QUESTION # 1
1. What constitutes inventory? Discuss the benefits of inventory management.
ii)Discuss new developments in inventory management systems and the implications for production technique any philosophy.
iii) What factors are likely to reduce the holdings of inventory in relation to sales in the future? What factors will tend to increase the ratios and what in your judgement is the net effects?
a) All of the commodities, goods, merchandise, and materials retained by a firm for the purpose of reselling in the market to make a profit are referred to as inventory.
I) Improve operational efficiency and productivity.
ii) Reduce inventory expenses while increasing sales and profits.
iii) Integrate all aspects of your business.