Entrepreneurship

Entrepreneurship

Gr 11

Video

https://www.unleashedsoftware.com/inventory-management-guide

Objectives

• Determine the procedure of receiving inventory

• Analyze Just in Time Inventory and Lean Manufacturing

• Predict the process of selecting a vendor

Open Ended

You and a friend work as shipping and receiving clerks in a warehouse. You have noticed that there are no procedures for receiving inventory when it arrives. Discuss with a partner the procedures you think should be in place. Together, write a memo to the warehouse manager recommending a set of procedures for managing inventory when it is received.

Multiple Choice

The cost associated with products or materials

that become obsolete while in inventory.

• Shrinkage cost

• Obsolescence

• Storage cost

Open Ended

Just-in-Time (JIT) inventory is an important technological

innovation that has revolutionized how factories work. It has made

businesses more effi cient and brought down the cost of manufacturing

goods. Research the history of JIT inventory and Lean Manufacturing.

Write a paragraph about how and when it was developed and the effect it has had.

Multiple Choice

When was Just in Time inventory found?

• 1978

• 1977

• 1975

Open Ended

You’re opening a high-end coffee shop and you need to find a supplier to provide and install a top-of-the-line espresso machine. You will get the best price by soliciting competitive bids. Write a request for proposal (RFP).

Multiple Choice

Why would you not buy from one vendor?

• There is excess goods

• As they do not have enough goods

• There are other good customers

Open Ended

Write the main points.