consolidated .pdf

Case Study Consolidated Electric: Inventory
Control
Jose Flores, the sole owner and president of Consolidated Electric Company, reflected on his
inventory management problems. He was a major wholesale supplier of equipment and
supplies to electrical contractors, and his business hinged on the efficient management of
inventories to meet his customers’ needs. While he had built a very successful business, he
was nearing retirement and wanted to pass along a good inventory management system to his
daughter who would take over management of the company.
Flores started Consolidated Electric Company in the 1980s and built it into a highly
profitable business. In 2016 the company had achieved $10 million in sales and earned $1
million in pretax profits. Consolidated Electric was currently the twelfth largest electrical
wholesaler in the country.
Consolidated Electric operates through four warehouses in the Midwest (Des Moines,
Duluth, Madison, and St. Louis). From these sites, contractors in Iowa, Minnesota, Nebraska,
Wisconsin, Illinois, and Missouri are supplied with a wide range of electrical equipment,
including wire, electrical boxes, connectors, lighting fixtures, and electrical controllers. The
company stocks 20,000 separate line items in its inventory purchased from 200 different
manufacturers. (A line item is defined as a particular item carried at a particular location.)
These items range from less than 1 cent each to several hundred dollars for the largest
electrical controllers.
Of the 20,000 line items, a great many are carried to provide a full line of service. For
example, the top 2,000 items account for 50 percent of the sales and the bottom 10,000 items
for only 20 percent. The remaining 8,000 items account for 30 percent of the sales.
The company has continually purged its 20,000 inventory items to carry only those that
are demanded at least once a year. As Flores says, “We live and die by good customer service
at a reasonable selling price. If we do not meet this objective, the customer will go to another
wholesaler or buy directly from the manufacturer.”
He explained that he currently managed inventory by using an “earn and turn” concept.
According to this concept, the earnings margin multiplied by the inventory turn ratio must
equal a constant value of 2.0. For example, if a particular electrical item costs $6 to purchase
Schroeder, R. G. (2020). Operations management in the supply chain : Decisions and cases. McGraw-Hill US Higher Ed USE.
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wholesale and is sold for $10, then the earnings margin is $4 and the earn ratio for this item
is $4/$10 = .40. If this item has a turn ratio of 5 times a year (sales are 5 times the average
inventory carried), then the product of earn and turn is .4(5) = 2.0. If another item earns
more, it can turn slower; if it earns less, it must turn faster.
Each year, Flores sets a target earn-turn ratio for the entire business and a value for each
product line. These targets are based on the estimated costs of operations and the return-on-
investment goal for the company. As stated above, the current target ratio for the business is
2.0. The purchasing agents and inventory managers at each location are measured by their
ability to meet the target earn-turn ratios on their product lines. The actual ratios are reported
monthly.
olegdudko/123RF
Although earn-turn ratios work quite well in controlling profitability of the business and
entire product lines, they do not work very well for individual inventory items. Some line
items tend to be in excess supply, while others are often out of stock.
The inventory is currently managed using basic software. A record for each item is kept
and a worker posts transactions on the record as units are received or issued, thus keeping a
running on-hand inventory balance. Periodically, a purchasing agent reviews the records for a
particular supplier. Then, using the order point and quantity stored on the record, the
purchasing agent places an order for all items that are below their reorder point.
If the total quantities of all items required from a supplier do not meet the purchase
discount minimums or a truckload lot, additional items near their reorder points are added to
the order. This is not done when the total order size is too far from the minimums, since
excessive inventories would build up.
The order quantity and reorder point on each record are based on judgment and past
experience. Generally speaking, a three-month supply is ordered for low-cost
items and as little as a one-month supply for expensive items. Most lines are
reviewed on a weekly basis.
EXHIBIT 1 Formulas for calculating reorder points and quantities.
