Module $8$ Discussion: Inventory Management and Aggregate Planning $($Coffee Shop$)$

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In Module $3,$ you developed an excellent TQM plan and are now focused on Inventory Management $($IM$).$

IM$$for an independent urban coffee shop refers to the process of efficiently and effectively overseeing the procurement, storage, tracking, and utilization of coffee beans, supplies, and other related items. The goal is to maintain optimal inventory levels to meet customer demand while minimizing costs and waste. Effective inventory management ensures that the coffee shop has the right products available at the right time, in the right quantities, and of the desired quality.

IM refers to the strategic planning and control of all items and materials necessary for the day$-$to$-$day operations of an independently owned urban coffee shop. It involves the careful monitoring and optimization of inventory levels to prevent stockouts, reduce waste, and maintain cost$-$effective operations.

How can you maintain product availability, reduce costs, optimize cash flow, and improve overall operational efficiency in order to meet customer demands promptly, minimize waste, and enhance profitability in a competitive market.

Define $($and explain$)$ a minimal of three key aspects of IM that will help you achieve your goal to maintain optimal inventory levels and meet customer demand.

Items to consider; Procurement, Inventory Tracking, Inventory Classification, Optimal Stock Levels, Reordering and Replenishment, Quality Control, Waste Reduction and Supplier Relationships