ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Distribution
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Inventory management
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Supply chain
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Material Handling
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Detailed explanation-1: -What Is Inventory Management? Inventory management refers to the process of ordering, storing, using, and selling a company’s inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items.
Detailed explanation-2: -The inventory management system allows you to view the stock amount of all consumables on the ship instantly, to follow the materials that are added to and removed from stock, to manage the requisitions and supplies for the products to be procured to the fleet ships.
Detailed explanation-3: -JIT inventory management ensures that stock arrives as it is needed for production or to meet consumer demand, but no sooner. The goal is to eliminate waste and increase the efficiency of your operations.