Advantages and Disadvantages of Inventory Management Systems

Advantages and Disadvantages of Inventory Management Systems INVENTORY The term inventory derives from the French word inventaire and the Latin word inventariom which simply means a list of things which are found. The term inventory includes materials which are in raw form, or are in process, in the finished packaging, spares and the others which are stocked in order to meet all the unexpected demands or distribution in the future. This term usually refers to the stock at hand at a particular period of time of all those materials which are in raw form, those goods which are in progress of manufacture, all the finished products, merchandise purchased products for resale of those products, tangible products which can be seen, touched, measured or are countable. In a connection with the financial statements and records of accounting, the reference may be to the amount assigned to the stock or the pile of goods owned by an enterprise at a particular period of time. Inventory controls transit and handling. The raw materials may be transported thousands of ki lometers before they are converted into an end product. At the same time, materials which are in transit, may take a period of several days or months. During this process of transit, materials carry someone’s inventory. These Inventories serve to isolate the supplier, the producer and the consumer. Inventories permit the acquirement of raw materials in economic lot sizes as well as processing of these raw materials into finished goods in the most economical quantities. Raw material inventories distinguish the supplier of raw materials from the user of these raw materials. Finished goods inventories distinguish the user of the final goods from the producer of the goods. Inventories are held to facilitate product display and service to customers, batching in production in order to take advantage of longer production runs and provide flexibility in production scheduling. There are four types of inventories: Production inventories MRO inventories In process inventories Finished goods inventories Objectives of inventory management To ensure a continuous supply of raw materials and supplies to facilitate unhandled production. To maintain required quantity of finished goods for smooth sales operation and efficient customer service. It permits the acquirement of raw materials in economic lot sizes as well as processing of these raw materials into finished goods is the most economical quantity known as economic lot size. It reduces the dependencies of one another and enables the organizations to schedule their operations without getting dependent on each other. It helps to reduce those costs which have been occurred during the material handling. It helps to utilize people and materials reasonably. It controls display of the products and services provided to the corresponding customers. INVENTORY SYSTEM An inventory system facilitates the organizational structure and the operating policies for maintaining and controlling materials to be inventoried. This system is responsible for ordering and receipt of materials, timing the order placement and keeping record of what has been ordered, how much ordered and from whom the order placement has been done. There are two models of inventory system:- The fixed order quantity system The fixed order periodic system FIXED ORDER QUANTITY SYSTEM The fixed order quantity system is also known as the Q system. In this system, whenever the stock on hand reaches the reorder point, a fixed quantity of materials is ordered. The fixed quantity of material ordered each time is actually the economic order quantity. Whenever a new consignment arrives, the total stock is maintained within the maximum and the minimum limits. The fixed order quantity method is a method that facilitates for a predetermined amount of a given material to be ordered at a particular period of time. This method helps to limit reorder mistakes, conserve space for the storage of the finished goods, and block those unnecessary expenditures that would tie up funds that could be better utilized elsewhere. The fixed order quantity may be bridged to an automatic reorder point where a particular quantity of a good is ordered when stock at hand reaches a level which is already determined.   Advantages: Each material can be procured in the most economical quantity. Purchasing and inventory control people automatically gives their attention to those items which are required only when are needed. Positive control can easily be handled to maintain the inventory investment at the desired level only by calculating the predetermined maximum and minimum values. Disadvantages: Sometimes, the orders are placed at the irregular time periods which may not be convenient to the producers or the suppliers of the materials. The items cannot be grouped and ordered at a time since the reorder points occur irregularly. If there is a case when the order placement time is very high, there would be two to three orders pending with the supplier each time and there is likelihood that he may supply all orders at a time. EOQ may give an order quantity which is much lower than the supplier minimum and there is always a probability that the order placement level for a material has been reached but not noticed in which case a stock out may occur. The system assumes stable usage and definite lead time. When these change significantly, a new order quantity and a new order point should be fixed, which is quite cumbersome. FIXED ORDER PERIOD SYSTEM In this system, the stock position of each material of a product is checked at regular intervals of time period. When the stock level of a given product is not sufficient to sustain the operation of production until the next scheduled tested, an order is placed destroying the supply. The frequency of reviews varies from organization to organization. It also varies among products within the same organization, depending upon the importance of the product, predetermined production schedules, market conditions and so forth. The order quantities vary for different materials. Every order quantity in their method is obtained by the following formula. Advantages: The ordering and inventory costs are low. The ordering cost is considerably reduced though follow up work for each delivery may be necessary. The suppliers will also offer attractive discounts as sales are guaranteed. The system works well for those products which exhibit an irregular or seasonal usage and whose purchases must be planned in advance on the basis of sales estimates. Dis advantages: The periodic testing system tends to peak the purchasing work around the review dates. The system demands the establishment of rather inflexible order quantities in the interest of administrative efficiency. It compels a periodic review of all items; this itself makes the system somewhat inefficient. Distinction between Q system and P system Point of difference Q system P system Initiation of order Stock on hand reaches to reorder point Based on fixed review period and not stock level Period of order Any time when stock level reaches to reorder point Only after the predetermined period Record keeping Continuously each time a withdrawal or addition is made Only at the review period Order quantity Constant the same quantity ordered each time Quantity of order varies each time order is placed Size of inventory less than the P system Larger than the Q system Time to maintain Higher due to perpetual record keeping Less than due to only at the review period Examples Fixed order quantity system A painter can order 200 gallons or more for $4.75 per gallon, with all other factors in the computation remaining the same. He must compare the total costs of taking this approach to the total costs under the EOQ. Using the total cost formula, the painter would find TC = PD + HQ/2 + SD/Q = (5 Ãâ€" 3,500) + (3 Ãâ€" 187)/2 + (15 Ãâ€" 3,500)/187 = $18,061 for the EOQ. Ordering the higher quantity and receiving the price discount would yield a total cost of (4.75 Ãâ€" 3,500) + (3 Ãâ€" 200)/2 + (15 Ãâ€" 3,500)/200 = $17,187. In other words, the painter can save $875 per year by taking advantage of the price break and making 17.5 orders per year of 200 units each. Fixed order period system Daily demand for a product is 10 units with a standard deviation of 3 units. The review period is 30 days, and lead time is 14 days. At the moment of the review time, there are 150 units in inventory. For a 98% service level, how many units should be ordered? Solution = 10 units = 3 units T= 30 days L= 14 days z= 2.05 units.

