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Managing Inventory (Cycle Counting (Items are counted and records updated…
Managing Inventory
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Functions of Inventory
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To provide a selection of goods for anticipated demand and to separate the firm from fluctuations in demand
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ABC Analysis
Divides inventory into three classes based on annual dollar volume (ABC - high, medium, low dollar volum)
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Inventory Management
The objective of inventory management is to strike a balance between inventory investment and customer service
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