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MGMT6360 Production and Operations Management
Questions:
What is Inventory Management?
1) Inventory management
2) Percent on-time delivery
3) Supplier relations
Benchmarking Based on Key Performance Indicators (KPI):
The Industry Week survey of KPI is out and we would like to start benchmarking our performance to the industry standard. There are several KPIs that we would like to compare with the goal of improving our performance relative to the industry standards.
Included you will find the Industry Week survey results and percentile graphs of the KPIs. (See additional Excel worksheet).
1) Inventory Management :
The executive management would like to reduce our raw material inventory turnover rate for our key raw material Potassium Carbonate which is a key ingredient in our KCl-Tech & KCl-Pharma products. This material is supplied straight from a mine located in mainland China. Currently the industry average is 35.2 days of inventory and the executive management feels that we should be closer to the industry median. Please suggest a plan to implement this strategy including any issues that might arise as a result of decreasing the number of days of raw material inventory.
2) Percent On-Time Deliveries:
The executive management would like to improve our Percent On-Time Deliveries. Our current performance is at the industry average and executive management feels we should be able to perform at least at the median. Please suggest a plan to implement this strategy including any issues that might arise as a result of maintaining a higher level of finished goods inventory to meet the customers exacting delivery requirements.
3) Supplier relations:
The executive management feels that our relationship with our key raw material (Potassium Carbonate) supplier has soured during the Trump administration. Currently, on-time deliveries of this key raw material equal the industry average of 92.3% on-time deliveries. The executive management feels that we should be receiving deliveries at least at the industry median. Please suggest a plan to implement this strategy including any issues with our supplier that might arise as a result of requiring on-time deliveries to improve.
MGMT6360 Production and Operations Management
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