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Test Your Knowledge: What is Inventory Management?

Test Your Knowledge: What is Inventory Management?

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Question 1 of 5

1. Question

What is the goal of inventory management?

To increase profitability
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To help manage your employees
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To balance the amount of inventory coming in with the inventory going out as sales
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To reconcile cost differences
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Question 2 of 5

2. Question

What are some of the issues that can occur if you have too much inventory? Check all that apply.

Cash gets tied up
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Discounted products
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Customers have lots of options
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Products may be wasted
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Question 3 of 5

3. Question

If your products are highly specialized, fairly expensive, and need customization, should you consider a pull/ make to order or push/ make to stock strategy?

Pull/ make to order strategy
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Push/ make to stock strategy
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Question 4 of 5

4. Question

What does EOQ mean?

Equal Opportunity Quality
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Economic Order Quantity
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Every Order Quits
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Economic Order Question
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Question 5 of 5

5. Question

What is SLOB?

Slow-moving, Obsolete Inventory
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Snarky Lazy Obsolete Bundles
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An insult to people who don't manage their inventory
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