The ABC Approach to Inventory Management Is Based on the Concept

question 333

Multiple Choice

The ABC approach to inventory management is based on the concept that:

• A) Inventory should arrive just in time to be used.
• B) The inventory period should be constant for all inventory items.
• C) Basic inventory items that are essential to production and also inexpensive should be ordered in small quantities only.
• D) A small percentage of the inventory items probably represents a large percentage of the inventory cost.
• E) One-third of a year's inventory need should be on hand, another third should be in the order process and the last third should not be ordered yet.

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Definitions:

Stereotypes

Oversimplified generalizations about a group of people that often lead to prejudiced attitudes and discrimination.

Secondary Labour Market

Part of the job market consisting of low-paying jobs with poor working conditions, limited job security, and few prospects for advancement.

Fringe Benefits

Additional benefits supplementing an employee's salary, such as health insurance, paid vacations, and retirement plans, which are not part of the direct wages.

Exploited Labour Market

A labor market segment characterized by unfair wages and working conditions, where workers are made to work for less than their labor is worth due to unequal power dynamics.