Podcast
Questions and Answers
Which aspect of inventory management focuses on the rate at which inventory is sold and replenished?
Which aspect of inventory management focuses on the rate at which inventory is sold and replenished?
- Stock Turnover (correct)
- When to order (Re-order point)
- How much to order (Economic Order Quantity)
- Warehousing
Which of the following is NOT a role of inventory in supply chains?
Which of the following is NOT a role of inventory in supply chains?
- To supply and support the balance of demand and supply
- To effectively cope with the forward and reverse flows in the supply chain
- To maintain different assortment of products and supplies
- To generate incremental sales and profits (correct)
What are the two major concerns in inventory decision-making?
What are the two major concerns in inventory decision-making?
- When to order and how much to order (correct)
- When to order and where to order from
- How often to order and where to order from
- How much to order and how often to order
What does the Economic Order Quantity (EOQ) determine in inventory management?
What does the Economic Order Quantity (EOQ) determine in inventory management?
Which aspect of inventory management involves the physical storage and management of inventory?
Which aspect of inventory management involves the physical storage and management of inventory?
True or false: Inventory Management practices help companies accurately place orders and maintain different assortment of products and supplies.
True or false: Inventory Management practices help companies accurately place orders and maintain different assortment of products and supplies.
True or false: Inventory Management systems are used to create reports and track costs of suppliers and vendors.
True or false: Inventory Management systems are used to create reports and track costs of suppliers and vendors.
True or false: Large inventories always result in incremental sales and profits.
True or false: Large inventories always result in incremental sales and profits.
True or false: Stock Turnover is an aspect of inventory management.
True or false: Stock Turnover is an aspect of inventory management.
True or false: Warehousing is an aspect of inventory management.
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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