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How is Inventory control worked for an optimum balance between competing objectives?
Inventory control is related with achieving an optimum balance in between two competing objectives as:
• To minimize investment within inventory.
• To maximize service levels to the customers of firm and its own operating departments.
• A problem that always remains is as how much material may be ordered at a time. It is termed as Economic Order Quantity (EOQ).
T raditional forms of organisation Traditional forms of organisations were classified into five types based on the following differentiations. Functional differentiati
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