BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Maximizing customer service level
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Achieving low-cost plant operations
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Balancing the blocked stock and unrestricted
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Minimizing inventory investment
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Detailed explanation-1: -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-2: -To ensure the quality of goods at reasonable prices. To facilitate furnishing of data for short and long-term planning with a controlled inventory. To supply the required material continuously. To maintain a systematic record of inventory.
Detailed explanation-3: -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.