Compare and contrast the fixed quantity version of EOQ with the fixed interval version. In which situations would each be used?
Answer to relevant QuestionsWhy has the JIT approach to inventory control become popular in some industries? How does the JIT approach compare to the EOQ approach to inventory management? Should JIT be adopted by all inventory managers? Why or why not? Describe the purpose and value of freight documentation. Discuss the function of the following documents: bill of lading, freight bill, and freight claim. Contract warehousing use is popular among many large manufacturers. Why would a company such as Proctor & Gamble, which produces a wide variety of consumer goods, move toward this form of distribution? What are the major locational determinants, and how does each affect the location decision? Maximizing the effectiveness of the procurement process is a major goal of an organization. What steps can be taken to help ensure that the process is maximized?
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