BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Manage the amount of products
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Theft
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Errors
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Detailed explanation-1: -An inventory control system is a technology solution that manages and tracks a company’s goods through the supply chain. This technology will integrate and manage purchasing, shipping, receiving, warehousing, and returns into a single system. The best inventory control system will automate a lot of manual processes.
Detailed explanation-2: -Objectives of Inventory Control To keep inactive, waste, surplus, scrap and obsolete items at the minimum level. To minimize holding, replacement and shortage costs of inventories and maximize the efficiency in production and distribution. To treat inventory as investment which is risky.
Detailed explanation-3: -Four popular inventory control methods include ABC analysis; Last In, First Out (LIFO) and First In, First Out (FIFO); batch tracking; and safety stock.