Master of International Business Essay Example for Free

Master of International Business Essay What is inventory turnover? How can a high inventory turnover ratio be detrimental to a firm? Inventory turnover refers to the number of times that inventory is sold in a one year period. It can be calculated by dividing the cost of goods sold for a particular period by the average inventory for that period. High inventory turnover may signal a low level of inventories, which can increase the chance of product stockouts. 2. Distinguish among cycle, safety, pipeline, and speculative stock. Cycle (base) stock refers to inventory that is needed to satisfy normal demand during the course of an order cycle. Safety (buffer) stock refers to inventory that is held in addition to cycle stock to guard against uncertainty in demand and/or lead time. Pipeline (in-transit) stock is inventory that is en route between various nodes in a logistics system, while speculative stock is inventory that is held for several reasons to include seasonal demand, projected price increases, and potential product shortages. 3. Define what is meant by inventory carrying costs. What are some of its main components? Inventory carrying costs refer to the costs associated with holding inventory. Inventory carrying costs consist of a number of different components, and their importance can vary from product to product. These components include obsolescence costs, shrinkage costs, storage costs, taxes, and interest costs. 4. Discuss the concept of stockout costs. How can a stockout cost be calculated? Stockouts refer to situations where customers demand items that are not immediately available and stockout costs refer to the costs associated with not having items available. Calculation of a stockout cost first requires a company to classify potential customer responses to a stockout (e. g. , delays the purchase, lost sale, lost customer). Next, the company needs to assign probabilities to the various responses as well as to assign monetary losses to the various responses. The respective probabilities and losses are multiplied together and then all costs are summed to yield an average cost of stockout. 5. Distinguish between a fixed order quantity and fixed order interval system. Which one generally requires more safety stock? Why? In a fixed order quantity system, the order size stays constant (although the time interval between orders may vary); in a fixed order interval system, the time interval is constant (although the order size may vary). The infrequency of inventory monitoring makes a fixed order interval system more susceptible to stockouts and thus there is likely to be higher levels of safety stock in a fixed order interval system. 6. Explain the logic of the EOQ model. The logic of the EOQ model is as follows: determining an order quantity requires a company to balance two costs; the costs of carrying the inventory and the costs of ordering it. Inventory carrying costs are in direct proportion to order size; that is, the larger the order, the greater the inventory carrying costs. Ordering costs, by contrast, tend to decline with order size but not in a linear fashion. The EOQ attempts to find the point (quantity) at which ordering costs equals carrying costs. 7. How can inventory flow diagrams be useful to a logistics manager? They present a visual depiction of additions to, and subtractions from, inventory. This could be helpful in identifying any patterns that might be occurring. In addition, inventory flow examples illustrate how safety stock can offset an increased rate of demand as well as longer than normal replenishment cycles. 8. Discuss what is meant by ABC analysis of inventory. What are several measures that can be used to determine ABC status? ABC analysis is an approach that recognizes all inventories are not of equal value to a firm and, as a result, all inventory should not be managed in the same way. Measures that can be used to determine ABC status include sales volume in dollars, sales volume in units, the fastest selling items, item profitability, or item importance. . What are implications of the JIT approach for supply chain management? The consequences of JIT actually go far beyond inventory management and JIT has important implications for supply chain efficiency. One implication is that suppliers must deliver high quality materials to the production line, in part because of JIT’s emphasis on low (no) safety stock. Moreover, because customers in a JIT system tend to place smaller, more frequent orders, it is imperative that suppliers’ order systems are capable of handling an increased number of orders in an error-free fashion. Smaller, more frequent orders, coupled with close supplier location, tend to favor truck as a mode of transportation and this means that production and distribution facilities should be designed to support truck shipments. 10. How does vendor-managed inventory differ from traditional inventory management? In â€Å"traditional† inventory management, the size and timing of replenishment orders are the responsibility of the party using the inventory. Under vendor-managed inventory, by contrast, the size and timing of replenishment orders are the responsibility of the manufacturer. This represents a huge philosophical shift for some organizations in the sense that they are allowing another party to have control over their inventories and this requires a great deal of trust among the various parties. 11. Do substitute items or complementary items present the greater managerial challenge? Support your answer. Either answer would be acceptable. Students should recognize that both substitute items and complementary items present managerial challenges, but the nature of these challenges is different. For instance, one challenge with substitute items might be the amount of product to hold; a challenge with complementary items might be product placement in a retail outlet. 