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Questions and Answers
Which aspect of inventory management focuses on the rate at which inventory is sold and replenished?
Which of the following is NOT a role of inventory in supply chains?
What are the two major concerns in inventory decision-making?
What does the Economic Order Quantity (EOQ) determine in inventory management?
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Which aspect of inventory management involves the physical storage and management of inventory?
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True or false: Inventory Management practices help companies accurately place orders and maintain different assortment of products and supplies.
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True or false: Inventory Management systems are used to create reports and track costs of suppliers and vendors.
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True or false: Large inventories always result in incremental sales and profits.
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True or false: Stock Turnover is an aspect of inventory management.
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True or false: Warehousing is an aspect of inventory management.
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Study Notes
Inventory Management
- Inventory turnover focuses on the rate at which inventory is sold and replenished.
- Providing customer service is NOT a role of inventory in supply chains.
- The two major concerns in inventory decision-making are the cost of holding inventory and the cost of obtaining inventory.
Economic Order Quantity (EOQ)
- The EOQ determines the optimal quantity of inventory to order that minimizes total inventory costs.
Inventory Management Aspects
- Warehousing involves the physical storage and management of inventory.
- Stock Turnover is an aspect of inventory management that measures the number of times inventory sells and replaces within a period.
Inventory Management Practices
- Inventory Management practices help companies accurately place orders and maintain a different assortment of products and supplies.
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Description
Test your knowledge on inventory management practices and the role of inventory in businesses with this quiz. Learn about accurate order placement, maintaining product assortments, tracking costs, and more.
