why organizations maintain raw material inventory
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- Inventory and supply chain management concepts (6) When is it appropriate to use an Economic-Order-Quantity (EOQ) to determine an inventory order quantity? Multiple Choice O O When product has short lifecycle and it is very expensive to buy. When product is perishable and there is cost of holding inventory. When product has long life cycle and there is fixed cost of ordering. When product's demand is uncertain and there is a known cost of under-stocking.N7 The major types of inventory include raw materials, finished goods and: A. cleaning supplies B. work-in-process C. returned material D. defective goods E. pipeline inventoryWarehouse: 4. What is stock receipt? What consideration should be taken in the stock receipt?
- Inventory shrinkage how doeds it work?Explain the importance of inventory management in an organisation.5. The following are data of materials inventory for the year 2020 of Mars Corp: Number of pounds required annually 144.000 Cost of placing an order P180 Annual carrying cost per pound of materials P36 What is the E00?
- 2.7 Which of the following help explain how the Reorder Point (ROP) works in conjunction with the Economic Order Quantity (Q), the number of orders (N) and the time between orders (T)? a) The Economic Order Quantity (Q) and the Annual Demand (D) are used to determine the number of Order (N) b) The number of orders (N) and the number of days that a firm works (W) are used to determine the time span between orders (T) c) Orders are placed every T days unless the inventory on hand fall to or below the Reorder Point d) Only a and b e) f) Only b and c All of a, b and c 2.8 The objective of Inventory Management is to balance inventory investment (cost) and customer service. a) TRUE b) False 2.9 The Economic Order Quantity (EOQ), the number of orders, the Reorder Point (ROP), the time between orders are important analytics in Inventory Management. a) TRUE b) FALSE 2.10 The number of working days for a firm is an important input in calculating the components of the Economic Order Quantity…how does purchasing help in reducing order cycle to achieve effieciency?Why to maintain inventory in organization's ?
- 1. Inventory management for a tyre company? 2. Process management for a tyre company?Subject: Logistic management Q): What are the concern of inventory control & overall objective of inventory management? Q): What are the system of inventory counting?Q4// A company producing compressors, decided to make a particular item in batches. The following information is available: • Receiving and inspecting = 10$ per order Verifying and payment of bill = 10$ per order • Other ordering and set up cost = 25$ per order • Consumption rate of item = 65 item per month %3D • Insurance = 3 $ per item in year • Storage and handling cost = 2$ per item in year • Taxes = 3 $ per item in year • Other inventory carrying cost = 4$ per item in year • Item cost = 5$ per item Calculate the Economic Batch Quantity, the number of lots, the total cost of one year requirement and what is the cycle time of order.