Inventory Management Involves Tracking Inventory and Identifying the Quantity of Product

question 20

Multiple Choice

Inventory management involves tracking inventory and identifying the quantity of product to purchase. The goal of inventory management is to have adequate supplies on hand to use in the healthcare facility, yet not have too much stock that will expire or take a long time to use.

• A) Both statements are true.
• B) Both statements are false.
• C) The first statement is true; the second is false.
• D) The first statement is false; the second is true.

---

Definitions:

Production Run

A manufacturing process or period during which a batch of goods is produced, often of the same product, without interruption.

Sampled

The process of selecting a subset of individuals or items from a larger population for the purpose of making inferences about the population.

Defective

Refers to a product, outcome, or element that fails to meet a specified standard of quality or performance.

Fair Coin

A fair coin is a term used in probability to describe a coin that has an equal chance of landing on heads or tails when flipped.