Answer to Question #294780 in Management for hemangi

Question

Discuss the various inventory management/control techniques prevalent in the industry. Discuss how some of these techniques would be applicable to a retail store in the FMCG sector for effective management of their inventories; i.e soaps, household supplies, etc. (you can assume inventories of your choice to explain). 

Answer 1

Finished goods: The yields you vend to your consumers.

Raw materials: It is used to brand the finished goods. 

Work-in-progress: The inventory that is part-way over the industrialized process. 

MRO goods: It is the inventory one utilizes to support the industrialized process.

Safety stock: It is kept in store to deal with dealer shortages or outpourings in demand.