20-07-2012, 04:22 PM
Operations Research and Management
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INTRODUCTION
You are in trouble if you have to keep telling customers, "I'm sorry
we're out of that size. May we order it for you?" Even though the shirts are
selling briskly, you will lose customers if you don't have an item in stock.
When the customer spends, you have got to be ready with the goods. This is
what inventory management is all about.
In many retail and wholesale operations, the single largest asset is
inventory. Control of this investment is vital. It will eliminate a number of
the problems associated with capital shortages and will also provide capital
to permit expansion of operations for increased sales and profit.
INVENTORY MANAGEMENT
customers, even at a discount. However, there are other possibilities. There
may be a wholesale market available for certain kinds of inventory.
Excessive consumer goods inventories are often sold to "bargain basements"
or warehouse outlets. Perhaps you can even arrange wholesale sales to a
competitor. Frequently, it is wiser to scrap inventory that shows no sales
activity for an extended period of time. In this way, you reduce a misleading
overstatement of inventory on your company's books. At the same time, you
make space available for inventory that can be sold at a profit.
ANALYSIS
Here the 8 variables stand for the 8 questions asked to the respondents. After
calculating the mean, we can see that overall the mean is above 4, which
means that the customers are “Often” satisfied with the services they receive
at the store. As the mean of question number 8 is highest we can infer that
the customers are happy with the way the store is managed. However since
the mean of question number 6 is lowest, we can infer that the customers are
not happy with the quality of the products the buy from the store. They think
that it is due to the low price of the products available there. The same is
shown in the bar graph.
But when we look at the standard deviation of the data, we see that the
standard deviation of the responses is highest for question number 5, where
as it is the lowest for question number 8. It signifies that, the response of
question number 5 differs in opinion among customers. Some are satisfied
with the time taken to respond to there queries, whereas some are not.
However, question number 8 has a unanimous response, and so it has the
lowest deviation from the standards. It is everyone’s opinion that the
management of Big-Bazaar has to be given all kudos for efficient
functioning and customer satisfaction.