It is the largest chain of supermarket in Singapore with 20 outlets expanded in all its island states (Prime supermarket, 2017). Prime supermarket compr ises of two trading areas, one focuses on import and provides seafood, meats and vegetables and another trading area focuses on acquiring stock according to the lifestyle of international consumer. Prime supermarket provides 24 hour services to their customers and also focuses on improving customer services. Presently, they are working on renovations of their stores. Mission of prime supermarket is to provide good services to their customers with good quality of product at affordable price (Prime supermarket, 2017). Supplier Selection and issues Purchasing is one of the important element in supermarket business. Purchasing officer is responsible as well as accountable for setting goals and taking related decisions, which helps in improving cost of the company (Weele, 2009). It is a difficult task for purchasing officer of prime supermarket to decide the value of their products, as they want to provide product at lower price by reducing the cost of supplies but they should not keep their prices very low as it will be considered as poor quality goods (Ouelch, Bonventre, 2017). Cost of the product also increases due to fixed assets. For Example machinery which requires a regular repair, leads to an increase in the cost of the product and it affects the revenue of the business (Ouelch, Bonventre, 2017). Prime supermarket should consider all these points and after that they should decide the value of their product. Prime supermarket should provide good quality products as poor quality goods increases wastage that results in inc reasing purchasing cost. Suppliers of prime supermarket should deliver products on time, so that efficiency of the business can be maintained. For this purchasing officer of supermarket should maintain proper communication with their suppliers. Purchasing officer should identify their long term suppliers and should maintain a strong relationship with them which helps in cost reduction (Weele, 2009). Purchasing officer should identify some internal goals to maintain cost of the company, for this different policies are implemented into the company that product can only be purchased by approved suppliers (Ouelch, Bonventre, 2017). Prime supermarket should select their suppliers properly, which can help them in reducing purchasing cost. Supplier selection criteria involve different stages listed as follows:- Identification of possible suppliers- For sustaining in todays competitive environment, business has to make changes and should do innovations (WONG, 2017). Business should identify new suppliers with maintaining existing suppliers. This stage focuses on searching different suppliers for the business. Prime supermarket should identify those suppliers who can bring better results as compared to existing one (WONG, 2017). Asking for suppliers information- After recognizing possible suppliers, another stage is of asking information related to suppliers goods or services and their qualities which make them different from other suppliers. Performance proposal is also issued to show whether the supplier will be able to fulfil the requirements of the business. Quote request is issued to know the specification of product (Kleemann, 2012). Terms of contract- This stage explains about the contract between buyer and its suppliers as the information which was asked from supplier that gets converted into the form of contract. This contract comprises with all the details, responsibilities and duties of supplier. Process of negotiation- As we discussed above about the terms of contract that includes duties, responsibilities and payment details, these terms are negotiable. Supplier and buyer both do negotiating in favor of their terms (Altin, 2010). Evaluation of supplier and award of contract- In this stage buyer checks earlier performance of the supplier to evaluate whether the supplier will be able to perform properly or not (Kleemann, 2012). Suppliers are ranked according to their performance and according to that they get the contract. Research on supplier selection- This stage focuses on two points, one point is to find out the right criteria and method to evaluate supplier. Second point focuses on negotiation with the supplier, terms of contract and bringing out information that supplier do not want to reveal (Altin, 2010). ICT for purchasing operation Information and communication technology tools are very useful for all the organizations in terms of providing important information quickly that makes work easy and help in sustaining into the competitive environment (Nwokeafor, 2015). ICT enabled communication between different departments of company that made information sharing fast and fulfilled demands of customers on time (Nwokeafor, 2015). Company should install ICT tools, this will provide benefits to them as it results in saving cost, reducing wastage and ultimately business will make high profits (Cline, 2014). Importance of electronic business is increasing day by day, scattering of internet that increases the awareness of information technologies. For achieving organizational goals ICT tools are providing great support to human activities. Hence, process of decision making and transferring of data is faster (Cline, 2014). Tools of information and communication technology are Barcoding, Radio frequency identification, Ent erprise resource planning, Material resource planning, etc. Some of them are explained below. Bar coding- Barcodes are clear demonstration of material through computer. Initially, data stored in barcodes used to be in widths and equivalent lines with spacing, at present barcodes arises in different shapes and designs (Craig, 2008). Different scanners are available for reading barcodes they are known as barcode reader. Flow of products and information of business is faster through barcodes. Barcoding is used to keep all the information of the stock (Craig, 2008). Radio frequency identification- It comprises with a silicon chip that holds an identification number and an antenna that transfer the number into evaluating device. RFI helps in managing inventory and information of bulk stock can be identified in short period of time (Craig, 2008). Enterprise resource planning- ERP is a very useful device for every business as it maintain all the information of different departments. It helps manager to known about the problems and points which are lacking in the functioning of different departments (Lawrence, 2012). ERP involves different modules such as marketing, finance, human resource, manufacturing, etc. Material