Inventory Management
What is Inventory
Goods held for sale
What is a supply chain?
The entire network, including suppliers, manufacturers, distributors, transportation, storage, etc.
How long should we wash our hands?
20+ seconds
What is the first step in the purchasing process?
Identify Needs
What is the first step in conducting a survey?
Define Objectives
What is the acronym FIFO (perishable item rule)
First in, First out
What is sourcing?
Finding and selecting suppliers for quality and cost-effective goods.
What are three high-risk groups of people?
Elderly, children, and those with weakened immune systems
What is a supplier?
Vendor providing goods
Why should questions be kept short?
Because survey takers can get through it faster, and you get better results
Importance of Inventory Management
Reduce costs, prevent stockouts during events, and minimize waste
What is demand forecasting?
Predicting needs based on analysis and surveys.
How hot should poultry be when cooked?
165 degrees F
What is lead time?
Time from order to delivery
Why should we avoid surveying one group of people?
Because answers may be biased
How can poor inventory management hurt profits?
Things can go to waste or have unsold items
What is the Just-in-Time strategy?
ordering goods so that they arrive exactly when they are needed
How hot should whole cuts of meat be cooked to?
145 degrees F
What is cost control?
Comparing prices and seeking the best deal to maximize profit
Why should we avoid leading questions?
Results will be inaccurate and biased
How can we predict how much food to prep for events?
Look at past sales reports
Importance of Vendor Relationships
To build strong ties with suppliers for better deals and reliability
What is the danger zone of bacterial growth?
40-140 degrees F
What is the benefit of bulk purchasing?
Getting lower prices and higher profits
What is the final step in the Survey process?
Apply findings