ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Inventory management promotes minimizing inventory holding costs while maintaining ____, ____, and ____ high.
|
|
customer orders, product value, quality
|
|
|
production output, quality, customer service
|
|
|
integrity, services, employee morale
|
|
|
production WIP, customer satisfaction, standard
|
Explanation:
Detailed explanation-1: -You can keep inventory levels (and therefore costs) lower by speeding up supplier lead times. The median supplier lead time for purchased materials is eight days. If you can shave two or three days off of that, it will have a major impact on your bottom line. Shop around for suppliers that can meet your needs, quickly.
Detailed explanation-2: -The essence of reducing the cost of inventory is inventory reduction. The less you have, the less your costs will be. And obsolete stock is the most costly inventory you can have. If you already have a lot of obsolete stock, you can try product bundling to sell more of it, or try discounting them individually.
There is 1 question to complete.