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Logistics and operation managment Essay Example

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Logistics and operation managment

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This particular approach is deemed to be quite vital for controlling the cost of the overall operation management project. This approach or strategy of inventory management has its own strengths and weaknesses. Following this approach, the team i. legendary has been able to control and reduce the cost of inventory management of the company provided within the given scenario. This was done with the help of proper and accurate scheduling of stocks and resources, which further enabled the chances of existence of any sort of confusion.With this particular approach, the group intends to ensure that its goals and objectives of completing the project of planning could be executed in a cost efficient. The approach has its own strengths and weaknesses. Since, cutting cost of operation is one of the most commonly desired goals of business units, the approach of legendary will be to reduce cost and control the cost of inventory in the domain of resource management can be regarded as beneficial and appreciative for the company i. electronic aerials manufacturer. Notably, with this particular strategy of the group, proper and cost efficient inventory management can be ensure, which will further act as beneficial for the overall project of the company, which is conducted by legendary group. However, there are certain key weaknesses of the strategy, which must also be discussed. These weaknesses primarily include complexity within the inventory management process where activities are segregated across various dimensions. Notably, in order to control and reduce the cost of the process of inventory management for raw materials, the activities of the process must be divided into small activities and tasks. This aspect can be justified from the fact that the team i. Legendary divided each of the raw material into different groups under material ordered, material brought forward, new deliveries used in products among others. All these factors within the management of raw material of the project ensure more accuracy while forecasting the need for raw materials for future activities. However, the prevalence of multiple activities may increase the complexity of the process to a considerable manner, which can again be regarded as time consuming.Forecasting was also one of the strategies used by the legendary group in order to conduct the project in operation management.

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