ECONOMICS

Detailed explanation-1: -One important use of inventories in manufacturing is to decouple operations through the use of work in process inventories. The objective of inventory management is to minimize the cost of holding inventory. The two main concerns of inventory control relate to the costs and the level of customer service.

Detailed explanation-2: -True, inventory control is one part of minimizing holding costs and potential stock-outs.

Detailed explanation-3: -The goal of inventory management is to minimize the cost of holding inventory by helping you know when it’s time to replenish products or buy more materials to manufacture them. This helps you maintain optimal inventory levels and minimize costs.

Detailed explanation-4: -One of the main objectives of inventory management is to ensure you are always having material available whenever the production department needs them ensuring that production is not stopped or slowed down due to a lack of resources.

Detailed explanation-5: –To supply the required materials continuously: The main objective of inventory management is to maintain the required inventory to run the production and sales process smoothly.