Research inventory management. Explain, based on your research, how planning inventory is both an art and a science. In addition, suppose you are trying to reduce inventory in your company, without negatively affecting customer service. What actions might you be able to take to accomplish this task?
Inventory planning is truly an art and a science. It is an art because it requires creativity in order to maximize its effectiveness. It also requires a sense of subjectivity and personal evaluation, usually through experience and innovation, for ensuring inventory planning is at its ideal point. However, inventory planning is also a science as it requires a literal and objective understanding of the various models and approaches that need to be used. For example, Just-In-Time and Min-Max, are a type of science that need to be considered through inventory planning. However, if we consider that models and theories are ...
A research inventory management is examined. The actions which might be able to take to accomplish the task is determined.