Embry-Riddle Aeronautical University
1) List some products in your personal or family "inventory." How do you manage them? (For instance, do you constantly run to the store for milk? Do you throw out a lot of milk because of spoilage?) How might the ideas in Chapter 12 change your way of managing these SKUs?
Inventories are physical goods used in operations and include raw materials, parts, sub-assemblies, supplies, tools, equipment or maintenance, and repair items. For example, a small pizza business must maintain inventories of dough, toppings sauce, and cheese, as well as supplies such as boxes, napkins, and so on (Collier & Evans, 2013). My personal inventory normally consists of several key items:
Nicotine Lozenges – To aid in smoking cessation. This would be my equivalent to coffee for most people. I typically plan to pick up a two weeks supply from Costco each payday (which is also bi-weekly), and so far this process has fared well. If Costco were to extinguish their supply, I would refer to Amazon.com to fill the demand.
Rogaine – I’m a 26 year old man and I have a fear of balding, so in an effort for preventative maintenance, I began using Rogaine (Costco’s brand, actually) to prevent my hair loss. I box at Costco normally lasts me 3 months. When I approach my last bottle, I return to Costco to purchase more. Amazon.com is once again my contingency plan.
Business Cards / Promotional Materials – Outside of my career in the aerospace industry, I operate a small, veteran owned business. I normally schedule orders based on upcoming career fairs/expos/etc. My first expo I extinguished my inventory or business cards fairly quickly. Everyone loved the aesthetic, which resulted in many new clientele. The next expo I came better prepared, using lessons-learned from the previous.
The ideas of managing my “SKUs” has not changed much based on Chapter 12’s readings. It certainly reinforced some of the
References: Collier, D., & Evans, J. (2013). OM4 (4th ed., Student ed.). Mason, Ohio: South-Western Cengage Learning.