INTRODUCTION
INTRODUCTION ABOUT THE INTENSHIP
Internship is an internal part of the academic curriculum of VTU MBA. It is an initiative to bridge the gap between knowledge and the application through a series of interventions that will enable student of VTU MBA program to gain insights and exposure to the industry. The 10 weeks internship has been positioned during 4th semester with graduate of a high caliber who are ready to get ahead in the world from day one.
TOPIC CHOOSEN FOR STUDY
The study on ‘‘INVENVENTORY MANAGEMENT with reference to Ginger construction plant pvt ltd’’.
NEED FOR THE STUDY
The increasing complexity of the task of managers and administrators brought into light the necessity of effective inventory management. Management
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For gathering secondary data, the annual reports, periodicals, journals and stores records and manuals were used. It also includes data from accounts department and also information through internet.
LITERATURE OF REVIEW
In today’s world every business tries to strike a balance in inventory between what is needed and what is demanded, considering the major factor of cost cutting/reduction. This control is called Inventory management or inventory control. Inventory is basically assets (goods and materials) which are stock of any business.
Inventory management focus on the capacity of the inventory, the place in which it is located so that one can use it when needed, the supply chain management of the raw materials and goods.
Inventory management deals with the demand forecasting, asset management of the raw materials and goods, inventory carry cost, forecast, pricing of goods, validation of goods, to forecast the demand of future.
This helps the top level manger to understand and coordinate with the supply chain management or production management, and quality
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ARTICLE 2. An Analytical Study on Inventory Management in Commercial Vehicle Industry in India BY Dr. Srinivasa Rao Kasisomayajula KLUBS, Koneru Laxmaiah University, Vaddeswaram, Guntur
Objectives of the study is the present study attempts to achieve the following objectives.
1. To study the size of inventory of the selected units in Indian commercial vehicle Industry.
2. To examine the composition of inventory in these units.
3. To know the circulation of inventory in these units.
4. To study the growth of inventory in these units.
It is evidently proved through strong correlation between inventory and sales. FML‟s average growth rate of sales has been more than the growth rate of inventory which indicates that very good administration of inventory, but the moderate correlation registered between sales and
Once they develop and implement this inventory control system, inventory records are going to be upheld truthfully and that they will get the accurate standing of the inventory up-to-date. In order to maintain the steady continuous supply for production need... ... middle of paper ... ... ory holding costs, ordering costs, and shortage costs, and have a classification system for inventory items. In conclusion, while reading the case study, I saw much disorganization throughout the company’s entire system.
IT helps manager to reduce inventory and human resource requirement to a competitive level in market.
As per the Master of Business Administration course structure of Visvesvaraya Technological University (VTU) Belagavi each student has to undergo an Internship Training in the 4th semester of their course for period of 12 weeks under the mentorship of an external guide in a reputed company. At the end of internship period, the student has to submit the internship report to the VTU, Belagavi. This period will be evaluated internally and externally.
In the retail stores, managers are complaining of frequent stock outs even though the DC is full of merchandise, which is not moving enough through the supplier, DC, and retail stores. The inventory issue also ties in with transportation problems where accurate lead and delivery times are non-existent. The inventory turnover is not at its full potential because if the DC has merchandise yet the stores are stocked out, the inventory is frozen and will become obsolete.
Case Study: CBU Matthew 24:42-44 “So you, too, must keep watch! For you don’t know what day your Lord is coming.” Inventory plays a vital role in the success of a business and can have a major impact on the financial statements. When owning a business, it is imperative that your inventory is recorded correctly. If your inventory is incorrect at the end of the year, it can affect different areas of a business and its profitability.
The just-in-time (JIT) inventory system was developed in Japan after World War II, in an effort to control costs during fiscally challenging economic times (Waguespack and Cantor, 1996). The challenge that faced many Japanese companies in the post-War era was to find a way to meet the needs of customers and businesses while utilizing as few resources and as little capital as possible. The Japanese developed these set of techniques in order to control production, limit unnecessary products and reinvest the valuable capital left from the savings back into the business structure (Waguespack and Cantor, 1996). Much of the success of many Japanese corporations over the past four or five decades has been was linked to the principles of JIT (Chhikara and Weiss, 1995).
