I need an explanation for this Business question to help me study.
I need 155 original words to each question A & B for a total of 310 words.
A. How does your organization manage inventory? How do costs affect inventory size? What two basic questions must be answered by an inventory-control decision rule? What impact will RFID have on the supply chain? How would you improve your inventory situation? How can inventory effect your forecasting or production plan for your product or service? Can you find some theory to prove your points?
B. What is the role of safety stock in a material requirement planning (MRP) system? What is the significance of lead-time in the traditional economic order quantity context? What is the significance of lead-time in an MRP system? What is the importance of the master production schedule in an MRP system? What is the importance of lead time in an order point system? What MRP concepts has your organization implemented? Were these implementations successful? Why or why not? Can you find any theory to support you input?
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