The "calculus" of inventory management (as presented in the textbook) relates to each of your products separately, and only at a single firm. Discuss how inventory management is also relevant within a supply chain context. How would you implement multi-tier inventory management?

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Deanna HettingerLv2

20 Jan 2018

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Understanding the basic financial statements is crucial for effective performance in any healthcare management position today. The financial statements are presented in detail in your textbook. Select any one of the financial statements, explain its primary purpose, and discuss important aspects of that statement. Also, comment on how the statement you selected relates to other key financial statements ( mine is the Financial statement: balance sheet)

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Inventory management is the process of ordering, storing, and using a company's inventory; consisting of raw materials, components, and the finished product. Inventory management effects businesses all over in so many different ways. All these businesses must rely on having the products they need, when they need them, and never running out of them. Medical offices for example is one that can be discussed in great detail. Hospitals for example must always have inventory stacked up to deal with all sorts of issues. They must always have proper equipment, bandages, casts, medicine, proper tools to perform surgery, food for patients, the list goes on and on. Without having these things in their inventory, the hospital would suffer and would not be able to perform the way it needed to. This is one of the major examples because if medical offices/hospitals do not have what they need, it could be a matter of life or death in some cases. People have designated jobs at hospitals in order to run the inventory management and make sure there is never a lack of what is needed, and more is always on stand by in case of an emergency. They have plenty of room to store inventory, and use it whenever it is needed and then always prepare to purchase more. All these aspects from the people themselves, to the deliveries, to the use of the inventory, is all part of the inventory process. I have had very little experience with inventory management as an employee, but I have had to deal with it. At my internship at the Basketball Hall of Fame last year, I worked the annual enshrinement ceremony and had the responsibility of checking on all the inventory we had and make sure it was all in good condition, we had the proper amounts, etc. I had to go through numerous closets full of inventory to make sure everything was being handled correctly and that it was ready and in order to be shipped to the ceremony. The problem came in when some inventory was missing and there was not enough time to order more. Eventually it was found, but in situations like that you must always have extra on stand by and make sure that you give yourself plenty of time to restock if a dilemma arises. As a consumer you are a part of inventory management because as you purchase a company's product, they must prepare to replenish that inventory. The more of something you use/buy, the more they must replace and make sure they order the proper amounts in the future.

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