Question: Answer in simplified short responses: Why is inventory an important consideration for managers? What is the purpose of inventory control? Under what circumstances can inventory

Answer in simplified short responses:

Why is inventory an important consideration for managers?

What is the purpose of inventory control?

Under what circumstances can inventory be used as a hedge against inflation?

Why wouldnt a company always store large quantities of inventory to eliminate shortages and stockouts?

What are some of the assumptions made in using the EOQ?

Discuss the major inventory costs that are used in determining the EOQ.

What is the ROP? How is it determined?

What is the purpose of sensitivity analysis?

What assumptions are made in the production run model?

Briefly explain the marginal analysis approach to the single-period inventory problem.

What is the objective of JIT?

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