BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to minimize inventory turnover
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to carry insufficient inventories
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to maximize inventory management
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to maximize inventory turnover
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Detailed explanation-1: -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. In the warehouse, inventory management tracks stock receipt, picking, packing and shipping.
Detailed explanation-2: -The objectives of inventory management are to provide the desired level of customer service, to allow cost-efficient operations, and to minimize the inventory investment.
Detailed explanation-3: -Objectives of Inventory Control To keep inactive, waste, surplus, scrap and obsolete items at the minimum level. To minimize holding, replacement and shortage costs of inventories and maximize the efficiency in production and distribution. To treat inventory as investment which is risky.
Detailed explanation-4: -One of the main objectives of inventory management is to ensure you are always having material available whenever the production department needs them ensuring that production is not stopped or slowed down due to a lack of resources.
Detailed explanation-5: -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.