Assignment On Inventory Management Techniques || Just In Time
Added on - 01 Mar 2020
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Answer 1:-(A)Just in time Delivery- is an approach of adopting new inventory technique to increasegrowth and keeps low inventory. These types of strategies involve using of only thoseresources that are needed in the production process. Due to which efficiency increases andwastage of raw materials decreases. But it should be predicted precisely to get the advantage.A good epitome would be a Ferrari vehicle maker that depends on supply stream of vehicleparts needed to build it. The parts will arrive only when needed not before or after they areneeded.(Farlex Financial Dictionary, 2017, p.4)(B)Ecommerce-is an electronic process by which goods and services are bought and sold overthe internet. There are three different types of ecommerce. The most common is business toconsumer in which transaction occurs between consumer and business merchant. Other one isbusiness to business in which one retailer deals services with other retailer. Consumer can sellproducts to merchant; this type of ecommerce is known as consumer to business.(Rouse, 2017, p.4)(C)SaaS-is called Software as a Service. Saas is the software licensing and distribution model inwhich software is licensed and centrally hosted. The applications are hosted by third party andmade available to customers on subscription over the internet. Saas is one of the maincategories of cloud computing aside IaaS (Infrastructure as a Service) and PaaS (Platform as aService). By using Saas, organization has the benefit of eliminating the need to install and runapplication on their own computers. It also cuts down the expenses of hardware maintenanceas well as software licensing and support.(Rouse, 2016, p.4)(D)Strategic planning-is the company’s process of identifying the stated vision or goal andallocating resources to reach the goal. It involves strategically gathering and researching thecurrent status of company and determining how it will impact the future of company. It is anorganizational activity in which energy and resources are focused in common path.(E)Supply chain systems-are the type of system in which resources are supplied to customersthrough a chain of people. It involves coordination between the companies and companyitself. Better optimization of operations will maximize speed and efficiency. A supply chainsystem follows the low inventory. The products are supplied only when needed.(Rouse, 2010, p.4)(F)DSS-A decision support system (DSS) is a computer application that supports decisionmaking in an organization by analyzing the data and presenting it to the user in moresimplified form. By DSS a user can make better decisions about problems that areunderspecified and not well structured. A DSS is a knowledge based system that helpsdecision maker to accumulate information from raw documents and personal knowledge tosolve problems and make decisions.(Anonymous, 2017, p.4)(G)Cloud infrastructure-is basically a type of virtual computing environment in whichsoftware resources are shared over internet rather than having your own local servers tohandle applications. Infrastructure is build up with software and hardware components likevirtual software to run the infrastructure and large storage, this are connected by servers overthe network.(Beal, 2017, p.4)(H)Web2.0-is a second generation of World Wide Web websites that emphasizes oncollaboration and sharing information online for end users. Web 2.0 is the transition of static
web pages into more dynamic web pages. These web pages are more organized and arecapable of serving web applications to end users.(Beal, 2017, p.4)(I)Extranet-is a company’s intranet that can be partially accessed by users outside thecompany. Mainly it is a private network that enables systems to share business informationbetween vendors in a secure way. Extranet requires safety measures like user authentication,encryption and use of virtual private network.(Rouse, 2017, p.4)(J)Big data analysis-is the advance technique of handling very large data sets (called big data)to unveil the hidden relations, market trends and other useful information. A large set of datais captured, managed and processed within no delay time. Analysis of data allows researchersto make better decisions using raw data.(Anonymous, n.d., p.4)Answer 2:-Data mining is the innovative technology of converting raw data into useful knowledge.From the start of extraction to the end of the presentation, it includes five key elements. For examplein my township, community members are willing to forecast the revenue for next year. They need tocover all elements to predict the revenue. Firstly, they will collect the raw data from previous yearsand load into warehouse. Manage it in relational form. Then the data is addressed to data analyst tolook for the revenue generated in previous years. With the help of some application program analystwill generate result in simplified form like in the form of graphs. Thus, community members willhave graph of revenue for different years to forecast it for next coming years.(Elmasri & Navathe, 2002, p.5)Answer 3:-To successfully run the business one’s company needs reserve stock level. It is verysignificant to the company. In enterprise resource planning reserve stock level involves how muchstock is left and forecasting the need to generate more goods. From implementation of objectives tokeeping low inventory all depends upon reserve stock levels. If the damages occur in warranty periodit can be covered by reserve stock. Reserve stock level helps in maintaining capital and furtherproblems like production of goods at peak demand can be avoided. Thus, reserve stock level issignificant in system performance.(Anonymus, 2017, p.5)Answer 4:-A.As the Liberty Wines business expanded, IT facility could not handle the increased datavolume. Due to this system got slow and required greater maintenance efforts. This affectedtheir core business processes like order processing and loss in employee productivity.B.Lack of IT infrastructure negatively impacted the competitive advantage of Liberty Wines.Few numbers of servers couldn’t process bulk orders in time. Thus, resulting in loss ofcustomers. This incurred losses to the company.(Rainer&Turban & Potter, 2001, p.5)C.To overcome the problem of slow servers Liberty Wines came up with the idea ofvirtualization. It deployed a virtualized server solution that reduced physical servers from tento four. This resulted in faster access to applications thus, resulted in growth in productivity.The reduction in servers leaded to low consumption of power supply ultimately reducing thecarbon emission to the environment.