Inventory Management and Production Planning and Scheduling Essay

Inventory Management and Production Planning and Scheduling - Essay Example These usually shares 50%-70% of the total items yet contribute only 5% to 20% of their total value. As A items are most valuable in the business operation, stricter and tighter inventory control policies are implemented for their maintenance. For one, A items requires the most accurate and detailed records which are done through a more rigid control on transaction documents. Also, daily updating is done to gain a regular accurate insight of their demand and order quantities. I believe that these tighter inventory policies for type A items are logical. Since they constitute the highest dollar value of the total stock of merchandise, they must be treated with utmost care. These items do entail the stricter documentation as loss of only a minute portion will lead to huge losses for the company as their per unit value is relatively high. Also, inventories with higher values are typically marketed at a higher price to customers. Type A are considered high-end products as they typically require a huge amount of purchasing power from the consumer. Since they are sold to the high-end market, a loss of a single sale of the inventory will lead to a significant loss to the company. Closely monitoring the level of these stocks will yield a higher profitability for any business operation. B items, though given a less strict policy than A items, requires normal control which involves accurate records and timely attention. As opposed to A items which require daily updating, order quantity and order points for B items only need to be revised on a quarterly basis. These stocks require only normal processing, yet they are given top priority when critical situations arise. Moderate control policies are implemented in keeping B items as they comprise only an intermediate value of the company’s total inventory. These items do not require

Logical Fallacies Essay Example | Topics and Well Written Essays - 500 words - 1

Logical Fallacies - Essay Example This fallacy illustrates disconnect in the premises and the conclusions. Informal fallacies forms include; inappropriate arguments or generalizations, due to ignorance. Informal fallacies are usually more common and interesting than the formal fallacies (Engle 141). In this paper, I’ll discuss the second logical fallacy illustrated in the assignment instruction. The fallacy is: Tradition is not always right. On Saturday, 23rd August 2014, I had a discussion with a class friend on the roles of tradition in the society. My friend continuously illustrated that tradition is not always rights; in order to influence my opinion on only the negative aspects of tradition. This fallacy illustrates informal fallacy, which is based on argument due to ignorance. My friend did not understand the importance of tradition in our society; but I effectively did my part by explaining the positive and negative issues in tradition. Tradition has greater significance in any society than previously believed. Tradition represents existing knowledge; and it is a collection of related ideas and concepts lasting for long time durations (Shils 42). These ideas are continuously improved in the society through addition of new knowledge. This is referred to as dynamic tradition. On the other hand, static tradition does not change easily over time. The prevalent tradition type in America is the mixed tradition that combines the two traditional approaches. Dynamic tradition is very significant because it illustrates the best knowledge in America. The tradition discovers the best ideas, and then continuously discards knowledge proved to be mistaken. Dynamic tradition is best due to the great levels of criticism, thought, and error correction allowed. If there is a wrong aspect in tradition; then emphasis should be on improving it, and not abandoning the aspect. Tradition should be flexible enough to