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Questions and Answers
Inventory management is only necessary because supply and demand are in perfect harmony
Inventory management is only necessary because supply and demand are in perfect harmony
False (B)
Physical inventory is sometimes referred to as 'stock'
Physical inventory is sometimes referred to as 'stock'
True (A)
Inventory management can release large quantities of cash
Inventory management can release large quantities of cash
True (A)
Reducing inventory too much can lead to customers' orders not being fulfilled
Reducing inventory too much can lead to customers' orders not being fulfilled
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Inventory refers to the accumulation of transforming resources in processes or networks
Inventory refers to the accumulation of transforming resources in processes or networks
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Study Notes
Inventory Management Basics
- Inventory management is necessary because supply and demand are not always in perfect harmony.
Inventory Terminology
- Physical inventory is also referred to as 'stock'.
Benefits of Inventory Management
- Effective inventory management can release large quantities of cash.
Inventory Management Challenges
- Reducing inventory levels too much can result in unfulfilled customer orders.
Inventory Definition
- Inventory refers to the accumulation of resources in transition, whether in processes or networks.
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