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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- Full-Length Mock Test with unique questions in each test set
- Practice objective questions with section-wise scores
- In-depth and exhaustive explanation for every question
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- Latest Questions with an updated version
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What are our Practice Exams?
- Practice exams have been designed by professionals and domain experts that simulate real-time exam scenario.
- Practice exam questions have been created on the basis of content outlined in the official documentation.
- Each set in the practice exam contains unique questions built with the intent to provide real-time experience to the candidates as well as gain more confidence during exam preparation.
- Practice exams help to self-evaluate against the exam content and work towards building strength to clear the exam.
- You can also create your own practice exam based on your choice and preference
