TAILIEUCHUNG - Lecture Purchasing: Selection and procurement for the hospitality industry (8th edition): Chapter 9 - Feinstein, Stefanelli

Chapter 9 - The optimal amount. After completing this chapter, students will be able to: Calculate the correct order quantities and order times using the par stock, Levinson, and theoretical methods; determine the optimal inventory level; explain the benefits and problems of using only the theoretical method for determining inventory levels. | The Optimal Amount 9 YOU SHOULD BE ABLE TO: Calculate the correct order quantities and order times using the par stock, Levinson, and theoretical methods. Determine the optimal inventory level. Explain the benefits and problems of using only the theoretical method for determining inventory levels. OPTIMAL INVENTORY LEVEL A principle objective of inventory management is maintain only the necessary amount of products to serve guests without running out of anything, but not to have so much that the products suffer from spoilage or incur other storage costs. Changed Title to reflect section in book, EGM CORRECT ORDER SIZE AND ORDER TIME Par Stock Approach – the maximum amount of a product you want to have on-hand; order just enough to bring the stock to par Levinson Approach – takes into account forecasted sales, portion sizes and yield percentages planning an order Theoretical Approach – takes into account storage costs, carrying costs and ordering costs when planning purchases Added

• Quản trị kinh doanh
• Purchasing selection
• Hospitality industry
• Distribution systems
• Supplier channels
• Hospitality operations
• The optimal amount
• Technology applications in purchasing
• Ordering procedures
• Administration of purchasing
• Security in the purchasing function
• Purchasing eggs
• Purchasing poultry
• Purchasing fish
• Purchasing meat
• Purchasing beverages
• The optimal supplier
• The buyer’s relations
• The purchase specification
• The optimal price
• Optimal payment policy
• Typical ordering procedures
• Typical receiving procedures
• Storage management procedures
• Processed produce
• Dairy products
• Nonfood expense items