Question1. Explain the following terms and give an appropriate example for each:
• Inventory
• Inventory Policy
• Inventory Management Technique
Question2. Demand for inventory can be categorized as dependent or independent type:
• Explain the meaning of each type of demand.
• How would you ascertain the future requirements for dependent and independent demand items?
Question3. The Inventory Manager of an organization is responsible, among others, for providing stationery items to the internalb customers of the entity.
• Which Inventory Policy should the manager opt in this case?
• Explain the definition of the Inventory Policy opted by Inventory manager.
Question4. Why is it significant for an Inventory Manager to give a satisfactory service level to his internal customers? Give three probable reasons and explain your answers appropriately.
Question5. Explain in brief how the following Inventory Management performances can be measured:
• Inventory Service Level
• Customer Satisfaction