BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Inventory, manufacturing, insurance
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Manufacturing, growing, consumption
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Growing, inventory, insurance
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Insurance, consumption, inventory
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Detailed explanation-1: -Consumer demand would typically be characterized as . Which of the following types of inventory are typically outside the control of supply chain operation? Obsolete inventory.
Detailed explanation-2: -The goal of inventory management is to have the right products in the right place at the right time. This requires inventory visibility-knowing when to order, how much to order and where to store stock.
Detailed explanation-3: -The answer is b. Raw Materials Inventory are inventories that are not yet put in the production process. Upon putting in the production process, it will be part of work in process. Once finished into a finished product, it will be part of Finished Goods Inventory.
Detailed explanation-4: -Delivery lead time measures the period between when an order is placed and when it’s delivered. It is important in supply chain management and can be a particularly useful metric in managing inventory and logistics.