Warehouse and Inventory management

What is the point of warehouse management system (WMS)?

• Software application that helps control and manage the day-to-day operations in warehouse

• The processes that allow organizations to control warehouse

• Software application to manage the items to be shipped

• The processes that allow items enter a warehouse

What are the basics of warehouse management?

• Picking, Packing, Controlling

• Picking, Packing, Operating

• Picking, Packing, Leading

• Picking, Packing, Shipping

Advantages of using a Warehouse Management System (WMS)

• Reduce picking errors. Optimise stock control, improve worker productivity

• Reduce picking error. Many processes are integrated into a system. Optimise stock control

• Reduce picking error. Potentially unsuccessful implementation. Optimise stock control.

Which of the following statements is true of just-in-time (JIT) purchasing?

• In JIT purchasing, the optimal safety-stock level is the quantity of safety stock that minimizes the sum of annual relevant stockout and carrying costs

• JIT purchasing is guided solely by the EOQ model because that model emphasizes the tradeoff between relevant carrying and ordering costs.

• In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales.

• Only disadvantage of JIT purchasing is the higher level carrying and inspection costs.

Inventory management helps businesses be successful…. It requires the understanding of

• Inventory Levels

• Inventory Value

• Both

Warehouses emphasize _____ and their primary purpose is to maximize _____

• rapid movement of product; usage of available storage space

• rapid movement of product; throughput

• product storage; usage of available storage space

• product storage; throughput

Among different types of costs associated with inventory, the costs of obtaining purchase approvals are _____.

• purchasing costs

• ordering costs

• stockout costs

• carrying costs

What is the purpose of warehouse management system?

• (WMS) software guides inventory receiving and put-away

• (WMS) software guides inventory receiving and put-away, optimizes picking and shipping of orders

• (WMS) software guides inventory receiving and put-away, optimizes picking and shipping of orders and advises on inventory replenishment