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level: Part 2

Questions and Answers List

level questions: Part 2

QuestionAnswer
A scientific method of finding out how much stock should be maintained in order to meet the production demand Provide right type of material at right time in right quantitiesInventory management
Required by auditing firm employed to audit the hospital’s fiscal operation Planned and attention to detail Less than one maximum effort lead to faulty inventoryTaking of a physical Inventory
Inventory classification1 Raw material inventories 2 In process inventories 3 Finished goods inventories 4 Indirect inventories
Inventory control methods1 ABC (always better control)-analysis of very common items with large inventory items are stocked 2 VED (Vital Essential Desirable)- utility of material useful in controlling and maintaining 3 FSN (Fastmoving slowmoving Nonmoving)- review Setting off various level (max or min) 4 Buffering stock (SOS- Seasonal off seasonal)-unexpected demands and helpful in emergency condition Modern computerization of inventory control 5 FIFO ( first in first out)
analysis of very common items with large inventory items are stockedABC (always better control)
utility of material useful in controlling and maintainingVED (Vital Essential Desirable)
review setting off various level (max or min)FSN (Fastmoving slowmoving Nonmoving)
unexpected demands and helpful in emergency conditionBuffering stock (SOS- Seasonal off seasonal)
( first in first out)FIFO