13 Dec Vila Health: Pacemaker Inventory Scoring Guide
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- SubjectOther
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5-7 slides
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Analyze Community Health Needs Scoring Guide
Due Date: Unit 3 Percentage of Course Grade: 10%.
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CRITERIA |
NON-PERFORMANCE |
BASIC |
PROFICIENT |
DISTINGUISHED |
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Identify salient characteristics that define a community. 20% |
Does not identify characteristics that define a community. |
Identifies some community characteristics, but not enough to define the community. |
Identifies salient characteristics that define a community. |
Develops and applies cogent, explicit criteria to evaluate which characteristics are most useful for defining a community. |
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Use epidemiological information to identify specific health improvement needs of a community. 20% |
Does not identify health improvement needs of a community. |
Identifies health improvement needs of a community. |
Uses epidemiological information to identify specific health improvement needs of a community. |
Develops and applies cogent, explicit criteria to evaluate epidemiological information to identify the most important, specific health improvement needs of a community. |
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Assess engagement of community stakeholders. 20% |
Does not cite examples of stakeholder engagement. |
Cites examples of stakeholder engagement. |
Assesses engagement of community stakeholders. |
Develops and applies cogent, explicit criteria to assess engagement of community stakeholders. |
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Evaluate a treatment model and a wellness model. 20% |
Does not explain examples of a treatment model and a wellness model. |
Explains examples of a treatment model and a wellness model. |
Evaluate a treatment model and a wellness model. |
Develops and applies cogent, explicit criteria for comparative evaluation of a treatment model and a wellness model. |
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Write clearly, with correct spelling, grammar, syntax, and good organization. 10% |
Does not write clearly, and there are errors in spelling, grammar, syntax, and organization. |
Writes clearly overall, but there are some errors in spelling, grammar, syntax, or organization. |
Writes clearly, with correct spelling, grammar, syntax, and good organization. |
Writes concisely with excellent clarity and organization, with no errors in spelling, grammar or syntax, and employing critical or analytical reasoning as needed. |
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Apply proper APA formatting and style. 10% |
Does not apply proper APA formatting and style. |
Applies APA formatting and style inconsistently and with significant errors. |
Applies proper APA formatting and style with minor errors. |
Applies proper APA formatting and style consistently. |
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BHA 4110 – Health Care Systems and Ops Unit 3 Assignment 1
Vila Health: Pacemaker Inventory
For this assignment, review the Vila Health: Pacemaker Inventory media piece, linked in the Resources.
Directions
Based on the calculations you did in the media piece, and what you have learned so far, create an executive PowerPoint in which you:
1. Discuss what inventory control is.
a. Discuss why EOQs are conducted.
b. Discuss the impact of the heart institute's volumes (past, present and projected) from a strategic perspective (related to pacemaker use) on the overall success of the organization.
2. Discuss options for inventory ordering.
a. Define quantities to order.
b. Identify inventory ordering systems.
c. Discuss pros and cons of the identified systems.
d. Determine when other products should be considered.
e. Determine when alternative stocking should be considered (ordering inventory vs. consignment).
3. Analyze leaders’ responsibilities in addressing the identified inventory recommendations.
a. Identify what leaders should address related to inventory.
b. Discuss consequences of leaders not addressing inventory needs.
c. Discuss implications of not adhering to the recommended inventory purchase.
4. Analyze the implications of having inventory control.
a. Discuss the impact of efficient inventory control on the organization's effectiveness.
5. Present your findings based upon your review of the EOQ and organizational data.
a. Compare product use this year, from prior year, and projected budget year.
b. Summarize your finding and recommendations.
You might want to (but do not have to) organize you presentation using the following outline:
· Slide 1: Title of the presentation.
· Slide 2: Overview of inventory control.
· Slide 3: Review of EOQ purpose and data.
· Slide 4: Recommendations for inventory ordering.
· Slide 5: Leadership.
· Slide 6: Implications.
· Slide 7: Conclusions.
General PowerPoint Guidelines
· Keep the design simple. Font: Arial or Verdana, size 24-point, minimum.
· Keep the slides concise: 5–7 bullet points per slide and 5–7 words per bullet. Use speaker notes to explicate the bullets.
· For best color contrast, use light text on dark background (for example, yellow on black, white on dark blue).
· Use the proper slide layout. For example, if a slide has a title and text, it is created using the correct Title and Text layout.
Write clearly and logically with correct use of spelling, grammar, punctuation, and mechanics; correctly format citations using APA style.
· Determine the proper application of APA formatting requirements and scholarly writing standards.
· Apply the principles of effective composition.
· Determine the proper application of the rules of grammar and mechanics.
· Assess the relevance and credibility of information sources.
Presentation Requirements
Your presentation should consist of:
· Length: A minimum of 7–10 bulleted slides.
· Notes: Speaker notes that fully explain each slide.
· References: A minimum of three references, in addition to the course textbook.
· APA formatting: Appropriate APA citations and peer-reviewed references on each slide, as necessary.
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Vila Health: Pacemaker Inventory
This Photo by Unknown Author is licensed under CC BY-SA-NC
Kros & Brown (2013) define supply chain management (SCM) as “ the identification, acquisition, access, positioning, management of resources and related capabilities the organization needs or potentially needs in the attainment (p.5).
