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Requirements Philosophy & Replenishment Philosophy

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Question: What is the difference between a requirements philosophy and a replenishment philosophy of inventory management? Why is this difference important?

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The solution contains 316 words of text. The difference between a requirements philosophy and a replenishment philosophy of inventory management is examined.

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Inventory management is used by companies to monitor their merchandise and find the best way to avoid any losses as a result of decay, poor storage and lingering production defects by adequately charting merchandise replenishment and requirement strategies.

The inventory requirement philosophy enables department managers to review production logs comparing them with pending sales orders in order to determine whether or not the company will have sufficient merchandise to meet commercial commitments. The purpose of this is to support the ...

Solution provided by:
Rachel Kozicki, PhD (IP)
Education
  • BA, Ashford University
  • MBA, Ashford University
  • Post-Master's Certificate, Northcentral University
  • PhD (IP), Northcentral University
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