Question

Which of the following is an example of a type of inventory management activity? a) JIT or just-in-time inventory control system, b) RFI or radio frequency identification systems, c) EOQ or economic order quantity formulas, d) all of the above ?

Answer 1

answer d) all of the above

inventory management system is the management of the inventory in such a way that the cost of inventory can be minimised and the output of the inventory can be maximise

a) Jit or just in the time inventory system is a way of inventory management system in which proudcer does not keep stock at his proudction house. the stock is managed and provided by the sypplier just in time as the production house requrired it. this strategy helps to minimise the stock cost

b) RFi or radio frequency identifications system is the fastest way to track a product from one point to the point of sale.

Tags are maintained on the items and waves from these tags are readable by the devices and thus monitor the movement of the items. It helps to find the over or under stock of goods

c EOQ this is the methmatical logical formula to find out the cost of an order which best in the way of minimum cost.

D All of the above method and techniques to manage the inventory.