ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Tracking
|
|
|
Accounting
|
|
|
Analysis
|
|
|
Systems and Tools
|
Detailed explanation-1: -So you have visibility on where exactly your inventory is as well as additions (purchases) and subtractions (sales & shrinkage), to give as close to a live stock figure as possible.
Detailed explanation-2: -Four major inventory management methods include just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ), and days sales of inventory (DSI).
Detailed explanation-3: -One of the most critical aspects of inventory management is managing the flow of raw materials from their procurement to finished products. The goal is to minimize overstocks and improve efficiency so that projects can stay on time and within budget.
Detailed explanation-4: -We’ve put together a list of four crucial metrics that you should keep a close eye on over the course of the year: inventory turnover, average days to sell, return on investment, and inventory carrying costs.