Describe the four basic types of inventory

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Describe the four basic types of inventory.

What is the ABC inventory system, and how is it used to manage inventory and what is the ABC inventory matrix?

Describe inventory turnover and how it can be used to manage inventory.

What is the difference between annual physical and cycle counting?

What is the electronic product code (EPC)?

Briefly describe how RFID can be used to manage inventory.

How can firms use big data to make better decisions?

What is the purpose of the EOQ and the ROP? How can they be used together?

What are the two major costs considered in the EOQ model? Why is the total purchase price not a factor affecting the order quantity?

Explain whether the continuous review or periodic review inventory system is likely to result in higher safety stock. Which is likely to require more time and effort to administer? Why?

Reference no: EM132226349

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