Inventory Control Procedures Research Articles

Suitcase Pro

Suitcase Pro introduces a QR-based flight inventory management solution, aiming to optimize the efficiency and precision of flight inventory control procedures. This innovative system revolves around a digital approach to travel bookings, eliminating the need for paper and embracing mobile connectivity, all facilitated through QR codes. Through a browser-accessible web page, users gain access to comprehensive flight schedules and an online reservation platform. This platform empowers customers to securely purchase flight tickets with their debit/credit cards, accompanied by web connectivity. Notably, the implementation employs QR codes to oversee and keep luggage records up to date. These QR codes enable the airport department to effortlessly access passenger details. Concurrently, distinct QR codes are assigned to merchandise within the airport, underscoring the versatility of QR codes in effectively tracing product location and ownership information

El control de inventarios en el sector camaronero y su aporte en los estados financieros

El objetivo fue proponer un modelo de gestión y control de inventarios, bajo Normas Internacionales de Información Financiera (NIIF) en las empresas camaroneras de la ciudad de Machala- Ecuador, que optimice el manejo y determinación de los costos de inventarios en los estados financieros. Descriptivo con diseño no experimental. Los resultados mostraron que un número importante de camaroneras de la ciudad de Machala no cuentan con procedimientos y documentos de control de inventarios, donde se identifique el manejo de sus suministros y materiales, al respecto, es recomendable utilizar la tarjeta de existencias kardex para organizar y presentar de manera sistemática la información resumida de los inventarios aplicando la fórmula de cálculo bajo NIC 2 con el método FIFO. Este resultado además ha reforzado el punto de vista sobre las políticas de control de inventario considerando la determinación de niveles máximos y mínimos de insumos de producción.

Inventory Control and Valuation Systems among Retail SMEs in a Developing Country: An Exploratory Study

The study seeks to examine inventory control and valuation procedures in retail SMEs. In addition, the study investigates whether the owners and managers adhere to inventory control and valuation systems among retail SMEs. Data was analyzed from 173 questionnaires that were distributed to SME owners and managers. The respondents were selected by using the simple random sampling technique. The questionnaire comprised questions based on inventory control and valuation procedures, with closed-ended questions and Likert scales. The results reveal that retail owners / managers employ inventory control procedures in their enterprise. Data was also analyzed by correlation analysis to determine the relationship between inventory valuation methods and inventory records. The LIFOM was also correlated with LIFOM income tax savings, to determine whether there were any significant correlations. The results confirm that inventory methods have a positive association with inventory methods and inventory records. Retailers also accept that the LIFOM is no longer an acceptable method used in practice. Cost of inventories was also identified and implemented by SME owners / managers. The results of the study will assist owners / managers to better manage their inventory control and valuation systems and to ensure objective reporting of inventory. DOI: 10.5901/mjss.2014.v5n8p81

Assessment of laboratory logistics management information system practice for HIV/AIDS and tuberculosis laboratory commodities in selected public health facilities in Addis Ababa, Ethiopia

IntroductionLogistics management information system for health commodities remained poorly implemented in most of developing countries. To assess the status of laboratory logistics management information system for HIV/AIDS and tuberculosis laboratory commodities in public health facilities in Addis Ababa.MethodsA cross-sectional descriptive study was conducted from September 2010-January 2011 at selected public health facilities. A stratified random sampling method was used to include a total of 43 facilities which, were investigated through quantitative methods using structured questionnaires interviews. Focus group discussion with the designated supply chain managers and key informant interviews were conducted for the qualitative method.ResultsThere exists a well-designed logistics system for laboratory commodities with trained pharmacy personnel, distributed standard LMIS formats and established inventory control procedures. However, majority of laboratory professionals were not trained in LMIS. Majority of the facilities (60.5%) were stocked out for at least one ART monitoring and TB laboratory reagents and the highest stock out rate was for chemistry reagents. Expired ART monitoring laboratory commodities were found in 25 (73.5%) of facilities. Fifty percent (50%) of the assessed hospitals and 54% of health centers were currently using stock/bin cards for all HIV/AIDS and TB laboratory commodities in main pharmacy store, among these only 25% and 20.8% of them were updated with accurate information matching with the physical count done at the time of visit for hospitals and health centers respectively.ConclusionEven though there exists a well designed laboratory LMIS, keeping quality stock/bin cards and LMIS reports were very low. Key ART monitoring laboratory commodities were stock out at many facilities at the day of visit and during the past six months. Based on findings, training of laboratory personnel's managing laboratory commodities and keeping accurate inventory control procedures were recommended.

