Course Code: OPMT $1175$

Course Name: Warehouse Management

Title: Assignment $2$

Student Name$($s$)$: Ramanpreet Singh Date: $03/03/2024$

Instructions:

The following Learning Outcomes will be assessed in this assignment:

$$ Describe appropriate techniques for storing and handling inventory within the warehouse

$$ Describe appropriate techniques for picking and preparing inventory for shipping or production

$$ Describe the automatic technology used in the warehouse

$$ Describe the use of a WMS in planning warehouse activities

Assignment Description

For this assignment, you will be responsible for doing research outside of class on one topic and then sharing your information in class with students who have researched a different topic. You will be assessed on the quality of the research you do outside of class and on the quality and clarity of the information you share with your classmates in class.

Assignment Structure:

Before next class:

$$ Use the two sources provided below and two of your own sources to answer the questions for your assignment.

$$ Budget for $2-3$ hours before next class to complete this assignment

$$ Submit your completed assignment $2$ days before your next class

$$ You will be graded on the completeness and quality of your answers $($Written assignment: $50\%$ of the assignment grade$).$

Next class:

$$ In the next class, you will be divided into small groups and take turns sharing the information you collected on your topic with students who researched another topic.

$$ When you are sharing your information, you are expected to explain your information clearly and answer any questions. When you are listening to the other students, you are expected to take notes on their content and ask questions as needed.

$$ You will be graded by your group members on your level of involvement in the group activity and on the quality and clarity of your content $($Peer evaluation: $50\%$ of the assignment grade$)$

Grading

$1)$ Written Assignment $/50\%$

$2)$ Peer Assignment $/50\%$

Total $=/100$

Assignment is worth $15\%$ of course grade.

Note: A rubric has been provided to help guide you in developing your assignment and to provide clarity on the grading criteria.

This assignment is due in week $8.$ As per your course outline.

Evaluation: $100$ Marks $(15\%$ of Final Grade$)$

$$

Assignment Questions $$ Delivery Methods

Total $=/50$

Complete the answers below by using the provided sources.

$1.$ Warehouse Science

$2.$ Distribution Planning & Control $(3$rd edition$)$

Find $2$ other sources that helped you and write the name of the sources below. $(4$ points$)$

$1.$

$2.$

Questions:

$1)$ Having the inventory available for delivery is essential. There are several methods for controlling stock, all designed to provide an efficient system for deciding what, when and how much to order. List five methods for controlling stock and describe two of these methods in detail. $(5$ points$)$

Answer

The five methods for controlling stocks are:

$($a$)$Just$-$In$-$Time $($JIT$)$ Inventory Management

$($b$)$Just$-$In$-$Case $($JIC$)$ Inventory Management

$($c$)$Economic Order Quantity $($EOQ$)$

$($d$)$FIFO $($First$-$In$,$ First$-$Out$)$

$($e$)$Vendor$-$Managed Inventory $($VMI$)$

Economic Order Quantity $($EOQ$)$

The primary concept in inventory management is Economic Order Quantity $($EOQ$),$ which is the method used to identify the best order quantity to reduce overall inventory expenses. The compromise between ordering expenses and transportation expenses is incorporated into the EOQ formula. Purchasing expenses encompass all of the expenditures related to sending and getting orders, includes setting up$,$ transport, and administrative expenses. Transportation expenses include all inventory$-$related costs, including depreciation, storage charges, and potential costs related to investment tied up$.$ The equation for EOQ finds an ordered quantities that reduces the business's total expenses by harmonizing these expenses. Although actual situations might not always be consistent with these presumptions, EOQ provides an important basis for controlling the quantity of inventory and improving the overall effectiveness of the manufacturing system.

Just$-$In$-$Time $($JIT$)$ Inventory Management$-$

By purchasing asset only as required for manufacturing or orders from consumers, just$-$in$-$time $($JIT$)$ inventory management seeks to decrease waste and improve productivity. Organizations may improve the flow of cash, lower storage expenses, and minimize the probability of possessing out$-$of$-$date products by decreasing the amount of inventory. To ensure that assets are provided exactly as required JIT demands trustworthy manufacturing processes and strong collaboration among suppliers. Shortages and operational interruptions may arise rapidly from any interruptions in the manufacturing process or distribution process. Corporations frequently participate i

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