Inventory Management - 13242 Words

Project Number: MQP†JZ†1234 GE Aviation Inventory Management A Major Qualifying Project submitted to the faculty of Worcester Polytechnic Institute in partial fulfillment of the requirements for the Degree of Bachelor of Science. Submitted by: Danielle Fontaine Kimberly Martilla Lauren Russell Dr. Joe Zhu, Faculty Advisor In Cooperation With: Project Liaison: John G. Pantazopoulos Materials Manager, GEAE†Lynn, MA This report represents the work of one or more WPI undergraduate students submitted to the faculty as evidence of completion of a degree requirement. WPI routinely publishes these reports on its web site without editorial or†¦show more content†¦18 3.2.1 Development and ‘Prototypes’ .................................................................................................. 18 3.2.2 Interviewing ............................................................................................................................... 19 3.2.3 Editing the Tool According to Specialist Feedback .................................................................... 19 3.3 Aid GE Aviation in future development and automation of our production tool. ...................... 21 Chapter 4: Results and Analysis ............................................................................................. 22 4.1 Production Planning Tool: Process Mapping ............................................................................. 22 4.1.1 Column 1: Ship Level .................................................................................................................. 22 4.1.2 Column 2: Bill of Materials (BOM) ............................................................................................. 24 4.1.3 Column 3: Type .......................................................................................................................... 25 4.1.4 Column 4: Quantity per Engine (QPE) ........................................................................................ 26 4.1.5 Column 7: Unit CostShow MoreRelatedInventory Management1906 Words   |  8 PagesInventory systems are tools used to help organizations keep track of their inventory. Team â€Å"A†, in Professor Neil’s Quantitative Reasoning Class introduced each one of their organization’s inven tory system to the team for analysis and comparison. Each team-member, Donna, Nikki, Jerome, Jennifer and Adrian, provided a brief description of their company’s inventory system as well as a list of advantages and disadvantages. The companies include PetSmart, Starbucks, Newlife, AVON and GameStop. Each InventoryRead MoreThe Importance Of Inventory Management1556 Words   |  7 PagesGenerally, most of the inventory costs are not always fixed due to uncertainty of competitive market. In the existing literature, it is found that several researchers have worked on uncertainty considering inventory parameters as fuzzy valued. In this work, we have represented the inventory parameters as interval. Using this concept, we have developed a two warehouse inventory model with advanced payment, partial backlogged shortage. Due to uncertainty, this problem cannot be solved by existing direct/indirectRead MoreAn Overview Of Inventory Management1745 Words   |  7 PagesAn Overview of Inventory Management Lijuan Wei Abstract —There are some complex and compelling challenges that global manufacturing industries should face, which includes price fluctuation, supply-chain inefficiencies and increasing customer expectations. In order to meet the demand of this economic environment, manufacturers need to find innovative, smarter ways to face those challenges. Thus, the efficient inventory management becomes urgent to manufacturers and it could help improve profitabilityRead MoreInventory Management Project1433 Words   |  6 Pages[pic] Comsats Institute of information Technology Lahore Campus Financial and Managerial Accounting Final Project Inventory Management In Pharmacy Submitted To: Farhan Ahmed By Group â€Å"A† MBA 3.5 Years Muhammad Bilal Ifran Mustafa Awais saeed Faisal Arman Hafiz Muhammad Akram Muhammad Ismail In the name of Allah, The Beneficent, The Merciful Dedication We dedicate this project to our teacher (Farhan Ahmed). Without their patience, guidance, understanding, support, and most of all loveRead MoreMacys Inventory Management1701 Words   |  7 PagesMacy’s Inventory Management Summery: Tying up too much capital in products that are not in demand could be a fatal mistake for struggling small businesses. Moreover, Inventory management can mean the difference between success and failure for some companies. According to the New York Times article, Macy’s was able to post a profit last quarter thanks in large part to improvements it made to its inventory management system. In spite of the unstable economic conditions and the huge competitionRead MoreThe Effectiveness of Inventory Management4774 Words   |  20 PagesA COMPUTER-AIDED INVENTORY MANAGEMENT SYSTEM – PART 2 11 A computer-aided inventory management system – part 2: inventory level control C.Y.D. Liu and Keith Ridgway Reviews inventory policies and lot-sizing techniques in a cutting tool manufacturer Introduction In part 1 of this article[1] the design and development of a computer-aided inventory management system (CAIMS) was described. The CAIMS system was developed for a cutting tool manufacturer, PRESTO Tools Ltd, Sheffield, with the objectivesRead MoreKfc Inventory and Process Management1519 Words   |  7 PagesManipal Institute Of Management, Manipal | OPERATIONS MANAGEMENT | KFC Inventory And Process Management | | | Group 7 Section B | Roll No. | Name | Signature | 121202070 | Niranjan N Naik | | 121202081 | Binay Kumar Sahoo | | 121202031 | Ribu Roby | | 121202050 | Julian Joel Roche | | 121202120 | Dhanush Patel | | 121202122 | Suraj Pereira | | | | Submitted to: Yogesh Pai Date: 16/03/2013 Contents INTRODUCTION 1 LogisticsRead MoreInventory Management: Planning, Coordination, Controlling Flow of Inventory1471 Words   |  6 Pagesï » ¿INVENTORY MANAGEMENT (JIT AND BLACKFLUSH COSTING) Inventory Management includes planning, coordination, and controlling the flow of inventory into, through, and out of company. There are 5 categories of cost that are associated with goods sold: 1. Purhcasing costs: the cost of goods from supplier and freight 2. Ordering costs: the cost of preparing purchase orders, receiving and checking the goods, matching invoices received, purchase orders and delivery notes to make payments 3. Storage cost:Read MoreProject Report on Inventory Management10923 Words   |  44 PagesA PROJECT REPORT ON INVENTORY MANAGEMENT SYSTEM A STUDY OF PIDILITE INDUSTRIES UNDER THE GUIDANCE OF: Dr. Anil Sinha Dean ,Prof. Corporate finance Session: PGDM 09 IILM, GREATER NOIDA ACKNOWLEDGEMENT We have prepared this study paper for the â€Å"Inventory Management System – A Study of Pidilite Industries†. We have derived the contents and approach of this study paper through discussions with company executives and internet as well as with the help of various Books, Magazines and Newspapers etcRead MoreInventory Management : The Sleeping Giant Essay1419 Words   |  6 PagesInventory Management: The Sleeping Giant Inventory management seems intuitive at first. Avoid stock outs by making sure you have enough inventory and you should be fine. After a few minutes into our discussion, it was evident that I had grossly underestimated the science behind it. Figuring out how much inventory to order, when to order it, and how to maintain it was something that never crossed my mind. Having â€Å"too much† inventory was a problem I didn’t think could hurt any company. Throughout