Inventory System In Grand Wines Limited Essay.

Discuss about the Inventory System in Grand Wines Limited.

An efficient inventory management is the core of the supply chain management in the business processes of an organization. The management of the inventories includes the dealings with the raw materials, finished products, working process and related items associated with the supply and demand in the market. Grand Wines Ltd. is a wines liquor distributor in New South Wales. The company, at present has been facing serious challenge relating to its ineffective inventory management sector.

Issues

The company is facing conditions of scarcity of stocks which has been causing delay in the supply of the orders to its customers. 

People involved

The people involved with the integration of proper order management in the inventory management system of the company are a list of various internal and external stakeholders including the managers, board, investors, employees, suppliers, creditors and customers.

Duration

The estimated duration of the development project for the company should be three months. Within this duration, the company should be improving its inventory management process such that to meet the demand of the customers.

Budget

The budget of the development project should be ranging from $ 135,000 to $ 135,950 approximately.

Identification of project requirements and deliverables

The focus of this article is on essential instrument for the Project Management in order to manage the project in an effective way. The research approach being followed in this article is in implementing the concepts related to the project management in a broader perspective. The article projects the variables related to the project that would be helping in starting the project management. The reliability of the article lies in the fact that it helps the managers of the organization to select and develop the tools required for managing the parameters and variables related to the project management. The value of the article is in addressing the most pressing issues related to project management in the organizations. The originality of the article is its project management tools which are very helpful in the management of the project. In the context of the project’s approach, the article would be helpful in illustrating the essential instruments of project management including the PBS (Product Breakdown Structure) and the Organization Breakdown Structure or the Work Breakdown Structure (WBS). These PBS and WBS tolls would be helping in estimating the project scope on the basis of the project deliverables and their requirements.The focus of this article is in fulfilling the requirements of the project managers and minimizing the interruptions in the proper management of the projects. The research approach being followed in this article is in making the project management to be more effective by following the management skills covered in the PMBOK. The article projects the variables related to the project that would be helping in managing the project. The reliability of the article is in its applications in the project specific domain and the implementation of the basic tools including the Work Breakdown Structure, Project Charter, schedule, plans for risk, quality, people, scope, cost and time management tools.  The value of the article is in addressing the networking which is required between the project team and the clients or the vendors. The originality of the article is its project management tools which are very helpful in the management of project. In the context of the project’s approach, the article would be helpful in illustrating the essential tools related to the project management. It would also help in illustrating the criteria required for the checking of issues related to the project management by implementing the risks management standard requirements. The focus of this article is on the illustration of the various approaches related to the cost-effective alternatives such that to tackle with the issues related to a particular project. The research approach being followed in this article is the mapping of the cost alternate strategies for converting single carriageway roads to collision-free roads in Sweden. The article then, studies on the types and nature of the possible causes of collision in the context of risks associated with the transport process. The article is reliable in the sense that it helps in proposing a current trend in the adoption of appropriate maintenance and operation strategies for the project in order to reduce the number of fatal accidents on the narrower roads. The value of the article is in addressing the most pressing issues that when life cycle cost is considered, it should be dealing with the socioeconomic profitability by reducing down on the investment costs. The originality of the article is in its adoption of approach such that to deal with the life cycle cost analysis. In the context of the project’s approach, the article would be helping in enabling the managers to implement a cost–benefit analysis by assessing the changes in costs in relation to benefits in improved business processes of the organization.The focus of this article is on the illustration of the management of the life cycle needs of the industries, so as to tackle the issues related to a particular project. The research approach being followed in this article is the mapping of the tool to assess the environment, economic and geographical conditions of furniture industry in Italy. The article then, proposes a tool for building a MLP (mixed-integer linear programming) model such that to enable the making of a strategic design related to the project. The article is reliable in the sense that it helps in proposing a current trend in the adoption of appropriate maintenance and operation strategies for the project in order to reduce the number of fatal accidents on the narrower roads. The value of the article is in addressing the most pressing issues that when life cycle cost is considered, it should be dealing with the socioeconomic profitability by reducing down on the investment costs. The originality of the article is in its adoption of approach such that to deal with the closed loop supply chain analysis. In the context of the project’s approach, the article would be helping in enabling the managers to integrate industrial synergies by collecting, recycling, reusing and recovering the end of life products in relation to benefits in improved business processes of the organization.

