Supplier Management Best Practices
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Questions and Answers

What is the purpose of maintaining a reorder level in inventory management?

  • To prevent stockouts and ensure continuous availability of items (correct)
  • To decrease the impact of natural calamities on the supply chain
  • To automatically generate new purchase orders
  • To reduce purchasing lead time

    • Which method of inventory management is specifically designed to minimize waste and improve efficiency?

  • Just in Time Inventory (correct)
  • Six Sigma
  • Consignment Inventory
  • ABC Analysis

    • What does the Economic Order Quantity (EOQ) model help determine in inventory management?

  • Optimal reorder point (correct)
  • Maximum Inventory Turnover
  • Minimum Order Quantity
  • Safety Stock level

    • Which inventory management practice involves classifying items based on their importance and allocating resources accordingly?

    <p>ABC Analysis</p> Signup and view all the answers

    How does safety stock inventory help in the context of supply chain management?

    <p>Reduces the impact of natural calamities on inventory levels</p> Signup and view all the answers

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