...Inventory Proposal QRB/501 May 13, 2013 Inventory Proposal Draft Part of a business’s ability to become successful depends on the business’s ability to properly inventory merchandise needed in its operations. An organization inventory includes ordering, storing, and managing supplies needed to help the organization function efficiently. Improperly managing an organizations inventory can affect the organization profit, loss, and ability to operate. Rafferty’s Restaurant is an organization in which team C will research its inventory system. Team C will describe the Rafferty’s organization, inventory problems it faces, and expected benefits motivating the organization to implement a solution. Team C will include a chart to display the annual increases in the inventory, and will forecast the future inventory cost. Rafferty’s Organization Rafferty’s is a bar and grill restaurant that caters to business personnel, families, sports fans, and large groups. Rafferty’s provides service during the afternoon and evening hours. The restaurant strives to be the number one restaurant in the restaurant industry by providing quality food and excellent service. The restaurant serves its guest tasty food such as appetizers, salads, sandwiches, dinner entrees, dessert, alcoholic beverages, and non-alcoholic beverages. The beautiful patio is fantastic during the warm...
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...INTRODUCTION 1.1 Background Successful inventory management involves crating a purchasing plan that will ensure that items are available when they are needed but that neither too much nor too little is purchased and keeping track of existing inventory and its use. Two common inventory management strategies are the just -in-time method, where companies plan to receive items as they are need rather than maintaining high inventory levels, and materials requirement planning, which schedules material deliveries based on sales forecasts. An inventory valuation allows a company to provide a monetary value for items that make up their inventory. Inventories are usually the largest current asset of a business, and proper measurement of them is necessary to assure accurate financial statements. If inventory is not properly measured, expenses and revenues cannot be properly matched and a company could make poor business decisions. The two most widely used inventory accounting systems are the periodic and the perpetual. * Perpetual: The perpetual inventory system requires accounting records to show the amount of inventory on hand at all times. It maintains a separate account in the subsidiary ledger for each good in stock, and the account is updated each time a quantity is added or taken out. The perpetual system records revenue each time a sale is made. Determining the cost of goods sold requires taking inventory. The most commonly used inventory valuation methods under a periodic system...
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...Inventory Proposal, Part 1 QRB 501 Inventory Proposal, Part 1 McDonald’s is an organization that offers fast food, which includes hamburgers, French fries, and other items, to the public. McDonald’s restaurant works to provide hot and fresh food to its customers. Maintaining freshness is sometimes difficult due to the inventory problem it faces. “What used to be the case was McDonald's would pre-cook a batch of hamburgers and let them sit under heat lamps. They would keep them for as long as possible and eventually discard what couldn't be sold” (Atkinson, 2005, p. 1). Minimizing waste is the goal of McDonald’s just in time inventory system. The benefit of making food when it is ordered is that the customer receives a fresh product and McDonald’s can eliminate waste and protect their inventory. “The only way to get a fresh hamburger under the old system was to make a special order. Now, due to more sophisticated burger-making technology (including a record-breaking bun toaster), McDonald's is able to make food fast enough to wait until it's been ordered” (Atkinson, 2005, p. 1). Inventory Management Problem Every business incurs operational costs and in restaurants inventory control is particularly important because the items held in inventory tend to be highly perishable. “It is not uncommon to have several hundred different types of raw food product in storage at any one moment and poor management leads to a significant waste” (Said, 2012). Each McDonald’s restaurant...
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...Letter of Transmittal: Venice Art and Ceramic Titles Company Ltd. 692500 Sovetskaya Avenue, Ussuriysk, Russia 75226 8 924335 95 55 April 29, 2010 Mr. Alexey Morgunov, the Managing Director Venice Art and Ceramic Titles Company Ltd. 17 Pushkina St, Ussuriysk, Russia 6925191 Dear Mr. Alexey Morgunov: Enclosed is a copy of an Inventory Management System proposal that I completed during the fall of last year upon a request that was made to me by the IT Department Board. The main objective of the proposal was to analyze the operations of the Inventory Management system that is currently in use and come up with some its weaknesses and strengths. An integration of both would then enable the department to come up with a conclusion of a completely different system that would cover up for the shortcomings of the current system and add more value to its strengths. According to the proposal approved by the IT management Board, the proposed system would take at least three months to complete before implementation is done. The whole project would cost $1,500,000 to complete and implement. Some of the limitations as per the proposal included lack of enough capacity within the current PCs in use to accommodate the new system and so an upgrade to all the PCs was suggested. The user level of information was also to be upgraded to enable them use the new system effectively. The purpose of this letter is to request your office to consider the viability of this project in terms...
