Question

In: Operations Management

Explain how would Nike manage their inventory and whether an adaptation of the Economic order quantity...

Explain how would Nike manage their inventory and whether an adaptation of the Economic order quantity model would be useful for them.

Solutions

Expert Solution

A Thumbs Up! Would be really helpful for me. If you have any questions, please leave a comment and I will get back to you as soon as possible.

To manage their inventory Nike uses different types of software and techniques i.e the company is using RFID and artificial intelligence to regulate and manage inventory. Nike has been capitalizing and investing in technology to track its inventory. This also comprises putting RFID chips in its shoe cartons of packaging so they can track and know how the shoes are being moved to locations.

Efficient use of the economic order quantity model the company can manage its inventory effectively. This model helps the company to know about there inventory that how much stock is already they have, how many stops they have to restock, and how much stock ok they have sold it on that day. This will help the company to know about their product holding and they can easily provide service to their customers and fulfill their demands. This will help the business to run smoothly and try to provide satisfaction to the customers so that they want the shift to your competitor's product.

keosha answered 1 month ago
Next > < Previous

Related Solutions

In inventory management, economic order quantity (EOQ) is the order quantity that minimizes the total holding...
In inventory management, economic order quantity (EOQ) is the order quantity that minimizes the total holding costs and ordering costs. It is one of the oldest classical production scheduling models. Requirements: Discuss the EOQ Model using an quantitative example computation with interpretation of the solution. 2. The B. N. Thayer and D. N. Thaht Computer Company sells a desktop computer that is popular among gaming enthusiasts. In the past few months, demand has been relatively consistent, although it does fluctuate...
Explain how the Federal Reserve influences the quantity of reserves and whether it would be possible...
Explain how the Federal Reserve influences the quantity of reserves and whether it would be possible without a fractional reserve system. Explain why traditional monetary policy is not currently available for the Fed to achieve its dual mandate (make sure to explain its dual mandate).
Discuss the concept of Economic Order Quantity? If a company has too many items in inventory,...
Discuss the concept of Economic Order Quantity? If a company has too many items in inventory, how would this affect its cash flow. What are some of the ways you would maintain an efficient inventory without running out of items for your customers?
The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying...
The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying demand. Costs included in the model are holding cost per unit, ordering cost and the cost of goods ordered. The assumptions for that model are that only a single item is considered, that the entire quantity ordered arrives at one time, that the demand for the item is constant over time, and that no shortages are allowed. Suppose we relax the first assumption and...
The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying...
The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying demand. Costs included in the model are holding cost per unit, ordering cost and the cost of goods ordered. The assumptions for that model are that only a single item is considered, that the entire quantity ordered arrives at one time, that the demand for the item is constant over time, and that no shortages are allowed. Suppose we relax the first assumption and...
The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying...
The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying demand. Costs included in the model are holding cost per unit, ordering cost and the cost of goods ordered. The assumptions for that model are that only a single item is considered, that the entire quantity ordered arrives at one time, that the demand for the item is constant over time, and that no shortages are allowed. Suppose we relax the first assumption and...
A company examines its inventory policy and considers using an economic order quantity (EOQ) approach. They...
A company examines its inventory policy and considers using an economic order quantity (EOQ) approach. They have the following information about their bestselling model of televisions: Annual demand - 4000 sets Current order quantity - 80 sets Carrying cost - $80.00/set/year Order cost - $200 Lead time - 6 days Operating days per year - 300 days a. What is the current total annual cost (TC) at the current order quantity? b. What is the economic order quantity (EOQ)? c....
Economic Order Quantity (EOQ) is the order quantity that minimizes the total holding costs and ordering...
Economic Order Quantity (EOQ) is the order quantity that minimizes the total holding costs and ordering costs. 1) What's the impact of a positive lead time on EOQ? 2) Can supply chain managers in fast-fashion industries apply the EOQ model to manage their inventories? If yes, how? If no, why?
Companies can use the Economic Order Quantity (EOQ) method to maintain the existing inventory conditions within...
Companies can use the Economic Order Quantity (EOQ) method to maintain the existing inventory conditions within the company, especially to reduce the existing fixed costs that can arise from the purchase of goods using expedition services. For example, buying goods with Full Container Load (FCL) and Less Container Load (LCL), the LCL fixed cost will be greater because the goods purchased are small but the tariff for sending goods from the supplier to the factory requires no small cost, especially...
COST ACCOUNTING Companies can use the Economic Order Quantity (EOQ) method to maintain the existing inventory...
COST ACCOUNTING Companies can use the Economic Order Quantity (EOQ) method to maintain the existing inventory conditions within the company, especially to reduce the existing fixed costs that can arise from the purchase of goods using expedition services. For example, buying goods with Full Container Load (FCL) and Less Container Load (LCL), the LCL fixed cost will be greater because the goods purchased are small but the tariff for sending goods from the supplier to the factory requires no small...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT