Inventory Manager Question: Download Inventory Manager PDF

Do you know what is inventory control?

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Answer:

Inventory control is the process of reducing inventory costs while remaining responsive to customer demands. By this definition a store would want to lower its acquisition, carrying ordering and stock-out costs to their lowest possible levels. However a store would need to have enough inventories to meet any needs of its customers.

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Explain me what makes EOQ work for inventory control?Tell me how do you determine the numbers to use in the EOQ formula?