Bus 475 assignment 2- inventory management
This company manufactures and sells medical supplies.
The types of inventories they manage include raw materials, work-in-process (WIP) products, finished goods, and spare parts. The essential inventory characteristics of these types of inventories are that there should be a high degree of accuracy when ordering and tracking inventory levels, as well as accurate record keeping to ensure efficient supply chain management. Additionally, the inventory must meet prescribed quality standards in order to be sold or used in production processes.
Company 2:
This company is a fast food restaurant chain.
The types of inventories they manage include ingredients for their menu items such as meats, vegetables, sauces/toppings, condiments and beverages; cleaning supplies; packaging materials such as napkins, containers and utensils; and small equipment like fryers and grills. The essential inventory characteristics for these types of inventories are that the ingredients need to be fresh with limited shelf life; all supplies need to adhere to health regulations; packaging should be reusable or recyclable where possible; and the equipment should have regular maintenance schedules in place and must comply with safety requirements set by governing bodies.