How can inventory carrying cost be calculated for a specific product? What suggestions would you offer for determining the measure of product value to be used in this calculation?
Answer to relevant QuestionsExplain the differences between inventory carrying costs and ordering costs. Why 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? What role does information technology play in the management of transportation planning, execution, and analysis? In what ways can the design of a firm’s logistics/supply chain network affect its ability to create value for customers through efficiency, effectiveness, and differentiation? Describe and discuss the differences and relationships between purchasing, procurement, and strategic sourcing. How have these concepts evolved?
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