Question: Inventory Management techniques help in tracking and controlling the inventory orders, their usage, and storage, along with the management of finished goods that are ready

Inventory Management techniques help in tracking and controlling the inventory orders, their usage, and storage, along with the management of finished goods that are ready for sale. Improper inventory management can increase storage cost, working capital crunch, wastage of labour resources, increase in idle time, disruption of the supply chain, etc. All this leads to a reduction in sales and unsatisfied customers. Therefore, inventory management is an important aspect of the business that the management must focus on.

Assess the advantages and disadvantages of any THREE (3) types of inventory techniques (30marks)

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