Answer to Question #195336 in Management for geet

Question

List down briefly the various inventory management techniques prevalent in the industry.

Discuss how some of these techniques would be applicable to a Medical Store in effective

management of their inventories, i.e medical supplies.

Answer 1

Inventory management techniques today include economic order quantity, minimum order quantity, ABC Analysis, Just-in-time Inventory Management, Safety Stock Inventory, Batchtracking and FIFO and LIFO.

In the setting of a medical store inventory method improve efficiency of services. For instance, economic order quantity method enables the store to purchase invetory that is enough to serve consumers. The ABC analysis approach enables the store to categories inventory based on the level of profitability and demand at the store.