problem 1:

a) Describe the given terms and give an appropriate illustration for each:

• Inventory.
• Inventory Policy.
• Inventory Management Technique.

b) Demand for inventory can be categorized as dependent or independent type:

• Describe the meaning of each kind of demand.
• How would you ascertain the future needs for dependent and independent demand items?

c) The Inventory Manager of an organization is responsible, among others, for giving stationery items to the internal customers of the entity.

• Which Inventory Policy must the manager opt in this case?
• Describe the meaning of the Inventory Policy opted by Inventory manager.
• Why is it significant for an Inventory Manager to give a satisfactory service level to his internal customers? Give three possible reasons and describe your answers suitably.

d) Describe in brief how the given Inventory Management performances can be measured:

• Inventory Service Level
• Customer Satisfaction

problem 2:

a) describe two potential advantages and two possible drawbacks of a Just In Time (JIT) supply system.

b)

• List two known versions of Just In Time (JIT) Supply
• State in brief what each version means.