Literature Review Of Related Literature On Inventory Management
Chapter 2
REVIEW OF RELATED LITERATURE
This section deals with the review of related literature from different sources of study such as journals, books and websites. This covers the discussion on inventory management and inventory management methods of pharmacies.
Inventory Management
Inventory management plays an important role in overall efficiency and competitiveness of a business and has an important influence on operating performance of the enterprises. Inventory management includes the processes of purchase, acceptance, storage, custody, and sales, which involves both technical approaches, the management system and mechanism (Jiao & Li, 2012).
In the study of Ayad (2011) inventory management is a continuing process of planning, organizing
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The visual method implies the designated personnel to visually compare the stock on hand with a listing of the amount of products that should be carried. The pharmacist places a purchasing order when the stock number falls below the desired listed amount. The periodic method requires the designated personnel to count the stock and compare it with a listing of minimum desired level of the inventory on regular basis at predetermined periods of time. When the quantities fall below the minimum amount, the products are ordered. The perpetual inventory management method is the common efficient method to manage pharmacy inventory. It involves a computerized system that monitors the inventory all the time on a continuous systematic basis. In this system, the inventory on hand is entered into the computer software, and the appropriate amount of products is automatically reduced from the inventory when a prescription order is filled. Ayad also said that pharmacists can employ a mix of methods, for example conducting annual physical count while maintaining a computerized system. Pharmacist can compare the quantities of products in computer with what is actually on shelves. By this approach, potential variances due to fluctuations in supply and demand will be identified and corrected, and the accuracy of pharmacy's financial records will …show more content…
In absence of computer this system was extremely time consuming and only as accurate as the information collected. Computers made the system into the most accurate and effective inventory system. All pharmacy software is capable in using a perpetual inventory control system. In present, due to large amount of work to set up and maintain, as each item in the inventory had to be entered into the system. Bar code scanning made these steps easy by scanning into the system using the UPC code or invoice, and pricing information will be updated. The on-hand quantity must be verified with a physical count to ensure accuracy. The entire inventory is normally counted at least yearly but most pharmacies will do a physical check of high-cost or fast-moving items more frequently. However, one of the critical pieces of information in this type of system is the reorder point. Inventory level is recognized based on demand that should be maintained for each product (Connors,
Jeremy Wilson Inventory Analysis
1060 Words | 5 PagesA similar system is in place when ordering. The iPad program is set up so that a physical count of perishable items on hand is entered into the iPad app ; based on projected s ales and current inventory , the iPad calculates the order numbers. This has helped Jeremy mak e sure that items are ordered properly and that he has the correct amount of inventory for his sales. However, Jeremy stated , both systems – while they are much better – cannot replace a smart, educated , experienced manager who can recognize that the projection on the apps may not include all variables and must sometimes overrides the direction of the iPad numbers .
Pharmacists In The 1950's
420 Words | 2 PagesMTM is used to describe the broad range of health care services provided by pharmacists. These services include comprehensive medication reviews, medication reconciliation, drug use review, the ordering and review of lab tests, immunizations, drug dosage adjustments, and identification of gaps in care. Integrated systems of care, such as accountable care organizations (ACOs), already view MTM as essential to care delivery and to meeting ACO quality and cost targets. Such organizations also are heavily invested in HIT, including e-prescribing and EHRs. MTM can improve medication adherence and patient outcomes among patients suffering from chronic diseases, thus cutting costs and improving the quality of care and patient
Electronic Prescription Errors
681 Words | 3 PagesPreventable medical mistakes cause approximately 200,000 deaths around the United States each year. (1) More than 1,000,000 Americans are negatively impacted by medication errors each year caused by inadvertent mistakes in the prescription filling process. With 4 out of 5 adults taking at least 1 medication daily and 1 out of 4 adults taking 5 or more medications daily nationwide, errors like these cost healthcare industry billions of dollars per year. Health information technology were developed to transform healthcare services, the way they are provided and compensated. Electronic prescribing (e-prescribing) becomes an internal part of that transformation process, which can be confirmed from annual Surescripts’ National Progress Report.
The Role Of Concussions In Public Health
1262 Words | 6 PagesThese systems identify if a patient is doctor shopping or if a doctor is mis-prescribing medications. They can also identify if a dispenser is selling drugs illegally or by the book. More research
Inventory Management Case Study Cabela's
220 Words | 1 PagesLike REI, Cabela’s manages both consumer direct shipments and store replenishments in the same distribution centers. Cabela’s has three distribution centers as well as two returns processing centers. Each distribution and returns centers being 1 million square feet, can process an excess of 800,000 store, consumer and individual orders. Cabela’s only houses 30% of inventory in its distribution centers and the remaining 70% are stocked at its stores (Supply Chain Digest Home, 2008).
