Emphasis will be placed on inventory methods and control systems, physical inventories, prevention of shortages, and how current technology can assist the manager in inventory planning and control. Types Name the three types of inventory systems. Periodic order Describe the periodic-order system of inventory control. Combination State the determining factors of combination systems inventory control.
Reorder point Give examples of how the reorder point is determined.
Obsolescence State actions needed to prevent stock from becoming obsolete. Describe single-party responsibility as it applies to span of control in inventory management. Standardization Discuss how standardization aids and hinders inventory system management. Discuss other economic order quantity considerations. Compare the economic factors involved in the classical and inventory ordering under uncertainty.