Data Structure and Algorithms-Assessment 3

Kashish Maharjan, Student id K190810

Contents
Executive Summary.................................................................................................................................1
Introduction..............................................................................................................................................1
Background..............................................................................................................................................1
Framework...............................................................................................................................................2
1. Demand........................................................................................................................................2
2. Order Quantity.............................................................................................................................2
Techniques and Justifications..................................................................................................................2
3. ABC Technique...........................................................................................................................2
4. HML Technique...........................................................................................................................2
5. VED Technique...........................................................................................................................3
6. Limit Technique...........................................................................................................................3
Algorithms and Justifications..................................................................................................................3
7. Demand Estimation Algorithm....................................................................................................3
Design of Inventory Management system...............................................................................................4
8. System Requirements and Methods.............................................................................................4
9. Variable........................................................................................................................................5
Benefits....................................................................................................................................................7
Conclusion...............................................................................................................................................7
Works Cited.............................................................................................................................................8

Table Of Figures
Figure 1: Demand Estimation method.....................................................................................................4
Figure 2: Inventory Management system................................................................................................5
Figure 3: Activity diagram.......................................................................................................................6
Figure 4: Online shopping system...........................................................................................................7
 Executive Summary

By offering more individualized service to the consumer, the retail business aims at maximizing profit
from their satisfaction and loyalty. However, if a store does not have enough inventory, a retail
business may lose a potential consumer. Therefore, I created a modest business structure for this
report where a system should handle day-to-day office tasks. This report details a variety of actions
for this tiny firm.

Introduction

The retail industry is one area of the business that is growing swiftly, with new stores routinely
opening to meet the demands of neighborhood shoppers. Relying on which option is most convenient
for them, customers can pick from a variety of retail locations, from hypermarkets to mini-marts.
Most of the shops are found in shopping centers, on streets, or in neighborhoods. In essence, retail
establishments procure their extensive range of goods and services through suppliers or wholesalers.
Because of this, good inventory management was required in the retail sector to meet customer
demand. (Nikseresht, 2017)
The organization can achieve manufacturing process independence with proper inventory
management. Thus, by developing an inventory system, this project will offer a solution for merchants
like "Amazon Australia" who continue to maintain their inventory data in a traditional manner. A
computer-based system called the Inventory Management and Sales System gives the store structure
for regulating and maintaining the commodities that need to be stocked. By linking daily "Point of
Sales" with store's inventory level, Cost of goods sold and Inventory Control System is often used to
avoid merchandise overstock or outrages. (Anon., 2022)

Background

One of the crucial divisions that needs to be well managed to guarantee the smooth operation of
everyday business operations is inventory. Some retail Store does not have a computerized system in
place to run their firm, thus they still do not understand the significance of inventory management. As
a result, there is virtually little security for any data, documents, or anything linked to everyday
business or inventories. For each good and each supplier, numerous records have been kept, taking up
time and becoming useless for future references. (Nikseresht, 2017)
The fact that customers who placed orders at the store typically do not obtain sufficient receipts as
references has also been recognized as a problem. Instead, only prices that are created by the system
are included on the receipt. Customers find it challenging to prove that they bought the goods within
four days when they wanted to replace it because of damage, expiration, or wrong purchase because
the receipt does not mention the item names. This project will include improved and much more
flexible functions for the shop because the currently available system only offers the user a small
number of functions. Among the goals is to give customers a way to better control how they manage
their store purchases. Basic data management functions like "add," "remove," or "upgrade" would be
available. (Ayoka, 2019)
 Framework

There are some elements given to the general structure for inventory methods.

1. Demand

The term Demand is indeed a essential component of supply chain management. Decisions
about inventory are constantly made in light of anticipated demand. The manager makes
judgments both when he is certain of the needs in the business and again when such certainty
is not guaranteed. It offers a wide variety of things, including 30,000,000 articles of apparel,
2000,000,000 pieces of furniture, 20,000,000 pieces of jewelry, and 500,000,000 items of
food.

2. Order Quantity
The consumer must choose how much to purchase after deciding on the quality to obtain. The
majority of material requirements are ongoing, cumulative, or total needs. A framework of
requirements like this serves as a much better guide than daily needs.

