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Tutorial 4 (What are the basics in inventory management? Briefly explain.,…
Tutorial 4
- 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.
- What are the basics in inventory management? Briefly explain.
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- Explain five costs that involved in inventory management.
Purchase Cost - Purchase price of the items or raw materials or the production cost if prodeuced within the organization.
Ordering Cost - Cost associated with the processing and chasing of the purchase order, transportation, etc.
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- Briefly explain three service classes in inventory management.
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Scheduled Delivery - Each worker and manager should
know what time should they deliver the goods besides
should know how many truck should be operation.
- What are the strategies to better manage inventories? Briefly explain.
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