ENTREPRENEURSHIP

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ENTREPRENEURIAL OPERATIONS

INVENTORY MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
____ is used to find and maintain inventory levels that are neither too small nor too large.
A
Planning purchases
B
Inventory management
C
Inventory control
D
Managing purchases
Explanation: 

Detailed explanation-1: -Inventory control, also called stock control, is the process of ensuring the right amount of supply is available in an organization. With the appropriate internal and production controls, the practice ensures the company can meet customer demand and delivers financial elasticity.

Detailed explanation-2: -Material Requirements Planning (MRP) is an inventory management technique. Under this technique, the manufacturers/producers order the inventory after taking into account the sales forecast. Material Requirements Planning (MRP) system incorporates data from different areas of the business where inventory is utilized.

Detailed explanation-3: -Inventory management is the entire process of managing inventories from raw materials to finished products.

There is 1 question to complete.
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