Launched by Jeff Bezos, the Amazon.com website started in 1995 and is today considered as one of the most prominent retail website on the internet with a record turnover of US$ 14.87 billion in 2007. Jeff Bezos’s intention was to create an internet based company with the most dedicated product portfolio on the internet where customers could find anything they might want. Amazon’s success is based on technology, services and products (Jens et al., 2003).
...use internships are becoming more and more popular with the overall student body. Business internships are key to creating the better businessman or woman.
Sethi, S, Yan, H, & Zhang, H. (2005) Inventory And Supply Chain Management With Forecast Updates New York, NY : Springer.
In addition, at the time, the economy was doing great, therefore, using the push system to stock pile inventory was acceptable. However, during the dot-com bust of the 2000’s, its sales and the demand for its products greatly decreased. Unfortunately, during this time, Cisco discovered that it possessed an abundance of inventory, and, wrote off more than $1 billion in inventory. Consequently, the company learned that acquiring inventory in anticipation of market demand, and not factoring in the human element of its business increased its risks of failure. Obviously, Cisco wanted to meet its customer’s demands, however, the problem was that it held more inventory than what the customers were demanding. Nevertheless, afterwards, it knew that it needed to adopt a new, more efficient approach to inventory. Therefore, Cisco had to reevaluate its supply chain system and seek input from IT, customers, suppliers, and finance. Further, by including input from these sources, Cisco adopted the more efficient pull system. The pull system, is dependent upon producing smaller repeating orders. Rather than the push system, which relies on larger less repeating orders. Effective inventory management, when administered correctly, can reduce and keep the inventory to a more desired level. In addition, Cisco discovered that inventory management can reduce inventory levels, enhance cash flow and reduce overall
Inventory management is a method through which a business handles tangible resources and materials to ensure availability of resources for use. It is a collection of interdisciplinary processes including a full circle of the demand forecasting, supply chain management, inventory control and reverse logistics. Inventory management is the optimization of inventories of manufactured goods, work in progress, and raw materials. According to Doucette (2001) inventory management can be challenging at times; however, the need for effective inventory management is largely seen more as a necessity than a mere trend when customer satisfaction and service have become a prime reason for a business to stand apart from its competition. For example, Wal-Mart’s inventory management is one of the biggest contributors to the success of the company; effective and efficient inventory management is of critical importance.
Inventory management can enhance the efficiency in operation of the supermarket. Supermarket must ensure that the correct levels of inventory are being maintained throughout the store, and that merchandise is purchased at the best price point as possible. Holding too much inventory on hand generate costs like carrying costs. Whereas having too little inventory on hand makes customers dissatisfied and it leads to declining
In 2012, eighty-four percent of Santa Clara University graduates who responded to a survey from the Santa Clara University School of Engineering obtained one or more internships during their undergraduate studies. Of those who responded, eighty-two percent were employed full-time after graduation earning a median salary of $62,500 (Santa Clara University). This research exhibits that internships can be an important strategy in the efforts toward job search for both students, as well as for employers looking to hire valuable employees. As defined by InternNE.com, an internship is any carefully monitored service or work experience that may be evaluated for educational credit in which an intern or student establishes learning goals and reflects on his or her learning experience in relation to achievement of the stated goals. Internships should first be examined that, when implemented at fullest potential, these opportunities can provide companies and students with a competitive edge in today’s business world. Subsequently, it can be shown that internships assist organizations and companies with temporary or seasonal project and task completion. Lastly, internships will be clarified as to how they allow students to gain valuable experience before entering the workforce. From reviewing an ample amount of research, internships are beneficial and advantageous to the success of a young student, as well as companies.
Inventory management is defined because a science mostly established art of guaranteeing that just enough inventory share is command with a company to fulfill demand (Coleman, 2000; Jay & Barry, 2006). it's mostly regarding specifying the size and keeping of stacked product. Inventory management is usually needed at completely distinct spots within a service or within multiple spots of a supply network to guard the standard and planned course of production up against the random disruption of running low upon materials or product. The scope of inventory administration also concerns the good lines between replenishment period interval, carrying costs of inventory, asset management, investment forecasting, inventory valuation, selection visibility,
An internship is a formal program to provide practical experience for beginners in an occupation or profession. By this point in my internship I am more than half way through it and taking on more and more responsibilities and positions as I go along.