operations - inventory management

Question 1

what is logistical management of inventory

Answer 1

this refers to the process of dealing with an entire order from start to finish

Question 2

inventory

Answer 2

liaising with supplier that provide materials for production, partly or completely finished goods

Question 3

storage and warehousing

Answer 3

ensuring the appropriate storage of inventory including sending inventory to production departments if required

Question 4

order processing

Answer 4

dealing with orders from customers to ensure they receive the correct products

Question 5

distribution

Answer 5

deciding on the bets method of distribution to get the product to the customer

Question 6

maximum inventory level

Answer 6

depends on the storage avaliabke, the cost of stroing goods nd the maximum amount of demand

Question 7

minimum inventory level

Answer 7

depends on the relationship with suppliers, the skill levels of staff so materials are not wasted, the finance available and the minimum amount of demand

Question 8

re-order level

Answer 8

depends on lead time, the amount of inventory already held, if bulk buying discounts are available and the maximum and minimum inventory levels themselves