Home Schooling and Public Schooling

Never before in the United States have parents been so disgruntled about their children†s education. The main reason behind this massive disruption seems to be that public schools are not living up to parent†s standards. Because of this, parents are taking their child†s education and future into their own hands. Many parents are turning to an â€Å"alternative† means of educating known as home schooling. Home schooling is simply education of school- aged children at home rather than at school. Parents are choosing home schooling over public schools because public schools are not meeting their child†s academic, individual, and/or disability needs. First, parents are choosing home schooling over public schooling because public schools are not meeting student†s academic needs. Parents expect their child will learn to read, write, and acquire basic math skills by the time they graduate. However, public schools throughout the United States are failing to teach these basic academic skills. Recent studies appear to show that many who graduate, as many as 25%, cannot read or write at an eighth grade level. This is a tragic statistic for a nation claiming to be so developed. There are more opportunities to gain an education in the United States than any other country in the world, yet evidence seems to shows that the United States rank at the bottom of industrial nations in reading, writing, and arithmetic. In addition, students are said to be ranking lower than ever on Academic Achievement Tests. Children who attend public schools rank in the â€Å"average zone† whereas, home schooled children typically score above average. To add to this common bit of knowledge the press has recently reported the startling news that children schooled at home seemed to be five or more years ahead, of their formally trained peers, in their ability to think. These statistics prove that home schooled children are doing better in all academic areas compared to children attending public schools. Secondly, parents are choosing home schooling over public schooling because public schools are no longer taking a student†s individual needs into consideration. Since students are taught lessons based on an academic calendar year, they are expected to be able to complete specific tasks by the end of that year. When students fail to meet these expectations they are required to repeat the same grade the following school year, or worse yet, passed on without ever gaining the needed skill. For example, at the end of a school year if a student is having difficulties reading but doing well in other subjects he or she will be required to repeat the same grade or will be passed on continually without ever learning how to read. If students were properly tutored in the areas they are having difficulties in they would not have to repeat the same grades or graduate without the tools necessary to be successful. Unfortunately public schools do not give special tutoring to students like they once did. Teachers in the public school systems are teaching students as though they are on an assembly line. They no longer have time to work one on one with them. Unlike public schooling, home schooling allows parents to teach in a style and at a pace that best fits their child†s needs. Home schooled children are not held back in the same grade if they are lagging behind in particular subjects. Their parents can move them to the next grade and tutor them in the subjects they are having trouble with. Children who are home schooled also get individual attention from their parents. They do not have to worry about waiting for their teacher to find time to help them. It is becoming apparent to many parents that home schooling meets the individual needs of their child better than public schooling. Finally, parents of children with physical and mental disabilities are finding that home schooling meets their child†s handicap needs better than public schooling. A major downfall of public schooling is that handicapped students are graded in the same style as the rest of the students. In public schools, children with handicaps are still expected to complete all of their assignments in the same given time as other students. Teachers are not taking these children†s handicaps into consideration. For example, children with ADD (Attention Deficit Disorder) have trouble staying focused and are easily distracted. As a result of constantly being distracted, they are not able to complete their assignments. This type of grading style has become a great concern for parents of disabled children. Because of situations like this one, parents are making decisions to teach their disabled children at home. By teaching their children at home they are in an environment that is equipped to aid in their development. For instance, children with ADD are in an environment where they will not be influenced by the action of other children and cannot be as easily distracted. In addition, they have special time to complete their assignments, as well as have all of their assignments tailored to fit their abilities and needs. By home schooling, children with learning disabilities are given equal chances of succeeding in their education which they otherwise would not get in public schooling. Public schools may have been the center for learning years ago. However, today they are not meeting children†s academic, individual, and disability needs. As a result, parents are choosing to educate their children through home schooling. Reports show that home schooled children are ahead of children who attend public schools by a noticeable degree. In addition, disabled children are having their needs met better at home than in public schools. They are being given an equal chance at succeeding in their academic endeavors. Parents are choosing home schooling because it currently offers the best solution to their problems facing the public school systems.

