ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
During Christmas time, a store selling decorations and wrapping materials keeps extra inventory on hand to ensure they can accommodate their customers’ needs. What type of inventory system are they using?
|
|
FIFO Method
|
|
|
Just In Case (JIC)
|
|
|
Periodic inventory
|
|
|
LIFO Method
|
Explanation:
Detailed explanation-1: -Operations management (OM) is the business function responsible for managing the process of creation of goods and services. It involves planning, organizing, coordinating, and controlling all the resources needed to produce a company’s goods and services.
Detailed explanation-2: -Safety stock, also known as “buffer stock, ‘’ is inventory that is above and beyond what is actually needed to meet anticipated demand. A quantity of stock planned to be in inventory to protect against fluctuations in demand or supply.
There is 1 question to complete.