Inventory Control Models Answer the following questions: 1.Discuss the importance of inventory control with respect to supply and demand. 2.What benefit can tools such as ABC analysis and...

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Inventory Control Models

Answer the following questions:

1.Discuss the importance of inventory control with respect to supply and demand.

2.What benefit can tools such as ABC analysis and just-in-time controls provide for an organization?

3.How can an enterprise resource planning system assist a firm with improving its business operations?


Answered Same DayMar 02, 2020

Answer To: Inventory Control Models Answer the following questions: 1.Discuss the importance of inventory...

Ckreta answered on Mar 05 2020
67 Votes
4
Inventory control management
Inventory control management
Importance of inventory control with the res
pect to demand and supply
    For every organization it is essential to manage the inventory in order to meet the demand of customers and ensure that unnecessarily excess stock is not stored. The main purpose of inventory control is to ensure that the management is keeping its products safe. As the part of the inventory management, the sales of company should also be reviewed and tracked over a period of time. In order to meet the demand of the customers and ensure the necessary supply of products, it is also essential for the organization for finding out the best supply chain sellers and managing them efficiently in order to increase the sales (Michalski, 2008). The excess stock of company can also be managed by controlling the inventory properly. The available data of inventory should be accurate so that it does not cause problems with the customers and does not create delays in supplying. In order to do that, the database of inventory should be updated as soon...
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