Question: 1. "The key to successful business operations is effective inventory management." Do you agree? Explain.
2. An item must possess two characteristics to be classified as inventory. What are these two characteristics?
3. What is just-in-time inventory management? What are its potential advantages?
4. Your friend Will Juritz has been hired to help take the physical inventory in Byrd's Hardware Store. Explain to Will what this job will entail.