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Inventory management (3. Explain 5 costs that involved in inventory…
Inventory management
3. Explain 5 costs that involved in inventory management
.
2) Inventory turnover- fast stock turnover, less cost hold :recycle:
3) procurement cost- purchasing/ inbound & outbound transportation :recycle:
1) Human capital- human capital is a measure of the economic value of an employee’s skill set :recycle:
4) management costs- it is management of cost related activities achieved by collecting, analyzing, evaluating, & reporting cost information used for estimating, budgeting, forecasting, & monitoring costs : :recycle:
5) facility costs- a ratio that show many times a company inventory is sold & replaced over a period time :recycle:
4. Briefly explain 3 service classes in inventory management
2) non- critical: the product were needed for reasonable time but not necessary urgent :warning:
3) scheduled delivery: each worker & manager should know what time should they deliver the goods besides should know how many truck should be operation :warning:
. 1) critical: where the services/ good are quickly needed :warning:
1.Define inventory management
The practice overseeing & controlling of the ordering, storage & use of components that a company uses in the production of the item it sells. :star:
Practice of overseeing & controlling of quantities of finished products for sale. :star:
2. What are the basics in inventory management?
INVENTORY BASICS :lock:
plan: push, pull :explode:
Identify: units of measure, stock keeping unit, I.D Label :explode:
Location: on-site, off- site, dropship :explode:
Records: P.C, paper :explode:
INVENTORY MANAGEMENT PRACTICES : :lock:
Manage the inventory :<3:
Makes your cycle count :<3:
Know what type of inventory management fits your business :<3:
Optimize :<3:
Implement quality control :<3:
Prepare :<3:
5. What are the strategies to better manage inventories?
1)- Postponement logistics: this is common to many international manufactures & the process is to postponing the final assembling of goods until made into the market where it will be sold :check:
2)- vendor management logistics: family of business models in which the buyers of a product & the supplier take full responsibility for maintaining an agreed inventory of the materials :check: