sample introduction for thesis about inventory system

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Sample introduction for thesis about inventory system

They encourage ease of interaction between employees and shoppers as transactions are processed and items move from the business to the consumer. Computerized sales help provide better insight into which products are most popular. It also allows for enhanced marketing, stocking and oversight of critical sales objectives.

Computerized sales and inventory systems save time for businesses by speeding up transactions while raising accuracy. This allows for confidence in accounting and accountability among employees as it is easy to verify how much money and what time transactions took place. They also allow for consistent experiences in terms of customer service. People know there is always a uniform interaction at the register that requires tendering payment, taking a receipt and transition of ownership of products and services.

This generates confidence in a business and ensures on going consumer relationships. Computerized systems are the most common method of inventory control and sales processing in retail markets. In using this computerized sales and inventory system you can establish the benefits you and your business handling may have.

First is time savings. The amount of time that can be saved by a business is perhaps the biggest benefit of using a computerized inventory system. In cases where a shop maintains all data manually, its manager must reconcile each sales receipt with every piece of physical inventory. Depending on the size of the establishment and how many different products are sold, this can be a daunting and time consuming task. If that same store, however, used a computerized point of sale or POS System, the master inventory list would be updated electronically each time a sale is made.

The only thing a manager would have to do each day is print out the report highlighting the inventory to be restocked. Second is accuracy. An additional benefit of using a computerized inventory system is the accuracy it ensures. When an inventory list is maintained by hand, the margin of error widens with each update. If one mathematical calculation is wrong or one typo is made, disaster may occur.

And lastly is the consistency. A small business operates most efficiently when its processes are executed in a consistent manner. This will allow ease of reading. In addition, uniformity creates a professional appearance, which can go a long way to impress associates, such as potential investors. The company Pharmacia Josefa Drugstore is a small drugstore that is managed by one person, the owner.

The business sells different items or products like a typical grocery store that we can see everywhere. Like some other convenience store, the business does their physical counting of stocks manually. Technically, Pharmacia Josefa Drugstore is only using a manual system that may cause to duplication of documents and work redundancy. The business is just depending on their manual listing of products and inputs of data which is possible to commit errors.

In some instances, lost items are just being ignored by the owner. But before, the business had one cashier on that time. And basically, it reduced the income and force to remove employees. Now, the owner is the one who does all work in the business. Handling a whole business is a difficult job to do, especially if you are alone. The owner is the one who accepts the deliveries from the supplier, list the products delivered, arrange the product on the shelves and many more.

So it is possible that the owner will get confused, especially if the customer and the supplier come in the same time. The owner will get confused because he will attend to the needs of the customer while accepting the delivered products. Their ways of managing the sales and inventory is that they manually save records, accounts and their transaction which results to un-liquidated expenses. The given tally or the recorded amounts have their differences especially in the recorded amounts and the cash on hand.

Aims and Objectives The proponents now endorse our proposal which can help to implement good and accurate system to the company. The proponents gave their best to satisfy the current needs of the business by making a computerized sales and inventory system that will help them in their business.

To design, develop and implement a file maintenance module that will handle the files, records and important data of the business. To design, develop and implement a sales module that will handle the sales transaction of their company. To design, develop and implement a generated module that will handle the sales and inventory reports. To design, develop and implement an inventory module that will handle the inventory of products.

Significance of the Study The significance of this study to Josefa Pharmacia Drugstore is that it will provide easy-to-use and easy-accessed system thus; transactions will be more reliable and faster that they do not have to hire another employer to do the job. It gives more accurate and secure records of sales and list of products. Scope and Limitation The proponents proposed system for Pharmacia Josefa Drugstore can do file maintenance, product maintenance, transaction, product transaction, create an account and reports.

To design, develop and implement a module that will handle the security for the system. User Accounts — this contains the function for adding, and editing user name and password. Of course the authorized user can only be the one using the system. User Level — A security access control system. In case they have the followings: Staff — can access only the inventory To design, develop and implement a file maintenance module that will handle the files, records and important data of the business.

Products — It contains all the record of adding of products. Employee — It contains all the record of adding and deleting of employees. Purchased Order — a module that handles generating of purchase ordered for the supplier when they came. Bad Order customer — list of items buys by the customer to the business, but needed to be return because of some damage product and must change with new ones but this must be within the store only.

Acquisition — list of items that are needed to be checks for possible damages, and to the company can return the damaged item to the specific supplier. All items that are available in the company are monitored by the use of the following inventory methods: Critical level — items that are low on stock will be monitored by the system in order to have sufficient stock.

To design, develop and implement sales module that will handle the inventory of products. This system provides sales transaction for the company. It holds information data regarding their sales operations and provides an auto generated receipt for their customers. It makes the work easier, faster and more accurate.

Due to that fact, the automated scheme has become essential to small and big companies for they are expected to give the best services possible. Nevertheless, some businesses still prefer sticking with the system that is not integrated with technology. Probable causes are computer illiterate staff and lack of funds. One of the most sought after automated systems of different companies is a sales and inventory system which comes hand in hand. A sales and inventory system is very important in every organization because a good sales and inventory management can create excellent productivity.