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Safety allowance = Usage × Average lead time × .8 × Delivery delay
Order point = Usage × Average lead time + Safety allowance
Line point = Daily usage × 7 + Order point
Quantity to order = (Order point) − (Quantity on order) − (Quantity on hand) + Quantity allocated + EOQ
Note: The line point is used to generate orders for all items in a line which are within one week of their order
points. These orders may be used to meet truckload minimums or purchase discount minimums.
Consolidated Electric had been converting its inventory records to a new software
system. At the present time, an on-hand balance is maintained and an accurate history of all
orders placed, receipts, and issues is kept. A demand history for a typical item is shown in
Appendix 1.
Flores was anxious to utilize the new system to calculate reorder points and order
quantities, but he was unsure of the exact formulas to use. Using standard textbooks in the
inventory field, he developed the formulas given in Exhibit 1. The EOQ formula utilizes a
carrying cost of 28 percent and an ordering cost of $4.36 per order placed. These figures
were based on past cost history at the company.
The formulas were tested on a pilot basis. For some items the formulas seemed to work
quite well, but for others they resulted in drastic departures from current practice and from
common sense. For example, on one electrical box, the formulas would have ordered a two-
year supply. Flores wanted to start using the new software as soon as possible, but he was not
sure that the formulas would work properly. He wondered whether the formulas would meet
the customer-service objectives of the business. Would they take advantage of truckload lots
or purchase discounts whenever appropriate, and would the formulas result in reasonable
inventory levels?
Discussion Questions
1. Review the demand data provided in Appendix 1. Describe any patterns, outliers, or
unusual customers that you see represented in the data.
2. Plot the frequency distribution for demand of the item in Appendix 1 and draw conclusions
from what you observe.
3. Is a P System or a Q System more appropriate for this item? Explain. What formulas are
needed for your suggested system, and how do they compare to the formulas currently
being used?
4. Design an inventory control system for this business, based on your suggestion in question
3.
5. What customer-service objectives are reasonable for this business?
This case was prepared by Roger G. Schroeder for class discussion. Copyright © by Roger G. Schroeder, 2016,
2019. All rights are reserved. Reprinted with permission.
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APPENDIX 1 Demand history for a typical item.
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Case Study Southern Toro Distributor, Inc.
The following conversation was held between Joe Melaney, general manager and owner of
the Toro distributorship in Galveston, Texas, and his son Joe Jr.:
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Joe: I called you in this morning to discuss the future of the company. I
feel that you should be involved in more of the decision making around
here because you will be taking over the company soon. Alaina Kirk, the
district sales manager from Toro, will be contacting us next week for our
spring season order. We will need to order for the entire irrigation line at
that time. (See Exhibit 1.)
EXHIBIT 1 Irrigation Products, Inc., current inventories,
October 15, 2019.
Product Description Current Inventory
(units)
Current Inventory
($000)
FY 2019 Sales
($000)
Free controllers series 150—
4 + 8
283 12 15
Customer controllers series
123—8 + 11
68 8 12
Monitor controllers series 176
—11 + 23
51 15 26
3/4" + 1" valve globe/angle
in-line
4,430 46 78
1 1/2" + 2" valve globe/angle
in-line
281 6 62
Brass valves series 216 334 4 7
Pop-up bodies 50,841 20 77
570 series nozzles 90,056 14 68
Stream rotors series 300 2,043 13 144
Rain pros series 320 1,782 12 26
Gear driven rotary series 600 1,086 10 22
Gear driven rotary series 620 681 21 39
Gear driven rotary series 640 2,627 81 194
Gear driven rotary series 670 973 36 180
Totals 155,536 298 950
As you know, we have been undergoing a number of changes around
the office. One of our major changes was acquiring the RyTech software. I
was thinking back on the circumstances that led up to the purchase of the
software a year ago. With the way costs are skyrocketing, I had to cut
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down on my inventory without cutting service. The RyTech representative
said he could cut our inventory level by 30 percent, which sounded good
enough for me.
