Question

Hi , can you answer my question please it's one question with 4 part .

You are currently employed by a local Walmart store in your area as the inventory control specialist for the store. describe how they would influence your management and decision-making process in your job.

a.What Is Inventory Management?

b.Inventory Basics ?

c.What are Common Inventory Problems?

d.Inventory Metrics?

Answer 1

a.What Is Inventory Management? - Ensuring adequate inventory of items at all times in the store. This includes activities based on systems such as Just-in-time, Kanban, automatic replenishment, etc. Also, proper arrangement of material to facilitate First-in First-out (FIFO).

b.Inventory Basics ? Ensuring minimum stock availability as per requirement. And ensuring no spoilage of items occurs. Regular monitoring or inventory.

c.What are Common Inventory Problems? - Improper storage, unreliable deliveries, improper maintenance of items and equipment, inconsistency, non-functional or faulty inventory management systems, book/system stock not matching with actual stock, missing items

d.Inventory Metrics? Inventory turnover - it is a ratio which shows how many times the inventory has been sold or consumed in a particular period.