12. Define what it meant by dead inventory. What are several ways to manage it? Dead inventory refers to product for which there is no demand—at least under current marketing practices. Because dead inventory has often been associated with overproduction of items that customers do not want (or need), one suggestion would be make to order as opposed to make to stock. Having said this, an increasing source of dead stock in recent years involves special, highly customized orders that never end up with the customer. Suggestions for dealing with this situation include partial (or full) prepayment as well as a no-return policy. Another suggestion is for companies to more aggressively market their dead stock, and companies might also sell dead inventory via auctions. Another possibility is to donate the dead inventory to charitable causes. A last resort is to simply throw away the dead inventory in order to free up storage space. 13. Explain how an SKU might have different meanings, depending on one’s position in the supply chain. A retailer, for example, might keep records in terms of individual items or case lots, while the warehouse that supplies the retailer may deal only with case lots or pallets loads of a product. In turn, the distributor that sells to warehouses may deal with only pallet loads or vehicle loads, and may only accept orders only for pallet loads or vehicle loads—and not case lots or individual items. 14. Why is it important for a manager to understand informal considerations with respect to inventory management? One reason is that the increasing quest for customer service and customer satisfaction is leading many companies to engage in informal considerations. Even though â€Å"formal† inventory analysis should not be ignored, they should not be applied without taking into account informal arrangements. The informal arrangements may not fit any â€Å"formal† inventory tenets, but many informal considerations tend to do an excellent job of satisfying customers. And, without customers, businesses are not going to be very successful. 15. Discuss some of the challenges that are associated with managing repair and replacement parts. One challenge is the difficulty in forecasting the demand for these products—when will products break down or fail? As such, it becomes challenging with respect to which parts to carry as well as the appropriate stocking levels for them. Another challenge involves the number of warehousing facilities to be used: Should the parts be more decentralized or more centralized? These and other challenges have caused some companies to outsource their repair/replacement parts business. 16. Which presents the greater reverse logistics challenge: (1) Returned items or (2) Refurbished and recycled products? Support your answer. As was the case with question 11, either answer is acceptable. Again, it is important to recognize that both present reverse logistics challenges—but the nature of the challenges is different. For example, there is unpredictability with respect to returned items, in terms of return rates and product content. Refurbishing and recycling, by contrast, are predicated on sufficient product volumes, which require adequate storage space. 17. What are substitute items and how might they affect safety stock policies? Substitute items refer to products that customers view as being able to fill the same need or want. With respect to safety stock policies, if a consumer has little hesitation in substituting another item for one that is out of stock, there would appear to be minimal penalties for a stockout. It is also important that companies understand substitution patterns in the sense that Product A may be a substitute for Product B, but the reverse may not be true. In such a situation, safety stock policies would need to reflect the appropriate relationships. 18. Which supply chain participant(s) should be responsible for managing inventory levels? Why? The key to this question is the word â€Å"managing. Although various inventory approaches may require certain select participants to maintain the inventory, supply-chain effectiveness and efficiency would argue that all supply chain participants should be involved with managing inventory levels. Because the supply chain is a system, one company’s inventory policies and practices can impact the other members of the supply chain. Failure to consider these other participants when setting inventory policies and practices could lead to dysfunctional consequences. 19. Should inventories be considered investments? Why? The text suggests that inventories should be considered investments. Carrying costs for inventories can be significant; the return on investment to a firm for its funds tied up in inventory should be as high as the return it can obtain from other, equally risky uses of the same funds. 20. Since the mid-1990s, many beer and soft-drink cans and bottles have contained a freshness date stamped on them to indicate the latest date that the product should be consumed. What problems might such a system cause for the people responsible for managing such inventories? Discuss. There are a variety of possible answers to this question. One consideration is that product needs to be in places where it can be bought prior to the expiration date. At a minimum, this means that companies need to be able to identify individual products, locate the products, and move the products to the appropriate place(s). The oldest inventory should be â€Å"turned† before other inventory. Another consideration involves what to do with expired product, a situation that brings into play reverse logistics considerations.