resource planning- MRP helps in production planning as it arrange all the operations sequence wise. MRP focuses on providing all the information and sequence of production before it is required. Proper track of orders are maintained by MRP at the time of manufacturing (Lawrence, 2012). Recommendation ICT tools help in improving the performance of supply chain that is considered to be an important element in all the organizations which deal in the manufacturing and logistics of the products. Business has to understand the importance of installing ERP into its processes as it is very beneficial. Tools of Information and communication technology should be installed into the purchasing department of Prime supermarket to increase the speed of data sharing and there will be reduction in the time taken to deliver the productivity. Innovative and sound models should be developed by the researcher in coming future. Purchasing cost analysis Purchasing of goods and services involve some cost, that need to be analyzed regularly. Different tools are available for analysis of purchasing cost they are- Cost analysis- While purchasing goods its actual cost is considered that include delivery cost, packing cost and maintenance cost (Blischke, 1993). Business appoint some of the suppliers who demand advanced payments. If supermarket is ordering goods which involve movement of more than one people then they have to make the payment in advance that increases the actual cost which is more than the cost of product (Blischke, 1993). Proper analysis should be done by prime supermarket to know the total purchasing cost. Inventory analysis- Cost of the product includes different charges like storing cost, maintenance cost as well as cost of unavailability of goods for sale. Inventory analysis is important to know detail about the stock that is available. It can help in forecasting about future stock to be ordered (Sherbrooke, 2006). Suppliers analysis- Prime supermarket has a number of suppliers, this shows that they should not get depend on one supplier as it can be harmful for the business. Purchasing officer of prime supermarket should maintain good relations with their suppliers as they can provide stock at discounted price. Besides this officer should regularly check the stock supplied by different suppliers. Maverick spending- Price of goods may vary from supplier to supplier, for this prime super market should analyze price properly before placing the order as small amount also matters a lot for the business. Delivery time analysis- Supplier should provide stock in time as it affects the image of business. Perishable goods should be handled properly as they get spoiled easily. Prime supermarket is one of the leading supermarket chain in Singapore. Supermarket is using multiple sourcing of supply as it provides different categories of goods that need different suppliers for the business. Prime supermarket provide good quality of products at reasonable price because their main focus is to deliver good services to their customers. Prime supermarket regularly analyze their suppliers that helps in reduction in the cost of purchase. Cost ratio is a method used in retail for valuation of inventory at the end of particular time period. It is calculated by dividing available goods cost with available goods retail value (Robinson, et al 2015). Linear averaging method include linearly weighted moving average that allocate a higher weighted to current value. It can be calculated by multiplying closing prices with its definite place in the data series (Burd, 2007). Activity based costing is a method that allocates indirect cost to products by recognizing all the activities that takes place in the business (Goektuerk, 2007). Connection among the products, costs and activities is reflected through this method. Sometimes it is difficult to assign indirect cost through this method (Goektuerk, 2007). Conclusion Report is explaining purchasing management of Prime supermarket that is one of the leading supermarket chain in Singapore. According to the above discussion it can be concluded that purchasing management is very important for Prime supermarket. Purchasing manager is the one who handles all the activities of purchasing department. They should identify elements that are disturbing the cost of products and should take corrective actions to eliminate them. Suppliers of prime supermarket should provide good quality of products in time. Criteria that should be considered for suppliers selection are Identification of possible suppliers, asking for suppliers information, Terms of contract, Process of negotiation, Evaluation of supplier and award of contract and Research on supplier selection. Prime supermarket use multiple sources of purchasing for that they have to appoint different suppliers. For this they should identify suppliers who will provide them good quality of product on time and should reveal past performance of their business. Information and communication technology is also discussed in above report. ICT is important for business for keeping records of available stock that helps in forecasting about the future stock to be ordered. Tools available for Information and communication technology are Barcoding, Radio frequency identification, Enterprise resource planning and Material resource planning. ICT tools are considered to be important for business as it helps in improving performance of supply chain. Prime supermarket should adopt information and communication tools in their business that can make work faster and products can be delivered on time. It will also help in saving the cost of the product. Tools for analyzing purchasing cost are Cost analysis, Inventory analysis, Suppliers analysis, maverick spending, Delivery time analysis. Prime supermarket should consider all the purchasing cost analysis tools as it will lead to increase in the profits of the business. Report also explains cost ratio and activity based costing that is important for business. References Altin, G. (2010). Global Purchasing and Supply: Case Study in Purchasing. GRIN Verlag. Blischke, W. (1993). Warranty Cost Analysis. CRC Press. Burd, V. (2007). Method of Averaging for Differential Equations on an Infinite Interval: Theory and Applications. CRC Press. Cline, H. F. (2014). Information Communication Technology and Social Transformation: A Social and Historical Perspective. Routledge. Craig, V. S. (2008). Information Communication Technologies: Concepts, Methodologies, Tools, and Applications: Concepts, Methodologies, Tools, and Applications. IGI Global. Goektuerk, H. (2007). 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