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...Inventory Proposal Part Two of Three Team A QRB 501 March 07, 2012 Terrance Feravich The research discussion is toward the data collection, which converts times series data for McDonald’s Fast Food Restaurant inventory analysis and University of Phoenix summer seasonal index. The raw data represents inventory data over a four year time. In this assignment the B team will illustrate statistical information, discuss the inventory systems and problems, explain the problem this team is addressing, and show a table on how the data has been converted into dices. Below are the inventory indexes from the previous assignment in week two. McDonald’s Inventory Analysis by Ratio Index |Year |2000 |2001 |2002 |2003 | |Liquidity Analysis | | | | | |Current Ratio |0.70 |0.81 |0.71 |0.76 | |Quick asset ratio |0.66 |0.76 |0.66 |0.71 | |Accounts receivable turnover |17.88 |16.86 |18.01 |23.34 | |Days supply of receivables |20.41 ...
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...Letter of Transmittal: Venice Art and Ceramic Titles Company Ltd. 692500 Sovetskaya Avenue, Ussuriysk, Russia 75226 8 924335 95 55 April 29, 2010 Mr. Alexey Morgunov, the Managing Director Venice Art and Ceramic Titles Company Ltd. 17 Pushkina St, Ussuriysk, Russia 6925191 Dear Mr. Alexey Morgunov: Enclosed is a copy of an Inventory Management System proposal that I completed during the fall of last year upon a request that was made to me by the IT Department Board. The main objective of the proposal was to analyze the operations of the Inventory Management system that is currently in use and come up with some its weaknesses and strengths. An integration of both would then enable the department to come up with a conclusion of a completely different system that would cover up for the shortcomings of the current system and add more value to its strengths. According to the proposal approved by the IT management Board, the proposed system would take at least three months to complete before implementation is done. The whole project would cost $1,500,000 to complete and implement. Some of the limitations as per the proposal included lack of enough capacity within the current PCs in use to accommodate the new system and so an upgrade to all the PCs was suggested. The user level of information was also to be upgraded to enable them use the new system effectively. The purpose of this letter is to request your office to consider the viability of this project in terms...
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...Team “B” is presenting an inventory proposal to address the problem University of Phoenix is encountering regarding the Summer Historical Inventory Data and the benefits expected to achieve by implementing a solution. Time series data is converted to indices and analyzed using the slope-intersect formula to calculate the busy and slow months. To close, a histogram, and a forecast of future inventory costs will be presented. Proposal The University of Phoenix is one of the largest campus and internet-based schools in the country. The school’s online and campus classes require the university to have on hand enough supplies to satisfy an extremely large number of students, instructors, and faculty members. With new classes beginning every five, six, and nine weeks online in conjunction with semester and summer sessions at campus sites; classes involves several instructors and students that deem it necessary to have on hand a large amount of supplies in stock. This problem forced the university to develop a much needed system to ensure the needed supplies are on hand for it faculty and students as needed. Team “B” used the information given in the University of Phoenix Summer Historical Inventory to create indices for each month during the four year period. Below is the table used for the calculations (see figures 1-3): Figure 1. The table used for the calculations: | | | Actual Demands (in units) | | | | | | | | | Month | Year 1 | Year 2 | Year 3 | Year...
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...Inventory Proposal: Analysis of University Of Phoenix Demand for Units QRB501 Inventory Proposal University of Phoenix is a for-profit university initiated in 1976 by John Sperling (Kinser, 2006). The university originated in the Phoenix metropolitan area and started with only eight students (Kinser, 2006). Sperling wrote about the origin of University of Phoenix and refers to it as “Rebel with a Cause” (Kinser, 2006, para. 2). Sperling experienced much opposition in getting UOPX in operation to help underserved and hard working adults further their education. Thanks to his determination and confrontational side, Sperling is 88 and can see UOPX having a net worth of $9 billion (Kinser, 2006). University of Phoenix is top on the list of for-profit universities. They enroll more than 230,000 students and have 170 throughout the United States (Kinser, 2006). It is apparent to past critics that universities who provide opportunities for working adults are growing at a rapid rate. More students are leaning to online schools and universities to advance with higher degrees. One thing plaguing the United States is the economy. The cost of tuition is steadily increasing, making it more difficult for students to afford education without the help of scholarships, grants, and student loans. It is said that for-profit universities depend heavily on federally funded students to stay afloat financially (Field, 2011). There are reports and suits filed from past instructors...
