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The Douglass Café on the loss prevention plan.

Extracts from this document...

Introduction

15945 CPO Way Rutgers University New Brunswick, NJ 08901 April 2, 2003 Mr. Charles P. Sams Jr. Administrative Director, Division of Dining Services 620 George Street Rutgers, The State University of New Jersey New Brunswick, NJ 08901-1175 Dear Mr. Sams: I would like to thank you for taking time out of your busy schedule to attend my project presentation and I hope you enjoyed it. Enclosed is a copy of my proposal, where the topic of financially improving the Douglass Caf� is further discussed. The report deals with ways in which the organization can detect, prevent and improve employee theft and simultaneously earn profits higher than in past years. Employee theft is a problem in every industry, accounting for the largest source of property crime committed annually in the United States ( Kolettis, Mesenbrink, Zalud 16). Furthermore, a survey conducted in 2001 by the National Retail Security and spearheaded by criminologist Dr. Richard C. Hollinger, Ph.D, reported that more than 46 percent or $14.9 billion of industry losses are due to dishonest employees (17). Although these problems are difficult to detect and repair, there are certain tactics that have proven to work. My proposal includes a well-defined security plan for the Douglass Caf�. The plan is a step-by-step investigation of the inventory-turnover analysis, the implementation of the electronic article surveillance (EAS) and Store Vision; methods in which industries can track their sales information directly into their PCs. This plan will allow for better management of cash and inventory and a tight work environment with high profits. For any further information, please feel free to contact me by phone at (732) 373-7837 or by e-mail at breeze82@eden.rutgers.edu. Thank you again for your time, and I hope to discuss the project with you in further detail. Sincerely, Briza Junqueira Abstract This proposal presents the issue of employee theft and poor management of cash in different organizations. ...read more.

Middle

However, for a food industry such as the Douglass Caf�, it would be extremely hard to tag all of the products, given that we are a dining facility. Figure 3 represents the StoreVision system, where cameras are implemented throughout the store, and items purchased are accounted for without a tag. The system works given that cashiers ring up the exact item purchased, and with the re-enforcement of the camera, transactions are reviewed in minutes. Similarly, supermarkets found that implementing security video surveillance allowed for an increase of 10 percent in revenues ( Seideman 120). Video cameras allows cash management companies to monitor and control movement of money with greater accuracy and effectiveness than ever before, for managers and supervisors will be more reluctant to tamper with cash and illegal transactions such as voids and refund discounts knowing that they are being watched ( Swedberg 45). Along with surveillance cameras, Seideman states yet another vital tool to cash based businesses (118). In order to accurately monitor company's transactions, Crate & Barrel added a digital safe to their stores. The safe has the ability to communicate, collect information and change combinations at a moment's notice (119). Figure 4 illustrates a cashier counting out a till and the digital safe where all the cash should be stored. The surveillance camera together with the luxury of a digital, steel safe creates a well-watched environment for managers to supervise. When dealing with inventory in the food industry, and menus that change frequently, a periodic inventory-turnover analysis can be an option when looking to increase revenues (Reynolds 54). The focus of the turnover analysis is simple management practices where food operation can provide efficiency and profitability. Reynolds explains that inventory should be treated as an asset; there should be neither excess nor shortage leading to theft. This method of operation can tell whether the food is being used properly or simply being used by the employees who take it home (Reynolds 56). ...read more.

Conclusion

hour for 7 hours)...............................$ 840 * Informational Seminar for employees - 35 employees at approximate $9 per hour for 2 hours............$ 630 * Inventory Turnover Training Session - 2 managers at $ 8.50 per hour for 10 hours of training............$ 170 - 2 hours per week for actual turnover analysis (1 year)............$ 3,536 Total = $ 5,176 Total Cost for First Year....................................... $ 13,083.99 Total Annual Cost................................................$ 7,535 Discussion My proposal is extremely complex and involves many areas of the Douglass Caf�, however, the intricate plan is safe and has been proven to work in several other industries. Aside from the project being affordable, it involves simple managerial steps in order to stop theft infiltration. In comparison with the approximate $250,000 dollars in losses incurred by the Caf�, my plan is not only affordable, but it will prevent any other leakages. The new StoreVision will allow information to be stored for 90 days in its database; given any discrepancies, information can be retrieved and investigated in no time! Furthermore, with StoreVision managers or supervisors will be able to accurately evaluate employee's performance. It is easy to use and can be installed on any PC or laptop. The Digital Safe is cheap and has the ability to communicate, collect information and change combinations at a moment's notice. The system will take place of the old safe and better assist in keeping the cash flow information accurate and up to date. The Inventory-Turnover analysis might seem like unnecessary strenuous work; however, after a few months, the Douglass Caf� will only see profits on the income statements. The analysis allows for a better investment plan on inventory and less excess inventory to attract thieves. With such a small fee and some changes within the operations of the Douglass Caf�, there will only be room for profits. Better management is hard to achieve, and one person does not have 10 eyes to watch what goes on at all times. The plan is designed to keep honest employees, honest. ...read more.

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