L.L. Bean, Inc. Case Study Essay

1. How does L.L. Bean use past demand data and a specific item forecast to decide how many units of that item to stock? L.L. Bean uses different type of calculation to determine the number of units of a particular item it should stock (new item or never out item). First we detect a frozen demand forecast for the item in the upcoming season. This figure is a result of an agreement between product people, merchandising, design and inventory specialists. Then, we analyze the historical forecast errors (named A/F ratios) and the frequency distribution of these errors for each individual item by using the historical demand and forecast data. Once the historical forecast errors is determined, we define future forecast errors by using frequency distribution of past forecast errors as probability distribution. Finally we find the service level based on a profit margin calculation: determine by balancing contribution margin if demanded against its liquidation cost if not demanded. We can notice that for new items it is more complicated to have good prevision because we know very little about them. 2. What item costs and revenues are relevant to the decision of how many units of that item to stock? Principally, L.L. Bean will need 3 types of data to decide how many units of an item to stock. First, they need to know the buying cost of the item. Then, they need the selling price of the item. With these 2 figures, they can calculate the profit margin and the costs of understocking. The 3rd figure they need is the liquidation cost of an item. With the liquidation cost, they can calculate the costs of overstocking. With all these data, we can decide the final amount of items to stock by comparing the understocking costs and overstocking costs. 3. What information should Scott Sklar have available to help him arrive at a demand forecast for a particular style of men’s shirt that is a new catalog item? Scott Sklar should have data about actual and forecasted demand of new item that were previously introduced. With these data, he can know the different costs of launching a new item. Then, he should have an idea of the selling price given by marketing, sales and production department. With that, he has to know cost of sales, commissions provided for sales, stock outs and backorders cost. He can also compare this new item to the competitor and get sales information. It will help him to understand the  existing market trends for that new item. Following that he should know the level of buffer stock he should have to avoid stock outs by matching stock out costs and over-stocking costs. Finally he should precise the service level by calculating the profit margin and observe if new products are pulling customers away from existing products. All of this will help him to forecast the demand for a new catalogue item. 4. What should L.L. Bean do to improve its forecasting process? L.L. Bean has 5 important things if the company wants to improve its forecasting process: They have to have more than they have market researches to their products they will sell. Actually, they will be understand clearly all news tendencies so they can adapt their stock to the others They don’t have to understand their real demand, because the goal of the real demand is to increase the profitability In the business world, a company has to understand and find a solution ton maintain the accurate and also a timely data that supports the business decisions The company has to have a forecasting discipline. This one will include a commitment to guide the forecasting process in the firm. Moreover, forecasting is strength and an element of strategic decision-making. Right people have to be involved. In fact, the forecasting management involves that people need to have an easy access to input their intelligence for the forecast, for those who have market information. This intelligenc e has to be used because this will provide information on future demand spikes and troughs.

Answer questions thoroughly from website Research Paper

Answer questions thoroughly from website - Research Paper Example In a society where ample food is being produced, most of it gets imported and the remaining is sold with high profits to the locals and the people who cannot afford it are deprived of the food. g) Efficiency in the allocation of resources is affected by price control. Prices force people to share, knowingly as well as unknowingly. If there is a shortage of a resource and its demand is increasing, by increasing the price the resource can be allocated to more people and the allocated resources can be shared by many. 6. After rent control laws are passed, resources like bricks and pipes etc used in construction of houses are allocated as such that the better quality material goes to the luxury housing building scheme as they can afford to pay more profit on the goods. 8. When a government program produces counterproductive results it is usually a result of the irrationality of the organization as they should have foreseen all the possible outcomes of the program and prepared accordingly 10. Costs are generally taken to be the money we pay for things, when in fact; it actually is an inevitable opportunity to utilize our resources in terms of trade and exchange. So in a primitive society where goods and services are not charged, cost still exists. 11. Adam Smith’s contrasting opinions on capitalists and capitalism are deeply related to social causation and intentional causation as systemic causation is quite common and takes place through a process whereas intentional causation is spontaneous. 12. When the Soviet Union was in command, its industries used more fuel and resources than America yet their output was less. Russia produces a large amount of oil yet the oil is not used in the production of goods. 13. The price of baseball bats can be affected by the demand of paper following a general principal that if a producer is willing to pay a

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Introduction Essay Example | Topics and Well Written Essays - 500 words

Introduction - Essay Example This research is an effort to see how Primark has been able to apply its HR policies towards satisfying its customers and motivating the workforce. The main intention of the study is to develop an understanding of the concepts of Human Resources Management in general and how the established theories and principles are applied to a particular organization. During the study an effort will be made to observe the general working at Primark store in Manchester to seek answers to the following key objectives. Prerequisite to a decent work culture is about respecting individuals and treating everyone, customers and colleagues, with dignity. How Primark has been able to adopt a balancing approach towards motivating the workforce. Undertaking a research implies that one must be aware about the subject, and able to apply the knowledge gained in practical working environment. This research is also being undertaken with the vision that it helps in carving out an effective and efficient HR professional having thorough understanding of the ways employees can be motivated to give optimum performances. To come out with a quality research on the subject and get a feel of the competitive environment in retail industry, get to know about the HR policies of Primark in particular and how its employees feel a

