Question

Explain the needs of the inventory control and purchase management

Answer 1

Answer:

✔✔ In simple terms, inventory management is a set of all those processes which you utilize to oversee and organize your goods or materials in your facility. A component of Supply Chain Management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to Point of Sale. ✔✔

Answer 2

The EOQ model assumes that the finished goods are sold at a constant rate overtime. The important decision in inventory management is to balance the cost of holding inventories with the cost of placing inventory replenishment orders.