Gay Marriage Should be Legal :: Social Issues Gay Marriage Essays

On June 26, 2015, the US Supreme Court ruled that the US Constitution guarantees the right for same-sex couples to marry in all 50 US states. Associate Justice Anthony Kennedy stated in the majority opinion: "The court now holds that same-sex couples may exercise the fundamental right to marry. No longer may this liberty be denied to them." Many conservatives are completely against gay marriage and they have stated that they will fight to have the Supreme Court ruling overturned. Christian politicians are using religious arguments to establish that homosexuality is an abomination. While this may be their belief, this country was founded on religious freedom, where the people are allowed to worship how they see fit. A ground rule, set up from the beginning, states that separation needs to be made between religion and government, so the two shall never meld to become a theocracy. With the issue of gay marriage, lines get blurred and religion rears its head to influence a governmentâ⠂¬â„¢s decision of who shall be married and who will be refused.   Ã‚  Ã‚  Ã‚  Ã‚  The history of gay marriage spans decades, even centuries of undocumented ceremonies and commitments. While I would like to delve into the long history, I must stick to modern accounting of gay marriage and government’s role in this record keeping. Denmark became a trailblazing country, leading the way for the concept of registering same-sex couples in what we know as a civil union. This pioneering country voted on a law to register domestic partnership of gay couples on May 26, 1989. The law went into force on October 1, 1989. Shortly after the groundbreaking decision in Denmark, other European countries followed suit with registration for gay partnerships. The following countries have some type of registration for homosexual partnerships: Norway, Sweden, Greenland, Hungary, Iceland, The Netherlands, France, Belgium, Portugal, Germany, and Finland.   Ã‚  Ã‚  Ã‚  Ã‚  While European countries were progressively trying to resolve the gay marriage issue, in the United States there were struggles to support gay marriage as a governmental approved institution. The first success was in Hawaii on December 3, 1996 at 11:03 a.m., when a lower court found that the constitution of the state of Hawaii was discriminating against homosexuals (known as the Hawaii 6). After this ruling Hawaii’s government set up a program offering â€Å"Reciprocal Beneficiary Relationships† where 62 spousal rights on the state level were given to homosexuals. This was a short-lived victory.

