Prompt: For this milestone, submit a draft of the inventory management and bench – graduate researcher

Prompt: For this milestone, submit a draft of the inventory
management and benchmarking sections including all the critical elements listed below. Refer to the Hampshire Company Case Study document, as this provides details on how
to complete this milestone. All calculations for your quantitative analysis are
completed in the Hampshire
Company Spreadsheet. The following
critical elements must be addressed:
Inventory Management: Inventory management serves to minimize the cost to
maintain inventory and maximize returns. In this section, the company’s financial
data will be reviewed in order to determine the optimal inventory management
system.
A. Determine
an optimal cost allocation method based on the relevant costs.
B. Describe
how this method should be used by decision makers to fulfill their
responsibilities. Support your response with examples.
C. What are
the pros and cons of implementing the just-in-time (JIT) inventory
system? Do the pros outweigh the cons for this company?
D. Explain
how the just-in-time (JIT) inventory system can benefit this
organization. Defend your response.
E.
Identify the inventory management
method you recommend, and explain why this method will benefit the company.
Benchmarking: In
this section, benchmarking will be reviewed. Benchmarking can be implemented in
various ways depending on a company’s circumstances. Your company has decided
to implement benchmarking and would like you to research and recommend the most
effective approach.
A. What is
the advantage to benchmarking in terms of improving companies’
performance? Support your response.
B. Identify
possible approaches to benchmarking. Describe each.
C.
Which benchmarking method should
management adopt and why?