ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is the simplest and most widely used method of inventory control?
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Computer system
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Want book system
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Point-of-sale master
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Perpetual inventory system
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Explanation:
Detailed explanation-1: -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-2: -Inventory control means managing your inventory levels to ensure that you are keeping the optimal amount of each product. Proper inventory control can keep track of your purchase orders and keep a functional supply chain. Systems can be put in place to help with forecasting and allow you to set reorder points, too.
Detailed explanation-3: -ABC inventory management. Answer (D) is correct. The ABC system is a simple inventory management technique.
There is 1 question to complete.