Define the terms inventory and inventory control, Supply Chain Management

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Problem 1:

(a) Define the terms ‘ inventory' and ‘inventory control'.

(b) State the classification of supplies for inventory purposes in your organisation.

(c) List the aims of inventory management.

(d) Explain clearly acquisition costs, holding costs and costs of stockouts.

Problem 2:

Explain three types of 'Benchmarking' identified by Harrison and describe how organisations might benefit from them.


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