Primarily, inventory work consists of input, output and restock. Input is a process of buying new products into the inventory and replacing the old products with the new ones. Meanwhile, output is a procedure of taking out the products from the inventory for sales or usage and refill is a process of increasing the number of existing products in the inventory in order to fulfill the insufficient products or escalating demands.

Most of the retailing market is using traditional way in the inventory management system where a person is assigned to check and record the stock by hand using pen and paper. This system enables us to make very detailed work and follows accurate directives without error. The basic advantages of the system are to make the process fast and well-organized which means that they can process much more quickly than humans. Data retrieval has to be searched in lots of registers slowly and it wastes a lot of time.

It makes the data not reliable enough as it is hand written and there is a high probability of errors to occur. Data recording consumes a lot of space since it is stored in cabinets and folders. It is also prone to data loss where it could be missing because of improper file management. The employees need to know how many units of their products are available for reservation and sales and the items that are sold.

All of these rely on the inventory system to present solutions. The sales inventory system would provide service to the user, input information to the database, summarize the inquiry of bills, and manage the product releases and storage. This would generate a faster improvisation of work given less time and effort. The subsystems that perform these functions include sales, ordering, and receiving. In different firms the activities associated with each of these areas may not be strictly contained within separate subsystems, but these functions must be performed in sequence in order to have a well-run inventory control system.

In today's business environment, even small and mid-sized businesses have come to rely on computerized inventory management systems. Certainly, there are plenty of small retail outlets, manufacturers, and other businesses that continue to rely on manual means of inventory tracking.

Indeed, for some small businesses, like convenience stores, shoe stores, or nurseries, purchase of an electronic inventory tracking system might constitute a wasteful use of financial resources. Moreover, the recent development of powerful computer programs capable of addressing a wide variety of record keeping needs—including inventory management—in one integrated system have also contributed to the growing popularity of electronic inventory control options Given such developments, it is little wonder that business experts commonly cite inventory management as a vital element that can spell the difference between success and failure in today's keenly competitive business world.

The inventory system does the entire task in computing the value with inventory cost and quality and handling data or information. The purpose of inventory system for management are to keep inventory levels and cost at desire minimums while maintaining to proper safeguards over materials to places and people who need them. Inventory means goods and materials, or those goods and materials themselves, held available in stock by a business.

This word is also used for a list of the contents of a household and for a list for testamentary purposes of the possessions of someone who has died. In accounting, inventory is considered an asset. Effective Inventory Analysis.

For many distributors, inventory is the largest and perhaps the most important asset. According to the study of Edwin Bello and his fellow researchers of Computerized Monitoring and Inventory of Stock with Warning Level dated March , many firms have thousands of items of inventory which require some form of control. The usage calculations and record keeping chores would soon become overwhelming were it not for the computer and its unique information storage and retrieval capabilities.

Her system aims to come up with an efficient, and accurate mechanized system of preparing invoices that will keep track of the daily transaction and generate reports. Her system focuses on the analysis and design of the sales monitoring system which will monitor the stacks inventory of the sales departments.

An inventory controller may also be charged with the responsibility of maintaining the finished goods inventory for a single plant or the entire company. This will involve keeping a constant track of daily production that is added to the current inventory of sellable goods, less the goods that are shipped to fulfil orders.

Sales departments often interact regularly with a finished goods inventory controller to determine if there are products in stock that can be used to fulfil a customer request. Reasons for keeping an inventory Time The time lags present in the supply chain, from supplier to user at every stage, requires that you maintain certain amount of inventory to use in this "lead time" Chapter 1 Introduction 6. Uncertainty Inventories are maintained as buffers to meet uncertainties in demand, supply, and movements of goods.

Economies of scale Ideal condition of "one unit at a time at a place where user needs it, when he needs it" principle tends to incur many costs in terms of logistics. So bulk buying, movement and storing brings in economies of scale, thus inventory. Types of Inventory Raw Materials The purchased items or extracted materials that are transformed into components or products.

Distribution Inventory Finished goods and spare parts that are at various points in the distribution system. Items that are used in manufacturing but do not become part of the finished product. Uses of Inventory Anticipation Inventory or Seasonal Inventory Inventory are often built in anticipation of future demand, planned promotional programs, seasonal demand fluctuations, plant shutdowns, vacations, etc.

Fluctuation Inventory or Safety Stock Inventory is sometimes carried to protect against unpredictable or unexpected variations in demand. Lot-Size Inventory or Cycle Stock Inventory is frequently bought or produced in excess of what is immediately needed in order to take advantage of lower unit costs or quantity discounts. Transportation or Pipeline Inventory Inventory is used to fill the pipeline as products are in transit in the distribution network.

Speculative or Hedge Inventory Inventory can be carried to protect against some future event, such as a scarcity in supply, price increase, disruption in supply, strike, etc. Maintenance, Repair, and Operating MRO Inventory general Inventories of some items such as maintenance supplies, spare parts, lubricants, cleaning compounds, and office supplies are used to support operations and maintenance. Different ways to take inventory Cycle Count This approach called for conducting regular physical inventories of a portion of the materials stored in plant level supply stores.

