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Inventory Management and Scheduling

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1. Briefly discuss the advantages and disadvantages of each of the following strategy plans:
? Maintain a level rate of output and let inventories absorb fluctuations in demand.
? Vary the size of the workforce to correspond to predicted changes in demand requirements.
? Maintain a constant workforce size, but vary hours worked to correspond to predicted demand requirements.
2. What are the inputs to master scheduling? What are the outputs?
3. Who needs to interface with the master schedule and why?
4. How has technology had an impact on master scheduling?

650 words plus one reference

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Solution Summary

This solution discusses how to best handle inventory and scheduling managements.

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1. Briefly discuss the advantages and disadvantages of each of the following strategy plans:
Maintain a level rate of output and let inventories absorb fluctuations in demand.
The advantages are that a) Excess capacity gets used instead of sitting in inventory, absorbing space and money b) New customers are attracted by the discounts, hence a gain for the company, c) Capacity is always constant. Therefore, there is no need for overspending, d) Also, there is no need to pay overtime to employees for having to restock, etc..., d) The workforce remains stable without the constant fluctuation. As a result, all of the resources are utilized to the fullest.
The disadvantages are that a) It can be difficult to match supply with demand. Therefore, uncertainty will loom, b) Many customers will not be willing to wait for a restock, hence a lost for the company, c) A change in demand may require the use of special skills outside of the company's area of expertise.

2. Vary the size of the workforce to correspond to ...

Solution provided by:
Carmel Philistin, MBA/HCM
Education
  • BA, Brooklyn College
  • MBA/HCM, Phoenix University
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