Answer ALL questions in this paper. [100 MARKS] QUESTION 1 (20 Marks) REQUIRED In view of the information given below suggest some strategies that businesses can use to manage their inventories efficiently and also discuss the costs and risks of holding inventory as well as the cost and risks of holding little or no inventory. INFORMATION Inventory management Inventory management is the process of efficiently overseeing the constant flow of units into and out of an entity. It is a juggling act as enterprises try to avoid excessive inventory levels or inventory shortfalls that can impact negatively on their operations. Competent inventory management also seeks to control the costs associated with the inventory, both from the perspective of the total value of the goods included and the tax burden generated by the cumulative value of the inventory. Source: www.barcodesinc.com