BOK Matrix Summary of Midwest Beer and Beverage Distributors

BOK Matrix Summary of Midwest Beer and Beverage Distributors
By
Student’s Name
Submitted to
Professor’s Name
In Partial Fulfillment of the Course Requirements for
Course Code: Course Name
University’s Name
Faculty/College Name
Department of Faculty/College Name
Session
Date of Submission
Summary
Inventory and warehouse productivity is an essential aspect of organizational success. In this paper, the Economic Order Quantity (EOQ) is recommended as an approach that can be used to minimize the total costs. In this regard, EOQ is used as part of a continuous evaluation where the inventory level is monitored continuously, and a fixed amount is ordered whenever the stock amount reaches a particular point (Mokhtari, 2018). The key aspects that are clearly articulated through the paper are knowledge application in inventory management, the methodology of information technology, and planning level as strategic. All these aspects are aimed at ensuring the inventory and warehouse management is optimum in the Midwest Beer and Beverage Distributors. The calculation of the EOQ provides a sound basis for understanding the aspects of inventory and warehouse productivity (Choi & Noble, 2013). This allows the company to economize effectively through the use of the inventory management process.
Knowledge/Application Area: Inventory Management
The paper qualifies for the knowledge and application are of inventory management. The process of EOQ is used to monitor the inventory level, and a fixed amount is usually ordered whenever a particular reorder point is reached. This is an essential aspect of ensuring that the level of inventory is perfect and aligns with the needs of clients. Through the use of the EOQ, the business can easily manage the inventory and ensure that the process is effective (Rezaei, 2016). One of the main aims of managing inventory is keeping the supply chain steady and ensuring that the customer's needs are achieved promptly. For example, through the use of the EOQ tool, the managers can decide the amount of stock that is required and reorder the products on time to minimize the costs. In this regard, the paper is useful in articulating the knowledge and application in inventory management, whi...