Managing Inventory is cardinal in Operations Management, elucidate the statement through the following;
(a) What is Inventory and why is it important for them to be well managed in Global Operations explain these in terms of their Advantages and Disadvantages [5 Marks]
(b) Mention and briefly Five (5) types of Inventory that Operation Managers may consider in terms of their necessity and effectiveness. Explain the principles of how much to Order and how much to hold in Inventory Management [10 Marks]
(C) What are the implications of Ordering Cost and Holding cost in terms of Advantages and Disadvantages. What is Economic Order Quantity (EOQ) and Production Order Quantity (POQ) why they recommended as the best practice to manage Inventory in Global Operations
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