Assignment #$2$

Objective: To grasp essential concepts in inventory management.

Instructions:

$1.$ Answer the following questions, providing concise yet comprehensive responses.

$2.$ Support your answers with relevant examples or scenarios to demonstrate practical understanding.

$3.$ Submit your assignment by the specified deadline.

Questions:

$1.$ What is re$-$order point?

$$ Briefly explain the concept of re$-$order point in the context of inventory management.

$$ Provide an example illustrating how a re$-$order point is determined and its significance.

$2.$ What is maximum inventory?

$$ Describe the concept of maximum inventory and its importance in inventory control.

$$ Discuss potential challenges associated with maintaining maximum inventory levels and propose strategies to address them.

Grading Criteria:

$$ Clarity and precision in answering each question.

$$ Application of concepts through relevant examples or scenarios.

$$ Demonstration of understanding the practical implications of the formulas discussed.

$$ Adherence to the submission deadline.

Note to Students: Ensure your responses are concise yet informative. Use practical examples to enhance your understanding of the concepts. This assignment is designed to assess your grasp of fundamental inventory management principles.