BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No
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Yes
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Either A or B
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None of the above
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Detailed explanation-1: -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.
Detailed explanation-2: -It’s a balance of having just enough products in the warehouse. Effective inventory management keeps the stock costs under control so you can run a successful business.
Detailed explanation-3: -Economic Order Quantity (EOQ) This model is used in inventory management by calculating the number of units a company should add to its inventory with each batch order to reduce the total costs of its inventory while assuming constant consumer demand.