Whole of life consideration

The focus of this article is on the illustration of the various approaches related to the internal processes of an organization such that to tackle with the corporate fraud. The research approach being followed in this article is the mapping of the historical background of and developments of the business processes. The article then, studies the types and nature of the possible causes of corporate fraud in the context of business risks associated with the processes. The article is reliable in the sense that it helps in proposing a current trend in the adoption of IT for the corporate operations in order to determine the ethical course of actions of minimizing the inventory impairment loss related to the business processes in various organizations. The value of the article is in addressing the most pressing issues related to the inventory impairment loss in the company. The originality of the article is in its adoption of holistic approach such that to deal with the corporate fraud. In the context of the project’s approach, the article would be helping in enabling the managers to think critically about the fundamental accounting issues by considering the legal implications related to the business processes of the organizations.The focus of this article is on the illustration of the ethical dilemma through the case study of inventory impairment loss related to the International Retail Computer Solutions (IRCS). The research approach being followed in this article is the capturing of the knowledge of the accounting issues by considering the implications of the ethical actions related to the inventory impairment process. The article then, studies the inventory performance, on the basis of the ethical dilemma as illustrated in the case study. The article is reliable in the sense that it helps in proposing an ethical framework including the Code of Professional Conduct of AICPA in order to determine the ethical course of actions of minimizing the inventory impairment loss related to the case study organization. The value of the article is in addressing the most pressing issues related to the inventory impairment loss in the company. The originality of the article is its response to the exposure of a realistic ethical scenario. In the context of the project’s approach, the article would be helping in enabling the managers to think critically about the fundamental accounting issues by considering the ethical implications related to the case study.

The focus of this article is on development of forecasting model for retailers based on the customer segmentation for improving the performance of the inventory in the organizations. The research approach being followed in this article is the capturing of the knowledge of the segmenting the customers of a retail store by taking the various attributes as the input to the demand forecasting. The article then, studies the inventory performance on the basis of the forecasting model as proposed by the authors. The article is reliable in the sense that it helps in proposing a forecasting model related to the inventory replenishment system which would be helping in increasing the customer service level. The value of the article is in addressing the most pressing issues related to the retail management in the companies. The originality of the article is its demand forecasting model which is very helpful in the inventory and supply chain management. The forecasting model as proposed in the article is believed to be outperforming the other existing models. In the context of the project’s approach, the article would be helping in improving the performance of the inventory in the organization.

The focus of this article is on development of EOQ (Economic Order Quantity) model for retailers based on the defective percentage of goods and items for improving the performance of the production process. The research approach being followed in this article is the capturing of the knowledge of the production process by estimating the effect of percentage defective on the optimal solution. The article then, studies the inventory performance on the basis of the forecasting model as proposed by the authors. The article is reliable in the sense that it helps in proposing an EOQ model related to the inventory replenishment system which would be helping in reducing the production of defective items and goods. The value of the article is in addressing the shortage backorder related to the production process in the companies. The originality of the article is its EOQ model which is very helpful in the inventory and supply chain management. The EOQ model as proposed in the article is believed to be outperforming the other existing models. In the context of the project’s approach, the article would be helping in improving the performance of the inventory in the organization.

Conclusion

From the analysis of the annotated bibliography and the descriptions as presented in this paper, it can be stated that the paper consists of the list of appropriate resources and the analysis of which could be helpful for the readers to manage the project in an efficient manner.  The management of the inventories of Grand Wines Ltd. includes the dealings with the raw materials, finished products, working process and related items associated with the supply and demand in the market. The evidences and resources as presented above would be helping in identifying the project deliverables and the requirements estimating the project scope on the basis of the project deliverables and their requirements. It would also help in illustrating the criteria required for the checking of issues related to the project management by implementing the risks management and standard requirements. The models and frameworks as presented in the resources would be enabling the managers to implement a cost–benefit analysis by assessing the changes in costs in relation to benefits in improved business processes of the organization. Besides, the implementation of the EOQ and the forecasting model would be helping in improving the performance of the inventory in the organization in the future.

Sulak, H., Eroglu, A., Bayhan, M. and Avci, M.A., 2015. An Economic Order Quantity Model for Defective Items under Permissible Delay in Payments and Shortage. International Journal of Academic Research in Business and Social Sciences, 5(1), pp.302-316.

Bala, P.K., 2012. Improving inventory performance with clustering based demand forecasts. Journal of Modelling in Management, 7(1), pp.23-37.

Long, J.H., Mertins, L. and Searcy, D.L., 2012. IRCS: Valuing ethics at the expense of inventory. Issues in Accounting Education, 28(1), pp.153-172.

Omoteso, K. and Obalola, M., 2014. The Role of Auditing in the Management of Corporate Fraud. Ethics, Governance and Corporate Crime: Challenges and Consequences (Developments in Corporate Governance and Responsibility, Volume 6) Emerald Group Publishing Limited, 6, pp.129-151.

Accorsi, R., Manzini, R., Pini, C. and Penazzi, S., 2015. On the design of closed-loop networks for product life cycle management: economic, environmental and geography considerations. Journal of Transport Geography, 48, pp.121-134.

Wennström, J., Sundquist, H. and Karlsson, R., 2016. Life cycle cost considerations in project appraisals of collision-free roads. Structure and Infrastructure Engineering, 12(2), pp.275-287.

Desmond, C., 2014. Project management tools. IEEE Engineering Management Review, 42(4), pp.11-12.

Lamers, M., 2016. Do you manage a project, or what? A reply to “Do you manage work, deliverables or resources”, International Journal of Project Management, April 2000. [online] Available at: <https://1-s2.0-S0263786300000533-main.pdf>.