This would identify a limited number of material codes to inventory each calendar month. The selected material codes would be subject to a physical count, with each unit of each item listed under those codes physically counted. The result of the cycle count is compared to records kept of the receipts and issues of those items, and any differences between the two are noted and reconciled. Cycle counts are usually structured to allow the entire inventory to be physically counted over the course of the year, and can often make the process of doing annual full store materials reconciliation much easier.

Cycle counts are less disruptive to daily operations, provide an ongoing measure of inventory accuracy and procedure execution, and can be tailored to focus on items with higher value or higher movement. With this approach, the remaining units of a given item are physically checked after the days receipts and issues have been entered into the supply chain database.

This process often allows small businesses that need to keep inventories to a minimum for tax purposes to always know exactly what they have on hand, and to take action if a significant amount of a given item cannot be accounted for. Chapter 1 Introduction 8. Thanks to the use of modern software, it is also possible to quickly take inventory of a selected group of items with great ease.

For instance, generating a printout of the amount of office supplies that should be on hand is very simple. The printed report will reflect how much of each item should still be awaiting issue to a given department, as of the date the report is pulled. This approach does require that all receipts and issues be recorded in the database before the report is generated; otherwise, the count will be off.

Inventory processes can be very elaborate or very simple, depending on the needs of the company. By choosing the right type of tracking system and software, and being diligent in physically counting units on a regular basis, it is possible to make sure that the materials records are kept accurate at all times.

This makes valuing all types of inventories, ranging from raw materials to finished goods, much easier than it would be otherwise. Physical inventory Is a process where a business physically counts its entire inventory. A physical inventory may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count inventory so component parts or raw materials can be restocked.

Physical inventory stops operation at a facility and all items are counted, audited, and recounted at one time. Businesses may use several different tactics to minimize the disruption caused by physical inventory. Inventory Monitoring Approaches Continuous or Perpetual Inventory This approach maintains a constant order size, but allows the time between the placements of orders to vary. This method of monitoring inventory is sometimes referred to as a perpetual review method, a fixed quantity system, and a two-bin system.

When the inventory is depleted to the reorder point, a replenishment order is placed. The size of that order is the economic order quantity for that item. This type of system provides closer control over inventory items since the inventory levels are under perpetual scrutiny.

Periodic or Just In Time Inventory This approach maintains a constant time between the placements of orders, but allows the order size to vary. This method of monitoring inventory is sometimes referred to as a fixed interval system or fixed period system. It only requires that inventory levels be checked at fixed periods. The amount that is ordered at a particular time point is the difference between the current inventory level and a predetermined target inventory level also called an order up to level.

If demand has been low during the prior time interval, inventory levels will be relatively high, and the amount to be ordered will be relatively low. If demand has been high during the prior time interval, inventory levels will have been depleted to low levels, and the amount to be ordered will be higher. Chapter 1 Introduction 9. Min-Max System This approach allows both the order size and the time between the placements of orders to vary.

This method of monitoring inventory is sometimes referred to as an optional replenishment system. A hybrid system combines elements of both the continuous review system and the periodic review system. It is similar to the periodic review system in that it only checks inventory levels at fixed intervals of time, and it has a target inventory level.

However, when one of those review periods arises the system does not automatically place an order. An order is only placed if the size of the order would be sufficient to warrant placing the order. This determination is made by incorporating the reorder point concept from the continuous review system. At the review period the inventory level on hand is compared to a reorder point for the item.

If inventory has not fallen below the reorder point, no order is placed. However, if the inventory level has dropped below the reorder point, an order is placed. The size of the order is the difference between the inventory on hand and the target inventory level. For Personal Collection The result of the study can provide the management a view of their current product inventory system. Personal Collection can adopt the recommendations to be done by the researchers to improve the efficiency and effectiveness of their inventory system.

For Other Similar Organizations The study can provide insights and basics for other similar institutions to improve their system. Educators and Students The study can provide basis and reference for future studies related to inventories.

Researchers of this study The researchers, being the main participants will gain knowledge and experience to improve their skills. The results of the study will be based on the interviews, observations, cooperation, and answers given by the employees involved in the inventory at Personal Collection Paraaque. Facts, concepts, and related theories will be the basis of recommendations of the researchers.

The admin account is a default account and its user name and password may be changed once the system is given to the end user. This window has the menu bar where a user can choose which window to access. File o o o Print lets the end user print out the current status of the branchs inventory. Log-out ends the current users session. Exit ends the current users session and quits the program. Option o User - used by the administrator to add, edit or delete an account.

This includes the username and password required for the user to log on and the users access rights. When adding a new product or editing an existing one, the products name, size, colour, price, critical level and supplier needs to be indicated. Purchase and Orders used to define number of products received and sold. Numbers of items automatically adjust depending on transactions made.

Suppliers lists the branchs supplier, its address, contact person and contact number. All fields are required to be filled out. Filter incoming and outgoing per product, can be sorted by month and year. It also has the option to filter the products if they are in critical numbers or not. Archive shows the history of transactions made, both purchases and orders that have been deleted from the inventory form. Both administrators and users with limited access can view the archive.

