Explain what inventory control is.
Instructions
Based on the media simulation you completed, one of the directors has asked you to examine the the ordering, stocking, and use of pacemakers at the Peta King Heart Institute at St. Anthony Medical Center. In addition to your inventory investigation, you have been encouraged to research additional topics, such as inventory management, inventory control, inventory ordering systems, economic order quantity (EOQ) calculations, and inventory stocking techniques. As you research, consider industries outside of health care, as techniques utilized in other industries may apply. After you have concluded your investigation and research, you have been asked to prepare a PowerPoint for the director to help them communicate with other stakeholders the basics of inventory control, the importance of having inventory control strategies, and the current state of the Peta King Heart Institute’s pacemaker inventory.
Your PowerPoint needs to address the following criteria. (Note: The questions under each criterion are there to help you think through each.)
1. Explain what inventory control is.
1. Why are EOQs conducted?
2. What is impact of the heart institute’s volumes (past, present, and projected) from a strategic perspective (related to pacemaker use) on the overall success of the organization?
2. Describe options for inventory ordering.
1. What are quantities to order?
2. What are potential inventory ordering systems?
3. What are the pros and cons of the identified systems?
4. When should other products be considered?
5. When should alternative stocking be considered (ordering inventory vs. consignment)?
3. Analyze leaders’ responsibilities in addressing the identified inventory recommendations.
1. What should leaders address related to inventory?
2. What are the consequences of leaders not addressing inventory needs?
3. What are the implications of not adhering to the recommended inventory purchase?
4. Analyze the implications of having inventory control.
1. How does efficient inventory control impact the organization’s effectiveness?
2. What are the implications for an organization’s effectiveness if inventory control is absent or sub-standard?
5. Present your findings based upon your review of the EOQ and organizational data.
1. How does product use this year compare to that of the previous year, as well as the projected budget year?
2. What are your finding and recommendations?
