UofP - MBA550 - Team Assignment - Paper - 05-06-06

UofP - MBA550 - Team Assignment - Paper - 05-06-06 -...

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Problem Solution 1 BENCHMARKED SOLUTIONS: LAWRENCE SPORTS Benchmarking and Research to Define Solutions: Lawrence Sports Candace Frawley, Albert Garcia, Robert Sikes, Thadeaus Jones, Phillip Hinkle University of Phoenix
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Problem Solution 2 Introduction Lawrence Sports must be able to implement best practices in the industry to be able to better manage cash flows through risk management, capital management and cash flow management. The best way to understand best practices is to benchmark other companies in the industry but not limited to the sporting goods industry. This paper will provide a look at other companies and a variety of topics that Lawrence will be able to review and implement. List of Problem Statements The problem statement for Lawrence Sports must include opportunities, enable many possible solutions, be motivational, and clear (University, 2006). Therefore, the statements prepared for Lawrence Sports are presented below: “Lawrence Sports seeks to maximize cash flow management and decrease short-term financing with attentiveness to growth sustainability by implementing long-term financial best practices.” “Lawrence Sports will realize increased profitability by employing effective working capital management principles.” “Lawrence needs to make positive changes to cash flow management policies relieving dependence on short term debt and receivables. Positive changes in cash flow management will allow for Lawrence to expand the customer base, improve relationships with existing customers and vendors and increase profit. In summary, profits will be increased through the use of improved cash flow management policies and practices.” “Lawrence Sports must efficiently manage customer and vendor relations to safely secure a financial future.” “Lawrence Sporting Goods can improve its cash flow opportunities by maximizing efficiency in its processes and suppliers.”
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Problem Solution 3 Topics to be Researched Since the future end state for Lawrence Sports includes better management of short-term assets and liabilities, the company must implement a fiscally responsible finance plan. This planning will help Lawrence be consistent with the work needed to reach its goals for growth, investment and financing (Brealey, et al., 2005, p 801). An essential element of this finance plan is inventory management. Brealey, et al. (2005) asserts that inventory is a vital asset for most companies and must be managed effectively. Striking that essential balance of having the right amount of inventory at the right time is the goal of Supply Chain and Demand Chain Collaboration; therefore identifying best practices in Inventory Management is the purpose of this report. Another creative element of this financial planning is capital management—specifically,
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This note was uploaded on 09/18/2011 for the course MBA 550 taught by Professor Whoknows during the Spring '08 term at University of Phoenix.

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UofP - MBA550 - Team Assignment - Paper - 05-06-06 -...

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