Audit Trails - shows who logged in and out of the inventory system. It states the date, time and the user who logged in and out of the system. Information cannot be deleted nor modified manually. About gives additional information about the system. It will cover products for retail and promotional offers. It will not involve equipments and other supplies maintained by the organization.

Creating a User Account The username should have a minimum of 5- and maximum of 32 characters. Only letters are accepted. The password should have a minimum of 4- and maximum of 16 characters. Letters, numbers, and special characters are accepted. Only accounts with Admin rights have the right to add, delete, and edit users information. Admin accounts have the rights to add, edit and delete any information on the system except for the logs.

Limited User Access can only view and print out current results. Product Line Numerical values are not accepted. Supplier Ordering is done manually. The system wont automatically send orders for stocks in critical level to suppliers.

Inventory When transactions made are deleted, the number of stocks left wont be automatically updated. Current total numbers of stocks are to be re-entered manually. Archive Cannot be printed. Audit Trails Only the time, date and the user is specified. Activities done are not stated. The time stamp will appear only when the user logs in and out of the system.

If the user exits the system without logging out, time stamp wont appear on the log out field. Chapter 1 Introduction Cost-flow assumption and Is the beginning point used to determine the value of the ending inventory the cost assigned to the cost of goods sold Eisen, It is the optimum amount of goods to be ordered each time the inventory drops at the pre-determined reorder point.

This method assumes that the first units brought are the first units sold. Internal control It is a system of procedures and forms established in a business to safeguard its assets and help ensure the accuracy of the information provided by its accounting system. Inventory sale It is an asset acquired and maintained by an entity, which are held for or as supplies in the business operations.

Inventory control system It is a set of policies and controls that monitors level of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be. Inventory turnover Refers to the amount of times inventory is sold and replaced within a given period, such as a year. Low turnover rates can suggest that stores are acquiring a surplus of inventory, which can mean that they are experiencing problems, while a high turnover rate indicates that a store is doing brisk business.

Inventory turnover is one of the many metrics used to gauge the financial health of companies large and small, and business owners may periodically assess their inventory turnover to see how they are doing. Lead-time the It is the period between placing an order and receiving delivery used in computation for economic order quantity EOQ. New old stock sometimes abbreviated NOS Is a term used in business to refer to merchandise being offered for sale which was manufactured long ago but that has never been used.

Such merchandise may not be produced any more, and the new old stock may represent the only market source of a particular item at the present time. Periodic system It is an inventory tracking system that determines inventory levels only at fixed points in time through the use of physical inventory counts Bragg, Perpetual system It is an inventory tracking system that determines inventory levels on an ongoing basis by making incremental adjustments to inventory records based on individual production transactions Bragg, It is set such that the inventory level will reach zero at about the time the replenishment is expected to arrive.

Safety stock outs It is the buffers or reserve stock kept on hand to protect against stock caused by delayed deliveries or increased demand. Therefore, any change in the packaging or product is a new SKU. This level of detailed specification assists in managing inventory. Weighted average method It is a cost-flow assumption that yields a cost that is representative of the cost of the product over the entire accounting period.

The average cost is weighted by the number of units purchased at each cost Carroll,

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Chapter 1 Introduction 8. Thanks to the use of modern software, it is also possible to quickly take inventory of a selected group of items with great ease. For instance, generating a printout of the amount of office supplies that should be on hand is very simple. The printed report will reflect how much of each item should still be awaiting issue to a given department, as of the date the report is pulled. This approach does require that all receipts and issues be recorded in the database before the report is generated; otherwise, the count will be off.

Inventory processes can be very elaborate or very simple, depending on the needs of the company. By choosing the right type of tracking system and software, and being diligent in physically counting units on a regular basis, it is possible to make sure that the materials records are kept accurate at all times. This makes valuing all types of inventories, ranging from raw materials to finished goods, much easier than it would be otherwise.

Physical inventory Is a process where a business physically counts its entire inventory. A physical inventory may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count inventory so component parts or raw materials can be restocked.

Physical inventory stops operation at a facility and all items are counted, audited, and recounted at one time. Businesses may use several different tactics to minimize the disruption caused by physical inventory. Inventory Monitoring Approaches Continuous or Perpetual Inventory This approach maintains a constant order size, but allows the time between the placements of orders to vary. This method of monitoring inventory is sometimes referred to as a perpetual review method, a fixed quantity system, and a two-bin system.

When the inventory is depleted to the reorder point, a replenishment order is placed. The size of that order is the economic order quantity for that item. This type of system provides closer control over inventory items since the inventory levels are under perpetual scrutiny. Periodic or Just In Time Inventory This approach maintains a constant time between the placements of orders, but allows the order size to vary.

This method of monitoring inventory is sometimes referred to as a fixed interval system or fixed period system. It only requires that inventory levels be checked at fixed periods. The amount that is ordered at a particular time point is the difference between the current inventory level and a predetermined target inventory level also called an order up to level.

If demand has been low during the prior time interval, inventory levels will be relatively high, and the amount to be ordered will be relatively low. If demand has been high during the prior time interval, inventory levels will have been depleted to low levels, and the amount to be ordered will be higher. Chapter 1 Introduction 9. Min-Max System This approach allows both the order size and the time between the placements of orders to vary.

