all the parties in the supply process know exactly how many parts are needed to complete a cycle and how much time is needed in between cycles
through a complex analysis, management attempts to determine the minimum amount of product needed to do the job and still keep the cost of inventory as low as possible.
Just in time is the best inventory management system. With just in time, the organization doesn't house inventory which saves them money.
The total value of material divided by the total quantiy of stock
periodic inventory system
The perpetual inventory system is a method of accounting of inventory that records the sale or purchase of inventory in near real time, through the usage of computerized point of sale and enterprise asset management systems. It provides a detailed view of inventory changes.
Weighted average inventory valuation method is method in which inventory purchased at any price is put together to calculate one price for allocation in contrast to FIFO or LIFO.
The GAAP method for obsolete or slow moving inventory is to account for all inventory using either market value or cost method. The method which results in the lower amount is the one that is used.
FIFO method is based on the actual cost of each particular unit of inventory. In this method, inventory which is purchased first is sold out first. It ensures that old inventory is not piled up in storage and most companies use this method to evaluate their inventory.
FIFO method where the older items are sold first.
This analysis considers the amount of time needed to generate an order; to process, manufacture, organize, and ship each product; to receive, inventory, store, and consume each product
In the observation method, the primary data result from observing the respondents doing something
FIFO