INVENTORY MANAGEMENT

The following are description of Inventory Management EXCEPT FOR:

• A component of SCM which supervises the flow of goods from manufacturers to warehouses, and from these facilities to the point of sale.

• It ensures that the right inventory is available as per the demand at low costs.

• It makes sure that the core processes of a business keep running efficiently by optimizing the availability of inventory

• It is a systematic approach in managing procurement 

  processes for an organization in which the procedures, methods, and sources are constantly evaluated to optimize value to the organization.

Inventory Management is a business process which is responsible for the following tasks, EXCEPT FOR:

• Storing

• Purchasing

• Sorting

• Counting

The following are the 3 basic types of inventory EXCEPT FOR:

• Traditional

• Raw Materials

• Work in Progress

• Finished Goods

The following are GOALS of Inventory Managment EXCEPT FOR:

• To help warehouse managers keep track of the inventory levels of their products.

• To improve performance and prevent theft with the help of product tracking and security. 

• To reduce or control procurement costs

• To monitor sales procedures which leads to better service

The following are BENEFITS of Inventory Management EXCEPT FOR:

• Allows transparency into their chain to monitor the flow of goods from their supplier. 

• Effectively manage seasonal items or new bestsellers

• Ensures that the right inventory is available as per the demand at low costs

• Improves SRM: Builds strong, trustworthy relationships with existing and new suppliers

These are basic materials that a manufacturing company buy from its suppliers and that are used by the former to convert them into the final products by applying a set of manufacturing processes.

• Work in Progress

• Finished Goods

• Raw materials

This method banks on the notion that it is almost always cheaper to purchase and ship goods in bulk.

• ABC Inventory Management

• Bulk Shipment

• Backordering

• Inventory Cycle Counting

A technique that’s based on putting products into categories in order of importance, with A being the most valuable and C being the least.

• Just-in-Time

• First-In-First-Out

• ABC Inventory Management

• Inventory Cycle

This is a method in which assets purchased or acquired first are disposed of first and assumes that the remaining inventory consists of items purchased last.

• First-In-First-Out

• Just-in-Time

• Inventory Cycle Counting

• Backordering

It is a method that involves counting a small amount of inventory on a specific day without having to do an entire manual stock

• Inventory Cycle Counting

• Just-In-Time

• Backordering

• ABC Inventory Management