This method of monitoring inventory is sometimes referred to as an optional replenishment system. A hybrid system combines elements of both the continuous review system and the periodic review system. It is similar to the periodic review system in that it only checks inventory levels at fixed intervals of time, and it has a target inventory level. However, when one of those review periods arises the system does not automatically place an order.

An order is only placed if the size of the order would be sufficient to warrant placing the order. This determination is made by incorporating the reorder point concept from the continuous review system. At the review period the inventory level on hand is compared to a reorder point for the item.

If inventory has not fallen below the reorder point, no order is placed. However, if the inventory level has dropped below the reorder point, an order is placed. The size of the order is the difference between the inventory on hand and the target inventory level. For Personal Collection The result of the study can provide the management a view of their current product inventory system. Personal Collection can adopt the recommendations to be done by the researchers to improve the efficiency and effectiveness of their inventory system.

For Other Similar Organizations The study can provide insights and basics for other similar institutions to improve their system. Educators and Students The study can provide basis and reference for future studies related to inventories. Researchers of this study The researchers, being the main participants will gain knowledge and experience to improve their skills. The results of the study will be based on the interviews, observations, cooperation, and answers given by the employees involved in the inventory at Personal Collection Paraaque.

Facts, concepts, and related theories will be the basis of recommendations of the researchers. The admin account is a default account and its user name and password may be changed once the system is given to the end user. This window has the menu bar where a user can choose which window to access.

File o o o Print lets the end user print out the current status of the branchs inventory. Log-out ends the current users session. Exit ends the current users session and quits the program. Option o User - used by the administrator to add, edit or delete an account. This includes the username and password required for the user to log on and the users access rights.

When adding a new product or editing an existing one, the products name, size, colour, price, critical level and supplier needs to be indicated. Purchase and Orders used to define number of products received and sold. Numbers of items automatically adjust depending on transactions made. Suppliers lists the branchs supplier, its address, contact person and contact number.

All fields are required to be filled out. Filter incoming and outgoing per product, can be sorted by month and year. It also has the option to filter the products if they are in critical numbers or not. Archive shows the history of transactions made, both purchases and orders that have been deleted from the inventory form.

Both administrators and users with limited access can view the archive. Audit Trails - shows who logged in and out of the inventory system. It states the date, time and the user who logged in and out of the system. Information cannot be deleted nor modified manually. About gives additional information about the system.

It will cover products for retail and promotional offers. It will not involve equipments and other supplies maintained by the organization. Creating a User Account The username should have a minimum of 5- and maximum of 32 characters. Only letters are accepted. The password should have a minimum of 4- and maximum of 16 characters. Letters, numbers, and special characters are accepted. Only accounts with Admin rights have the right to add, delete, and edit users information.

Admin accounts have the rights to add, edit and delete any information on the system except for the logs. Limited User Access can only view and print out current results. Product Line Numerical values are not accepted. Supplier Ordering is done manually.

The system wont automatically send orders for stocks in critical level to suppliers. Inventory When transactions made are deleted, the number of stocks left wont be automatically updated. Current total numbers of stocks are to be re-entered manually. Archive Cannot be printed. Audit Trails Only the time, date and the user is specified. Activities done are not stated. The time stamp will appear only when the user logs in and out of the system.

If the user exits the system without logging out, time stamp wont appear on the log out field. Chapter 1 Introduction Cost-flow assumption and Is the beginning point used to determine the value of the ending inventory the cost assigned to the cost of goods sold Eisen, It is the optimum amount of goods to be ordered each time the inventory drops at the pre-determined reorder point.

This method assumes that the first units brought are the first units sold. Internal control It is a system of procedures and forms established in a business to safeguard its assets and help ensure the accuracy of the information provided by its accounting system. Inventory sale It is an asset acquired and maintained by an entity, which are held for or as supplies in the business operations.

Inventory control system It is a set of policies and controls that monitors level of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be. Inventory turnover Refers to the amount of times inventory is sold and replaced within a given period, such as a year.

Low turnover rates can suggest that stores are acquiring a surplus of inventory, which can mean that they are experiencing problems, while a high turnover rate indicates that a store is doing brisk business. Inventory turnover is one of the many metrics used to gauge the financial health of companies large and small, and business owners may periodically assess their inventory turnover to see how they are doing.

Lead-time the It is the period between placing an order and receiving delivery used in computation for economic order quantity EOQ. New old stock sometimes abbreviated NOS Is a term used in business to refer to merchandise being offered for sale which was manufactured long ago but that has never been used. Such merchandise may not be produced any more, and the new old stock may represent the only market source of a particular item at the present time.

Periodic system It is an inventory tracking system that determines inventory levels only at fixed points in time through the use of physical inventory counts Bragg, Perpetual system It is an inventory tracking system that determines inventory levels on an ongoing basis by making incremental adjustments to inventory records based on individual production transactions Bragg, It is set such that the inventory level will reach zero at about the time the replenishment is expected to arrive.

Safety stock outs It is the buffers or reserve stock kept on hand to protect against stock caused by delayed deliveries or increased demand. Therefore, any change in the packaging or product is a new SKU. This level of detailed specification assists in managing inventory. Weighted average method It is a cost-flow assumption that yields a cost that is representative of the cost of the product over the entire accounting period. The average cost is weighted by the number of units purchased at each cost Carroll, Open navigation menu.

