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Define the inventory procurement cost and inventory carrying cost.
Inventory Procurement Cost and Inventory Carrying Cost:
Inventory is a detailed list of such movable items that are essential to manufacture a product and to keep the equipment and machinery into good working order. Procurement costs reduce as the order quantity rises. Carrying costs are mostly directly proportional to the order size or order quantity or lot size.
Standardization of Work Processes: The interrelated processes of an organization need to be standardized which help to determine how work is organized and how customer needs
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what is the thumb rule to calculate the housekeeping manpower requirement in office
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