Write an essay explaining the need for inventory holding in the purchasing and supply function. Use detailed examples to illustrate understanding.
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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.Discuss some of the ways that inventory can be reduced in the supply chain Please cite sourcesSome companies may choose to have a high level of inventory while other companies in the same industry may choose to have a low level of inventory. What factors need to be considered while determining a policy on the level of inventory? Provide a hypothetical example of inventory optimization. (Note: While describing the factors describe the points like Manager and function, purchasing cycle, Just in time (JIT), Access to vendors, Inventory forecast, and Supply Chain Management).
- Explain some of the ways that inventory can be reduced in the supply chain?What is the significance of inventory management in the overall supply chain management? Research at least one company that is not Wal-Mart or IKEA that you believe is doing an excellent job at managing its inventory.Describe what is the cost of running in the inventory system?
- What makes is difficult for managers in today’s marketplace to achieve the proper balance of inventory? Provide examples to support your argument.Despite the challenges of inventory management, in what ways can inventory turnover provide important insights about an organization’s competitiveness and efficiency?Explain the basic concepts of inventory control. Use the following guide for each part of the essay: Introduction Explains the functions of an inventory and the importance of keeping it under control. Development Answer the following questions: Explain and provide examples of the four types of inventory discussed in this module.Explain what the three main costs of inventory are.