Inventory Management in a Restaurant The Perfect Bite Restaurant Background: The Perfect Bite is a popular upscale restaurant located in a bustling city center. Known for its innovative cuisine an

Inventory Management in a Restaurant

The Perfect Bite Restaurant

Background: The Perfect Bite is a popular upscale restaurant located in a bustling city center. Known for its innovative cuisine and impeccable service, the restaurant attracts a diverse clientele, including locals, tourists, and food enthusiasts. With a focus on fresh, seasonal ingredients and a commitment to culinary excellence, The Perfect Bite has earned numerous awards and accolades within the industry.

Inventory Management Challenge: Despite its success, The Perfect Bite faces challenges in managing its inventory effectively. With a constantly evolving menu that features locally sourced ingredients and daily specials, maintaining optimal inventory levels while minimizing waste and ensuring product quality presents a significant logistical challenge. Additionally, fluctuations in demand for certain menu items based on seasonal trends and customer preferences further complicate inventory management efforts.

Tasks:

• Procurement Role and Inventory Tools
• Costs Associated with Inventory
• Key Performance Indicators (KPIs) Evaluation
• Define forecasting and explain the various approaches used across the industry to calculate demand for a product in the supply chain.
• Differentiate between dependent and independent demand and the systems associated with each type of demand.

Provide a list of scholarly articles, textbooks, and relevant business journals to support the discussion and analysis conducted in the assignment.

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