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Essay / Research Paper Abstract
This 17 page paper examines different tools and concepts that can be used when looking at improving warehouse and inventory control. The paper starts by explaining why increasing inventory levels could be a problem. The paper then looks at ways of reducing inventory levels such as the use of just in time inventory control and then considers the way in which inventory levels can be managed and the operation of warehouses can be made more efficient, including discussion on forecasting and the use of technology. The paper uses real cases to illustrate points raised. The bibliography cites 15 sources.
Page Count:
17 pages (~225 words per page)
File: TS14_TEinvcontrol.rtf
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Unformatted sample text from the term paper:
1. Introduction In recent years there has been increasing attention paid to the importance of adding value
to the supply chain and the way in which a value chain, as described by Porter may be created (Thompson, 2005). The main emphasis has looked at the links and
areas of coast cutting, one area that has lacked a great deal of in-depth research has been that of warehousing and inventory control. The majority of businesses will need to
hold inventories of some type. Even service sector companies will need supplies to keep the businesses going. Manufacturing companies with a physical output many have the highest levels with inputs
and outputs held, even importing and exporting companies need to hold inventory. This has many associated costs and risks associated with it as well as a range to tools or
models that can be used to control that inventory and its associated costs. The focus for increasing efficiencies has been on lowing costs that are not immediately productive and
also has inherent opportunity costs (Nellis and Parker, 200), such as working capital and capital tied upon inventory. However, despite this attention, the level of goods tied up in warehouses
and held as inventory is increasing (Putzger, 2005). In 2004 it was estimated that US businesses had about $1.63 billion in inventories, this was an increase of 8.9% on the
2003 figure, an increase well above inflation (Putzger, 2005). This indicates increased costs and increase capital associated with holding inventory. The bill for warehousing alone increased by $4 billion to
$82 billion (Putzger, 2005). Again, this is an increase above inflation and in terms of opportunity cost this may be seen as unproductive. By looking at the issues in terms
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