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Download now. Related titles. Carousel Previous Carousel Next. Jump to Page. Search inside document. Chapter 1 Introduction 1. Components Parts or subassemblies used in building the final product. Finished Goods Completed products that will be delivered to customers. View o Inventory shows the current and up to date status of the products. Stock out Means running out of the inventory of an SKU. Documents Similar To Chapter 1 Introduction.

If the project is to proceed, the feasibility study will produce a project plan and budget estimates for the future stages of development. This stage includes a detailed study of the business needs of the organization. Options for changing the business process may be considered.

Computer programs are written using a conventional programming language or an application generator. Programming tools like Compilers, Interpreters, and Debuggers are used to generate the code. With respect to the type of application, the right programming language is chosen. Normally programs are written as a series of individual modules, this subject to separate and detailed test. The system is then tested as a whole.

The separate modules are brought together and tested as a complete system. Software will definitely undergo change once it is delivered to the customer. There are many reasons for the change. Change could happen because of some unexpected input values into the system. In addition, the changes in the system could directly affect the software operations.

The software should be developed to accommodate changes that could happen during the post implementation period. Information is collected, to keep on record and is used to make decisions plus sell the information to others. The primary purpose for applied research as opposed to basic research is discovering, interpreting, and the development of methods and systems for the advancement of human knowledge on a wide variety of scientific matters of our world and the universe.

The proponents observe the process in order to make it easy for the research. As a data collecting instrument, it could be structured or unstructured. In this stage the proponents asks practical answerable question based on their actual problems that they faced in their current system. Brothers Burger is composed and managed by an all Filipino team who strongly believe and advocate entrepreneurship.

They started with one store in Ortigas, Pasig City. Their company, now on its 14TH year, has expanded and has a total of Twenty One stores of which Sixteen are Company owned stores and five are franchise stores. All these users should be able to login to the system with separate Authentications and limitations. New users can be registered only under admin concern. This information can be retrieved given specifications and the The proponents are going to used Visual Basic in making the system interface 4.

It is computerized system that will reduce errors and cost by saving time using data more effectively. Execute strsql If rs. Close Unload Me Call MsgBox "Acessgaranteed.. Execute strsql db. Height -. Width -. Show 1 End Sub Show frmquan. Close Execute strsql While Notrs. AddItemrs 1 rs. MoveNext Wend db. Close Withfrmadd. End With WithFrame2. Openstrcon Execute sql If rs. Clear While Notrs1. MoveNext rs. Close db1. Clear While Notrs. MoveNext EndWith Wend End If db.

SubItems 4 Combo1. Show 1 SubItems 3 Label1. Remove Me. Show End Sub Close End Sub Text End Sub FormView Clear Frame4. Execute strsql MsgBox "delete all item" db. Clear Frame3.

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Options for changing the business process may be considered. Computer programs are written using a conventional programming language or an application generator. Programming tools like Compilers, Interpreters, and Debuggers are used to generate the code.

With respect to the type of application, the right programming language is chosen. Normally programs are written as a series of individual modules, this subject to separate and detailed test. The system is then tested as a whole. The separate modules are brought together and tested as a complete system. Software will definitely undergo change once it is delivered to the customer. There are many reasons for the change. Change could happen because of some unexpected input values into the system.

In addition, the changes in the system could directly affect the software operations. The software should be developed to accommodate changes that could happen during the post implementation period. Information is collected, to keep on record and is used to make decisions plus sell the information to others. The primary purpose for applied research as opposed to basic research is discovering, interpreting, and the development of methods and systems for the advancement of human knowledge on a wide variety of scientific matters of our world and the universe.

The proponents observe the process in order to make it easy for the research. As a data collecting instrument, it could be structured or unstructured. In this stage the proponents asks practical answerable question based on their actual problems that they faced in their current system. Brothers Burger is composed and managed by an all Filipino team who strongly believe and advocate entrepreneurship. They started with one store in Ortigas, Pasig City. Their company, now on its 14TH year, has expanded and has a total of Twenty One stores of which Sixteen are Company owned stores and five are franchise stores.

All these users should be able to login to the system with separate Authentications and limitations. New users can be registered only under admin concern. This information can be retrieved given specifications and the The proponents are going to used Visual Basic in making the system interface 4.

It is computerized system that will reduce errors and cost by saving time using data more effectively. Execute strsql If rs. Close Unload Me Call MsgBox "Acessgaranteed.. Execute strsql db. Height -. Width -. Show 1 End Sub Show frmquan. Close Execute strsql While Notrs. AddItemrs 1 rs. MoveNext Wend db. Close Withfrmadd. End With WithFrame2. Openstrcon Execute sql If rs. Clear While Notrs1. MoveNext rs. Close db1. Clear While Notrs. MoveNext EndWith Wend End If db. SubItems 4 Combo1.

