ENTREPRENEURSHIP

Detailed explanation-1: -The basis of the computerized purchasing and control system is the medication database. The medication master file contains all of the information needed for ordering, inventory, pricing, and distribution of pharmaceuticals.

Detailed explanation-2: -A computerized inventory system enables a company to monitor inventory levels in real time throughout the day. Also known as inventory management software, businesses can stay updated with inventory orders, counts and sales.

Detailed explanation-3: -Inventory control involves various techniques for monitoring how stocks move in a warehouse. Four popular inventory control methods include ABC analysis; Last In, First Out (LIFO) and First In, First Out (FIFO); batch tracking; and safety stock.

Detailed explanation-4: -Forecasting the demand for parts and products. Controlling inventory levels. Developing and implementing feedback measurements for revising plans and forecasts. All of the above are basic components of an inventory control system.