Max, our irrigation manager, swears by the numbers he gets out for
order quantities. When this software was installed they (RyTech reps) said
it was suitable for me, but I’m not sure that I can trust it. You remember
the problems RyTech had getting it running. If they have problems like
that, why should I trust it to tell me how to spend millions of my dollars?
Joe Jr: You mentioned that RyTech installed the software for us. How did
they select the decision rule used in determining the order quantities?
Joe: I can’t answer that. The consultants that came in told me the best way
to determine the order quantities for my company was to use an economic
order quantity (EOQ) and a reorder point for every item. (See Exhibit 2.)
They said this was best because we have three set order points during the
year. I’m comfortable with the order point, but I’m not sure of the EOQ. I
can tell you how the EOQ was made for us. They based it on the demand
quantities from the past four years. (See Exhibit 3.) RyTech said that they
did not see the need for any additional measures. They also said it would
work very smoothly since it wasn’t necessary to change the EOQ once it
was in.
EXHIBIT 2 Current computer system rules.
For order quantity size:*
A = cost of placing an order, $
D = annual demand in units
i = “interest rate” for holding inventory for a year as a proportion of the unit cost
c = unit cost of the item, $/unit
EOQ = economic order quantity
For reorder point:
R = average demand over the lead time + safety stock
R is the reorder point where an order for more stock is placed. Currently, a 12-week
lead time is used for all items in setting the reorder point.
*The current computer system uses a carrying cost i = 30% (20% cost of capital, 5% obsolescence, and
5% storage cost) and an ordering cost of $10 per order.
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EXHIBIT 3 Demand for fiscal years 2016–2019.
As I said earlier, I’m not sure of the EOQ. You know how I’ve
depended upon my gut feel for the market in the past. I’ve always ordered
parts based on past usage. Then I adjust the numbers according to how
many golf courses I expect to be built or modified, and on the
contractors’/installers’ comments on how they expect the spring to go in
terms of the number of installations. I also meet with friends in the
building industry to see what they expect in terms of housing starts for the
spring. My only other adjustments come if I think a particular product isn’t
moving. I feel all goods should turn over at least three times a year. There
are two items I am worried about at the present time
because of that exact problem. One is the timing motor with
gear service assembly (Part #1-7287), a low-volume service part carried
for repair of monitor controllers, and the other is the Monitor Controller
(Series 176) carried as an “insurance” end product for a few specialized
customers. (See Exhibits 4 and 5 for detailed descriptions of the Monitor
Controller and the Series 230 valve.)
EXHIBIT 4 Series 230 and 240—Automatic valves.
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EXHIBIT 5 Series 170—Monitor II automatic controllers.
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Joe Jr: I haven’t heard you mention the problem of running out of
products. We have been having quite a problem with running out of the
Series 230 1-inch valve, a high-demand part that we use all the time. How
would you handle this in ordering? I know that we tend to disagree on
what level of inventory should be held. I don’t think you are carrying a
high enough inventory level on all parts to satisfy our customers. You have
always said it is critical to the survival of the company that we
have satisfied customers. I would tend to believe that this would
require us to always have what our customers need on hand. The other
problem I see resulting from stockouts is a loss of customers to our
competitors. Any customer whose order we cannot fill will go to Rainbird,
Weathermatic or Nelson. Any of these competitors could supply the
customer with comparable equipment, and once the customers have made
the change, how do we get them back?
Joe: I don’t have the storage capacity to carry enough inventory to protect
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ourselves from ever having a stockout. My philosophy has been that you
can’t always satisfy the customer from on-hand inventory. But you better
be able to satisfy them 90 percent of the time. When you don’t have it on
hand, you can usually get it from another distributor. It usually is a fairly
fast process because we fly the parts in. Too bad we can’t place rush orders
with Toro, but they hold us to their standard ordering policy (Exhibit 6).
EXHIBIT 6 Irrigation division FY 2019–2020 stocking program,
terms for southern distributors.
