BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Process of ordering, storing, using, and selling a company’s inventory. management of raw materials, components, and finished products, as well as warehousing and processing of such items.
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These industries include pharmaceuticals, biotechnology, equipment, distribution, facilities, and managed health care.
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is an aggregation and integration of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative, and palliative care.
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sector encompasses multiple subsections to group different companies based on their primary activities.
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Detailed explanation-1: -What Is Inventory Management? Inventory management refers to the process of ordering, storing, using, and selling a company’s inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items.
Detailed explanation-2: -Inventory management, a critical element of the supply chain, is the tracking of inventory from manufacturers to warehouses and from these facilities to a point of sale. The goal of inventory management is to have the right products in the right place at the right time.
Detailed explanation-3: -Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.
Detailed explanation-4: -Warehouse inventory management is a process that involves receiving, storing, and tracking inventory in a warehouse; managing warehouse staff; and optimizing storage space and costs; all of which directly impacts fulfillment, shipping, and the customer experience.
Detailed explanation-5: -The 4 Types of Inventory Management The types of inventory management are Raw Materials, Works-In-Process, Maintenance, Repair and Operations or MRO and Finished Goods.