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Questions and Answers
What is the purpose of maintaining a reorder level in inventory management?
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?
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?
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?
Which inventory management practice involves classifying items based on their importance and allocating resources accordingly?
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How does safety stock inventory help in the context of supply chain management?
How does safety stock inventory help in the context of supply chain management?
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