Inventory, Logistics & Supply Chain Management Flashcards
6 cards from real APP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Inventory, Logistics & Supply Chain Management flashcards as text
What is the main goal of inventory management?
Answer: Balance cost and service level
Inventory management aims to balance the cost of inventory with the service level to ensure product availability without overstocking.
What is the Economic Order Quantity (EOQ) model used for?
Answer: Optimize order size
EOQ determines the optimal order quantity that minimizes total inventory costs including ordering and holding costs.
What does Just-in-Time (JIT) inventory management aim to reduce?
Answer: Inventory waste
JIT minimizes inventory levels by receiving goods only when they are needed, reducing carrying costs and waste.
Which function is most associated with logistics?
Answer: Goods transportation
Logistics focuses on the planning, movement, and storage of goods throughout the supply chain.
Which of the following best describes the supply chain?
Answer: All steps from sourcing to delivery
The supply chain includes all activities involved in producing and delivering a product from raw materials to the final customer.
Why is supply chain integration important?
Answer: To improve coordination
Integration improves coordination and visibility across the chain, reducing costs and improving responsiveness.