61⟩ What is raw material?
Are those basic inputs that are converted into finished product through the manufacturing process. Raw materials inventories are those units which have been purchased and stored for future productions.
Inventory Control Manager
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“Inventory Control Manager based Frequently Asked Questions by expert members with experience as Inventory Control Manager. These questions and answers will help you strengthen your technical skills, prepare for the new job test and quickly revise the concepts”
67 Inventory Control Manager Questions And Answers
62⟩ Tell me does the model always work?
No, the model only works for those cases that meet its assumptions.
63⟩ Tell me can forecasting help in controlling inventory?
Yes, through the use of forecasts inventory levels can be set to meet the demands while keeping levels as low as possible.
64⟩ Tell me what is forecasting?
Forecasting is the process of estimating the future demand of a product.
65⟩ Do you know what does EOQ stand for?
EOQ stands for Economic Order Quantity.
66⟩ Explain can a computer help in forecasting future demand?
Yes, In the market today there are many computer software packages that can compute forecasted demand for goods held in inventory.
67⟩ Do you know when should a physical inventory be taken?
A inventory should be taken at least once a year. If items are perishable, seasonal or highly demanded a inventory should be taken more often.