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...Inventory Proposal Inventory should be closely followed especially for companies that rely heavily on seasonal sales. Companies will often times use forecasting models to predict future sales and the amount of inventory needed to make their sales quotas. SSMA retail outlet will evaluate their current data from the past four years to identify any inventory issues by using indices to analyze the data and histograms to forecast future inventory cost saving models. SSMA is a small retail outlet store that sells a variety of summer clothing throughout the year. The new owners have decided to install an inventory system to keep better track of the inventory, however, a complete analysis of the previous data must be completed and a forecasting model must be completed in order to determine how much inventory will be needed in order to increase net profit. The store is located in an outlet mall that relies heavily on tourists; therefore, sales are very seasonal. The summer data shows that they have an uptick in inventory during the high summer months and the owners should determine by using indices and histogram models to assist in predicting future sales. Inventory management problem SSMA past data will help predict trends and assist in decision making processes to determine inventory loss, inventory shelf life, future sales and or clearance items. This type of information is critical and valuable for small retail stores and will need this data in order to recognize key areas...
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...PROJECT PROPOSAL FOR THE INVENTORY CONTROL SYSTEM FOR CALCULATION AND ORDERING OF AVAILABLE AND PROCESSED RESOURCES GROUP 9 SIMANT PUROHIT BART MICZEK AKSHAY THIRKATEH BOB FAIGAO Executive Summary Our proposed project is a real time implementation of an inventory control system for an on-site corporate restaurant management and catering company. One such company is Guckenheimer (www.guckenheimer.com) which builds, staffs, and upkeeps corporate kitchens as well as provides catering services to corporate companies. This project is specific in that it applies to the dining domain of restaurants, but is flexible enough to be applied to many different kitchens and restaurants. In the case of Guckenheimer, they can use the software in their kitchens across the nation. The scope of this project will primarily focus on Guckenheimer’s kitchen and inventory located at the Groupon Chicago Office. Currently at Groupons kitchen, and the food industry in general, restaurant staff and managers are forced to keep track of inventory by hand. This means that they must count what they have sold and what they have left at the end of each day. They must also fill out order forms to be sent to vendors so that they can restock their inventory in preparation for the next week. This wastes valuable man hours and is a rather simple task to automate using our software. We propose a solution to this issue by developing software that keeps track of inventory in the ...
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...outlining the five-step processes that will identify the bottleneck resources to dictate our throughput and inventory. Operational Measurements Our organizations’ operation will be expressed in three measurements; the goal, throughput, inventory and operational expenses. These measurements will help to keep our resources balanced and help increase the throughput while reducing the inventory and operational expenses at the same time. For the organization, the goal would be to obtain at least $15 million in funding sources within the next two fiscal years. We would pay special attention to the requirements of the competitive awards and would not attempt to complete proposals for awards that we are not currently eligible for. The throughput will be the number of grant proposals that are submitted. Our inventory is measured in open and eligible grants that we have not been completed or submitted. And the operational costs would include personnel costs, fundraising expenses and other resources that are used to complete the proposal process. The Five-Steps of the Theories of Constraints Step 1: Identify the organizational bottleneck(s). After reviewing the budgeted funding pipeline for the year, we only received 35% of the funding we expected between January and July. We found that there were grant proposals that we were eligible for that we did not compete for and some of our proposals were rejected because they were late, incomplete or did not meet one or more requirement. Due to fundraising...
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...Project Final Proposal Document Project Proposal This is the project proposal from Team EMC to Best Buy Bonsai for Website Project. Requirements from Best Buy Bonsai: The project proposal is based upon the requirements provided by Best Buy Bonsai as follows: Create an online website that provides online ordering and payment option, Online inventory list with photos and price Contact information and store locations listed Proposal from Team EMC Team EMC proposes to provide a website to Best Buy Bonsai by providing the following: Creating a public facing website for the company that allows online view of inventory and purchasing of products and payment option through PayPal. Provide Contact information and location of physical Stores Option for company to pay for online advertising of website Design Methodology: Team EMC will provide an Agile approach to the project with weekly iterations for Best Buy Bonsai to review each phase of the build out of the product for approval. Website Overview and Layout The URL to the website will be: http://www.bestbuybonsai.com/Index.html The website will show the following links: Home Page Link : http://www.bestbuybonsai.com/index.html The home page has links to Inventory, About Us, Payment Center and Contact us link The home page will show the name of the company Best Buy Bonsai, main phone number for the business and a Welcome message.est Buy Bonsai © 20 | 2007. Let us help you Inventory Link : http://www...
