CHAPTER 15
INVENTORY MANAGEMENT
LEARNING OBJECTIVES
- Understand the purpose of inventories.
- Know what factors influence the cost of inventories.
- Be able to differentiate independent demand from dependent demand.
- Understand and be able to apply the formula for economic order quantity.
- Comprehend the basic concepts of periodic review systems and continuous review systems.
- Know what is meant by ABC inventory management and how it can assist in overall inventory management.
- Become aware of different types of inventory management technology and the advantages and disadvantages of each.
INTRODUCTION
We are all familiar with the concept of inventory. No doubt at some point in your life you have become frustrated to learn that the item you came to the ...
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