The Demise of Detailed Outline for Research Paper

The Demise of Detailed Outline for Research Paper Detailed Outline for Research Paper Explained To conserve space in the examples, just the first section of the outline will demonstrate the suitable spacing. Always be certain to observe an outline and you will stay on the right path. In the event the structure of the principal body has many levels, it is preferable to use different numbering styles. A suitable presentation outline format contains 3 important components. Outlining the sections right at the start of writing research paper can help you to keep an appropriate structure for the whole write up. For research papers, an official outline will be able to help you keep tabs on large. Thus, to compose the ideal research paper, making an outline is vital, but before making the outline, below are some planning steps which you must consider prior to making the outline. A well-made outline is critical in locating considerable info and keeping track of considerable amount s of information from a research paper. Then establish who will become your target audience and produce the content of the paper pertinent to them. Low-income areas can bring in modest businesses because of the reduce cost of operation, and can grow economically as a consequence of the new jobs, improving the standard of life of the region. There are plenty of subjects you might write about, therefore it can help to narrow down the potential architecture research paper topics. If you take a close look at research paper outline examples, you will observe we have several strategies to present the most important body. For a research paper, several paragraphs are likely required to thoroughly talk about the topic and help demonstrate the thesis. Then the ideal approach is place a request I will need to acquire essay papers written. The best way is downloading a research paper outline template to make the outline. A comprehensive outline is essential for writing a very good research paper. A research paper outline, though, will additionally have a hypothesis or thesis as a portion of the introduction. Aside from a report outline and a presentation outline, it is one of the most common types of outlines you're likely to encounter in any given field. By studying various outline samples, you're guaranteed to come up with the ideal research paper outline in almost no time. All About Detailed Outline for Research Paper The Introduction part is among the most crucial ones. You've got to compose several academic papers over the span of a year. If you choose to compose your own paper, start with selecting a topic. Research Paper isn't a task for a single day. College kids appear to agree with the initiative, because nearly all of them dislike having to sneak about and risk arrest over buying alcohol. You may easily depend on us to find essay help as we have a tendency to assist and guide the students with the aid of our professional experts. Students could rather seek the advice of writing companies. Some students simply don't have sufficient knowledge for a definite job. The outline script should start with a little introduction, followed by the goal of the presentation and the objectives. Outlining is a significant stage in writing a scholarly paper since it helps. Outlining your paper before you write it's an important step because it is going to enable you to organize your thoughts. The MLA format stipulates the vital guidelines for effectively writing an essay in line with the MLA standards. The perfect way to comprehend how to organize and compose a journal article is to have a look at the articles in a couple of the. For smaller essays, it may also be very small and contain just a few elements. If, however, you've written an excellent outline and adhere to it, then it's fine to get started writing your introduction first. You always ought to make an outline of what you intend to write even when you are writing the essay on a test.

Essay on Bipolar Affective Disorder - 2166 Words

Bipolar Affective Disorder June 4, 2010 Bipolar Affective Disorder The number of people diagnosed with bipolar disorder continues to rise every year. Bipolar affective disorder affects 2.6 percent of adults, starting at the age of eighteen. Bipolar affective disorder often develops in late teens or in the early adult years. It is likely that all nurses will be involved in taking care of patients with bipolar affective disorder. I would like to research more about effective treatments, to provide an opportunity for the patients I care for, achieve the most positive outcome. Bipolar affective disorder is a long-term illness that must be monitored closely. There is evidence showing bipolar disorder has a strong hereditary†¦show more content†¦During the acute mania stage the clients are more impulsive, they have an abundance of energy and the need for sleep is diminished. During the delirious mania stage the patient may have symptoms of confusion, agitation, and exhibit purposeful movements. Intervention is needed to prevent exhaustion and inj ury to self or others. Patients need to have a calm and structured environment to prevent mania from escalating. Use a soft voice, dim the lights and turn radios and televisions off. Monitor for any sleep disturbances, as this may indicate the illness is getting worse. Monitor intake and output closely, the patient needs proper nutrition and adequate fluid intake. Teach your patient coping strategies. It is also important to involve the family members in the care if it is okay with the patient, as it may be hard for the patient to remember everything you have taught them. It is also important to give written materials and referrals to organizations that help with the mental illness. The second phase of bipolar disorder is the depressive phase; this phase is the most hazardous and unhealthful. 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