What are the three phases in the inventory life cycle and why is it important to classify them correctly?

Q: What two difficulties is inventory management attempting to resolve ?

A: Stock management describes the amount of merchandise that can then be ordered to avoid resource…

Q: What is vendor managed inventory (VMI), and what are some advantages and disadvantages of it?

A: Vendor Managed InventoryVendor-managed inventory (VMI) implies using local suppliers (example,…

Q: Explain the inventory life cycle phases and why it is crucial to identify them accurately.

A: Inventories are planned for both the input and output flows of a product system, which is referred…

Q: Explain the following in respect of the Inventory: a) Characteristics b) Need

A: Inventory has certain characteristics: 1. Inventory helps an organization to absorb shocks due to…

Q: State and explain the four types of inventory

A: Inventory management as the process of procuring, storing, and utilising the company's inventory,…

Q: why and how companies should manage inventory level?

A: Inventory level:- The amount of inventory you have available across your whole distribution network…

Q: What Are the Types of Inventory Management Systems?

A: Inventory management aids businesses in determining which goods to order and when to order them. It…

Q: How does vendor-managed inventory differ fromtraditional inventory management?

A: Inventory management refers to the mechanism by which the stock of an organization is purchased,…

Q: Discuss in details what are the various type of inventory?

A: Inventory is a word that refers to the stock of raw materials, semi finished goods, and finished…

Q: In a production company, what are the three forms of inventory?

A: There are three types of inventory in a production company: Provisioning of raw materials This is…

Q: What are the key objectives of inventory management within a supply chain?

A: Inventory management allows businesses to select which commodities to purchase, in what amount, and…

Q: What are the four steps in taking a physical inventory?

A: A physical inventory count is an organized way to deal with counting an organization's stock where…

Q: Describe inventory accuracy and cycle counting

A: With cycle counting, inventory in a sample area can be counted without affecting the entire…

Q: Define Multiperiod Inventory Systems?

A: Q model is a multi-period inventory model. In this model, inventory reviewed continuously and when…

Q: What is Consignment Inventory? Advantages and disadvantages of Consignment Inventory for Vendors?

A: Inventory management aids businesses in determining which goods to order and when to order them. It…

Q: What is the purpose of inventory control?

A: A computerised inventory control system integrates all facets of inventory management into a single…

Q: What function does finished-goods inventory play?

A: Finished goods are the products which are at the stage where it has completed the process in which…

Q: How does vendor-managed inventory differ fromtraditional inventory management?

A: Inventory control is concerned with how much inventory a company possesses, how it is acquired, how…

Q: Why must companies carry inventory?

A: THE ANSWER IS AS BELOW:

Q: Describe some of the ways that inventory can be reduced in the supply chain?

A: The supply chain is the system of resources, technologies, processes, and employees that help to…

Critical Path Method

The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay. 

Cost Analysis

The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services. 

Inventory Management

Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.

Project Management

Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.