How to Create Efficiency in Inventory Control

FACULTY OF BUSINESS

BACHELOR OF BUSINESS

341.733 WORKPLACE ACCOUNTING PROJECT

RESEARCH REPORT DRAFT

GREENSTONE ENERGY LTD

HOW TO CREATE EFFICIENCIES IN INVENTORY CONTROL

TABLE OF CONTENTS PAGE NO:

ABSTRACT 3

INTRODUCTION 4

BACKGROUND 6

RESEARCH QUESTION 7

AIM OF THE STUDY 7

LIMITATIONS 7

METHODOLOGY 8

COLLECTION OF DATA 10

FINDINGS 12

DISCUSSION 15

CONCLUSION 16

RECOMMENDATION 16

REFERENCES 17

ABSTRACT

In this research project, I will explore the need for a new system to replace the core inventory ordering systems at Greenstone Energy. I will be comparing the current system against a new system and in particular, focus on how the implementation of the new system will benefit the organization as a whole especially in the Inventory department which is the critical part of the day-to-day of the business as we only need to carry what we sell. . The decision to change any system within an organization is one of the most critical business assessments and therefore needs proper research. By doing extensive and proper research as this is the most critical part of the company, my intention is to provide information to the Area manager and the Retailer which will be fundamental before embarking on a system change. (Gupta .S, Landon .G, (personal communication, March 26, 2011).

Inventory management in its most efficient form incorporates many different technical applications of inventory management models.

”(According to Qualitative Research International 2011)”, Such concepts as safety stock, economic ordering quantity, cost of goods, inventory turnover, customer managed inventory and a vendor managed inventory, whole spectrum of underlying inventory management tools play