Supply chain analytics is exponentially critical to overall success from an operational and financial viewpoint. The monitoring of pacemakers is a potentially costly endeavor for the Peta King Heart Institute at St. Anthony Medical Center. As an inventory specialist, careful monitoring and analysis are vital to eliminating problem areas such as under or overestimating supply. Using data analytics is helpful to leaders to evaluate the complex supply chain within the hospital, which affects the manufacturer and the consumer (The power of inventory management,2016). Managing the supply chain efficiently helps the leader predict trends between usage and demand for products based on actual use and the quantity of economic order. Equally important to note is whether consigning the product or purchasing and assuming the risk for holding and storage, there is a cost involved, so handling the supply chain is essential to the financial viability of the Vila Health Care system.
1
Overview of Inventory Control
The supply chain management's dilemma is that the organizational needs are not adequately reflected. Hence, cost-effective analysis using the EOQ must be considered for ordering pacemakers for the unit. The difficulty is issues with supply not meeting the demand for pacemakers that warrants further assessment. Therefore, the inventory specialist at Vila Health's Peta King Heart Institute at St. Anthony Medical Center, projecting annual expenditures for supplies is crucial for financial success and robust supply chain management. Enlisting the help of leadership, including Kenneth Dunn, reports that the pacemaker inventory was projected to exceed the last year's 2100 units and thus raised the ordering units to 2500. The usage was overestimated at 2500 and said to be closer to 2300, so projecting this number for the next fiscal year is feasible and cost-efficient (media.capella.edu,n.d.).
As, seen in the above slide the demand for 2301 and list of financials are projected for this amount to continue with cost- effective and efficient pacemaker projections for the next fiscal year. Bernadette Holt has enlisted help with an EOQ for pacemakers. These devices are sensitive and costly stock so proper management is vital to cost containment based on actual and projected use for the next year.
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Prior Year
2,500
Budgeted
2,750
Previous 11 months volume
2,109
Projected Demand
2301
Pacemaker Cost
$35.00
Holding Cost
5%
Per Pacemaker Holding Cost $1.75
Setup Cost
$300.00
Ordering Cost
$175.00
Order Quantity 400
Overview of Inventory Control
Kros & Brown (2013) define inventory as the number of supplies and goods held within an organization in a specific location and time (p.503). Several factors and concepts impact inventory control. Inventory management is crucial to successful business operations (Kros & Brown, 2013, p.502). Inventory exists due to unpredictable utilization at any given time, so a surplus is maintained to allow for fluctuations of goods and supplies typically within the company's fiscal year. Having inventory on hand in a health care setting is vital to operations at any given time. Having inventory on hand in a health care setting is vital to operations at any given time. Stock must be accounted for ongoing to assess utilization, revenue, shelf-life, and finally, cost. The careful balance of goods and supplies must be managed to control costs and utilization measures that directly impact facilities' care and revenue. Finally, this balance contains costs and considers inventory routinely to maximize operational planning and decision-making. Economic order quantity (EOQ) ascertains inventory issues and controls ordering through a modeled approach.
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Management
Number of supplies or goods
Accounting for stock
Maintaining balance
Assess utilization
Overview of Inventory Control
To avoid poor demand forecasting for supply chain management, managers must consider the exact amount of supply needed to fulfill the demand. Kenneth Dunn has indicated that the last month of the fiscal year boasts excess pacemaker supplies. Thus, making an order for that previous month was challenging. It is essential to realize that over budgeting funds for unused pacemakers will cost the company revenue for the new supply and holding costs for storing and products that may expire or not be used.
Henceforth, Kenneth Dunn should consider ordering the other 200 pacemakers and risk monetary penalty for ordering more than the 400 of the standard order or consign the small amount to balance the overhead and holding costs. Prior annual use was 2500 pacemakers, and the current fiscal year budget demands 2300 actual. This demand decreases from the projected forecasting for the current fiscal year's budget, so the strategic plan for next year at 2750 will surely succeed the demand for pacemakers.
It would be wise to consider budgeting a small amount for overflow at a minimal cost and not have the storage or holding cost to incur on the unused product. If expiration does occur, the budget will not suffer in capital or additional costs incurred for unused supply (Consignment inventory management,2020).
Ultimately, the best strategic plan for supply chain management warrants scrutiny when assessing usage balance vs. demand for the product, specifically within the last month of the fiscal year. Also, consider ordering half the order to make up the 200 to hit the 2300 demand forecasted for the additional month of the fiscal year. This would balance the supply-demand needs. The subsequent year's budget should consider a minimum of 2300 pacemakers due to demand this year. The prior budget was overestimated at 2500 pacemakers, which led to excess supply and increased waste and revenue for the hospital.
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Review of Economic Order Quantity (EOQ) purpose and data
The economic order quantity (EOQ) is the level of inventory that minimizes total inventory holding costs and setup costs (Kros & Brown ,2013, p.507). The purpose of EOQ is the groundwork for inventory control and the models that represent cost containment and expenditures. The data represents the relationship between setup costs which are fixed, and the variable inventory costs. Independent demand does not rely on any other item. The opposite is true for dependent demand which is those that depend on another entity.
Forecasting expenditures is vital to operational planning and decision-making for EOQ.
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Economic Order Quantity Formula
This Photo by Unknown Author is licensed under CC BY
The equation for EOQ accounts for storage, ordering costs, and underestimated or shortage of costs. Carrying costs represent the costs incurred on holding inventory in hand. They include the opportunity cost of money held up in stock, storage costs, spoilage costs, and acute conditions related to storing devices such as a pacemaker (QS Study, n.d.). The EOQ helps minimize the cost of supply management.
It is essential to realize that ordering costs incurred by purchasing inventory are very different from carrying costs. Carrying costs require the manager to order minimal supply, which will increase the ordering costs. Thus, having excess reserves
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