Techniques and Justifications

3. ABC Technique

An analytical strategy called ABC (always better control) aims to minimize investment while
simultaneously preventing the stock from running low on essential items. When production materials
and parts are out of stock, it can be expensive and production may be delayed. Almost often, safety
stocks are a better investment for expensive things than low-cost ones. By categorizing objects
according to their value and intended use, modern inventory control systems accommodate for this.
Due to the high expense of protection, the highly valuable items have lesser safety stocks. The low-
value items, however, have substantially higher safety stocks. The controlling manager must therefore
understand the dollar value of each particular inventory item. (Zoho, 2021)
The steps for performing an ABC analysis are as follows:

 Create an inventory list of the all items to be kept in inventory; b. Average the goods to
determine their worth to be spent; and c. Allocate serial numbers to the items as indicated
above.
 Calculate each item's proper proportion in the total for total cost, which is the sum of the
costs of all the materials divided by the costs of each item, and items, which is the number of
things divided by the total number of items.
 For the goods and value consumption, convert simple percentage to cumulative percentage.

4. HML Technique
This strategy is similar to ABC classifications. However, rather than considering the item's deciding
value in this case, the unit value is considered. According to their unit value, the materials are
categorized as indicated by their name in premium, middle, and low valued groups. Each item's
cutting points will be different. For instance, kerosene will only have a high value to a store owner
and a low value to a jeweler. However, the focus of this classification is on managing the purchasing
prices.. (Anon., 2021)

5. VED Technique

Replacement parts are primarily covered by the VED classification. Spares might be characterized as
critical, desirable, or necessary. This shows that V category spares must be properly stored to ensure
plant functionality as per necessity, the absence of necessary spares could cause chaos and hinder
organizational progress. There is some risk associated with the E class of spares. It could even be able
to avoid stocking the needed (D) spares if the time frame for procuring them is short. However, it is
essential how this classification be done by the contractor based or those in charge of maintaining the
equipment. Process companies with high capital requirements might considerably benefit from this
classification. (Anon., 2021)

6. Limit Technique

To achieve the economics of the EOQ idea and to explore the choices open in balancing ordinary and
inventory carrying costs, a method known as Lot Size Inventory Management Interpolation
Technique has been developed. In 1963, this method was created as a part of a unique initiative for
the American Manufacturing and Inventory Society, Chicago. Limit is made to handle a group of
products that transcends standard manufacturing facilities. The appropriate groups to handle with
LIMIT would be all the components that traverse a screwdriver machine, department, milling machine
department, or all the parts bought by a single buyer. (Anon., 2021)

Algorithms and Justifications

7. Demand Estimation Algorithm

The method of predicting a product item's demand over an upcoming, predetermined time period is
known as demand forecasting. Forecasting frequently involves looking back at statistical information,
including such consumer awareness regarding or sales statistics. On the basis of information on
seasonality, market trends, and special occasions like promotions, this is then utilized to forecast
future values. Demand is typically represented by a combination of actual and anticipated sales or
production orders, and the further out you look, the less certain you may be about the forecast's
accuracy. (wilson, 2019)
 Figure 1: Demand Estimation method

Design of Inventory Management system

Amazon is the biggest internet retailer in the world. Originally a bookseller, the business has since
grown to sell a wide range of consumer items and digital content. We will concentrate on its online
retail business, where users can sell and buy their products, for the sake of this challenge. A form of
OOP design technique called the factory method is used to bring together similar items and create a
unique entry point for interacting with them. The Factory pattern has the potential to be use to hide the
database specific protocols from higher levels in the architectural style but also to evaluate which data
configuration is currently being used, for instance, if an implementation needs to support multiple
databases, such as if we take the example of 300 domestic products, 500 imported products, and all
these products include various shape, size, and color from three offices, i.e., Sydney, Melbourne, and
Brisbane. (Sabil, 2020)

Figure 2: Inventory Management system

8. System Requirements and Methods

The following specifications will be used for designing the system:

 Users should be able to add new products to sale.

