4. Learning Team Assignment: Inventory Systems Summary
The purpose of this assignment is to prepare for subsequent assignments in this course.
• Research one inventory system per team member used in an organization with which you are familiar.
• Collect four years of inventory data from each organization. You may also use the University of Phoenix Material: Summer Historical Inventory Data or University of Phoenix Material: Winter Historical Inventory Data.
• Collaborate as a team to compare the inventory systems.
• Write a summary which includes:
o 250- to 350-word description of each inventory system.
o 350- to 700-word comparison describing the advantages and disadvantages of each system.
• Format your summary consistent with APA guidelines.
5. Discussion Questions
• Simultaneous equations are a set of equations containing multiple variables. What are two examples of how simultaneous equations are used in business? What are some of the different ways you can satisfy these equations?
• What is forecasting? What information is forecasted at your organization? Which forecasting methods are used at your organization? What information at your organization is not currently being forecasted that could be forecasted to increase productivity or decrease waste?
• What is an index? Why do we use indices? What are the different types of indices? How is each type of index used? The Consumer Price Index (CPI) is one index mentioned in business news reports. What other index numbers do you feel would be helpful for organizations to run their business and why?
• Are weighted indices more valuable than unweighted indices? Why? How is the base year of an index selected? Why is the base year important to the data? Is forecasting independent of indexing? Are forecasting and indexing ever used together? If so, how?
• Access http://www.conference-board.org/economics/ConsumerConfidence.cfm. This is an index based on how people feel about the...