Analysis

The analysis of inventory values through mode values is a statistical method that focuses on identifying the most frequently occurring values within a dataset of inventory. In the case of inventories, mode analysis can be used to detect the products that are most often available or the items that are sold most frequently. This type of analysis helps businesses understand which products are more popular or which require regular replenishment in order to avoid shortages. In addition, mode analysis can provide insights for the rational management of inventories and contribute to the optimization of ordering and storage. Through this analysis, businesses can make more informed decisions regarding the supply and management of their products, thereby improving the performance and efficiency of the supply chain.

Objective

The objective of inventory value analysis is to optimize the management of a company’s stock, ensuring that the most necessary and popular products are always available to customers. By understanding the mode values, that is, the most frequently occurring inventory values, the company can better forecast its needs, avoiding shortages as well as overstocking. This objective leads to a more efficient supply chain, reducing storage costs and losses due to expired or unsold products. Furthermore, it contributes to improved customer service, since customers can always find the products they need, thereby enhancing their trust and satisfaction.

Scoring

The MVI-51 questionnaire consists of 51 items, which are rated as follows:
1 = I reject it,
2 = I tend to reject it,
3 = Neither reject nor accept it,
4 = I tend to accept it,
5 = I accept it as important,
6 = I accept it as very important,
7 = I accept it as of utmost importance.

References

Braithwaite, V. A., & Law, H. G. (1985). Structure of human values: Testing the adequacy of the Rokeach Value Survey. Journal of Personality and Social Psychology, 49, 250–263.
Gore, Truman Joseph. (2014). Goal Orientations and Self-Efficacy Interactions on Self-Set Goal Level. Wright State University, Master of Science Thesis.