Inventory Control System
Inventory Control Systems
QRB/501
April 15, 2013
Thomas Allen
Inventory Control Systems
For most retailers and manufacturing companies, the right inventory control system can help an organization maximize profits while reducing inventory costs. These systems are widely sought after by large, medium, and small size organizations in the assistance relating to timing and quantity production. Retailers and manufacturing companies need to decide when to order product from suppliers to satisfy the demand by the consumers. In the next paragraphs readers analyze three inventory systems: Total Quality Management; Work in Progress; and Just-in-Time Inventory. In the process, aside from providing definitions, readers will identify advantageous and not elements important when assessing the appropriate system for an organization. Ultimately solidifying the importance of an inventory control system, but most important what is at stake.
Total Quality Management (TQM)
Total Quality Management, better known as TQM is an intense a long-term commitment to quality and implementing such a commitment requires the use of tools and techniques. TQM is about creating and developing a set of values of beliefs that let everyone knows that quality for the customer is the most basic aim and that the ways of working together as well as the ways people are expected to deal with problems and changes, are determined by what will support and sustain this basic aim, (Sashkin & Kiser, 1992).
TQM provides a sole approach to improve effectiveness of an organization. This approach can provide a solid abstract base and at the same time, offers a tactical plan for improving performance that takes account of how people and organizations operate.
There are five interventions that defines the core of TQM: Knowledge of customer requirements provides a test for considering and evaluation process changes. Supplier partnership ensures that materials entering the organization are of acceptable
QRB/501
April 15, 2013
Thomas Allen
Inventory Control Systems
For most retailers and manufacturing companies, the right inventory control system can help an organization maximize profits while reducing inventory costs. These systems are widely sought after by large, medium, and small size organizations in the assistance relating to timing and quantity production. Retailers and manufacturing companies need to decide when to order product from suppliers to satisfy the demand by the consumers. In the next paragraphs readers analyze three inventory systems: Total Quality Management; Work in Progress; and Just-in-Time Inventory. In the process, aside from providing definitions, readers will identify advantageous and not elements important when assessing the appropriate system for an organization. Ultimately solidifying the importance of an inventory control system, but most important what is at stake.
Total Quality Management (TQM)
Total Quality Management, better known as TQM is an intense a long-term commitment to quality and implementing such a commitment requires the use of tools and techniques. TQM is about creating and developing a set of values of beliefs that let everyone knows that quality for the customer is the most basic aim and that the ways of working together as well as the ways people are expected to deal with problems and changes, are determined by what will support and sustain this basic aim, (Sashkin & Kiser, 1992).
TQM provides a sole approach to improve effectiveness of an organization. This approach can provide a solid abstract base and at the same time, offers a tactical plan for improving performance that takes account of how people and organizations operate.
There are five interventions that defines the core of TQM: Knowledge of customer requirements provides a test for considering and evaluation process changes. Supplier partnership ensures that materials entering the organization are of acceptable
References: Conrad, B. (n.d.). The Advantages of Just-in-Time Inventory Systems. Retrieved from http://smallbusiness.chron.com/advantages-justintime-inventory-systems-20997.html Hackman, J. R., & Wageman, R. (1995). Total quality management: Empirical, conceptual, and practical issues. Administrative Science Quarterly, 40(2), 309-309. Retrieved from http://search.proquest.com/docview/203941334?accountid=35812 Kelchner, L. (n.d.). Advantages & Disadvantages of Total Quality Management Strategies. Retrieved from http://http://smallbusiness.chron.com/advantages-disadvantages-total-quality-management-strategies-22160.html Keown, Arthur J. et al. (2002). Financial Management. Pearson Education, Inc. Peavler, R. (n.d.). Just-in-Time (JIT) Inventory Management. Retrieved from http://bizfinance.about.com/od/glossaryj/g/Just-In-Time-Jit-Inventory-Management.htm Piasecki, D. (n.d.). Work in progress (WIP) Inventory.Inventory operations. Retrieved from http://www.inventoryops.com/articles/work_in_process.htm Sashkin, M., & Kiser, K. (1992). What is TQM? Executive Excellence, 9(5), 11-11. Retrieved from http://search.proquest.com/docview/204637109?accountid=35812 Wilcox, K., & Discenza, R. (1994). The TQM advantage. CA Magazine, 127(4), 37-37. Retrieved from http://search.proquest.com/docview/203940292?accountid=35812