Comments on “Optimal Policies for a Multi-Echelon Inventory Problem”

I all came together on a Friday morning in midApril 1959. Just the two of us, in a conference room at Planning Research Corporation in Westwood, CA. The paper was a direct result of this meeting. At the time, we did not think much about what impact the paper would have on future work in this area, but we are pleased and honored that it has been selected as one of the influential papers published in the 50-year history of Management Science. I had been at Planning Research Corporation for just a short time after being in the Logistics Department at the RAND Corporation for five years. During my first couple of years at RAND, I helped in the design and implementation of inventory control procedures based on the Wilson lot size formula and a variable safety level concept to allow for demand uncertainty and differences in unit prices, factors not considered in the stock policies then current in the Air Force. However, I became generally disturbed that each facility (Air Force bases and a depot) was being considered independently, ignoring the fact that they were intimately connected in the real world. In particular, supply performance at the bases was being significantly degraded by lack of proper support from the depot. So, I decided to attack this multiechelon problem from an analytic point of view based on the classical AHM (Arrow-Harris-Marschak) model, particularly in order to accommodate time-dependent factors resulting from the phase-in and phase-out of weapon systems. Starting with the most simplifying assumptions and a single-user activity supported by one higher-level facility (depot), I was able to formulate a procedure by which levels at the user facility could be determined by the AHM model, results of which were then used as inputs to a similar calculation at the depot level. With this basic approach, I was able to then consider nonzero resupply time due to the work of Karlin and Scarf and fixed reorder costs at the depot due to the work of Scarf. Also, the approach was easily

Evaluating inventory management performance using a turnover curve

Managing inventory levels in the aggregate is a common concern of senior management. A generalized formula (turnover curve) developed in previous research that mimics practical inventory control is used to audit inventory control performance of inventories in the aggregate and at multiple stocking points. The same turnover curve is used to estimate the impact of changing the inventory control procedures or to set new targets for inventory levels. It is a simple yet powerful tool for evaluating inventory managerial performance that can be developed from readily available company data. This research provides additional examples to further validate the practical usefulness of the turnover curve.

Handling operations and the lot size trade-off

This paper presents a handling cost model for a warehouse that supplies one or more stores with a large number of items and examines operating strategies whose objective is to minimize the sum of handling, transportation and inventory costs. Decisions must be made regarding the frequency of shipments to the store(s) (i.e. the transportation schedule) and the specific items and lot sizes included in each shipment. The paper shows that, conditional on a transportation schedule, lot sizes for the different items (i.e. their delivery frequency consistent with the transportation schedule) can be determined separately across items and independently for each store. The paper also examines how these lot sizes and the best transportation schedule can be identified. The results, unlike those of other inventory models such as the economic order quantity (EOQ) model, exhibit peculiarities caused by the nonsmooth nature of handling costs. For example, the optimal lot size for individual items sent to a specific store is not a continuous function of the value or size of the items. This suggests the need for practical routing and inventory control procedures that recognize handling explicitly.

An Ethical Framework for Purchasing Decisions

As the importance of the purchasing function in corporations increases, there has been a concurrent increase in the importance of ethics in the purchasing environment. The purchasing linkage is critical to effective operation of corporations as high‐quality raw materials and supplies available on a timely basis are required for global competitive success. Bottom‐line productivity and profitability, as well as long‐term viability, are directly dependent on effective functioning in the purchasing arena. The traditional organisational structure of the purchasing function has the potential to encourage unethical employee practices. Viewing the relationship between an organisation and its suppliers as adversarial creates conflict as well as inherent ethical dilemmas in the purchasing function. This article discusses various categories of unethical purchasing situations and illustrates ways to lessen or avoid these dilemmas through the introduction of just‐in‐time (JIT) inventory control procedures. The internal co‐operation necessary in the purchasing/operations interface under JIT facilitates development of a corporate culture supportive of ethical behaviour. Moreover, since in JIT the supplier is considered part of the team – the “person at the previous work station” – these concepts can reinforce intraorganisational ethics as well.

Time Delay Effects in Computerised Physical Distribution Systems

Computerising inventory control procedures is usually an attempt to gain better control over stock availability. The effectiveness of the procedures depends on the time delays imparted by such events as order processing and delivery. Through these time delays, much of a finished goods physical distribution system is linked together through the inventory control procedures. Changing the length of any one time element through changes in inventory stocking rules, order processing methods or selected transportation services impacts on the economics of the entire physical distribution system. Little is understood about the effects of time change in such complex systems. In this article, the actual computer inventory control procedures of a chemical company were computer simulated. Physical distribution system design decisions and their associated time delay effects were explored by interrogating the model. Surprising effects were discovered, some of them being counter‐intuitive to what simple theory would predict. Management guidelines were provided as to the system‐wide economic consequences of change in individual elements of a physical distribution system.