Order Placement Shipping Period Dating Terms
33% Forecast December and January 1/2 May 15—net
Oct. 15–Oct. 30 1/2 June 15—net
33% Forecast May and June 1/2 Sept. 15—net
Feb. 15–Feb. 30 1/2 Oct. 15—net
33% Forecast August and September 1/2 Nov. 15—net
June 15–June 30 1/2 Dec. 15—net
That reminds me, we have to face a possible stockout problem this
year. When I was at the country club last week, Lori Williams the general
manager at the club, was talking about the number of times their sprinkler
system had failed. She had spoken to the board about replacing the system.
While the board wouldn’t commit themselves until the annual meeting in
December, Lori felt that it was going to be approved. If they installed the
system, they wanted it ready to go by their annual tournament in early
April. Lori said her first choice would be us if we could supply the system
within the time specified. This contract would be a highly profitable one.
As you know, the course is 390 acres, and the entire system would have to
be replaced. The replacement system would rely heavily on the use of the
Series 230 valves.
Because of the size of the club’s system, I checked with my banker on
the cost of financing. Loans were quoted at 9 percent. I’m not sure whether
I should risk financing, so I’m looking at cutting back in the spare parts
area, where a lot of our cash is tied up. I figured that we
have 25 percent of our inventory just sitting in the
warehouse collecting dust. Many of these items are used by only a few of
our customers. If I decide against the latter technique, we would have to
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rent storage space to handle the parts for the golf course installation. When
I checked into this yesterday, I was quoted a price of $5.00 per square foot
per year for rented warehouse storage space.
To assist in determining the appropriate quantities and to get a little
insight into the chance of the club’s installing the system, I called the
National Weather Service this morning. They stated they expected the
driest spring in five years. I’m not sure to what extent this
would affect the sales of the irrigation products. To assist in
determining the effect of weather on the sales, I have gone over the
demand figures and the corresponding weather for the last five years. In
2016 and 2017 I greatly overstocked. During these years, the weather was
extraordinarily wet and cloudy. During 2018 the reverse conditions existed.
It was an abnormally dry season, and we stocked out of most of our goods.
(See Exhibit 7 for more market characteristics.)
EXHIBIT 7 Galveston market information.
Joe Jr: With a business that is subject to the whims of nature, why do you
stay in it? Is it really worth beating your head against the wall to get the
kind of return on investment that we have been getting? Even though we
get a 25 percent markup on all irrigation items, the results do not always
appear on the bottom line. Maybe we could manage our inventories better
and really make the business worthwhile. (See Exhibits 8, 9, and 10.)
EXHIBIT 8 Income statement (fiscal years ending June 30).
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page 485
Joe: In the past I stayed in this business because I started the business. It’s
my baby. I felt a great deal of achievement from it. I’ve always planned to
pass the company on to you and let you operate it. Now is the time for you
to decide how you would run this company if you were in charge and if the
return on investment is good enough for you to be satisfied. We also have
to decide what to order from Alaina Kirk when she arrives next week and
what to do about using the RyTech system. I have another meeting now,
but I would like to get back to this discussion later.
1. What would you recommend that Joe Jr. do, assuming he takes control of Southern Toro?
2. Evaluate the importance of inventory and inventory management of the Southern Toro
distributorship for both irrigation products and spare parts. Should the inventory be cut
back?
3. Evaluate the current inventory management system at Southern Toro. What inventory
management system would you recommend?
This case was prepared by Roger G. Schroeder, E.R. Kunde, and Sue Flach for class discussion. Copyright © by
Roger G. Schroeder, 2016, 2019. All rights are reserved. Reprinted with permission.
Toro: Ken Wolter/123RF
Case Study ToysPlus, Inc.: MRP
Dale Long, vice president of manufacturing for ToysPlus, Inc., finished reading the weekly
production report. Inventories were up once again, and service levels were lower than
expected. Dale wondered why these problems could not be solved once and for all. Last year
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he had installed a new production and inventory control system on the company’s server.
