Inventory Systems Summary

Inventory Systems Summary

      Inventory systems are used in different companies today as a tool to make sure that the company strives into success. Inventory systems serve several functions for businesses; one purpose is promoting the sales function by ensuring that a sufficient amount of product is available for customers. Another purpose is shrinkage control that is monitoring the frequency of loss, theft, or breakage of products received. Another very important function of inventory control systems is asset valuation; that is establishing the value of the products on the shelf for tax purposes at the end of the tax year. According to the Small Business Administration, all inventory systems strive to strike a balance between managing costs and the business advantages of a broad selection of goods to offer to consumers. All inventory systems, regardless of technology, require some element of visual inventory management. Bar code

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and stub control systems will all require manual verification periodically. The learning team-A members did research on “Radio frequency identification system,” “Just-in-time production and inventory,” “First in first out,” and “Vendor managed inventory system.” In this paper, team describes each of these systems and provides a comparison to summarize the advantages and disadvantages of these systems.

Inventory Systems Summary

Inventory Systems Summary: Learning Team A  

Michelle Grace, Scot Breland, Marie J. Charles, and Nate Kirkland

QRB/501 Quantitative Reasoning for Business

1 July 2010

Dr. Robert Kalle

Inventory Systems Summary: Learning Team A

Learning Team A met to discuss details of the assignment to analyze, compare, and contrast four inventory systems in preparation for future assignments (Breland, Charles, Grace, & Kirkland).   The analysis presented describes four inventory systems as described and analyzed by each team member.   Also included in the inventory systems analysis are...