Question: Using diagrams, charts, and tables, etc., explain what is inventory management giving two (2) examples of the different kinds or types of inventory management systems?

Using diagrams, charts, and tables, etc., explain what is inventory management giving two (2) examples of the different kinds or types of inventory management systems? (10 marks)

B. Solid Experts Limited (SEL) faces a yearly demand of 300,000 units and there are 250 working days per year. It takes 10 days for an order to be filled and reach the company. The Operations Manager believes that if anything happens the company will need to have to keep an additional 600 units in store.

Required:

1. Calculate the Reorder point without buffer stock. (3 marks)

2. Calculate the Reorder Point with buffer stock. (2 marks)

3. Do you think that this operation is efficient or effective? Give reasons for your answer. (5 marks)

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