Reference no: EM131980888

Write a financial plan for your overall business plan or project plan. There may be some significant differences in this plan from a typical Business Financial Plan, because there may be no product or sales involved. There are still costs associated with building the project and overhead issues

Project Plan: Inventory Control of Medication

The main objective is to reduce the situation where inventory of medication went to stock out and to put in order proper action plans to stock or reorder the inventories based on the demand. The action plans of the inventory control plan start with understanding the current inventory throughput of the medical care, associate with various tasks performed by the current employees, and processing data and inventory ordering data in order to understand the list of suppliers and their lead time to deliver. Stability is a key factor when choosing and dealing with your suppliers. "You'll want to sign up with vendors who have been in business a long time. A company that has long-tenured senior executives is another good sign, and a solid reputation with other customers is a promising indicator that a company is stable."(How to Find and Work with Suppliers. 2003, December 10) There's also a need to map the current process and then put it on a PDCA module. "PDCA is an iterative, four-stage approach for continually improving processes, products or services, and for resolving problems. It involves systematically testing possible solutions, assessing the results, and implementing the ones that are shownto work."(Plan-Do-Check-Act (PDCA): Continually Improving, in a Methodical Way. n.d.)The next phase of mapping, is to arrange a meeting with the medication manager and the medication administrators to perform deepdive analysis on the gaps in the demand and supply of inventory. Design an inventory management tool, which can optimize the inventory in terms of order and classify the inventories based on their demand or movement. Meetings should be conducted with potential suppliers and align on the delivery schedules required. Hartman brother's Pharmacy and the VA are among the biggest suppliers of the facility with the most stability. Because of the age of the residents, you never know from day to day what may happen, so a forecast of the demand should be based on 3-6 months. On a monthly basis, keep track about the accuracy of the demand and supply. Note that this is subject to change if a resident's health changes. Proper lean systems like Kanban card. "A Kanbancard often has a place to write the date it was turned in, or ‘dropped’, and when it is due. The second date is calculated by adding the lead timeto the turn-in date."(Kanban Card | One of our numerous free Lean forms and Tools. 2016, September 27) Anotheridea is a system wise trigger, which will give auto pop for reordering the inventory based on the reorder level calculated could be. These will help in keeping the buffer or safety stock and also for meeting the contingency requirements.