While the system drastically reduced inventories and improved service levels at first, things
had gotten worse over the last few months.
Dale took the report and walked to Andrea Meline’s office next door. Andrea had
received her M.B.A. a few years ago from a prestigious business school and was now in
charge of production control for the company. After exchanging the usual greetings, Dale
asked Andrea why the latest figures were not better. Andrea responded, “Dale, we continue
to get poor forecasts from marketing, and we have to carry more inventory than we would
like in order to protect ourselves from unreliable vendor deliveries. The sales promotion that
we ran last week on surplus toy trucks did not work as well as we expected.” Dale
interrupted, “Andrea we can no longer afford these kinds of results. You have got to find a
solution. I am counting on you to come up with something to improve the situation.
Otherwise we may both be out of a job.”
BACKGROUND
ToysPlus is a small, privately held company in the toy industry, with sales of about $20
million a year. The company was started in 1951, manufacturing an innovative line of plastic
toys and trucks that were very durable and low-priced. Over the years it has added several
lines of toys and is now making 22 different toys, including games, dolls, toy vehicles, and
novelty items. The company has a typical functional organization, as shown in Exhibit 1.
EXHIBIT 1 Organization chart.
ToysPlus has had relatively poor financial results, as shown in Exhibit 2. Profits are
averaging only 5 percent of sales, and return on assets is less than 10 percent. To improve the
situation, the company has decided to make a major effort to reduce inventories and to
improve customer service for the medium and large retailers who stock the toys. In an effort
to reduce costs, the company has begun to redesign the toys for manufacturability and
automate its production process. The company feels that unit production costs could be
reduced at least 5 percent per year by these efforts. The company also wants to achieve at
least 15 inventory turns per year1 and a service level of 95 percent. Service level is defined as
the percentage of orders filled within one week of customer order. The current service level is
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90 percent.
EXHIBIT 2 Financial statements.
Manufacturing operations are organized around the different types of toys that are
manufactured. Each type of toy has its own assembly line and its own dedicated workers. For
example, three plastic toys—trucks, autos, and robots—are assembled on line 1. Only one
toy can be assembled at a time on this line; then there is a changeover to the next toy.
Currently, line 1 has 10 workers who engage in assembly, inspection, and packing of the toys.
Some of the parts that are assembled into the finished toys are made on the company’s
plastic-molding machines. Other parts are purchased from outside suppliers.
Production control is based on the MRP system. Every week a master schedule is
prepared for the next six weeks. This master schedule specifies for assembly line 1, for
example, the number of trucks, autos, and robots that will be produced in each week, as
shown in Exhibit 3. Forecasts of weekly demand are received each week from marketing.
Using past experience, Andrea adjusts these forecasts to reflect more realistic estimates of
demand. She also utilizes the lot sizes shown in the Exhibit 3 master schedule for each of the
three toys. These lot sizes are based on past practice in the company. A run-out time
philosophy is used to first schedule the toy that has the lowest ratio of inventory to weekly
demand (the run-out time). As a result, the master schedule is prepared. However, this master
schedule might be infeasible when not enough parts are available in inventory or insufficient
lead time remains to order more parts. As a result, the master schedule is checked for
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feasibility and adjusted accordingly before a final master schedule is approved.
EXHIBIT 3 Master schedule and Forecast of Demand prepared
September 16.
The MRP system performs a parts explosion using the bill of materials and the on-hand
inventories shown in Exhibit 4. Each toy requires several parts, as indicated in the bill of
materials. For example, each auto requires one body, four wheels, two side windows, and one
windshield. These parts are assembled, the product is inspected, and the toy is packed, which
requires a total of .1 labor hour per auto. With 10 people working on the assembly line, at
present, there are 350 hours of productive time available per week (35 hours each times 10).
