BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Never changing your inventory
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Not planning purchases
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Making changes to inventory based on needs for upcoming events or other things
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Keeping inventory the same because it’s easier to manage it that way.
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Detailed explanation-1: -Inventory planning helps companies buy the right amount of stock and decide how often to reorder. Inventory planning helps lower the costs of keeping items in stock and helps make sure there is enough stock for making and selling items.
Detailed explanation-2: -Inventory planning is a process for deciding what retail products to stock and how much to order. The practice involves demand forecasting and budgeting, in which retailers factor in sales data and trends to determine the optimal inventory levels and the right timing for sales, promotions, and markdowns.
Detailed explanation-3: -Inventory management is the entire process of managing inventories from raw materials to finished products.
Detailed explanation-4: -What is Inventory Control and Planning? The process that any organization uses to determine the optimal quantity, as well as the timing, is known as inventory planning. This process aims to align such plans with the organization’s capacity to produce and make sales.