BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Developing a model inventory
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Having absolutely no system
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Doing nothing
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Keeping a very messy inventory
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Detailed explanation-1: -Prioritize your inventory. Categorizing your inventory into priority groups can help you understand which items you need to order more of and more frequently, and which are important to your business but may cost more and move more slowly. Experts typically suggest segregating your inventory into A, B and C groups.
Detailed explanation-2: -Inventory management saves you money and allows you to fulfill your customers’ needs. In other words, it enables successful cost control of operations. Knowing what you have, what is in your warehouse, and how to manage the supply chain properly is the backbone of business.
Detailed explanation-3: -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.