ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Below are the importance of inventory control, except;
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How to maximize costs involved, which could directly increase production
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How much inventory to be ordered to replace sold inventory
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When to order inventory to prevent excess or deficiency in storage
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What type of inventory is suitable for the production process
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Explanation:
Detailed explanation-1: -An integral part of inventory control is supply chain management (SCM), which manages the flow of raw materials, goods and services to the point where the company or customers consume the goods.
Detailed explanation-2: -Inventory management saves you money and allows you to fulfill your customers’ needs. In other words, it enables successful cost control of operations. Knowing what you have, what is in your warehouse, and how to manage the supply chain properly is the backbone of business.
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