HRM 531 Human Resources Management
[ April 25, 2011 ]
Dr. Ron Johnson
The purpose of an inventory is to make sure the needed materials are on hand at any given time. The problem, a delicate balancing act, between having said materials when needed and accumulating too much of those materials. Having too much of the needed materials can lead to expiration dates, upgrade of new materials and so on, which in turn leads to discarding unused supplies.
Our particular inventory management problem is the use and re-stocking of laboratory materials such as diti tips, reagents, and MTUs. Our laboratory services are open around the clock 24/7, 365 testing samples for various viruses and diseases. Managers are in constant struggle to maintain ample materials while not over-stocking a limited warehouse that holds other departmental materials, parts and quality control items. Because we are responsible for testing items promptly and accurately, it is critical that we have the essential items to do so while avoiding the unnecessary use of storage space.
Inventory Management Problem
The company will benefit from the implementation of a new inventory management system because it will allow for greater efficiency in the warehouse along with shipping and handling costs. In acquiring such capabilities, we can assure our customers of a speedy and completely accurate test result which will further enhance business relationships along with further improving our reputation among the laboratory community.
Based on the data provided for summer historical data we see that the busiest time of the year is the 5th month, May, while the 2nd busiest month is April. It is important to determine this as more materials and items will be purchased in order to fulfill the needs of our customers. As a result additional storage space will be used to place...