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INVENTORY MANAGEMENT - Coggle Diagram
INVENTORY MANAGEMENT
IMPORTANCE OF INVENTORY
One of the most expensive assets of many companies representing as much as 50% of total invested capital
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MANAGING INVENTORY
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2)Record Accuracy
Periodic systems require
regular checks of inventory, Perpetual inventory tracks receipts
and subtractions on a continuing basis.
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TYPES OF INVENTORY
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Work-in-process (WIP)-Undergone some change but not completed and a function of cycle time for a product
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FUNCTIONS OF INVENTORY
Provide a selection of goods for anticipated demand and to separate the firm from fluctuation of demand
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