BUISENESS MANAGEMENT
INVENTORY CONTROL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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o calculate EOQ for all materials in the organization.
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to go in person to the market and purchase the materials
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to employ the available capital efficiently so as to yield maximum results
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once materials are issued to the departments, personally check how they are used
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Detailed explanation-1: –To supply the required materials continuously: The main objective of inventory management is to maintain the required inventory to run the production and sales process smoothly.
Detailed explanation-2: -The objective of good inventory management is to determine: The optimum re-order quantity – how many items should be ordered when the order is placed for all material inventory items.
Detailed explanation-3: -The goal of inventory management is to understand stock levels and stock’s location in warehouses. Inventory management software tracks the flow of products from supplier through the production process to the customer.
Detailed explanation-4: -Regardless of the size of your company, having a proper inventory management system is very important for any business. It can help you keep track of all your supplies and determine the exact prices. It can also help you manage sudden changes in demand without sacrificing customer experience or product quality.