Lincoln Machine Tool Company Maintains an Inventory Pool Consisting of 10

question 2

Essay

Lincoln Machine Tool Company maintains an inventory pool consisting of 10 items.Each of these items has a unique demand pattern and may require a different kind of inventory management system.The annual demand pattern and the unit cost of these items are given in the following table.Conduct an ABC inventory analysis and classify these items into A,B,and C type of inventories.Suggest suitable methods for managing these three distinct types of inventories:

Recognize the significance of corporate social responsibility and the various ways businesses can engage with the community.

Understand the role of government agencies in protecting consumer rights and the specific functions of these agencies.

Understand the various elements of business activity and their interconnections.

Distinguish between tangible and intangible products.

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Definitions:

Improved Performance

Refers to the enhancement of efficiency, productivity, and quality of work in individuals or organizations, often through specific strategies or interventions.

Schedules of Reinforcement

The specific patterns and rates at which behaviors are rewarded or punished, influencing how quickly and strongly a behavior is learned or extinguished.

Verbal Compliments

Verbal compliments are expressions of praise or admiration communicated through spoken words to acknowledge someone's qualities or achievements.

Reinforcement Contingencies

The conditions or rules that determine whether responses lead to the presentation of reinforcers or not, influencing the likelihood of a behavior occurring again.