Exam (elaborations)
TRL3707 ASSIGNMENT 2 SEMESTER 2 2024 (POSSIBLE SOLUTION)
- Institution
- University Of South Africa (Unisa)
TRL3707 ASSIGNMENT 2 SEMESTER 2 2024 (POSSIBLE SOLUTION)
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TRL 3707ASSIGNMENT 2
SEMESTER 2
2024
, 1.1.
Inventory Management Policy to enhance the Distribution Process in the South
African Army
Theoretical Framework
Inventory management is another significant task in any organization, including the
military. Pertains to the acquisition, storage, and distribution of materials to ensure
availability at the right time. Effective inventory management can help to:Effective
inventory management can help to:
Reduce costs: Through reduction of stock-outs and having low stocks that are not
easily sold in the market.
Improve customer service: Through making sure that the products are in stock
whenever they are required.
Optimize cash flow: Through a control of inventory to minimize capital investment in
stores.
There are many methods for inventory management that can be used to meet the
above objectives. Some common approaches include:
Economic Order Quantity (EOQ): A stock replenishment model that is used in
quantifying the amount of stock that will provide the least overall cost of storing
inventory.
Just-in-Time (JIT): A purchasing philosophy that seeks to order goods in small
quantities and as often as possible.
ABC analysis: An approach of grouping inventory items according to the cost and the
frequency of their usage.
application to the South African Army
Given the specific challenges and requirements of the South African Army, the
following inventory management policies could be implemented to improve the
distribution of supplies:Given the specific challenges and requirements of the South
African Army, the following inventory management policies could be implemented to
improve the distribution of supplies:
Implement ABC analysis: Differentiate goods and products in relation to whether
they are frequently used or valuable. Valuable items such as weapons, cars and
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