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INVENTORY MANAGEMENT (3) Explain 5 costs that involved in inventory…
INVENTORY MANAGEMENT
1) Define inventory management
Inventory management is the supervision of non-capitalized assets (inventory) and stock items. A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.
2) What are the basics in inventory management
Location
On site
Off site
Drop ship
Identity
Stock keeping unit
10 Labels
Unit of measure
Plan
Push/Pull
Records
Paper/PC
3) Explain 5 costs that involved in inventory management
Facility Costs
Human Capital
Finance Costs
Management Costs
Procurement Costs
Inventory Turnover
Stock Accuracy
Pillage and Ullage
Service Levels
4) Briefly explain 3 services classes in inventory management
Critical
Non Critical
Scheduled Delivery
5) What are the strategies to better manage inventory
Vendor Management Inventory
Postponement Logistics