How is nature social Essay Example | Topics and Well Written Essays - 2000 words

How is nature social - Essay Example Such transformations have not only touched on issues concerning natural scientists alone, but also the social scientists, the general public, and environmental groups. Environmental groups, with the aid of the media, guaranteed that, by the 1980s, concepts such as â€Å"ozone holes† and the â€Å"greenhouse effect† would be part of everyday vocabulary. An intricate juxtaposition of scientific developments, technological advances and ideological changes, coupled with consequences of the economic growth, has changed the way in which individuals conceive social representations of nature (Leslie and Evernden 1992, p.4). The paper explores the concept â€Å"social constriction of nature,† which has lately become a crude, but universal term describing various understandings of nature, knowledge, and the world. The essay explores the transformation of the physical environment into landscapes via cultural symbols and how the landscapes mirror individuals’ definiti ons of themselves. ... owever, the philosophy, history, and sociology of science in the last two decades have largely asserted and confirmed the relativism of any distinct scientific claims regarding nature (Crist 2004, p.6). Scientific understandings of nature (inclusive of ecological understandings) have frequently been criticized for being mechanistic. In the last two decades, dissatisfaction with positivism has been rife with many theorists appreciating the roles of culture and language in individuals’ perception and understanding of the nature (Whatmore 2005, p.18). It is apparent that naive forms of realism in which nature is a directly perceptible entity that is concisely available to all irrespective of experience, cultural context, or motivation have not been successful. However, among some social scientists, the stress on cultural factors has replaced, rather than complemented biological explanation, which reflects the swing of the epistemological pendulum from biologism (1950s) to the pre occupation with culture (Bird 1987, p.255). Models of Nature Models of nature have typically referred to ecological, or more commonly, scientific understandings and have rarely included cultural factors. Recently, however, there has been a significant step towards defining the nature as a â€Å"social construction.† This translates to the notion that nature is an artefact of human, social and linguistic capability. Vivien Burr suggests â€Å"what individuals regard as truth is mainly a creation, not of objective observation of the world, but of the social processes and interactions† (1995, p.4). Equally, Peter Mason advances that â€Å"reality† is itself a product reflecting the activity of individuals’ imagination (1990, p.15). Language plays a critical role in this construction. According to

History rock and roll Essay Example | Topics and Well Written Essays - 250 words

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War Against Terror Essay Example | Topics and Well Written Essays - 1500 words

War Against Terror - Essay Example Whether the terror war is based on a series of structured brainstorming sessions that began shortly after the terrorist attacks of September 11, 2001, supplemented by selective research and updates (Ronczkowski, 2004, p. 2) or based on London bombings we are still struggling with defining, dealing with, and addressing terrorism and the roles of officials and agencies in combating terrorism. What have we gained so far Terrorism is there; War on terrorism is going on; we have not gained security against terrorism but a social and moral fear because of politics and legal concerns. Such concerns have emerged a new fear and panic within us. On the other hand the field of terrorism in the context of research or military arenas has revealed that there is a lack of awareness, especially by law enforcement personnel, as to how to best deal with and analyse terrorism and terrorist-related activity. Therefore, how are we expecting law enforcement personnel to identify something about which they do not have a conceptual understanding Law enforcement academies have always focused on training and developing an individual so he understands every aspect of what he can do and what is expected of him in criminal-based situations locally, according to state guidelines. So how can law enforcement personnel be expected to effectively address the international reaches of terrorism without proper training and awareness of what they are attempting to identify and analyse Even it is found out that the information obtained from terrorism analysis is used in strategic planning for areas such as crime prevention and conflicts. However, is cr ime prevention the same as terrorism prevention Such a war on terror is producing nothing but causing in the society intense fear, anxiety, apprehension, panic, dread, and horror. (Garaeu, 2004, p. 14) The main targets of terrorist compulsion are the civilian population, distinguishing these techniques from conventional acts of war directed primarily against military targets. Often members are selected and randomly attacked and escorted towards the preplanned violence that is directed against targets specified. Terrorism often targets business corporations in the private sector. However the war on terror suggests measures to identify all the predictable and unpredictable impacts of terrorist influence upon its instant victims. The war against terror develops its intentions to fight and inspire anxiety, even among its' own members of the public which are far removed from its immediate surrounding area, as well as generating widespread moral disgust about the use of these techniques. The war on terror is often considered as a war which is aimed primarily at terrorists but accidentally military targets also suffer thereby inviting 'collateral damage' to occur, where many civilians are accidentally hurt, but this differs from violent acts that are intentionally directed against the general public. One cannot say how much such a war is beneficial for eradicating terrorists but this is for sure that such wars cause moral turmoil among the citizens. (Just et al, 2003, p. 7) The number of US institutes and research centres and 'think thanks' which have now added this subject to their research agendas against 'war on terror' or, have been newly established to specialise in this field