COST ACCOUNTING
INVENTORY AND PRODUCTION MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is meant by stock replenishment?
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the process of selecting an item Parts Numbers (SKU) to be used as stock items or eligible to be used as stock to support needs
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scheduling of ordering spare parts to distributors or suppliers to fill in used stock
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the process of forecasting the need for a spare part in the future by using supporting data
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efforts are made to always make improvement gaps from what has been achieved
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Explanation:
Detailed explanation-1: -Stock replenishment-also known as inventory replenishment-entails moving items along the supply chain at an optimal rate to both meet customer demand on time and keep inventory costs low.
Detailed explanation-2: -The purpose of stock control is to make sure you always have enough stock for your customers, while limiting the amount spent on storing and buying in stock.
Detailed explanation-3: -What is replenishment? Stock replenishment is the process of ordering and allocating inventory to replace missing products on store shelves. Replenishing stock is a key facet of inventory management which helps to balance inventory levels during a selling period.
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