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INVENTORY PLANNING AND CONTROL
The main goal of "inventory control" is to discover and maintain the optimum level of investment in all types of inventories, from raw materials and supplies to finished goods that helps to maximize long-run profits.
Two limits must be imposed in controlling inventory levels, because there are two danger points that management usually wants to ignore. Such problems are:(i) That inadequate inventories, disrupts production and may lose sales.(ii) That excessive inventories, introduces unnecessary carrying costs and obsolescence risks.
Ask question #MinimumYears Purchase Costs Running cost discount factor 8% Running cost Savings PVS 0 -7000 -7000 1 2000 0.926 1852 5556 3704 2 2500 0.857 2142.5 5999 3856.5
Risk seeking: A risk seeker is a decision maker who is concerned in the best likely outcome no matter how small the chance that they might take place i.e. he takes high risks
distinguish between cost unit and cost centre
Illustration of Standard error of estimate The production manager of XYZ Company is concerned about the apparent fluctuation in efficiency and wants to determine how labour cos
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What story or character in a story generated what Aristotle calls a "catharsis?" Describe your emotional response. What specifically caused your emotional response?
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