William Paterson University is an American-based public university located at Wayne, New Jersey. Having been founded in 1855, the institution is among the oldest colleges in New Jersey. The school primarily offers educational services to students in various faculties. As at the end of 2017, William Paterson University had a total of 10,252 students, 8,838 undergraduates and 1,414 post-graduates (William Paterson University). Some of the academic faculties offered by the institution include business, arts, and communication, science and health and humanity among others.
There are various inputs that go into the products and services that are offered by William Paterson University. Firstly, the school has hired skilled and qualified instructors in various fields that equip students with knowledge in their courses. Investing in state of the art facilities and advanced technology has also played a major role in bolstering the university’s level of education. Other than instructors, the institution also relies on services offered by professionals such as accountants, doctors, and engineers that ensure that all the facility’s operations are smoothly functional.
The facilities for the school include The David and Lorraine Cheng Library, the university hall, University Commons, the Power Art Centre, and The 1600 Valley Road Building among other. The capacity of the school as per the number of students has increased significantly to 10,530 with the demand for business courses being on the rise (William Paterson University). In the future, the annual admission rate for post-graduate and undergraduate students is expected to increase significantly due to the high-quality education offered by the institution.
Forecasting
Forecasting at the William Paterson University is majorly applied by the accounting, procurement and admission departments. Formal forecasting models are used by the university. The procurement department relies on quantitative forecasting techniques in making forecasts on its inventories. The technique entails the use of historical data in the determination of future inventories. As for the admission department, time series forecasting method is majorly applied in the determination of the number of students that might be admitted into the institution within a given period. The accounting department also relies on qualitative forecasting models in identifying the sales and profits or losses that may be registered by the university in the future. The data used by the accounting and procurement department is derived from the university’s annual financial reports while the admission department relies on the data of past admissions of students. In the event of any errors during calculations, the forecasts are revised. Revision of forecasts is usually done on a quarterly basis (after every four months whenever necessary). The institution has in the past five years implemented mechanisms that have to improve its accuracy in tracking inventories and forecasts.
Inventory
In the past decade, advancements in technology have been instrumental in enhancing the university’s inventory management. Some of the items that are kept by the institution in the inventory include stationery, medical facilities and drugs for its healthcare facility, lab equipment and food. Other items include equipment to be used for maintenances and repairs, tools and catering equipment. The ordering of the items is centralized and this is primarily done by the procurement depart. Centralization of procurement is among the reasons behind efficiencies in the management of inventory at the William Paterson University. Inventory costs are quantified and this makes it easier for the procurement team to identify the quantity of items demanded and costs to be incurred when purchases are made.
Inventory within the institution is managed by the procurement department. The procurement officers are tasked with the role of identifying suppliers that supply the facility with various items, make a purchase of the items and ensure that they are accurately recorded before being stored or distributed to various departments. The institution ensures that it hires a team of skilled and qualified procurement officers. Moreover, officers that are tasked with the role of managing inventory also undergo training on the best approaches to handle stock. Across the years, the William Paterson University has ensured that it maintains a strong relationship with its suppliers and this among the reason behind the success that it has experienced in the management of its inventory. The university is in the process of implementing SAP software and this is expected to improve its inventory management immensely.
The University's Financial Regulations states that departmental managers in various schools are responsible for the assets that are under their control. All the relevant information, in the event of raw material or item purchase, are recorded in the invoices and entered into the systems against the purchasing department. Labeling of items for different departments is done by the procurement team (William Paterson University). Instances, where departments have items that are not on the inventory list, calls for the finance department to cross-check on the items that were purchased within a given period and make the necessary adjustments. The inventory register is usually subjected to regular check by the audit committee, internal and external auditors, finance department and the board of directors. In the process, this ensures that there are no errors and that there is consistency in the recording of items.
Quality
William Paterson University values quality over quantity. According to the institution’s mission statement, the university’s distinguished teachers challenge the students to “high levels of intellectual and professional accomplishment as well as personal growth.” Based on the mission statement, it is evident that quality is among the things that the institution focuses its primary attention. Some of the steps that are taken by the university in ensuring that it offers quality services to its consumers include hiring a team of qualified and experienced professionals, ensuring that students participate in exchange programs and integration of advanced technological systems in various departments. The quality department at the institution is tasked with the role of quality management. The admission department and administration handles any complaints on quality that are brought forward by the students while the quality department makes an assessment on costs associated with quality while addressing issues raised by the vendors.
Supply chain
In this section, the focus will be directed on medical equipment purchased by the university. When the institution wants to purchase medical stretchers & gurneys, for instance, it will have to order the product from Siemens Company. Upon completing the payment on the product, Siemens will deliver it to the university within the agreed date depending on its preferred transportation mode. The procurement team will record the purchased item accurately under its inventory register. The supply chain used by the William Paterson University has been in use for the past two decades (William Paterson University). In several occasions, the company relies on its logistics to transport the products it purchases from the vendors. However, there are incidences where the university ordered for items from wholesalers and suppliers and delays were witnessed or there were cases of damages to products.
Conclusion
William Paterson University will continue being a giant academic propeller in New Jersey. Efficiencies in its quality and inventory management, as well as the dependence on advanced technology, are among the reasons that will continue strengthening its performance. The institution has to ensure that it cuts down on some of the costs that it incurs in its procurements and supply chain.
William Paterson Map
William Paterson University
Work Cited
William Paterson University. "Home: William Paterson University." Wpunj.edu. N.p., 2018. Web. 12 Sept. 2018.