  Products should be searchable by name or category for users.
 Customers should have the option to add, remove, or change the products in their shopping
basket.
 The shopping cart goods can be checked out and purchased by users.
 A product's reviews can be rated and added by users.
 The user ought to have the option of entering a shipping address for the delivery of their
order.
 Users have the option to cancel an order before it ships.
 Every time the purchase or shipping status changes, users should be notified.
 Customers must to be able to pay with credit cards or an electronic bank transfer.
 To view the status of their order, users ought to be able to monitor their shipment.

Figure 3: Activity diagram

9. Variable

The controller pattern has various versions, the most notable of which promotes utilizing a single
"controller" class for each use case. The benefit in this case is simplified debugging and a faster
change procedure for requirement modifications or upgrades. A mediator specifies how a group of
complex things interact with one another. This is useful when dealing with complicated business logic
since it allows for quick communication on proposed changes without the need to modify contextual
features throughout the program. (Sabil, 2020)
Our system includes four primary variables:

 Admin: In charge primarily of managing accounts and creating or deleting new product
categories.
 Guest: All visitors have access to the cart, the catalog, and the ability to register as members.
 Member: Members get access to all the features that guests have, as well as the ability to
place orders and put new items for sale.
 System: In charge of primarily providing notifications for updates on orders and deliveries.

Figure 4: Online shopping system

The major elements of the internet shopping system are as, products can be added or updated, and the
catalog will be updated each time, one can search items using their names or categories. Users can add
or remove product from the shopping basket. User have to do the checkout to purchase the products in
their shopping cart. They must pay in order to complete an order. Members will receive updates on
shipments via alerts. (Sabil, 2020)

Benefits

The benefit of such a design is that, when used properly, updates to the factories (such bringing in a
new repository to support) only necessitate additions rather than modifications to the existing code.
Naturally, this cuts down on testing complexity and saves time. Object oriented programming (OOP)
design is frequently misunderstood and, at the very least, underutilized. The right application of OO
concepts can make development more efficient and streamlined. Changes are simpler to bring and put
into action, and development is nimbler if using an iterative development method. Because of this
new tactic, the industry of principles and methodologies witnessed a revolution. We may therefore
claim that somehow this approach is very close to the real environment and its applications because
the structure and behavior of these objects and classes are so comparable to those of real-world things.
(Ayoka, 2019)

Conclusion

Of fact, a plethora of additional designs that can improve an application's design and simplify it to
maintain, as well as provide a stronger framework to work on. The overarching goal of employing
such data structures is to improve overall efficiency and maintain an agile methodologies
environment. As a result, both manufacturing and maintenance expenses are reduced. (Anon., 2022)
It was designed when practically every nation with a developing textile industry is attempting to
address the issue of choosing the most effective Inventory level. The area of inventory management
has attracted the attention of numerous scholars, who have produced some excellent work. Since
inventory management is a relatively new discipline, many parts are still thought to be unexplored.
The textile industry is once more expanding and has recently become more significant. The
management of inventory in the textile industry has not received much attention. This gives this study
a lot of room to explore. (Zoho, 2021)
 Works Cited
Anon., 2021. The Benefits and Types of Inventory Analysis Methods. May.
Anon., 2022. [Online]
Available at: https://www.geeksforgeeks.org/oops-object-oriented-design/
[Accessed 25 September 2022].
Ayoka, 2019. Benefits of Object Oriented Design, New York: s.n.
Nikseresht, A., 2017. A Demand Estimation Algorithm for Inventory Management Systems Using
Censored Data. December.Volume VII.
Sabil, T. S., 2020. Let's design an online retail store.. 23 September.
wilson, A., 2019. THE 6 MODELS USED IN FORECASTING ALGORITHMS. 22 April.
Zoho, 2021. Inventory management software designed for Indian businesses. [Online]
Available at: https://www.zoho.com/in/inventory/?network=g&device=c&keyword=apparel
%20inventory
%20management&campaignid=15061881800&creative=555668339193&matchtype=p&adposition=
&placement=&adgroup=134162754892&targetid=kwd-
338426692547&gclid=CjwKCAjwm8WZBhBUEiwA178UnFv