I Know Why the Caged Bird Sings Critique

I Know Why the Caged Bird Sings is the autobiography of Maya Angelou. I find it to be a rather interesting novel, since it is based on a true story. It also helps the reader understand how black people lived and felt during that period. In the novel, there is a wide range of themes, from family ties, to rape, and even literacy. In Maya Angelou’s I Know Why the Caged Bird Sings, the three main themes are racism, prejudice and the roll of black women. The first and most visible theme in the novel is racism. During 1969, it is common to see a black person as inferior to a white person. In the novel, Angelou shows the crudeness of white Southern attitudes toward African Americans. For example, in chapter 24, Marguerite goes to the dentist and Dr. Lincoln, a white man, refuses to treat her because she is black. He says: â€Å"I’d rather stick my hand in a dog’s mouth than in a nigger’s. † (Angelou 189). Not even because of necessary medical attention does a white person leave aside the race and treat a black patient. Putting aside her strong feelings against racism, Angelou demonstrates how she develops the understanding of the rules for surviving in a racist society. For example, in chapter 5, when the â€Å"powhitetrash† mock Momma, she stood humming while Marguerite is filed with rage, indignation and helplessness. Momma instead shows her how to maintain dignity and pride while dealing with racism. With her indifference towards the disrespectful white girls, Momma serves as a role model to all black people in her community by being the bigger person in a situation like this. The second theme in the novel is prejudice. Maya, her friends and her relatives will always be subject to prejudice simply because they are black. For example, in chapter 23, during Marguerite’s graduation, Mr.  Edward Donleavy gives a speech in which he mentions how blacks only achieve greatness through sports, not through academics: One of the first-line football tacklers at Arkansas Agricultural and Mechanical College had graduated from good old Lafayette Country Training School†¦ One of the best basketball players at Fisk sank his first ball right here at Lafayette Country Training School. (Angelou 179) The fact that Mr. Donleavy assumes that students from this school are only good for sports, simply because of their race, shows how he speaks based on prejudice beliefs. Prejudice in the novel is seen from both sides: in white people and black people. Since most white folks in Stamps mistreat blacks, black people assume all whites are the same, which means they are also prejudice against white people. For example, in chapter 2, Marguerite mentions her passion for literature, especially for Shakespeare, a white writer. She says how Bailey and she can’t mention Shakespeare to Momma: â€Å"she’d question us about the author and we’d have to tell her that Shakespeare was white, and it wouldn’t matter to her whether he was dead or not. (Angelou 14). Shakespeare is a great writer, but Momma doesn’t know this since she is prejudice against white writers and doesn’t give herself the chance to find out about this writers greatness. The third theme presented in the novel is black women’s roll. Angelou presents women’s condition during this period and describes their lives in a male-dominated society. She also shows how it’s even harder being a black woman, having to overcome this storm of sexism and racism. Some women are able to do so and become great. For example, Momma is a successful black woman, who owns a store and is considered to be wealthy. She is able to overcome the condition she is submitted to by society and become the most successful black woman in Stamps. Marguerite also serves as an example for black women’s roll during 1969. She lives in a hostile world defined by beauty in terms of whiteness: Wouldn’t they be surprised when one day I woke out of my black ugly dream, and my real hair, which was long and blond, would take the place of this kinky mass that Momma wouldn’t let me straighten? My light-blue eyes were going to hypnotize them†¦ (Angelou 2) Marguerite believes the only way to be a beautiful and successful woman is by being white. With the help of strong female role models in her family and community: Momma, Vivian, Grandmother Baxter, and Bertha Flowers, she is able to overcome her racist and sexist beliefs, succeed in her life and become the great woman she is known to be today. Maya Angelou’s I Know Why the Caged Bird Sings is a true story about the author’s hard life during the 1960’s, a time in which black people are seen as inferior in many different aspects by society. The novel shows how they fight against racism, sexism and prejudice, and how white people also experience prejudice from black people. These themes are presented in the most realistic and crude way possible. In the end, Maya transforms from a victim of prejudice and racism with an inferiority complex to a self-confident young woman who is able to react to racism with dignity and pride.

The Jazz Movement - Free Essay Example

Sample details Pages: 1 Words: 392 Downloads: 7 Date added: 2019/07/30 Category Music Essay Level High school Tags: Jazz Essay Did you like this example? Jazz is a style of music inspired from African rhythms and European harmonies. Jazz music primarily came from West Africa when slaves came to the south of the US. Slaves would sing jazz songs while working on plantations. Don’t waste time! Our writers will create an original "The Jazz Movement" essay for you Create order Later on jazz was merged with European styles of music, which changed the style a bit (Schuller). The spread of jazz music mixed French, Spanish, Anglo, and African cultures (Ciment 307). Jazz music is characterised by rhythms, ensemble playing, improvisation, etc. A lot of classical composers such as Aaron Copland, John Alden Carpenter, and Igor Stravinsky began playing and making jazz music because of the unique rhythms, melodies, and articulations. That made jazz music begin to spread more. (Schuller). Jazz was played before the 1920s but the popularity grew absurdly during that time, especially after World War I, since many jazz musicians moved to big northern cities during that time (The Jazz Age). Jazz music is constantly evolving so there is no limit as to what can be done with it, which is why it’s so hard to define. Different composers use various styles of jazz, and have different definitions for it. Jazz was played in speakeasies and nightclubs and oftentimes owners would pay to have the police ignore the clubs, since they were illegal at the tim (The Jazz Age). Jazz music had a big impact on American culture as it crossed racial lines in the 1920s since white audiences would listen to African American jazz musicians (Ciment 308). Tension between races began to lessen a bit since cultures mixed, but there was still plenty of racial prejudice during the time. For example, white jazz musicians were given more airtime than African American jazz musicians due to racism in radio stations (The Jazz Age). On a more positive note, jazz music opened new job opportunities for the women of the 1920s in the entertainment industry. However, they were not very well known until the 1930s (The Jazz Age). The persistence these female musicians had made it easier for other female artists who dreamed of making it in the entertainment world. Unfortunately, the relaxed and fun times created by the jazz age didnt last long, since it was then followed by the stock market crash that led to the great depression during the 1930s, which caused panic and hard times for Americans (The Jazz Age).