Inventory Management

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Fgrcuc

Economics

Description

Inventory Management

  • Analyze the purpose of inventory management as it applies to operations management
  • Evaluate the advantages evident in the use of the ABC classification system.
  • Evaluate the disadvantages evident in the use of the ABC classification system.

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Explanation & Answer

Attached.

Running head: INVENTORY MANAGEMENT

Inventory management
Name
Institution
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INVENTORY MANAGEMENT

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Introduction

Inventory management refers to the supervision of non-capitalized assets (inventory) and
the stock items. As a component of the supply chain management, inventory management
supervises the flow of goods from manufacturers to warehouses, and from these facilities to the
point of sale. As such, there are many different types of inventory management systems,
whereby the one selected depends on the goals and objectives of the company. One of these is
the ABC inventory management system, which is designed to optimize the supply chain. In this
case, the ABC classification system used identifies and groups items in terms of how useful they
are for achieving business goals and objectives (Feng et al., 2014). The system requires grouping
the i...


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