What is the optimal level of inventory to maintain in order to minimize costs?
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What is the optimal level of inventory to maintain in order to minimize costs?
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.What are the advantages and disadvantages of "just-in-time Inventory" for a company?Provide an example or a scenario describing a particular method of inventory, and explain why the method of inventory fits the scenario provided.
- Suppose you are the assistant controller for a retail establishment that is an independent bookseller. The company uses manual, periodic inventory updating, using physical counts at year end, and the FIFO method for inventory costing. Present a persuasive argument for the benefits of the company to switch to perpetual inventory updating method?Answer the following question What are the two systems of maintaining inventory? Briefly define each.Explain how would factors like lead time and lot size impact different types of inventory ?
- Briefly describe the concept of inventory management and how it can help the organization in supporting effectiveness and efficiency?Inventory is the raw materials, work-in-process products and finished goods from the portion of a business's assets that are ready or will be ready for sale. Judge THREE (3) effectiveness of perpetual inventory for the food service organization and explain the impact of the system on the purchasing process. Please answer as quick as possible.H&M, a Fashion Giant, Has a Problem: $4.3 Billion in Unsold Clothes. This was reported by the New York Times on March 27, 2018. Here is a short excerpt. I have provided the full story in a Word document attached to this discussion. It is a little dated but again inventory issues continued during the pandemic. Overall, this exemplifies the challenges of maintaining correct inventory levels since there is a lot of money held in excess inventory. “In the world of fashion retailing, where shopping is fast moving online and stores try to keep inventories closely matched to sales, even a small stack of unsold clothes can be a bad sign. What about a $4.3 billion pile of shirts, dresses and accessories? That is the problem facing H&M, the Swedish fashion retailer, which is struggling with a mounting stack of unsold inventory. Signs of its expanding unsold inventory began emerging last year, when it reported an unexpected quarterly drop in sales. The decline was the first in two…