ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identify the correct statements about the importance of stock control.I. It verifies that the right goods are received.II. It ensures that all the receipts, issues and balance of stock agree with information in the records.III. It avoids wastage and loss by observing the correct procedures for receiving, storing and issuing stock.IV. It avoids under-ordering, over-ordering and bad buying.
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I and II only
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I, II and IV only
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III and IV only
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I, II, III and IV
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Explanation:
Detailed explanation-1: -Inventory management is a strategy that ensures businesses always have the right amount of inventory at the right time and in the right place.
Detailed explanation-2: -Stock reviews. Fixed-time/fixed-level reordering. Just in time (JIT) Economic Order Quantity (EOQ) First in, first out. Batch control. Vendor-managed inventory (VMI) Define processes and stock types. More items
Detailed explanation-3: -Identify stock you always need and make sure you have sufficient supply. Tighten the process of buying stock – knowing the volume sales per stock item will help you buy the right amount. Keep accurate stock records and match them to a regular physical count, at least once a year. More items •21-Sept-2022
There is 1 question to complete.