Inventory Management Focuses on Three Basic Questions: (1)how Many Units

question 166

True/False

Inventory management focuses on three basic questions: (1)how many units to hold in stock, (2)how many units of each item to order,and (3)at what point to reorder.

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Definitions:

Economic Factors

External factors including the strength or weakness of markets, stability of trade cycles, specific industry conditions, customer preferences, and government’s economic policies.

Labor Laws

Regulations and laws that govern the rights and responsibilities of workers, employers, and labor unions to ensure fair employment practices.

Political Factors

Elements related to government actions, policies, and political stability that can influence business operations and decisions.

Acquire Resources

The process of obtaining the necessary materials, finances, and human skills required for the operation of a business or project.