a) Describe the role of inventory in the supply chain.
b) There are in fact two approaches on which most of the systems for the control of stock are based. Distinguish between the two approaches showing their weaknesses.
problem 2: prepare brief notes on the given:
a) Economic Order Quantity
b) Lead Time
d) ABC Analysis
problem 3: Conceptualize stock and describe the main essentials of a proper storage of items.
problem 4: All organizations come across scrap, obsolete and redundant items. Describe the meaning of the above terms and describe some effective ways of salvaging and disposing of these items.
problem 5: The economics of stock control are determined by an analysis of the costs incurred in obtaining and carrying inventories under the headings of acquisition cost, holding cost and cost of stock outs. Describe the statement.