Question
As you learned from the video (https://youtu.be/rIJwIrGRYAk) , inventory management is important to customer satisfaction and the company's bottom line. Recently your business has been
As you learned from the video (https://youtu.be/rIJwIrGRYAk) , inventory management is important to customer satisfaction and the company's bottom line. Recently your business has been having problems with its inventory management system. Costs are high and turnover is low resulting in a low net income. As the Operations Manager, it is your duty to try to improve this system. Appraise the effectiveness of incorporating an inventory management process and examine strategies used to improve a company's overall viability. Instructions Think about the challenges in the scenario above. Based on your past experience (if you've encountered such a problem) and the readings for this week, explain to your peers how you would address the problem. How would you determine the most efficient way to incorporate a process to manage your inventory? What inventory management strategies would you apply and why?
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