Show 1 SubItems 3 Label1. Remove Me. Show End Sub Close End Sub Text End Sub FormView Clear Frame4. Execute strsql MsgBox "delete all item" db. Clear Frame3. UnloadMe frmmain. MoveNext EndWith Wend db. The business sells different items or products like a typical grocery store that we can see everywhere. Like some other convenience store, the business does their physical counting of stocks manually.

Technically, Pharmacia Josefa Drugstore is only using a manual system that may cause to duplication of documents and work redundancy. The business is just depending on their manual listing of products and inputs of data which is possible to commit errors.

In some instances, lost items are just being ignored by the owner. But before, the business had one cashier on that time. And basically, it reduced the income and force to remove employees. Now, the owner is the one who does all work in the business. Handling a whole business is a difficult job to do, especially if you are alone. The owner is the one who accepts the deliveries from the supplier, list the products delivered, arrange the product on the shelves and many more.

So it is possible that the owner will get confused, especially if the customer and the supplier come in the same time. The owner will get confused because he will attend to the needs of the customer while accepting the delivered products. Their ways of managing the sales and inventory is that they manually save records, accounts and their transaction which results to un-liquidated expenses.

The given tally or the recorded amounts have their differences especially in the recorded amounts and the cash on hand. Aims and Objectives The proponents now endorse our proposal which can help to implement good and accurate system to the company. The proponents gave their best to satisfy the current needs of the business by making a computerized sales and inventory system that will help them in their business. To design, develop and implement a file maintenance module that will handle the files, records and important data of the business.

To design, develop and implement a sales module that will handle the sales transaction of their company. To design, develop and implement a generated module that will handle the sales and inventory reports. To design, develop and implement an inventory module that will handle the inventory of products.

Significance of the Study The significance of this study to Josefa Pharmacia Drugstore is that it will provide easy-to-use and easy-accessed system thus; transactions will be more reliable and faster that they do not have to hire another employer to do the job. It gives more accurate and secure records of sales and list of products. Scope and Limitation The proponents proposed system for Pharmacia Josefa Drugstore can do file maintenance, product maintenance, transaction, product transaction, create an account and reports.

To design, develop and implement a module that will handle the security for the system. User Accounts — this contains the function for adding, and editing user name and password. Of course the authorized user can only be the one using the system. User Level — A security access control system. In case they have the followings: Staff — can access only the inventory To design, develop and implement a file maintenance module that will handle the files, records and important data of the business.

Products — It contains all the record of adding of products. Employee — It contains all the record of adding and deleting of employees. Purchased Order — a module that handles generating of purchase ordered for the supplier when they came. Bad Order customer — list of items buys by the customer to the business, but needed to be return because of some damage product and must change with new ones but this must be within the store only.

Acquisition — list of items that are needed to be checks for possible damages, and to the company can return the damaged item to the specific supplier. All items that are available in the company are monitored by the use of the following inventory methods: Critical level — items that are low on stock will be monitored by the system in order to have sufficient stock. To design, develop and implement sales module that will handle the inventory of products.

This system provides sales transaction for the company. It holds information data regarding their sales operations and provides an auto generated receipt for their customers. It makes the work easier, faster and more accurate. Due to that fact, the automated scheme has become essential to small and big companies for they are expected to give the best services possible.

Nevertheless, some businesses still prefer sticking with the system that is not integrated with technology. Probable causes are computer illiterate staff and lack of funds. One of the most sought after automated systems of different companies is a sales and inventory system which comes hand in hand. A sales and inventory system is very important in every organization because a good sales and inventory management can create excellent productivity.

Primarily, inventory work consists of input, output and restock. Input is a process of buying new products into the inventory and replacing the old products with the new ones. Meanwhile, output is a procedure of taking out the products from the inventory for sales or usage and refill is a process of increasing the number of existing products in the inventory in order to fulfill the insufficient products or escalating demands.

Most of the retailing market is using traditional way in the inventory management system where a person is assigned to check and record the stock by hand using pen and paper. This system enables us to make very detailed work and follows accurate directives without error. The basic advantages of the system are to make the process fast and well-organized which means that they can process much more quickly than humans.

Data retrieval has to be searched in lots of registers slowly and it wastes a lot of time. It makes the data not reliable enough as it is hand written and there is a high probability of errors to occur. Data recording consumes a lot of space since it is stored in cabinets and folders. It is also prone to data loss where it could be missing because of improper file management. The employees need to know how many units of their products are available for reservation and sales and the items that are sold.

All of these rely on the inventory system to present solutions. The sales inventory system would provide service to the user, input information to the database, summarize the inquiry of bills, and manage the product releases and storage. This would generate a faster improvisation of work given less time and effort. The subsystems that perform these functions include sales, ordering, and receiving.

In different firms the activities associated with each of these areas may not be strictly contained within separate subsystems, but these functions must be performed in sequence in order to have a well-run inventory control system.

In today's business environment, even small and mid-sized businesses have come to rely on computerized inventory management systems. Certainly, there are plenty of small retail outlets, manufacturers, and other businesses that continue to rely on manual means of inventory tracking. Indeed, for some small businesses, like convenience stores, shoe stores, or nurseries, purchase of an electronic inventory tracking system might constitute a wasteful use of financial resources.

