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Logistics and operation managment Essay Example

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Logistics and operation managment

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This particular approach is deemed to be quite vital for controlling the cost of the overall operation management project. This approach or strategy of inventory management has its own strengths and weaknesses. Following this approach, the team i. legendary has been able to control and reduce the cost of inventory management of the company provided within the given scenario. This was done with the help of proper and accurate scheduling of stocks and resources, which further enabled the chances of existence of any sort of confusion.With this particular approach, the group intends to ensure that its goals and objectives of completing the project of planning could be executed in a cost efficient. The approach has its own strengths and weaknesses. Since, cutting cost of operation is one of the most commonly desired goals of business units, the approach of legendary will be to reduce cost and control the cost of inventory in the domain of resource management can be regarded as beneficial and appreciative for the company i. electronic aerials manufacturer. Notably, with this particular strategy of the group, proper and cost efficient inventory management can be ensure, which will further act as beneficial for the overall project of the company, which is conducted by legendary group. However, there are certain key weaknesses of the strategy, which must also be discussed. These weaknesses primarily include complexity within the inventory management process where activities are segregated across various dimensions. Notably, in order to control and reduce the cost of the process of inventory management for raw materials, the activities of the process must be divided into small activities and tasks. This aspect can be justified from the fact that the team i. Legendary divided each of the raw material into different groups under material ordered, material brought forward, new deliveries used in products among others. All these factors within the management of raw material of the project ensure more accuracy while forecasting the need for raw materials for future activities. However, the prevalence of multiple activities may increase the complexity of the process to a considerable manner, which can again be regarded as time consuming.Forecasting was also one of the strategies used by the legendary group in order to conduct the project in operation management.

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References

AIT Worldwide Logistics, 2014. Information and Inventory. Home. [Online] Available at: http://www.aitworldwide.com/Information-and-Inventory [Accessed December 03, 2014].

Cognizant, 2010. Performance Management in the Transportation and Logistics Industry. White Paper. [Online] Available at: http://www.cognizant.com/InsightsWhitepapers/Performance-Management.pdf [Accessed December 03, 2014].

Douglas, D., 2012. Retailers Using High-Tech Solutions to Manage Inventory. The Washington Post. [Online] Available at: http://www.washingtonpost.com/business/capitalbusiness/retailers-using-high-tech-solutions-to-manage-inventory/2012/06/15/gJQAfFdqjV_story.html [Accessed December 03, 2014].

Gunasekaran, A. & Ngai, E. W. T., 2003. The Successful Management of a Small Logistics Company. International Journal of Physical Distribution & Logistics Management, Vol. 33, No. 9, pp. 825-842.

Harrison, A. & et. al., 2014. Logistics Management and Strategy: Competing Through the Supply Chain. Pearson Education, Limited.

Kenyon, G. N. & Meixell, M. J., No Date. Success Factors and Cost Management Strategies for Logistics Outsourcing. Journal of Management and Marketing Research, pp. 1-17.

Murphy, F., 2010. Inventory Management: Solving the Parts Puzzle. Home. [Online] Available at: http://www.facilitiesnet.com/materialhandling/article/Inventory-Management-The-Benefits-of-BarCoding-Technology--11513 [Accessed December 03, 2014].

Mahadevan, B., 2010. Operations Management: Theory and Practice. Pearson Education India.

Marlies, G. B. & et. al., 2011. Logistics Capacity Management – A Theoretical Review and Applications to Outbound Logistics. Home. [Online] Available at: http://www.fom.de/download/976-HomepageFOM_ILD_Arbeitspapier_Bd21_12_04_19-01.pdf [Accessed December 03, 2014].

Wallis, T., 2014. Has Technology Reinvented Inventory Control? Home. [Online] Available at: http://www.vtretailers.com/retail-news/70-has-technology-reinvented-inventory-control [Accessed December 03, 2014].

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preview essay on Logistics and operation managment
  • Pages: 16 (4000 words)
  • Document Type: Essay
  • Subject: Professional
  • Level: Undergraduate
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