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.

(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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