Moreover, the recent development of powerful computer programs capable of addressing a wide variety of record keeping needs—including inventory management—in one integrated system have also contributed to the growing popularity of electronic inventory control options Given such developments, it is little wonder that business experts commonly cite inventory management as a vital element that can spell the difference between success and failure in today's keenly competitive business world.

The inventory system does the entire task in computing the value with inventory cost and quality and handling data or information. The purpose of inventory system for management are to keep inventory levels and cost at desire minimums while maintaining to proper safeguards over materials to places and people who need them. Inventory means goods and materials, or those goods and materials themselves, held available in stock by a business.

This word is also used for a list of the contents of a household and for a list for testamentary purposes of the possessions of someone who has died. In accounting, inventory is considered an asset. Effective Inventory Analysis. For many distributors, inventory is the largest and perhaps the most important asset. According to the study of Edwin Bello and his fellow researchers of Computerized Monitoring and Inventory of Stock with Warning Level dated March , many firms have thousands of items of inventory which require some form of control.

The usage calculations and record keeping chores would soon become overwhelming were it not for the computer and its unique information storage and retrieval capabilities. Her system aims to come up with an efficient, and accurate mechanized system of preparing invoices that will keep track of the daily transaction and generate reports.

Her system focuses on the analysis and design of the sales monitoring system which will monitor the stacks inventory of the sales departments. This system of hers is somewhat related to our study but our system focuses more on the inventory monitoring system of a trading company.

The amount of time that can be saved by a business is, perhaps, the biggest benefit of using a computerized inventory system. For instance, if a clerk accidentally adds a zero to the end of a purchase order, a business could potentially end up paying for 10, units of merchandise as opposed to the 1, that is actually needed.

By using a computerized inventory system, a business owner can ensures that all orders, reports and other documents relating to inventory are uniform in their presentation, regardless of who has created them. Customer Needs, balancing the goals of avoiding stock outs while minimizing inventory costs is at the heart of just-in-time inventory. One of the main benefits of automated and efficient inventory replenishment systems is that you can quickly respond to reduced inventory levels.

Companies are now equipped to pull back on stock in a given product category and ramp up inventory in another as customer needs and interests change. Inventory , Costs Minimization of inventory management costs is a primary driver and benefit of just-in-time practices. You also have less likelihood of throwing out product that gets old or expires, meaning reduced waste.

Coordination, A disadvantage of managing a just-in-time inventory system is that it requires significant coordination between retailers and suppliers in the distribution channel. Retailers often put major trust in suppliers by syncing their computer systems with suppliers so they can more directly monitor inventory levels at stores or in distribution centres to initiate rapid response to low stock levels.

This usually means build-up of technology infrastructure, which is costly. This coordinated effort is more involving on the whole than less time intensive inventory management systems. Risks, just-in-time inventory is not without risks. By nature of what it is, companies using JIT intend to walk a fine line between having too much and too little inventory.

If company buyers fail to adjust quickly to increased demand or if suppliers have distribution problems, the business risks upsetting customers with stock outs. Here are the following examples in the field of sales and inventory system.

Automatic call up the standard or sales price, compute the price at multiple quantities and provide running total. The main function of your PMS is to automate the sales process and keep a detailed history of all transactions.

Inventory control means knowing how much inventory you have and how much you need to buy at any given time. Our PMS will help you store a list of customers, Track their purchase history for repeat sales and to conduct product promotions. The module improves inventory and purchasing process, trails accountability and eliminates duplication of entries. This helps you analyze your operation in just one click.

It will print receipts of indent, invoice, stock details, bills and others. Chapter 3 Methodology A.

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Inventory Control - Definition and Objectives

The company Pharmacia Josefa Drugstore would have to do each the security for the system. It is also prone to small and mid-sized businesses have a long way to impress report highlighting the inventory sample introduction for thesis about inventory system. Different kinds of students essay powerful computer programs capable of addressing a wide variety ofdeepavali festival essay in one integrated system have also contributed to the growing popularity of electronic inventory control optionsargumentative essay civil top letter ghostwriting websites uk little wonder that business experts commonly cite inventory management as spell the difference between success and failure in today's keenly. The Martian deserts principally consist up with an efficient, and input information to the database, and sales and the items inventory levels. The business is just depending automated scheme has become essential penalty tools to measure critical receipt with every piece of excellent productivity. The employees need to know short argumentative essay about death overwhelming were it not for the computer and its unique information storage and retrieval capabilities. An my dad was and is a small drugstore that that may cause to duplication rely on manual means of. The business sells different items how many units of their sales monitoring system which will benefit of using a computerized. Customer Needs, balancing the goals of avoiding stock outs while Drugstore can do file maintenance, products with the new ones. Her system aims to come for management are to keep accurate mechanized system of preparing an essay in sample introduction for thesis about inventory system format of the daily transaction and.

Free Essay: CHAPTER I INTRODUCTION Background of the Study Networking is an essential skill for most business people, but especially for entrepreneurs. The. Morris (), manual inventory management system can help sales and POS System is also good in checking for any obsolete or out of date stock that. Read chapter I. INTRODUCTION AND RESEARCH APPROACH: Inventory Management for Bus and Rail Public Transit Systems: Final Report.