Managing inventory is important to avoid surpluses and shortages

INVENTORY MANAGEMENT

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	True
B	False
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -The best way to prevent and reduce excess inventory is to only purchase the products you know you’ll use. This can be done by looking at your historical data to understand seasonal trends, calculate usage, and discover your best-selling products. Then establish the correct par level to avoid overordering.

Detailed explanation-2: -Expedite Parts. Improve Forecasting. Improve Lead Time Accuracy. Eliminate Single Point Failures. Develop a Shortage Attack Team (or better shortage management processes) Improve Supplier Collaboration. Ensure accurate inventory data. Regularly update PFEP. 30-Jun-2021

Detailed explanation-3: -Bundling products or services. Bundling products or services can increase sales. Discounting. Repackaging as an incentive. Remarket inventory. Donation for a tax write-off. Buy now, pay later. Explore selling online. 22-Dec-2022

There is 1 question to complete.

ENTREPRENEURSHIP

ENTREPRENEURIAL OPERATIONS

INVENTORY MANAGEMENT