Week 5 Individual Assignment: Inventory Proposal
Lalith Duraisamy Gurusamy, Elisha Myles, Lakisha Clark
QRB/501 Quantitative Reasoning for Business
Instructor: Prof. Peter Maddock
University of Phoenix
Inventory Proposal Regarding the Problem faced by University of Phoenix with the Summer Historical Inventory Data and the benefits expected to achieve by implementing a solution, Team “E” is presenting an inventory proposal. Time series data is analyzed using the slope-intersect formula to calculate the busy and slow months and the data is converted to indices and finally a histogram, and a forecast of future inventory costs will be presented. Summer Historical Inventory Data
University of Phoenix has been one of the top schools to achieve all their goals and have an excellent percentage of people graduating. University of Phoenix has over 170 campuses world-wide. A little known fact is that they awarded over 170,000 degrees since 1976 and has had over 17,000 instructors. Like any other school University of Phoenix has faced many problems that have occurred over time. Most of their problems come for inventory. Inventory can play a huge role because it counts for everything. Some of these problems are as follows: Poor Processes, Business Practices, And Antiquated Support Systems. These are 3 major causes in the University of Phoenix inventory. Poor processes include reporting a product of inventory without verifying the account. Even though they have a lot of equipment, they are not counting all products. They are not monitoring changes that may be accounted for especially when you are dealing with students finances as well.
Business practices are a huge one for University of Phoenix. Now that the university is setting up rules for their policies these things are best known. These things will move them into the right direction of where to go. They have been adequately counting and making sure everything goes as follows. By looking at the chart you can tell they had significant increases especially in month 4, 5, 6, 7, 8 in year four for their summer historical inventory data. Some things that the university has tried to use were adding on employees to make sure that they were counting behind one another. I believe by hiring the best employees to fit they were able to count and find their mistakes. The last one problem is Antiquated Support Systems. They were not accurately tracking their data as planned. Now since they have hired new employees to keep track they are more knowledgeable of the process. Any type of new systems that have changed they are aware now, especially for the online classes. Any type of new material and software that they have added they are keeping track of the new data.
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University of Phoenix Annual Inventory Trend
Annual inventory trends from the Summer Historical Data. This figure displays the total annual inventory levels over a four-year period...
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