Q: Explain how inventory management impacts the supply chain performance ?
A: Below is the solution:-
Q: What are the two basic costing systems for products? Describe each. Describe each. What are the…
A: Inventory or stock relates to the merchandise and supplies that a business endures for the final…
Q: • Relation service and finance with the organizational efficiency Evaluation between supply chain…
A: Organizational efficiency examines how to increase the output an organization that an organization…
Q: Demand varies a great deal in most organization. How can you adjust supply to try to match demand
A: Managing Demand- If we were to look into the demand side, there are several methods through which…
Q: O a. Independence from the supply chain O b. Non-value added costs O c. Opportunity Cost O d.…
A: Stock administration influences your capacity to work a productive business severally. Regularly, an…
Q: Discuss how the purchasing interacts with two other functional area of an organisation?
A: All other departments will be compelled to communicate with it. Despite the importance of all…
Q: Why is it possible that using inventory turnover ratios to compare the inventory output of companies…
A: The inventory turnover ratio is a measurement of how many times a product's inventory is sold and…
Q: write the importance of demand management for a manufacturing organization
A: Demand management is the management that is used in forecasting and planning to meet the customers…
Q: State the key types of information required in purchasing and supply chains
A: During purchasing and supply chains, there are several forms of information that are required.
Q: Explain how inventory management impacts the supply chain performance?
A: Supply chain management refers to managing of materials throughout the whole process i.e., process…
Q: What is the most important element in Purchasing Management?
A: As per our guidelines, I can provide you the answer of any one question at a time. Please send each…
Q: Explain important characteristics of demand relates to whether demand is derived from an end item or…
A: If demand is derived from an end item, it is called an independent demand and whenever demand is…
Q: Explain how purchasing becomes aware of purchase requirements ?
A: Below is the solution:-
Q: What are the steps that you will recommend to Amazon which assist in the successful building a…
A: About Amazon Company - Amazon.com, Inc. is a global innovation company based in the United States…
Q: Procurement- Which of the following is not a type of supply budget? A. Capital B.…
A: Budget contains in estimation of revenue and expenditure in a specific period of time. To manage the…
Q: Why is it that inventory turnover ratios are inefficient for comparing the inventory output of…
A: The inventory turnover ratio is a metric that indicates how frequently a product's inventory is sold…
Q: What is the Production-Inventory Strategy in the Supply Chain Management Integration of JP Morgan…
A: Production-Inventory Strategy The production-Inventory strategy helps the organization in doing the…
Q: discuss the contributions a purchasingg department can make to the corporate strategic planing…
A: Purchase process: The buying process covers all the activities shown below: • Identification of…
Q: Supply base management refers to the selection, development and maintenance of supply. Select one:…
A: Supply base management refers to the management of the external suppliers that are associated with a…
Q: Which of the following statements about supply chain metrics is Incorrect? a. The lower the weeks of…
A: A. The lower the weeks of supply metric the better: If the vendor can supply material to the company…
Q: How do you assess the criticality of the inventory shortage as a store manager?
A: Inventory management is a crucial part of any company's performance.
Q: What do you call the average total value of all items held in inventory for a firm, at cost?
A: The average of total value of all items in the inventory helps the manager to know the value of…
Q: Why is market history meaningless for raw material and work-in-process inventory management?
A: Forecasts are important for and part of each stocking location because they are used to make…
Q: Discuss the advantages of 1. Centralized Purchasing 2. Decentralized Purchasing
A: Advantages: Consolidation of Purchasing Volumes Reduced duplication of purchasing effort Ability to…
Q: Examine and compare software purchasing choices, including both traditional and web-based ones.
A: Purchasing has an overwhelming impact on the bottom line of every organization and impact on the…
Q: What is a difference between job order costing, batch costing and process costing?
A: A job includes an amount of labor and material that are required in the production of goods and…
Q: What steps in the purchasing process are done electronically versus paper ?
A: People are purchasing products online as well as directly from the market. The procurement process…
Q: Using any business of choice, examine the stages of its purchasing cycle.This should be…
A: The purchasing cycle is a helpful step-by-step process to effectively purchasing. This will help an…
Q: Discuss the two or three most important benefits to centralized purchasing authority. Justify your…
A: Centralized authority is where all the decision are in the hands of top level management. It flows…
Q: Describe briefly what type of organising in purchasing?
A: When purchasing activities are planned and coordinated effectively, they can be more effective. Two…
Q: why would a firm want to measure a purchasing performance.
A:
Q: Kraljic matrix
A: This method is utilized in an increasingly competitive market to keep an eye on a company's…
Q: The purchasing department is responsible for procuring raw materials and other resources at the best…
A: The structure of an organization is built on the basis of its functional areas. The management…
Q: Purchasing and supply management is an integrated part of an organisation. Select a corporate…
A: Controlling the full production flow of goods or services is known as supply chain management. Raw…
Q: What Is Separating Strategic and Operational Purchasing?
A: Strategic purchasing is the procedure by which the approaches are planned, executed, evaluated,…
Q: What is the relationship between inventory management and the supply chain?
A: Connection between inventory management and the supply chain The supply chain is a process that all…
Q: What action does the Purchasing Officer take on receiving the requisition for raw material
A: Purchasing officer is the person who is in charge of an organization or firm purchasing raw…
Q: How rapidly do we provide inventory to our customers ?
A: To begin, let us define inventory and estimate the speed with which we can provide items to a…
Q: Explain how some of the popular social networking software (e.g., Facebook, LinkedIn, and so forth)…
A: Social media has a tremendous influence on today’s modern purchaser, with over 90% of B2B…
Q: Why is it desirable to increase a company’s inventory turnover ratio?
A: Inventory turnover ratio gives us the information about the time taken by the average inventory to…
Suppose you are assigned the role of a purchasing manager. Which tasks are you expected to perform?
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- What role do processes and procedures play in ensuring the purchasing team's success?a) What is the most important element in Purchasing Management? b) Within such element, what is the most important factor to contribute to its success and why? c) What are the three main objectives of purchase management in a company? Among the three objectives, which one do you think is the most important, and why?Why would a procurement professional decentralize inventory purchasing?
- Purchasing and supply management is an integrated part of an organisation. Select a corporate business/ organisation of your choice. Discuss any 2 elements or tasks of management involved in their business management with an example for each element or task.For the Stock Management process, describe the IT software that might be used by the Procurement Department (Purchasing) in order to determine which goods and what quantity of them are required by the shop. Explain the Business process and how the selected software can support it. What would be the advantages/disadvantages?What action does the Purchasing Officer take on receiving the requisition for raw material
- When is the right time and placement for the business to produce or order products as their inventory? Is overstocking of products good for one company? Why?As a supply chain and logistics management student, you have completed key aspects of thediscipline throughout your qualification, namely, purchasing management, supplier relationshipmanagement, warehouse management and strategic supply chain management.This question requires you to reflect on your knowledge and understanding of supply chainmanagement. You are required to write a one-page report where you reflect on:• Which areas of this module did you find most interesting and challenging to learn about?Why?• If the procurement process for inventory is not ethically done, what do you think would bethe impact on organisations?• Do you think the individual responsible for managing inventory i.e., performing ABC analysesor tracking inventory through a warehouse needs to be analytical? Why or why not?• Would using artificial intelligence through computer programs give a non-analytical personan advantage?• Could a career in inventory management be the future for you? Why or why not?The purchasing department is responsiblefor procuring raw materials and other resources at the best possibleprice. In relation to the above, and with the aid of examples, discuss thefunctions of the purchasing management.