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Questions and Answers
What is the primary goal of inventory control?
What is the primary goal of inventory control?
- Focusing solely on verifying a business's inventory
- Maximizing profit from the least amount of inventory investment without affecting customer satisfaction (correct)
- Minimizing profit to ensure customer satisfaction
- Maintaining a large inventory to cater to all possible demands
What does an inventory control system primarily aim to do?
What does an inventory control system primarily aim to do?
- Keep inventories in a desired state while adequately supplying customers (correct)
- Ignore the state of inventories and focus on customer satisfaction
- Maintain unclear records on a periodic basis
- Maximize inventory investment without considering customer satisfaction
What are some facets of inventory control?
What are some facets of inventory control?
- Maximizing inventory investment without concern for profit
- Focusing solely on loss prevention
- Forecasting future demand and production control (correct)
- Ignoring customer satisfaction and supply chain management
What is the broader definition of inventory control?
What is the broader definition of inventory control?
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What does an inventory control system allow companies to assess?
What does an inventory control system allow companies to assess?
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