BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Timing your purchases so that your money/ resources are not tied up longer than they need to be.
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Taking advantages of economic conditions
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Stocking up when necessary
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All of the above
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Detailed explanation-1: -Purchase management is the process of procuring items from external suppliers. It’s the management of purchasing, receiving, reviewing and approving purchase orders. Purchase management also includes managing the relationship with the supplier.
Detailed explanation-2: -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-3: -In this article we’ll dive into the three most common inventory management strategies that most manufacturers operate by: the pull strategy, the push strategy, and the just in time (JIT) strategy.