18 Questions
What is the ideal number of suppliers of goods to have in order to minimize the impact of fill up period on the business?
At least two
What can cause delays in the delivery of products and supplies?
Both A and B
What is the goal of inventory management according to the phrase 'Right quantity at right place at right time'?
To ensure the availability of goods when needed
What is the main reason why having multiple suppliers is ideal?
To ensure business continuity
What is the impact of natural calamities on the business?
It has a turbulent impact on the business
What is the role of inventory management in the organization?
To concede in the economic activity
What is the primary goal of Just in Time Inventory management?
To ensure product availability at a given time with minimal inventory
What is the purpose of ABC Analysis in inventory management?
To categorize items based on their value and importance
Which inventory management strategy involves not keeping inventory in stock, but instead partnering with a supplier to ship products directly to customers?
Drop Shipping
What is the purpose of Economic Order Quantity (EOQ) in inventory management?
To determine the smallest quantity of stock that needs to be ordered to meet customer demand
What is the primary goal of Lean Manufacturing in inventory management?
To maximize productivity and minimize waste
What is the purpose of Consignment Inventory in inventory management?
To allow vendors to sell products on behalf of the supplier and pay for the sold products
What is the purpose of maintaining a Safety Stock Inventory?
To mitigate stockouts and overstocking
What is the primary goal of the Just-In-Time (JIT) inventory management strategy?
To reduce lead times and inventory levels
What is the purpose of an Economic Order Quantity (EOQ)?
To determine the optimal order size
What is the primary benefit of using the ABC Analysis in inventory management?
To prioritize inventory items based on their value
What is the purpose of the Lean Manufacturing approach in inventory management?
To minimize waste and maximize efficiency
What is the purpose of the Reorder Level in inventory management?
To trigger replenishment of inventory
Test your knowledge of inventory management techniques, including distribution channel methods, physical counting, just in time inventory, safety stock, lean manufacturing, and six sigma. Learn about the different practices used in inventory lifecycle and resource management.
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