BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Physical distribution
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Purchasing
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Inventory storage
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Inventory control
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Demographics
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Detailed explanation-1: -The four types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ), and days sales of inventory (DSI).
Detailed explanation-2: -Distribution management involves moving finished goods from a manufacturer or supplier to the so-called end user. The process includes warehousing, inventory management, packing, shipping, and delivery.
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.
Detailed explanation-4: -The four types of inventory are raw materials, work-in-progress (WIP), finished goods, and maintenance, repair, and overhaul (MRO) inventory. Knowing which items belong to which category allows you to optimize your operations and account for each step of the production process more efficiently.