A Brief Note On Recognizing And Understanding Medication Safety
1259 Words | 6 PagesStaff work with the same residents day after day, and the CMs know what the residents take for medications every day. An intervention for preventing the medication error from happing again is implementing a better system in which the medications are administered. First, the medication administration record (MAR), could become computerized. This way it makes it difficult for the CM to sign off all the medications at once for the residents when setting them up. This would alert the nurse that all the residents were getting their medication at the same time, which is impossible.
Nt1330 Unit 2
497 Words | 2 PagesBy implanting this system, PVMS stock levels will be more accurate this will enable PVMS to order the right amount of stock which will save them money also makes it easier to monitor the business. On the other hand, for staff to check stock on the stock database, they need the internet which sometimes may go down resulting in customers going to other stores therefore, will result in PVMS losing profit. To improve, PVMS should set up a virtual private network which will reduce the amount of people using the internet However, a negative impact on providing access to the PVMS network from the internet can result in a higher risk of unauthorised viruses Therefore; PVMS should upgrade their systems yearly to prevent any malfunctions and important data leaks. A negative impact on PVMS is that they have to employ network managers to prevent any virus accessing the PVMS data
Fisher Week Three Response To Mcconnelly: Case Study
150 Words | 1 PagesFisher Week Three Response to McConnelly Yvonne, your post was extremely intriguing to me as a community health department is not an environment I have had the privilege of experiencing. Interestingly, the utilization of computerized order entry does not prevent the prescriber from ordering an incorrect medication dose or the wrong drug (Lapane, Waring, Dube’, & Schneider, 2011). Do the facility employ process to assure nurses are checking the medication in order to avoid the administration of an incorrect drug or dosage? Distractions have been linked to medication errors, consequently, and the ability to care for a solitary patient at one time clearly minimizes the distractions and interruptions that a nurse may experience during medication
Transactional Leadership Theory In Nursing
2920 Words | 12 PagesThere is a lack of support from physicians as a separate medication ordering system will be used, creating an increased in workload and reduction in patient interaction time (Park et al.,
Sainsbury's International Strategy
1086 Words | 5 PagesReport 1 1. Introduction The first supermarket of Sainsbury’s was established in 1869 by John and Mary Ann Sainsbury. Sainsbury’s is a multinational corporation (MNC) located in the UK. Its chain was Britain’s oldest remaining main food retailer and a leading food retailer in the UK and the US. “It also operated in financial service and real estate” (Sebora, T., Rubach, M. and Cantril R., 2014).
Kmart Supply Chain Analysis
5718 Words | 23 PagesIn Kmart stores, there is a price checker system that scans the barcode and show the price. Alignment of current systems with business goals: CBX software increase direct sourcing with suppliers to reduce the prices satisfying its customer tag-line “Lower prices everyday”. Using JDA, Kmart’s objective of customer satisfaction is further enhanced as products are allocated properly reducing stock outs. Using POS systems, staff cost was reduced and transactions became easy. Inventory management systems helps Kmart to organize inventory and manage orders conveniently.
Domino's Value Chain Analysis
1791 Words | 8 PagesThe Value Chain 4 4. Operations Strategy Implications (Store level) 5 5. Inventory Management and Demand Forecasting 9 6. Supply Chain Management 9 7. Quality Management 11 8.
Walmart Supply Chain Management Case Study
995 Words | 4 PagesThen a retail link Bentonville Database was devised which acted as a link to the stores and the Analyst who would analyze the real-time sales data from POS to Walmart's distribution centers. Transaction Processing System (TPS) in Walmart witnesses transactions close to 10 million per day. This system automates repetitive tasks Using a CPFR (Collaborative Planning Forecasting Replenishment) scheme all the links in the supply chain would be connected.
Marketing Strategy Failure: Gap Inc.
2384 Words | 10 PagesMarketing Management Project PROJECT OUTLINE: Choose one company which has a turnaround in the past and one company which failed in the past. Discuss each company’s marketing strategy and reasons for their success or failure. Marketing Strategy Failure: Gap Inc. How Gap turned into Crap! What went wrong?
Leadership In The Workplace: Team Case Study
839 Words | 4 PagesBy using low-cost incremental technology that software applied to inventory control, order selection, short interval scheduling as well as sales forecasting. Company have managed to reduce their inventory levels through just-in-time system, electronic direct interchange (EDI) and extranet enabling retailer and supplier to be in constant touch. Electronic warehousing systems are used for the storage of information. (Marketing policy, planning and communication) For any changes which may occur, the company must be ready to adapt by having IT department that will handles all the technological issues.
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