Supply and Demand and High Demand Items Essay examples

Submitted By wangyman1992

Words: 409

Pages: 2

Open Document

Automated Inventory System Plan
Project Goal
The following is a proposed solution to implementing an automated inventory system for XXX Clothing Store. The goal is to be able to electronically track the company’s clothing inventory to sustain the supply on high demand items.
Budget
A very small budget is one implementation constraint that will need to be addressed. The budget will be a guide as to which hardware and software items can be purchased. The company is currently working with a $2000.00 budget limit for the automated inventory startup. Our target is to have a minimum $30/month maintenance plan.
Systems Request and Findings
Due to the budget constraints the owner will be involved from start to finish with analyzing software and hardware options. A meeting will need to take place to discuss the list of vendors and product options for a new computer and printer. During the meeting we will also analyze and decide from a list of vendors with specs for a barcode scanner and necessary accessories. The decision on who will be trained and what additional roles will need to be established will also be on the table. The need for bi-directional tracking software is pertinent. Will need to be able to track what is purchased against what is in inventory.
Summary of Findings
Based on the cost constraints the hardware and software vendor options run approximately on the same price range. This helps in projecting startup costs for the system’s implementation. The business has two employees and both (to also include owner) will be trained on how to use the new system. Training will be a cost

Supply and Demand Essay

Explain supply and demand: describe the main components of each concept. (Ex: law, definition). Then describe the processes that create prices in a market economy. How do these two forces help to create prices and keep them stable in a market economy? Supply: The total amount of a good or service available for purchase; along with demand, one of the two key determinants of price. A change in the price of the product will cause a change in quantity supplied. Demand: The willingness and ability…

Words 363 - Pages 2

Essay on economic noters

MicroEconomics Chapter 4: Demand and Supply Market and Economy must be mixed up, but Market has four distinctive meanings: • Can be a physical place where a product is bought and sold • All buyers and sellers of a particular good or service aka the global market for a commodity like copper • The demand for a particular product or service • The agreement of a mutual price and quantity between B and S Shorthand: • a location • network of buyers and sellers • demand for a product • price-determination…

Words 3370 - Pages 14

The Beer Game Essay

Massachusetts Institute of Technology in the 1960s, established the bullwhip effect by creating a make-to-stock supply chain with four tiers. The game has four players with the following roles: retailer, wholesaler, distributor, and factory. All of them are on the same linear chain. Contributors of the beer distribution, an end customers places orders at the retailer of the supply chain. The retailer is asked for four units during the first five and for eight units during the following…

Words 806 - Pages 4

Economics Materials Essay

cost) 13. Marginal analysis a. MB>MC: positive net benefit b. MB=MC: maximum net benefit c. MB<MC: negative net benefit 14. Production possibility frontier (PPF) a. Assumption: given time, technology, fixed supply & resources and two items b. c. Whether resources are suitable to produce one item d. Shifts in the PPF as (change in the amount of resources) 15. Centrally planned economy VS market economy a. Centrally planned economy, government decide how to allocate the economic resources b. Market…

Words 1183 - Pages 5

The Market Equilibrating Process Essay

April 11, 2013 The Market Equilibrating Process Market equilibrium is a situation in which the supply of an item is exactly equal to its demand. Price remains stable in this situation because there is neither surplus nor shortage in the market ("Market," n.d). A real-world experience of this process along with the following components, the law of demand and determinants of demand, the law of supply, surplus, and shortage, is explored in this paper. A Real-World Experience Every month a yard…

Words 623 - Pages 3

Essay on Supply Chain Performance

INFORMATION & INVENTORY SUPPLY CHAIN PERFORMANCE INTRODUCTION • Demand, supply uncertainty and safety inventory • Information sharing in inventory • Information centralization in inventory management • Amazon.com case 1 Demand , supply uncertainty and safety inventory • Demand uncertainty results from the seasonality factors, the fluctuation as well as forecast errors • Supply uncertainty are caused by any variability existing in the transportation and production processes • There…

Words 376 - Pages 2

Out For Lunch: How Supply And Demand Effects Food Choice At Virginia Commonwealth University

How Supply and Demand Effects Food Choice at Virginia Commonwealth University Living in a free market economy, convenience is often a deciding factor in the choices we—as consumers—make every day. In the words of big time food executive Charles Mortimer, “Food, Clothing, and shelter [are] still important […]. But now there [is] a fourth essential element of life that [can] be ‘expressed in a single word’—convenience—spelled out with a capitol ‘C’” (Moss, 60). Shaped by the law of supply and demand…

Words 1215 - Pages 5

Module 1 Problems Essay

is that its supply chain cannot simply keep up the customer demand of the new products that are being introduced. This in turn causes a serious concern causing the customer service levels to be low. It was soon realized by the Customer Service and Distribution Manager, Dan Frankin, that customers were getting quickly frustrated with the poor order deliveries. The finished goods inventory levels seem to be high as well caused in part by poor forecasting compared to the actual demand. In the case…

Words 1936 - Pages 8

Essay on MBO specimen exam answers

relationship between parties, leading to greater commitment to success. Reduces risk of loss of supply from single supplier. Opportunities for savings due to economies of scale with larger order quantities. Can be used to reduce price by encouraging competition between suppliers. Facilitates better communication and reduces administration overhead. Provides more flexibility in meeting changes in demand. Easier to maintain confidential terms of business. A range of suppliers can give access to a wider…

Words 2711 - Pages 11

Essay on Microeconomics Chapter 3

influence the price. Producers offer items for sale only if price is high enough to cover their opportunity cost. Money Price – the price of an object that must be given up in exchange for it Relative Price – ratio of one price to another/is an opportunity cost Demand 1. Want it 2. Can afford it 3. Plan to buy it Quantity Demanded – amount that consumers plan to buy during a given time period at a particular price/ measured as an amount per unit of time Law of Demand Other things remaining the same…

Words 831 - Pages 4