ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Safety stock
|
|
|
Lot size
|
|
|
Standard deviations
|
|
|
Inventory control
|
Detailed explanation-1: -The four types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ), and days sales of inventory (DSI). Each inventory management style works better for different businesses, and there are pros and cons to each type.
Detailed explanation-2: -A quantity discount is an incentive offered to a buyer that results in a decreased cost per unit of goods or materials when purchased in greater numbers. A quantity discount is often offered by sellers to entice customers to purchase in larger quantities.
Detailed explanation-3: -Answer: (C) In order to keep track of how much of each item is left, inventory management uses “time phased order points.” This means that the inventory is organized into groups, and each group is tracked according to a certain time period.