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...Request for Proposal An Inventory Control System The Beauty Bar 4257 Pixley Pritchard Rd; Timberlake, NC 27583 315-278-8799 Cheryl Thaxton Cheryl.thaxton@afghan.swa.army.mil PM598 TABLE OF CONTENTS 1. INSTRUCTIONS TO BIDDERS 4 1.1. General Description of Work 4 1.2. What Must Be Included with Bid 4 1.3. Schedule of Bid Period Activities 4 1.4. Location of Work 4 1. INSTRUCTIONS TO BIDDERS 1.1. General Description of Work Contractor shall provide a solution to supply outages and delays of tracking system. The current tracking system is still in the design stage. Contractor must have a minimum of 5 years experience in Inventory and design. Excellent verbal and written skills are a must. Must be successful at building & maintaining productive customer relationships and excellent internet knowledge and acquired web skills. Contractor shall provide all personnel and supervision necessary to perform services. Cheryl: Good but I need background info on your company and your company’s strategic objectives. This is important in order to provide complete picture of your company’s culture and business objectives. Need an in-depth description of the work so that the sellers would understand exactly what you want and how you want it. This is very basic to convey and shape your expectations and that of the sellers 1.2. What Must Be Included with Bid To properly evaluate the bid proposals when they are received, all of the information...
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...Request for Proposal UK‐1357‐14 Proposal Due Date – 04/17/14 Environmental Health & Safety Software‐Based Research Facilities Inspection and Recordkeeping System An Equal Opportunity University REQUEST FOR PROPOSAL (RFP) ATTENTION: This is not an order. Read all instructions, terms and conditions carefully. PROPOSAL NO.: Issue Date: UK-1357-14 RETURN ORIGINAL COPY OF PROPOSAL TO: 3/20/2014 UNIVERSITY OF KENTUCKY Environmental Health & Safety SoftwarePURCHASING DIVISION Based Research Facilities Inspection and 411 S LIMESTONE Title: Recordkeeping System ROOM 322 PETERSON SERVICE BLDG. Purchasing Officer: Joyce Holmberg LEXINGTON, KY 40506-0005 Phone: 859-257-9104 IMPORTANT: PROPOSALS MUST BE RECEIVED BY: April 17, 2014 @ 3 P.M. LEXINGTON, KY TIME. 1. NOTICE OF REQUIREMENTS The University’s General Terms and Conditions and Instructions to Bidders, viewable at www.uky.edu/Purchasing/terms.htm, apply to this RFP. When the RFP includes construction services, the University’s General Conditions for Construction and Instructions to Bidders, viewable at www.uky.edu/Purchasing/ccphome.htm, apply to the RFP. Contracts resulting from this RFP must be governed by and in accordance with the laws of the Commonwealth of Kentucky. Any agreement or collusion among offerors or prospective offerors, which restrains, tends to restrain, or is reasonably calculated to restrain competition by agreement to bid at a fixed price or to refrain from offering, or otherwise, is prohibited...
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...EVALUATING THIS PROPOSAL? The major business proposition for Woodmere and Homehelp to consider within the proposal is the advancement of their company through an advanced and smarter form of managing supplies and customers’ needs. With Homehelp as a major home decorating retailer that’s looking for new ways to improve and Woodmere has the reputation a cliental already in place and are looking to further advance the logistical time based capability. Homehelp major focus has been to deal only with manufacturers and keep cost low and service high. Homehelp also looks to keep a lock on everyday low price and having premium service for the customers. Woodmere has been moving towards looking to invest in information technology to further push their business to a wider audience and even more timely deliveries The case revolves around a sales representative for a top furniture manufacturer, named John Smith. John has had a chance to interact with Nan Peterson, the leader of a product team at a furniture decorating company called Home Help. Home help is concerned by the fact that furniture industry as a whole seems to be lagging behind in terms of logistics operations. Nan believes that John’s company, Woodmere, could collaborate with Home Help to create a logistical capability that is time-based. The collaboration would also result to adoption of a customized delivery system. To make the plan effective, John was to given a three week period to come up with a tentative proposal. 2.- IS...
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