Inventory Management Practice Exam Questions

Inventory Management


Companies require professionals who can manage products, supplies, and matters. Inventory managers supervise inventory auditors and warehouse staff with other members of numerous departments within the business. Moreover, these professionals are found in all types of industries that means their job is very versatile and hence they require top-class skills and knowledge to demonstrate their professionalism.


Roles and Responsibilities

Some of the major roles and responsibilities of these professionals include the following:

Computing inventory monitoring or supply chain software tools to track stock levels.

Practising regular cycle counts.

Obtain additional inventory when plants are low.

Sourcing suppliers and managing relationships with them.

Arranging inventory for distribution or shipping to customers.

Renting and training inventory clerks and warehouse staff.

Examining sales numbers

Determining future inventory needs.


Who should give this exam?

This exam is specially intended for:

Executives

Senior executive

Purchase Managers

Inventory management department employees


Skills Required

Management skills

Analytical skills

Forecasting and budgeting

Communication skills

Problem-solving and decision-making


Career Prospects

Risk management

Material manager

Purchasing manager

Waste management


Table of Content

The Inventory Management Exam covers the following topics  -

Inventory management

introduction to inventory systems

Learning functions of inventory

Learning classification of inventory systems

selective inventory management

exchange curve and aggregate inventory planning

Learning deterministic inventory models

probabilistic inventory models

inventory control of slow-moving items

Learning recent developments in inventory management

Stores management

introduction

Learning stores functions

Learning stores organization

stores systems and procedures

Learning stores accounting and verification systems

Learning stores address system

store location and layout

store equipment

Learning automated storage/retrieval

Standardisation, codification and variety reduction

introduction

Learning classification of materials

Learning codification

Learning standardisation and variety reduction

Facilities location

introduction

when does a location decision arise?

Learning steps in the facility location study

subjective, qualitative and semi-quantitative techniques

Learning locational break-even analysis

some quantitative models for facility

Learning some case examples

Facilities layout and materials handling

introduction

Learning basic types of plant layouts

plant layout factors

Learning layout design procedure

flow and activity analysis

space determination and ‘area allocation

computerised layout planning

evaluation, specification, presentation and implementation

Learning materials handling systems

Learning materials handling equipment

Purchase system and procedure

Learning introduction: role of purchasing function

Learning inputs

restraints and factors

Learning purchasing decisions

purchasing organization

Learning procedures, forms, records and reports

evolution of departmental procedures and vendors

vendor evaluation and rating

Learning computerised purchasing system

Learning purchasing in government organizations

Forecasting demand

Learning methods of forecasting

judgmental forecasts

Learning time series

causal forecasting

Learning planning forecasts

Just-in-time

Learning principles of just-in-time

Learning to achieve just-in-time operations

jit implementation design

Learning benefits and disadvantages

Learning extending jit

Learning comparisons with other methods


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