If the entire week is used to make autos, a total of 3,500 autos can be produced (350/.1). It
takes .2 hour to make a truck and .15 hour to make a robot, thereby making it possible to
produce a maximum of 1,750 trucks or 2,333 robots, if the entire line is devoted to either of
these products. Production, however, is scheduled in lots, and the entire week is not
necessarily devoted to only one toy.
EXHIBIT 4 Bill of materials.
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In between products it takes all 10 people one hour to change the setup of the line. This
changeover involves moving out the parts for the old toy, moving in the parts for the new toy,
arranging the jigs and fixtures for assembly, and making trial runs to make sure
that quality is right. The shop labor rate is $14 per hour for wages, including
fringe benefits. It costs 25 percent to carry inventory for a year. For parts and components
that are ordered, it costs $25 to place each order. When the line is changed over, not only is a
setup cost incurred for the labor to change the line but also an order is also triggered for each
of the parts that is used to make the final product. The total setup cost of a line changeover is
therefore the total of the labor and ordering costs.
Purchasing does not always buy the exact number of parts that are ordered by the
production control department. Adjustments are made to take advantage of price breaks from
suppliers or to achieve full-truckload shipments. As a result, some additional parts might be
purchased in order to reduce purchasing costs. Also, suppliers do not always ship the
component parts when promised. As a result, ToysPlus carries safety stock inventory to
protect the master production schedule and to keep the assembly lines running, no matter
what. About one week of safety stock is carried to protect for late supplier deliveries.
Management has mandated that the assembly lines will not shut down.
Dale Long has stated that the company will not lay off workers on a week-to-week basis.
Thus, if demand is less than capacity, for example, by 10 percent in a week, production will
be scheduled to full capacity to keep the workers busy. If this condition should continue for
several weeks, workers will be laid off to adjust capacity. In a similar way, workers will be
put on overtime to meet demand temporarily. But if demand exceeds normal capacity for
several weeks, more workers will then be added.
A six-week rolling production schedule, based on existing capacity and lead times, is
used. Each week one more week is added to keep the total master schedule horizon at six
weeks. Production is adjusted each week in line with available parts, capacity, and observed
demand for toys.
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HAPPY HOUR
Andrea walked to General Joe’s, a favorite watering hole, for happy hour with her friend
from purchasing, Ahmed Zaidi. Andrea began,
I don’t know what I am going to do. Dale Long has laid the law down that
I must reduce inventory and improve service levels. There is no alternative
or excuses this time, I must do it! I’m not sure where to start. Maybe we
will have to react faster in laying off and hiring workers in order to keep
capacity closer to demand. What do you think of this situation? Is there a
solution?
Ahmed answered,
You must remember, Andrea, the world is filled with hustlers and liars.
The salespeople lie to you about forecasts, so they can have more
inventory, just in case they need it. We in purchasing lie to our suppliers
about when we need the parts, so that we can be sure to get them when we
really need them. You pad the production schedule a little bit, just to make
sure you can meet the shipments. We all are trying to cover ourselves so
that we don’t run out of stock. There isn’t a solution to this problem,
because we are dealing with human nature. I hate to say it, but maybe top
management’s expectations are a bit unrealistic that inventory should be
reduced and service improved. How can they expect anyone to accomplish
these goals in an environment like this?
1. Calculate economic order quantities for each of the three types of toys. The EOQ formula
is recommended from the supplement to Chapter 14 that considers uniform lot delivery of
the toys.
2. Prepare a master production schedule for the next six weeks using the EOQs calculated in
question 1 and a workforce of 10 employees. What inventory turnover ratio is achieved by
this master schedule? How does this turnover compare with past levels and with
management’s goals?
3. Prepare a parts explosion to support the master schedule. What parts should be ordered
each week? Are there enough planned orders in time to support your master schedule?
4. What should Andrea Meline do to meet the inventory and service goals stated by
management? Hint: If the turnover is too low from your first analysis and is not feasible
using available parts, try another master schedule that is feasible with reduced production
levels, uses the available parts and has a turnover of 15.
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