ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To provide a selection of goods for anticipated demand
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To decouple or seperate various parts of the production process
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The objective of inventory management is to strike a balanace between inventory investment and customer service
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None of the above
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Detailed explanation-1: -The objective of inventory management is to strike a balance between inventory investment and customer service. You can never achieve a low-cost strategy without good inventory management. All organizations have some type of inventory planning and control system.
Detailed explanation-2: -Inventory management, a critical element of the supply chain, is the tracking of inventory from manufacturers to warehouses and from these facilities to a point of sale. The goal of inventory management is to have the right products in the right place at the right time.
Detailed explanation-3: -Managing inventory requires striking the right balance between supply and demand. Fulfilling the demands of customers must be balanced with maintaining an adequate yet cost-effective supply of goods and materials.