Inventory Management
This project began with taking stock of our purchasing habits. This began with me making a list of the items that were carried by Rumors and creating a basic inventory sheet to reference for cost of goods. I then began to analyze costs of goods to input into the inventory sheet. Once this process was completed, I made recommendations of inventory levels; what to carry and what to drop, and the usage of storage within the club. This culminated in a begging inventory being completed, and led to par levels being set once revenue analysis was complete.
The Project
Objectives
-
Deliver full inventory list
-
Determined cost of goods for all bar beer.
-
Determined cost of goods for all the back and front of bar liquor.
-
Evaluated pricing structure and made suggestions for improvement.
-
Review liquors sold to determine what should be kept and dropped based on required categories, price, and usage.
Project Process
1.1
1.2
1.4
1.6
Project Outcomes
Initially when the project began, we had little information on the margins that we were making on our products. It is now very easy to determine the cost of goods, cost of specials, and what pricing should look like for Rumors. Moreover, Rumors now has a fully functioning running inventory that will help in determining par levels for stock, and when to purchase more.